If you’ve ever searched for a loan online, you’ve probably heard of Upstart. The financial services company launched in 2012, buoyed by a hearty investment from Google Ventures. Ever since that investment, Upstart has enjoyed great search results (no bitterness, we swear!).
However, there’s more to a company than where it shows up on the SERP. We don’t need to tell you that, though. If you’re reading this blog, then you’re already a savvy loan shopper. That’s why we’re going to tell you about 11 Upstart alternatives. These are companies like Upstart that might fit your exact borrowing needs.
Key Takeaways
- Upstart is known for its data-driven approach to personal lending.
- There are many direct lenders and online lending platforms that offer personal loans similar to Upstart’s like Sofi, Prosper, LightStream, and others.
- Lenders like Upstart often perform soft credit checks for initial quotes, but approval will usually require further documentation.
- Each lender has its own take on interest rates, eligibility requirements, and features.
- Borrowers sometimes seek loans like Upstart to cover expenses like debt consolidation, home improvements, or emergency costs.
What is Upstart?
Upstart is an online lending platform that uses artificial intelligence (AI) to evaluate a borrower’s creditworthiness. Their model considers factors beyond a traditional credit score, such as education and employment history, to make lending decisions. If you have “thin” credit or a slightly lower FICO score, Upstart might offer a more nuanced approach than a traditional bank.
But maybe you don’t want to go with Upstart (or you got denied), or you just want a second (or third, or eleventh!) option before you borrow. That’s where these loans similar to Upstart come into play.
Top 11 Lenders Like Upstart
Below is our curated list of loan companies like Upstart. All are direct lenders or robust platforms that connect borrowers to multiple offers. Importantly, none of these are payday or short-term “quick fix” apps like Possible Finance. Instead, they are more comprehensive personal lending options. We’ll highlight how each differs from Upstart lending platform, so you get a clear picture of how these lenders operate.
1. SoFi
- Amount: $5,000 to $100,000
- Documents: Proof of employment, proof of income, government-issued ID (e.g., driver’s license)
- Timing: Same-day approval in some cases; funding typically within a few days
SoFi is short for “Social Finance.” It caters primarily to borrowers with strong credit scores and stable income, offering competitive rates and zero fees. One unique feature is its community-oriented approach, complete with career coaching and networking events for members. Unlike Upstart smaller or app-based options, SoFi’s minimum loan amount generally starts at $5,000. It’s less about micro-lending and more about robust, larger personal loans.
2. LendingClub
- Amount: $1,000 to $50,000
Documents: W-2s, pay stubs, bank statements for proof of income - Timing: Funds may arrive in as little as 24 hours if you’re approved
LendingClub started as a peer-to-peer lending pioneer but now operates more as a hybrid bank and lending platform. Their approach can be more inclusive than strictly app-based lenders, though it’s also typically aimed at borrowers with fair to good credit. Instead of quick small-dollar loans, LendingClub’s niche is personal loans that can be used for debt consolidation, home improvement, or higher-ticket financial needs.
3. Marcus by Goldman Sachs
- Amount: $3,500 to $40,000
Documents: Government ID, proof of consistent income, bank statements - Timing: Approval often within a few business days; funding shortly thereafter
Marcus by Goldman Sachs is a direct lender backed by one of the largest financial institutions in the world. Their focus is on simplicity and transparent rate quotes. Marcus charges no fees of any kind, including late fees. It is well-suited for borrowers who have decent credit scores and want a no-frills, larger personal loan.
4. Prosper
- Amount: $2,000 to $50,000
- Documents: Proof of identity, proof of income, bank information for funding
- Timing: Pre-qualification within minutes; funds can arrive in as little as three business days
Much like LendingClub, Prosper is a pioneer in the peer-to-peer lending space. Even though it’s not an “app-first” approach, Prosper’s online portal is very user-friendly. Their credit requirements are usually moderate; you’re often approved if your credit is just fair. Prosper’s typical borrowers use loans to consolidate debts or fund significant purchases rather than snagging immediate or emergency funding.
5. Avant
- Amount: $2,000 to $35,000
- Documents: Proof of identity, pay stubs, possibly tax returns
- Timing: Online applications; funds can be issued by the next business day once approved
Avant targets borrowers with fair to poor credit, making it potentially more accessible than some other Upstart competitors. Their APRs can be on the higher side if your credit score is low. Despite that, Avant’s straightforward online application makes it a go-to for mid-range credit borrowers. Since they handle larger amounts, Avant is typically used for debt consolidation, unexpected medical bills, or major home repairs rather than everyday expenses.
6. LightStream
- Amount: $5,000 to $100,000
- Documents: Proof of stable income, valid government ID, bank account details for ACH deposit
- Timing: Potential for same-day funding if approved early in the day
LightStream is a division of Truist Bank (formerly SunTrust), known for competitive rates and a “rate beat” program where they’ll offer a lower APR if you find a cheaper rate elsewhere. Their credit requirements are typically higher, favoring strong credit profiles. Like the other direct lenders on this list, LightStream is for more substantial loans, so it stands apart from smaller-loan providers that cater to urgent, small-dollar requests.
7. Payoff
- Amount: $5,000 to $40,000
- Documents: Valid ID, proof of income, personal banking information
- Timing: Often a few business days from application to funding
Payoff (part of Happy Money) focuses on helping borrowers tackle credit card debt, offering tools to monitor your credit score and motivate healthier financial habits. Their entire mission is built around “happy money,” which means Payoff’s personal loans usually revolve around consolidating high-interest balances. If your main goal is credit card consolidation rather than a short-term emergency fix, Payoff is a solid choice.
8. Best Egg
- Amount: $2,000 to $50,000
- Documents: Proof of identity, proof of income, bank details
- Timing: Typically funds within one to three business days after approval
Best Egg stands out for a quick and easy application process. Their interest rates are generally competitive for borrowers with decent credit. Best Egg also accommodates a range of loan purposes, including debt consolidation, home improvements, and medical expenses. It can be ideal if you’re aiming to borrow a few thousand dollars or more.
9. OneMain Financial
- Amount: $1,500 to $20,000 (varies by state)
- Documents: Government ID, proof of residence, pay stubs, or bank statements
Timing: Same-day approval is possible; funding could happen as soon as the same day or the next day
OneMain Financial has brick-and-mortar branches alongside its online operations, making it a more traditional personal loan lender compared to many purely online lenders like Upstart. OneMain can be more flexible with borrowers who have poor credit, but it may come with higher APRs. OneMain can provide mid-range personal loans. If you like in-person service, you may appreciate their physical locations.
10. Upgrade
- Amount: $1,000 to $50,000
- Documents: Proof of identity, proof of income (W-2, pay stubs), bank account details
- Timing: Fast approval process; funds can arrive within one to four business days
Upgrade is known for its low minimum loan amounts and relatively lenient credit requirements, often making it a close competitor to Upstart for borrowers in the fair credit range. The main selling point is that Upgrade typically handles bigger, more structured loans (e.g., for large purchases or debt consolidation). They also offer credit monitoring tools to help you build better financial habits.
11. Discover Personal Loans
- Amount: $2,500 to $40,000
Documents: Driver’s license or other valid ID, proof of income, banking details - Timing: Approval can happen quickly; funds typically disbursed within a week
Discover is a familiar name in banking and credit cards, and its personal loan division can be a solid alternative to Upstart. They emphasize transparent terms and customer service. Discover’s Ppersonal Lloans focuses on mid- to larger-sized loans for debt consolidation, vacations, weddings, and other expenditures. If you qualify, Discover’s brand reputation can offer peace of mind that a new or more obscure lender might not.
Upstart Alternatives Didn’t Work Out? Try a Short-Term Loan
Try our short-term loan option—built for speed, ease, and those moments when other lenders just don’t fit your situation.
Whether you’re looking to consolidate debt, tackle a major home renovation, or handle unexpected medical bills, there’s no shortage of loan companies like Upstart to choose from. The key is to shop around and compare the rates, terms, and unique benefits each lender offers.
If you want an even broader look into your options, or if you need a smaller, short-term solution, consider exploring money borrowing apps.
Remember: the best loan for you is the one that fits both your immediate needs and your long-term financial health. Good luck with your loan search, and may you find the perfect fit for your wallet!
Frequently Asked Questions
Who Competes with Upstart?
Plenty of lenders like Upstart exist, including SoFi, LendingClub, LightStream, Upgrade, and more. Essentially, any direct lender or online lending platform offering unsecured personal loans can be seen as an Upstart competitor. The key difference often lies in credit requirements, loan limits, interest rates, and brand features.
Does Upstart Accept Anyone?
Upstart does not accept everyone, but they do assess eligibility differently than traditional lenders. Their AI-driven model uses various factors (like employment history and education) that might give borrowers with limited credit history a better shot at approval. Still, if you have extremely poor credit or no reliable source of income, you might be declined.
Are Companies Like Upstart Worth Consolidating Debt?
Yes, if the interest rate and fees align with your financial goals. Many companies like Upstart are great for debt consolidation because of their relatively fast funding and competitive rates for qualified borrowers. By consolidating multiple high-interest debts into a single loan, you may reduce your monthly payments or total interest in the long run.
What is Better, Upgrade or Upstart?
Upgrade and Upstart are both strong options for borrowers with fair credit. Upstart’s unique selling point is its AI-based underwriting, which may grant more approvals for people with less credit history. On the other hand, Upgrade provides free credit monitoring and educational tools, which can be highly beneficial if you’re working on improving your credit profile.
Is SoFi Better than Upstart?
SoFi tends to cater to borrowers with higher credit scores and stable income, often providing more perks, like unemployment protection and membership benefits, than other lenders. Upstart might approve borrowers with non-traditional or limited credit histories.
If you’re a well-qualified borrower looking for a suite of member benefits, SoFi could be better. If you have a short credit history or a borderline credit score, Upstart might give you a more favorable offer. Again, it all comes down to personal circumstances and preference.