APR
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LendingClub
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Upstart
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| LendingClub offers personal loans to applicants with good to great credit. It advertises APRs ranging from 4.99% to 35.96% (4.99% APR for applicants with exceptional credit). |
On the other hand, Upstart focuses on providing personal loans for applicants with little to no credit history, but have quality education or a high-paying job. Because its application process is tailored to meet the needs of the individual applicant, Upstart offers incredibly low APRs ranging from 4.66% to 29.99%.
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Time Allotted for Investors to Fund
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LendingClub
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Upstart
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| LendingClub requires loans to be 60% funded by peer-to-peer investors before they are issued. If the loan does not reach 60% within 30 days, the listing will expire and the applicant will have to reapply; however, less than one percent of LendingClub loans are not completely funded. |
Upstart does not have a time restriction on how quickly loans must reach a certain percentage of funding. The majority of Upstart loans is funded within 24 hours.
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Loan Delivery Time
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LendingClub
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Upstart
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| If approved, the average time it takes for a loan to be delivered to an applicant through LendingClub is seven days. |
Most Upstart borrowers receive their funds within 24 hours of being approved with the exception of education loans, which can take up to three days to be delivered.
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Credit Score Requirements
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LendingClub
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Upstart
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| For LendingClub borrowers, the minimum acceptable credit score is 660; the average credit score is 699, the average credit history is 16 years, and they cannot have any late payments on their report in the past 12 months. |
Because Upstart targets recent college graduates and young professionals, the minimum credit score is 640 and there is no requirement for open lines of credit or years of credit history; however, the average credit score of Upstart borrowers is 692.
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Debt-to-Income Ratio
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LendingClub
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Upstart
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| The average debt-to-income ratio for LendingClub borrowers is 18.12% not including a mortgage. |
Upstart borrowers have an average debt-to-income ratio of less than 20%.
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Available States
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LendingClub
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Upstart
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| Personal loans through LendingClub are available for borrowers in all states except Iowa. |
Personal loans through Upstart are available for borrowers in all states except West Virginia.
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Max Loan Amount
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LendingClub
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Upstart
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| Personal loans through LendingClub range from $1,000 to $35,000. The average Lending Club loan is $14,741. |
Personal loans through Upstart range from $1,000 to $50,000.
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Application Process
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LendingClub
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Upstart
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LendingClub offers a quick, simple online application that can be completed in minutes:
- Fill out the initial application: Use the dropdown menus to select the desired loan amount, the purpose of the loan, and your credit score.
- Get your custom rate: Provide your name, address, employment status, individual yearly income, date of birth, email address, and custom password.
- Choose your loan: If approved, you will be given different loan options to choose from. Once you have chosen your loan and terms, the loan will be listed for private investors to fund. If your loan has reached 60% funding in 30 days on LendingClub, or 70% funding in 14 days on Prosper, you will be issued the loan. If the loan does not receive sufficient funding within the allotted time period, you will be denied and asked to reapply.
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Because Upstart's application is tailored to meet the individual applicant, the process requires more information; however, it can still be completed within minutes:
- Select loan purpose: Choose the purpose of the loan from the dropdown menu and click "Check Your Rate."
- Check your rate: Input desired loan amount and provide your name, date of birth, address, phone number, credit score, level of education, degree, school, graduation year, income type, industry in which you work, job category, company you work for, start date, annual income, additional compensation, and whether or not you have taken out any new loan in the past three months. Save your information by providing your email and creating a password. Click the checkbox agreeing to the terms and conditions, then click "Agree and See Your Rate."
- Choose your loan: If approved you will be presented with the different personal loan terms and options available to you, including (but not limited to) max loan amount, max loan term, APR range, and monthly payment. On this page, you will also have the opportunity to change the maximum amount you are looking for and see how the other terms adjust. Once you've selected the loan that best meets your needs, you will receive your funds within one to three business days.
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Fees
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LendingClub
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Upstart
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- No Early Payoff Fee
- No Direct Deposit Fee
- Unsuccessful Payment Fee: $15
- Late Payment Fee (after 15-Day Grace Period): The Greater of 5% of the Unpaid Installment or $15
- Origination Fee: 1% - 6%
- $7 Check Processing Fee
- Fixed Loan Rate
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- No Early Payoff Fee
- No Direct Deposit Fee
- No Unsuccessful Payment Fee
- Late Payment Fee (after 15-Day Grace Period): The Greater of 5% of the Unpaid Installment or $15
- Origination Fee: 1% - 6%
- Fixed Loan Rate
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The Bottom Line
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| LendingClub is a good option for prime credit applicants with years of credit history who are looking to obtain a personal loan. Upstart, meanwhile, is an excellent choice for applicants with little to no credit history but have a quality education or high-paying job. |
LendingClub's Advantages
- Application Process
- Available States
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Upstart's Advantages
- APR
- Time Allotted for Peer-to-Peer Investors to Fund
- Loan Delivery Time
- Credit Score Requirements
- Debt-to-Income Ratio
- Available States
- Max Loan Amount
- Fees
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