Personal Loans Review 2022 Upgrade – Forbes Advisor

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Upgrade Personal Loans compare to other popular lenders:

Upgrade Vs. SoFi

SoFi personal loans start at $5,000 and range up to $100,000 depending on the purpose of the loan, which is significantly larger than the loans available through Upgrade. APRs start at around 6% with autopay, which is similar to the starting rates offered by Upgrade, but SoFi’s rates peak at around 20% with autopay. SoFi’s loans are also attractive because, unlike Upgrade, the lender does not charge any origination fees.

Related: LightStream Personal Loans Review

Upgrade Vs. LightStream

LightStream personal loans range from $5,000 to $100,000, and APRs start below 3% with automatic payment for certain loan purposes. This makes LightStream loans much more flexible and affordable for the most qualified borrowers who need a large loan at competitive rates.

Like Upgrade, loan terms start at just two years, but LightStream offers longer terms of up to 12 years depending on loan size, purpose and creditworthiness. Additionally, LightStream does not charge setup fees, further reducing the overall cost of a loan, especially when compared to upgrading.

Related: LightStream Personal Loans Review

Upgrade Vs. Marc

Like Upgrade, Marcus offers smaller personal loans from $3,500 to $40,000. Rates start around 7% – slightly higher than Upgrade’s minimum APR – but peak at around 20%, which is well below the highest Upgrade rates. Additionally, Marcus does not charge set-up or late fees. These lower rates have a catch, Marcus has a higher minimum recommended credit score of 660.

Related: Marcus Personal Loans Review

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