Upgrade Personal Loan Review
As a lending platform, rate cap make it a must-consider for consolidating high-interest debt.
pros and cons
personal loans come with competitive rates, terms and perks that earn one of the highest scores of all lenders and platforms on the market according to our systematic scoring model. But there are a couple of drawbacks that you should consider before borrowing with .
Pros
- Low starting rates
- Potential discounts
- Available to fair credit
- Sends money to you within one business day of clearing verifications
- Offers joint and secured loans
Cons
- Charges one-time fee on every loan
- High maximum interest rate
Loans through ’s network come with borrower-friendly benefits like low rates, availability to people with fair credit and fast funding. There are a few ways to lower your rate with , including using collateral and qualifying for a discount. also allows joint loans, which could help you lower your rate even more if your co-borrower has good or excellent credit.
Keep in mind that ’s maximum interest rate () is higher than that of some competitors. But if you’re using an loan to consolidate high-interest debt, that rate could still mean big savings. Use a debt consolidation calculator to see how much you could save.
requirements
is relatively transparent about what you need to qualify for a loan:
| Age | 18+ (or age of majority in your state) |
| Minimum credit score | |
| Administrative requirements | Verifiable bank account and email address |
| Citizenship/residency | U.S. citizen, permanent resident or visa-holder |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| loans CAN be used for… | loans CANNOT be used for… |
|---|---|
|
|
If ’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with
Check your rates
You can see your rates when you prequalify for a personal loan on ’s website. will tell you if you’re approved after you fill out the form, which should take a few minutes.
Choose an offer
will show you loan offers from partner lenders if you qualify. You can choose the offer that fits your budget and formally apply for the loan.
Sign your loan agreement
When you sign your paperwork and accept your final loan offer, will pull your credit. This could cause your credit score to temporarily drop by a few points. You’ll get your money within a business day of clearing the verification process.
How compares to other personal loan companies
Even if you believe aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how stacks up against similar personal loan lenders.
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
All personal loans have risks, including those from trustworthy companies like . Your credit score drops when you don’t make payments, and if you default on your loan (or miss several payments), your lender could send your loan to collections.
Yes, is a legitimate lending platform that matches people who want to borrow money with real personal loan lenders.
requires a score of at least to qualify for a personal loan. If you’re not sure what score you have, you can check for free with LendingTree Spring.
Get personal loan offers from up to 5 lenders in minutes