Upgrade and Fifth Third are both reputable financial institutions that offer affordable personal loans to people with good to excellent credit. While both companies offer competing products and features, your personal needs will ultimately determine which loan is best for you.
But in general, Upgrade will be better for people with decent credit, while Fifth Third will be better if you already have an account with the bank.
Upgrade vs. fifth third at a glance
| Upgrade | Fifth Third | |
|---|---|---|
| Bank rate score | 4.7 | 4.4 |
| Better for | Fast financing | Flexible payments |
| Loan amounts | $1,000 – $50,000 | $2,000 – $50,000 |
| APRs | 8.49%-35.99% | 8.99%-21.74% |
| Length of the loan | 24-84 months | 12-60 months |
| Cost |
|
No |
| Minimum credit score | 600 | Not specified |
| Time for financing | As soon as the next working day | As soon as the next working day |
Upgrade personal loans
Positives
- Low credit minimums.
- Direct payment to creditors for consolidation loans.
- Joint applications available.
Cons
- High origination costs.
- High maximum APR.
- Late fee.
Upgrade’s personal loans can be used to consolidate debt, refinance credit card debt, pay for a major purchase, or finance a home improvement project or renovation. It stands out for its simple and streamlined online application.
Fifth Third only offers an online application to checking account holders – and only if they want to borrow less than $25,000. Upgrade does not have these limitations.
However, Upgrade charges multiple fees that Fifth Third misses. You must pay an origination fee between 1.85 percent and 9.99 percent. That is a maximum of one-tenth of your total loan. If you have bad credit, it’s worth applying to a co-borrower to potentially reduce the APR and origination fee you receive.
Fifth Third personal loans
Positives
- Can apply online and in person.
- Flexible first payment date.
- No origination fees.
Cons
- Personal application required for loans over $25,000.
- Not available in every state.
- Higher minimum APR.
Fifth Third is a national bank that offers its customers personal loans of up to $50,000. Borrowers can apply online or in person, but those who apply online are only eligible for $25,000.
You must also be a Fifth Third customer to use the online application. If you’re not, you’ll need to visit a branch no matter how much or how little you need to borrow. Anyone looking for a larger loan of more than $25,000 must visit a physical location and apply in person.
Unlike other lenders, Fifth Third offers its customers the option to choose their first repayment date up to 45 days after disbursement. This can provide much-needed flexibility for some borrowers. And because there are no fees and the maximum annual interest rate is low, Fifth Third is a good option, provided you’re willing to jump through a few hoops during the application process.
How to Choose Between Upgrade and Fifth Third
Both lenders have competitive products and unique benefits. Upgrade offers a more flexible application experience, but Fifth Third may be a better choice if you qualify for the cheaper loans.
Upgrade has low credit minimums
Upgrade has one of the most credit-inclusive models in the industry when it comes to financing. While most lenders require at least a good credit score to enjoy the benefits of fast financing, Upgrade offers borrowers with fair credit the opportunity to take advantage of next-day financing. It also offers joint applications – something many other lenders, including Fifth Third, are unwilling to offer.
Fifth Third has payment flexibility
In addition to offering flexibility on the first payment date, Fifth Third also has a 10-day grace period before a payment is considered late, making it easier to avoid additional interest charges.
Please note that payment flexibility means borrowers do not need to choose a date until 24 days after disbursement. However, interest continues to accrue, so you’ll still need to recoup costs for the days you don’t make your first payment within the first 30 days.
Compare lenders before applying
Compare similar lenders before signing on the dotted line. Consider at least one other lender in addition to Upgrade and Fifth Third to ensure you get the most competitive rate.
