Upstart and Personify are both well-known personal loan lenders that offer products and services to applicants who may not qualify for a loan elsewhere. However, Upstart may be the better choice for most borrowers due to its lower rates and cheaper overall financing costs.
Upstart vs. Personify at a glance
Although both lenders offer loans for borrowers with lower credit, there are different details, fees and approval requirements.
| Upstart | Personalize | |
|---|---|---|
| Bank rate score | 4.7 | 4.0 |
| Better for |
|
|
| Loan amounts | $1,000 – $50,000 | $500 – $15,000 |
| APRs | 7.80%-35.99% | 19.00%-199.99% |
| Length of the loan | 36-60 months | 12-48 months |
| Cost |
|
|
| Minimum credit score | Not specified | Not specified |
| Time for financing | As soon as one working day | As soon as the next working day |
Start personal loans
Positives
- Competitive interest rates
- No credit score requirements
- Low minimum loan amount
Cons
- High maximum APR
- Origination fee
- Banned in certain states for education-related expenses
Upstart serves borrowers across the credit spectrum, focuses on those with lower credit levels and is known for its unconventional approval model. Instead of just looking at creditworthiness, Upstart takes a more holistic approach to approval and looks at education, work history and financial history.
Personalize personal loans
Positives
- Relaxed eligibility requirements
- Fast financing
- Low minimum loan amount
Cons
- Low maximum loan amount
- Exceptionally high APRs
- Limited availability
Personify offers unsecured installment loans of up to $15,000 to borrowers who would otherwise not be approved. Like Upstart, Personify also takes a more holistic approach to measuring approval chances; however, it has a few more requirements than Upstart.
First, borrowers must live in a valid U.S. state to qualify. They must also have a verifiable checking account in their name and be able to apply online to qualify for a personal loan from Personify.
How to choose between Upstart and Personify
Borrowers with lower or thin credit histories may qualify for a personal loan from Upstart or Personify due to the unique credit structures. However, both offer different benefits and are not suitable for every borrower on the market. Here’s how to make sure you choose the right lender for your situation.
Upstart has a competitive APR
Upstart’s minimum APR of 4.60 percent is among the lowest rates offered in the personal loan market. Although the most creditworthy borrowers qualify for the lowest rates, Upstart’s maximum rate of 35.99% is much lower than Personify’s maximum rate of 199.99%.
Personify has a smaller loan amount
Personify offers a minimum loan amount of $500 and targets borrowers with poor credit who are looking for a significantly smaller loan than what most lenders offer.
While most banks, credit unions, and lenders offer loan amounts up to $50,000, Personify’s maximum loan limit of $15,000 is ideal for people looking to close a financial gap or finance a smaller expense.
Compare lenders before applying
Applicants with low to poor credit scores may have limited options among lenders, but that doesn’t mean there aren’t more lenders targeting borrowers in this credit segment.
Before choosing one lender over another, research and compare personal loan lenders that target lenders across the credit spectrum to ensure you score the most competitive rate.
