Lendingpoint vs. Upstart
Both offer quick approvals, but qualification requirements differ
Partner Disclosures
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle. It is important to review your promissory note for these details before accepting your loan.
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When you need fast access to cash, LendingPoint and Upstart are two online lenders worth considering. Both offer personal loans with next-day funding and no prepayment penalties.
However, there are some key differences between the two. LendingPoint requires a minimum annual income and evaluates credit history in detail, while Upstart uses a proprietary model that looks beyond credit scores and allows for lower income thresholds. LendingPoint also offers more flexible repayment terms, while Upstart makes larger loan amounts available.
Upstart offers personal loans up to $75,000, while LendingPoint caps loan amounts at $36,500.
Jump to insightLendingPoint requires at least $35,000 in annual income, while Upstart has a lower $12,000 income threshold.
Jump to insightBoth lenders provide fast funding and prequalification tools that use a soft credit check.
Jump to insightLendingPoint has more repayment term options, ranging from 24 to 72 months, compared to Upstart’s 36- or 60-month terms.
Jump to insightYou can apply online with both lenders and receive funding as soon as the next day.
Jump to insightComparing LendingPoint vs. Upstart
Here is a side-by-side comparison between LendingPoint and Upstart:
| LendingPoint | Upstart | |
|---|---|---|
| APR | 7.99% to 35.99% | 6.6% to 35.99% |
| Loan term | 24 to 72 months | 36 or 60 months |
| Loan amount |
$1,000 to $36,500 Colorado: $3,001 minimum Georgia: $3,500 minimum Hawaii: $2,000 minimum |
$1,000 to $75,000 Georgia: $3,100 minimum Hawaii: $2,100 minimumMassachusetts: $7,000 minimum |
| Joint personal loans | X | X |
| Fees | Origination fee: Up to 10% Prepayment penalty: $0 Late fee: Up to $30 | Origination fee: Up to 12% Prepayment penalty: $0 Paper copies: $10 Late payment fee: 5% of monthly past due amount or $15 (whichever is less) |
| Funding timeline | As soon as the next day | As soon as the next day |
| Minimum credit score | Not disclosed | None |
LendingPoint personal loans: an overview
LendingPoint specializes in personal loans issued by several lenders, including FinWise Bank, Coastal Community Bank and LendingPoint itself.
Loan terms
LendingPoint offers personal loans from $1,000 to $36,500 with loan terms lasting 24 to 72 months. Loans are available in all states and Washington, D.C, with the exception of Nevada and West Virginia. Additionally, minimum loan amounts apply in some states, including Georgia ($3,500), Colorado ($3,001) and Hawaii ($2,000).
Its annual percentage rates (APRs) are about the same as Upstart’s loans, although Upstart offers a lower starting rate. However, LendingPoint will evaluate your personal loan after six months of timely payments to see if you qualify for a lower rate.
LendingPoint at a glance
- Loan amount: $1,000 to $36,500
- APR: 7.99% to 35.99%
- Loan terms: 24 to 72 months
- Minimum income: $35,000
- Credit score: Not disclosed
- Funding speed: As soon as the next day
Loan purpose
LendingPoint personal loans can be used for a variety of reasons, including debt consolidation, emergency expenses, home improvement and medical expenses. Funding is fast, too; typically, one day is all that it takes to receive funds.
Fees
Personal loans carry an origination fee of up to 10%, which is pretty standard. And, with no prepayment penalties, you’re free to pay off your loan quickly in order to save yourself the extra interest.
» TOP LENDERS THIS YEAR: Did Upstart or LendingTree make the list?
Upstart personal loans: an overview
Upstart is an online lender specializing in personal loans.
Loan terms
Personal loans from Upstart range from $1,000 to $75,000, which is more than LendingPoint but still less than other lenders. Borrowers in certain states are subject to different loan minimums, such as Georgia ($3,100), Hawaii ($2,100) and Massachusetts ($7,000).
Its terms, available only in 36- or 60-month options, are more restrictive. This makes Upstart less flexible for borrowers who want a little more leeway with repayment periods.
Upstart at a glance
- Loan amount: $1,000 to $75,000
- APR: 6.6% to 35.99%
- Loan terms: 36 or 60 months
- Minimum income: $12,000
- Credit score: None required
- Funding speed: As soon as the next day
Loan purpose
In addition to debt consolidation, you can also use your loan to refinance your car or pay emergency expenses.
Fees
There’s no prepayment penalty, so you can pay off your loan early. Upstart’s origination fees can be as high as 12%, compared with LendingPoint’s 10%. A late payment fee applies and is either 5% of the monthly past due amount or $15, whichever is greater. There is also a check return fee of $15, plus a $10 fee for paper copies.
Pros and cons of LendingPoint and Upstart
These are some of the pros and cons to consider when deciding between LendingPoint and Upstart.
LendingPoint pros and cons
Although LendingPoint offers flexible personal loans with shorter terms and no prepayment penalties, its loans max out at $36,500. LendingPoint focuses on smaller personal loans compared with many competitors.
Pros
- Shorter-term loans available
- No prepayment penalty
- Second loans allowed in some cases
- Lower rates available after six months
Cons
- No large loans
- Origination fee up to 10%
- $35,000 minimum income required
- No cosigners or joint loans
- No loans in Nevada or West Virginia
Upstart pros and cons
Upstart features low starting APRs, but its terms are more rigid than LendingPoint, with only 36- or 60-month options. It caps loans at $75,000, which is higher than LendingPoint but lower than some competitors.
Pros
- Low minimum APR
- Low minimum income requirement
- Smaller loans available
Cons
- Limited loan terms
- No joint loans
- No Android app
- Origination fee up to 12%
Accessibility and borrower requirements
Both LendingPoint and Upstart let you apply online with a quick prequalification process that uses a soft credit check. Funding is typically available the next business day once approved.
LendingPoint requires borrowers to be at least 18, provide a government-issued ID and Social Security number, have a verifiable bank account, and earn at least $35,000 annually. It doesn’t disclose a minimum credit score but considers factors like credit history and debt-to-income ratio.
LendingPoint does not allow joint loans or cosigners. In some cases, borrowers with an existing loan may qualify for a second loan. LendingPoint also offers a mobile app for iOS and Android.
Upstart requires a minimum annual income of $12,000 but no minimum credit score. Instead, it uses a proprietary model that factors in income, debt-to-income ratio, credit history and account activity. Joint loans are not available. Upstart’s app is currently iOS-only, with an Android version in development.
FAQ
What is the downside to Upstart loans?
Although Upstart offers low starting APRs, it offers limited options for your loan amount and term, and an origination fee applies. Android users also lack access to the mobile app.
Is LendingPoint a good loan company?
With flexible terms, no prepayment penalty and next-day funding, LendingPoint is a good choice for some borrowers, especially those who need small loans.
What credit score do you need for a loan through Upstart?
Upstart doesn’t require a minimum credit score for its personal loans, but borrowers must have an individual annual income of at least $12,000 to qualify.
What are the loan terms offered by LendingPoint?
LendingPoint offers loan terms of 24 to 72 months for personal loans.
Article sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
- Upstart, “Upstart CEO to Participate in Fireside Chat at the Barclays 15th Annual Emerging Payments and FinTech Forum.” Accessed Aug. 4, 2025.
- LendingPoint, “FAQs.” Accessed Aug. 4, 2025.
- Upstart, “What fees am I charged?” Accessed Aug. 4, 2025.
- Upstart, “What is the minimum credit score for personal loans? - Upstart Answers.” Accessed Aug. 4, 2025.
- Upstart, “2023 Access to Credit Report.” Accessed Aug. 4, 2025.
- Upstart, “Why household or spousal income cannot be used for loan applications.” Accessed Aug. 4, 2025.
- Upstart, “Using the Upstart mobile app: features and availability.” Accessed Aug. 4, 2025.
