Upgrade vs. LendingClub: Which Personal Loan Is Better?
Last updated 08/13/2025 by
Ante MazalinEdited by
Andrew LathamSummary:
If you’re shopping for a personal loan, chances are you’ve come across these two major players:
Upgrade Personal Loans and LendingClub Personal Loans.
Both offer unsecured loans for debt consolidation, home improvements, and other expenses, but each has its own strengths and ideal customer.
Upgrade Personal Loans and LendingClub Personal Loans.
Both offer unsecured loans for debt consolidation, home improvements, and other expenses, but each has its own strengths and ideal customer.
In this comparison, we’ll break down Upgrade Personal Loans vs. LendingClub Personal Loans
to help you decide which personal loan is the better fit for your needs.
to help you decide which personal loan is the better fit for your needs.
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Side-by-Side comparison Upgrade vs. LendingClub
| Feature | Upgrade | LendingClub |
|---|---|---|
| Loan Amounts | $1,000 - $50,000 | $1,000 - $60,000 |
| APR Range | 7.74% - 35.99% | 6.53% - 35.99% |
| Loan Terms | 24 months - 84 months | 24 months - 72 months |
| Minimum Credit Score | 600 - 850 | 600 - 850 |
| Origination Fees | 1.85% - 9.99% | 0% - 8% |
| Late Payment Fee | $10 | $15 |
| Prepayment Fee | No | No |
| Checking Account Required | Yes | Yes |
| Pre-Qualified Soft Credit Inquiry | Yes | Yes |
| SuperMoney User Score | strongly recommended | mostly recommended |
How Upgrade Personal Loans Work
Upgrade Personal Loans offers fixed-rate personal loans designed for a wide range of purposes, including debt consolidation, home improvement, major purchases, and more. The application process is quick, with the ability to prequalify online without affecting your credit score. Once approved, funds can be deposited as soon as the next business day.
Borrowers can choose loan amounts from $1,000 - $50,000, with terms ranging from 24 months - 84 months. Upgrade Personal Loans also provides direct payment to creditors for debt consolidation loans, which helps streamline the repayment process. Joint applications are allowed, which may improve approval odds or interest rates.
Key Features
- Loan amounts: $1,000 - $50,000
- APR range: 7.74% - 35.99%
- Loan terms: 24 months - 84 months
- Minimum credit score: 600
- Funding time: As fast as 1 business day
- Origination fee: 1.85% - 9.99%
- Direct payment to creditors: Yes
- Joint applications: Accepted
How LendingClub Personal Loans Work
LendingClub is one of the first peer-to-peer lending platforms and now operates as a traditional lender, offering personal loans for purposes like debt consolidation, medical expenses, and home improvements. The platform allows borrowers to prequalify online with a soft credit check.
Loan amounts range from $1,000 - $50,000key, with fixed terms of 2 or 6 years. LendingClub also supports direct payments to creditorsfor debt consolidation, which can simplify repayment and help avoid missed payments. Funding typically takes a few days, and joint applications are welcome.
Key Features
- Loan amounts: $1,000 - $60,000
- APR range: 6.53% - 35.99%
- Loan terms: 24 months - 72 months
- Minimum credit score: 600 - 850
- Funding time: several days
- Origination fee: 0% - 8%
- Direct payment to creditors:
- Joint applications: available
How Upgrade and LendingClub Compare
Loan Amounts and Terms
Upgrade offers slightly higher loan amounts—up to $1,000 - $50,000 compared to LendingClub’s $1,000 - $60,000 limit. It also has more flexible loan terms (24 months - 84 months), which may help lower your monthly payments. LendingClub, on the other hand, sticks to fixed term lengths of 24 months - 72 months.
Winner: Upgrade — More flexibility and larger loans.
Interest Rates and Fees
Both lenders cater to similar credit profiles and have similar APR caps, but LendingClub‘s starting APR is a bit lower (6.53% - 35.99%). Upgrade also charges up to 1.85% - 9.99%, which can be higher than LendingClub’s max of 0% - 8%.
Winner: LendingClub — Lower origination fee cap makes it slightly more cost-effective in some cases.
Speed of Funding
Upgrade may fund your loan as soon as the next business day after approval, which is ideal if you need money quickly. LendingClub typically takes .
Winner: Upgrade — Faster access to funds.
Debt Consolidation Options
Both lenders offer direct payment to creditors for debt consolidation loans ( and ), which simplifies the process and helps avoid missed payments.
Winner: Tie — Both provide strong options for consolidating debt.
Credit Requirements
Upgrade has a minimum credit score requirement of 600 - 850, which makes it accessible to borrowers with lower credit scores. LendingClub requires a minimum score of 600 - 850. However, for both lenders, your actual approval and loan terms will also depend on factors like your income, debt-to-income ratio, and overall credit profile.
Winner: Upgrade — Slightly more accessible for borrowers with below-average credit.
Application Experience
Both Upgrade and LendingClub offer soft credit checks for prequalification and support joint applications ( and ), which can help increase your approval chances or get better rates.
Winner: Tie — Both make it easy to compare and apply.
Which Personal Loan Is Right for You
| Choose Upgrade if… | Choose LendingClub if… |
|---|---|
| You want faster funding | You prefer lower origination fees (0% - 8%) |
| You need a loan up to $1,000 - $50,000 | You’re comfortable with fixed 24 months - 72 months terms |
| You want more flexible loan term options (24 months - 84 months) | You want a solid option for debt consolidation |
| You have a credit score of at least 600 - 850 | You have a credit score of at least 600 - 850 |
What SuperMoney Users Are Saying
Real users have shared their experiences with both lenders on SuperMoney, and the ratings reveal a clear trend in satisfaction levels.
⭐ Upgrade: 4.5 / 5
With an impressive 4.5 out of 5 user rating, Upgrade earns high marks for its fast funding, flexible loan terms, and user-friendly online experience. Many users appreciate the seamless application process and the helpful customer service team.
⭐ LendingClub: 3.6 / 5
LendingClub receives a 3.6 out of 5 user rating. Borrowers note that the platform offers a solid option for debt consolidation and like the ability to prequalify without a hard credit check. However, some users have cited slower funding times and fewer term options as drawbacks.
What Next
Still not sure if Upgrade or LendingClub is the right fit for you? Comparing more personal loan providers can help you make a well-informed decision. Check out these other head-to-head comparisons to explore your options further:
Or browse our full list of reviews and ratings to find the best lender for your financial goals:
Key Takeaways
- Upgrade offers larger loan amounts ($1,000 - $50,000) and more flexible terms (24 months - 84 months).
- LendingClub has lower origination fees (0% - 8%) and is a strong option for debt consolidation.
- Upgrade has a lower minimum credit score requirement (600 - 850 vs. 600 - 850).
- SuperMoney users rate Upgrade higher (strongly recommended) than LendingClub (mostly recommended).
Frequently Asked Questions about Upgrade and Lending Club
Are Upgrade and LendingClub the same?
No, Upgrade and LendingClub are separate companies. Both offer personal loans, but they operate independently and have different loan structures, approval criteria, fees, and customer experiences. While both are online lenders with similar minimum credit score requirements, they differ in loan amounts, funding speed, and origination fees.
Is Upgrade a good loan company?
Yes, Upgrade is considered a reputable and trustworthy lender, especially for borrowers with fair credit. It offers flexible terms, fast funding (often within one business day), and has a strong SuperMoney user rating of 4.5 out of 5. It’s especially popular for debt consolidation and major expenses, though borrowers should watch out for origination fees as high as 1.85% - 9.99%.
What bank does Upgrade use?
Upgrade partners with Cross River Bankand Blue Ridge Bank, both of which are FDIC-insured institutions, to originate its loans. While you apply through Upgrade’s platform, your loan is actually funded and serviced in partnership with these banking institutions.
Does Upgrade hurt your credit score?
Checking your rate with Upgrade does not hurt your credit score, because it uses a soft credit inquiry during the prequalification process. However, if you decide to move forward with the loan and formally apply, Upgrade will perform a hard credit inquiry, which may temporarily impact your credit score.
Does Upgrade always verify income?
Yes, Upgrade typically requires income verificationas part of the loan approval process. This may include submitting documents such as pay stubs, tax returns, or bank statements. Verifying income helps ensure that you can afford the loan and meet repayment obligations.
Is LendingClub a good lender?
LendingClub is a well-established lenderthat offers competitive personal loan options, especially for debt consolidation. It allows joint applications and direct payments to creditors. While the platform has a lower SuperMoney user rating of 3.6 out of 5, many borrowers appreciate the transparency, fixed terms, and relatively low origination fees.
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