Software Alternatives, Accelerators & Startups

Lending Club VS Upgrade

Compare Lending Club VS Upgrade and see what are their differences

Note: These products don't have any matching categories. If you think this is a mistake, please edit the details of one of the products and suggest appropriate categories.

Lending Club logo Lending Club

Credit marketplace for peer-to-peer lending

Upgrade logo Upgrade

The newest lending startup from the former Lending Club CEO
  • Lending Club Landing page
    Landing page //
    2023-06-13
  • Upgrade Landing page
    Landing page //
    2023-10-19

Lending Club features and specs

  • Diversification
    Lending Club allows investors to diversify their portfolios by investing in various loans across different risk categories. This spread can help mitigate the risk of default.
  • User-Friendly Platform
    The platform is easy to navigate, with clear information on loan options, performance metrics, and investment progress. This accessibility can be beneficial for new and experienced investors.
  • Potentially High Returns
    Lending Club offers the potential for higher returns compared to traditional savings accounts and some other types of investments, though this comes with higher risk.
  • Passive Income
    Investors can earn passive income through interest payments on loans, providing a steady stream of cash flow over the loan term.
  • Automated Investing
    The site offers automated investing features that allow investors to set criteria for their investments and have the platform handle the allocations, saving time and effort.

Possible disadvantages of Lending Club

  • Default Risk
    There is always a risk that borrowers will default on their loans, which can lead to loss of principal and expected interest for the investor.
  • Liquidity Issues
    Investments in Lending Club loans are not liquid, meaning that money invested is locked in for the duration of the loan term, which can be several years.
  • Fees
    Lending Club charges service fees to investors, including 1% of all received payments, which can eat into overall returns.
  • Economic Sensitivity
    The platform's performance can be sensitive to economic conditions. In downturns, default rates typically increase, negatively affecting return on investments.
  • Limited Control
    Investors have limited control once a loan is issued. If a borrower defaults or pays off a loan early, the terms and outcomes are largely out of the investor's hands.

Upgrade features and specs

  • Competitive Interest Rates
    Upgrade offers personal loans with competitive interest rates, which can be lower than those of credit cards or other high-interest loan options.
  • No Prepayment Penalties
    Borrowers can pay off their loans early without incur any prepayment penalties, allowing them to save on interest costs.
  • Quick Approval and Funding
    The application process is straightforward, with many customers receiving approval and funding within a few days.
  • Flexible Loan Terms
    Loan terms range from 24 to 84 months, providing borrowers with flexibility in choosing a repayment plan that fits their budget.
  • Credit Health Tools
    Upgrade provides free credit monitoring and educational resources to help customers manage and improve their credit scores.

Possible disadvantages of Upgrade

  • Origination Fees
    Upgrade charges an origination fee ranging from 1.85% to 8.99%, which is deducted from the loan proceeds and increases the overall loan cost.
  • Minimum Credit Score Requirement
    Potential borrowers need a minimum credit score to qualify for a personal loan, which may exclude those with lower scores.
  • Limited Availability
    Upgrade's services may not be available in all states, limiting access to potential borrowers depending on their geographical location.
  • Non-Employment Income
    Upgrade requires proof of income, which might be a drawback for potential borrowers who cannot demonstrate traditional employment income.
  • Interest Rates for Lower Credit Scores
    Borrowers with lower credit scores may face higher interest rates, which can be less favorable compared to other lending options.

Lending Club videos

INVESTING with Lending Club 4 YEARS LATER - Lending Club Review 2019

More videos:

  • Review - My Lending Club Investment Review (what I did wrong 😭)
  • Review - Lending Club Review & Returns After 4 Years Investing Peer to Peer Lending App

Upgrade videos

Upgrade - Movie Review

More videos:

  • Review - Upgrade - Movie Review
  • Review - Upgrade Angry Movie Review

Category Popularity

0-100% (relative to Lending Club and Upgrade)
Finance
100 100%
0% 0
Fintech
78 78%
22% 22
Web Analytics
0 0%
100% 100
Personal Finance
100 100%
0% 0

User comments

Share your experience with using Lending Club and Upgrade. For example, how are they different and which one is better?
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Social recommendations and mentions

Based on our record, Lending Club should be more popular than Upgrade. It has been mentiond 7 times since March 2021. We are tracking product recommendations and mentions on various public social media platforms and blogs. They can help you identify which product is more popular and what people think of it.

Lending Club mentions (7)

  • Best places for a Personal Loan?
    I used lendingclub.com in the past and they were pretty quick, and deposited the money right into my account. At the time I felt the rate was higher than I'd like, but now having learned more it was average, personal loans just tend to have higher rates. It will be based on your credit. Aside from this, try looking at your own bank since you have a relationship already, or a credit union. Source: almost 2 years ago
  • scraping lendingclub.com
    But this does not solve the main issue , which is I can't get credentials to login if I'm not a residence in the US. My main issue is the credentials not the automation. I need a valid user name and password to lendingclub.com or a way to open an account without being a US resident or a way around it. Source: almost 3 years ago
  • Same day pay day loan
    Agree! Try Prosper.com, lightstream.com or lendingclub.com. Source: almost 3 years ago
  • Securing Funding
    I am not sure what kind of rates you are being quoted, but I used lendingclub.com to finance my first van purchase quite a few years ago. Rates depend on credit, and they have origination fees but they don't verify anything at all on what they money is used for. You just have to say you aren't using it for investment purposes if I remember correctly. I think the rate was around 8-9% though, with APR of 10.5%... Source: almost 3 years ago
  • Questions about a auto loan
    The other option you might try is getting a personal loan instead of an auto loan. You could try with your bank, or a place like lendingclub.com. With zero credit this might also be challenging, and you'll probably pay a higher interest rate, but it's something else to look into. Source: about 3 years ago
View more

Upgrade mentions (2)

  • Debit card Fraud
    If you were incurring interest either you had some kind of simple interest credit card (which is rare) from like upgrade.com but most credit cards do not work that way, not even the one from Sofi. Source: over 2 years ago
  • Excellent article about SBA inefficiencies
    My opinion is that the SBA will play the fraud card even if millions of businesses will go down and hardly any get funded. They are more worried of the F word, and they are convinced the IRS is the only one which can solve this problem. We are in 2021 and there are tons of technology to check for fraud. Some of the online loan platforms like sofi.com, upgrade.com, upstart.com ,.etc give loans rather quickly... Source: almost 4 years ago

What are some alternatives?

When comparing Lending Club and Upgrade, you can also consider the following products

DocMagic - DocMagic is a web-based platform that is used to digitalize your mortgage and payment process by offering you tools that are easy to use and simple.

Splitbee - Track and optimize your online business with Splitbee. Your friendly all-in-one analytics & conversion platform.

Qualia - Qualia empowers organizations to deliver seamless consumer experiences across all devices, from intent to conversion.

Zarget - Zarget is new age AB testing and Heatmap software that lets you optimize your website with just a few clicks thereby increasing sales.

MBS Highway - MBS Highway is a web-based loan or mortgage management software solution that allows you to connect all your parties and stakeholders and helps you to complete the process quickly.

Prayas Analytics - A/B testing for retail stores, w/ existing security cameras