Founded in 2016, Upgrade is an online lender that offers a variety of financial products and services — including credit cards, checking and savings accounts — in addition to personal loans. TD Bank is one of the 10 largest banks in the U.S. with over 1,100 branches, and it offers personal loans for practically any purpose.

Both lenders are good contenders if you’re looking for a personal loan. That said, they cater to different consumer profiles, so make sure you consider the differences before applying.

Upgrade vs. TD Bank at a glance

Upgrade and TD Bank both offer personal loans of up to $50,000 with similar starting APRs and funding times. Still, they differ in several ways, including their repayment terms and eligibility requirements.

Upgrade TD Bank
Bankrate score 4.7 4.7
Better for Flexible repayment terms Low interest rates and fewer fees
Loan amounts $1,000-$50,000 $2,000-$50,000
APRs 8.49%-35.99% 8.99%-23.99%
Loan term lengths 24-84 months 36-60 months
  • Origination fee: 1.85%-9.99%
  • Late payment fee: up to $10
  • Failed payment fee: $10
  • Late payment fee: $10 or 5% of the amount due, whichever is less
  • Document stamp fee (Florida residents only)
Minimum credit score 600 700
Time to funding Next day after approval Next day after approval

Upgrade personal loans

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  • Multiple repayment options.
  • Low minimum credit score.
  • Joint applications allowed.
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  • High maximum APR.
  • High origination fees.
  • Longer terms may encourage overborrowing.

Upgrade’s personal loans can be used for almost any purpose, from debt consolidation to financing a major purchase. Its loans also have one of the lowest credit score requirements in the personal loan space at just 600. That means you can still secure a competitive rate even with less-than-perfect credit.

You have the ability to borrow for up to 84 months, however, a longer loan term means paying more in interest. Choose the shortest loan term with a monthly payment you can reasonably afford to avoid overpaying.

Upgrade also allows joint loan applications — something that’s not offered by TD Bank. This alone can substantially improve your odds of approval with a good rate if your score needs some improvement.

On the downside, Upgrade’s maximum APR is on the higher side. Its origination fee can also increase the overall cost of borrowing. Still, its loans are highly competitive, especially for fair credit borrowers.

TD Bank personal loans

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  • Quick funding.
  • No origination fees.
  • Low interest rates.
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  • Limited to certain states.
  • Fewer repayment options.
  • High minimum loan amount.

TD Bank’s personal loans are targeted toward borrowers with good to excellent credit — it has a minimum credit score requirement of 700. Because TD Bank has physical branches, borrowers have the option to apply for a loan either online or in-person.

Its loans feature flexible amounts, ranging from $2,000 to $50,000 with low APRs and few fees. This combination makes TD Bank’s personal loans lower cost compared to the personal loans offered by Upgrade.

The only major downside is that TD Bank doesn’t offer loans in every state, so you’ll need to check if your state is among the ones serviced in order to take advantage of its products.

How to choose between Upgrade and TD Bank

Upgrade and TD Bank are great options if you’re looking for a small to midsize personal loan. That said, their loan products differ in key areas, including eligibility requirements, overall cost, repayment options, minimum loan amounts and availability.

Upgrade is a good choice if you want longer terms or to borrow with someone else. TD Bank is better if you want to ensure lower rates — provided you qualify.

Upgrade is better for flexible repayment terms

If you’re on a tight budget and need a longer repayment period to make your payments more affordable, then Upgrade may be a better option than TD Bank. Unlike TD Bank, which only offers repayment terms between 36 and 60 months, Upgrade’s loans can be repaid in as little as 24 months or as long as 84 months.

Additionally, Upgrade’s minimum credit score requirement is much lower than that of TD Bank’s, so its loans are a good option for those with fair credit or better. And since you can add a co-borrower to your application if you need additional help qualifying, you may be able to further reduce the cost of your loan.

TD Bank is better for lower interest rates and fewer fees

If you have good or excellent credit and live in one of the states serviced by TD Bank, then you may be better off applying for its loans.

Unlike many other lenders, TD Bank doesn’t charge any application, processing or origination fees. It also offers a much lower interest rate cap than its competitors at 23.99 percent and a starting APR of 8.99 percent. Combined with its 0.25 percent rate for enrolling in automatic payments, makes TD Banks loans more cost-effective than Upgrade’s.

Compare lenders before applying

When it comes to personal loans, both Upgrade and TD Bank are solid options to consider.

If your credit score needs some work, then Upgrade may be a better choice due to its flexible eligibility requirements and the possibility of applying with a co-borrower. Upgrade is also a better choice if you need a longer repayment period. But if you have excellent credit, then TD Bank is definitely the way to go as you’ll save more money over the life of the loan thanks to its low APRs and few fees.

Still, since both lenders allow you to check offers without hurting your credit, it’s a good idea to compare rates before you apply to ensure you get the best deal available for your situation.