Upstart Personal Loan Review
- Est. APR: 5.40-35.99%
- Loan amount: $1,000-$50,000
- Loan Terms: 36 Months or 60 Months
- Min. credit score: Not specified
- Check rates without a hard credit check.
- Loans to individuals who have no credit history.
- In 1 business day after a borrower accepts an offer, Upstart put money into your account.
- With credit card consolidation loans, you can make direct payments to creditors.
- Date of first payment can be chosen and altered by the borrower.
- No prepayment penalties
- An origination fee is a one-time charge that may be charged.
- There are only 2 repayment term options available to borrowers.
- Upstart Doesn’t offer discounts and doesn’t allow co-signers.
- There is no mobile app that may be used to manage a loan.
Who Is Upstart Best For
Upstart is the ideal option for borrowers who:
Want to be able to change their payment date.
Need cash right away.
Don’t require the use of a mobile app to manage their loan.
Upstart uses artificial intelligence to underwrite personal loans, giving borrowers with terrible and fair credit a higher chance of qualifying and receiving a cheap rate.
The upstart underwriting technique makes it simpler for younger applicants and those with poor credit histories to obtain a loan.
We’ve compiled the most complete Upstart review for your convenience.
We’ll go over any concerns you may have about Upstart, as well as how it works and what to anticipate throughout the application process, APR information, and most importantly, how Payoff compares to other lenders.
- What Is Upstart and How Does It Work?
- Upstart Lending Amounts and APRs
- Upstart Personal Loans Fees
- Who Is Upstart Best For
- How to Qualify For an Upstart Loan
- How to Apply for an Upstart Personal Loan
- Will Checking Upstart's Rates Have an Impact on my Credit Score?
- When Will I Get The Funds?
- Upstart Customer Service
- Customer Reviews
- Quote From Upstart
- Calculate Your Interest and Monthly Payment
- How Upstart Compare To Other Lenders
- Our Methodology
- Frequently Asked Questions
- What exactly is Upstart's catch?
- Is Upstart trustworthy?
- Where Does Upstart Run Its Business?
- Is proof of income required by Upstart?
- What are Upstart's forbidden uses?
- How much money can you borrow from Upstart?
- Is it possible for you to pay Upstart early?
- How quickly does Upstart review your application?
- Upstart Review
What Is Upstart and How Does It Work?
Upstart is an AI-powered consumer lending business that links financial institutions with lenders to generate non-traditional credit predictors.
The founding team includes Paul Gu, a Thiel Fellow, and Anna Counselman, former Manager of Global Enterprise Customer Programs and Gmail Consumer Operations at Google.
In April 2012, Upstart debuted with an Income Contribute Agreement (ISA) service, which allowed individuals to borrow money by agreeing to share a portion of their future income.
You can verify your rate on Upstart’s website before you borrow without damaging your credit score.
Your loan amount will be determined by your credit, income, and other application information such as education, work experience, and credit history.
If you’re ready to apply, keep in mind that the process will differ depending on the lender.
Upstart partners with banks to connect borrowers with loan offers, and each lender has its own set of criteria.
To complete a credit check, lenders will need information like your name, address, and Social Security number, and some may even request pay stubs, tax records, school transcripts, or SAT scores.
You may receive your money in as little as 24 hours after being authorized and signing your loan.
Loans may take longer in some situations, and government regulation requires that student loans be paid within 3 business days.
Upstart Lending Amounts and APRs
Upstart provides fixed-rate personal loans in the $1,000 to $50,000 area.
However, in some states, the minimum may be higher. The following states have greater minimum loan amounts:
- Massachusetts: $7,000.
- Ohio: $6,000.
- New Mexico: $5,100.
- Georgia: $3,100.
You have 3 or 5 years to repay your debt.
Interest rates vary between %5.35 to %35.99 APR, depending on your credit history, education, work experience, and other factors.
Upstart does not give an interest rate reduction if you set up automatic payments, unlike some other personal lenders.
Even if your credit history isn’t good enough for a credit score, you may be able to become authorized since Upstart doesn’t have a minimum credit score requirement.
You’ll also need a bank account in the United States and a steady source of income. However, there is no stated minimum income requirement.
If you’re qualified and agree to the conditions of the loan, you may get your money the next business day.
Upstart Personal Loans Fees
Personal loans with Upstart can have the following loan fees:
- A hefty origination fee of up to 8%.
- A $10 one-time fee to acquire printed copies of your records rather than electronic copies.
- A $15 fee for a returned check or ACH transaction.
- Late payment fee of 5% of the unpaid amount or $15, whichever is greater.
Who Is Upstart Best For
Upstart is the ideal option for borrowers who:
- Want to be able to change their payment date.
- Need cash right away.
- Don’t require the use of a mobile app to manage their loan.
Typical Upstart personal loan uses include:
- Credit card and other debt consolidation.
- Taking care of relocating costs.
- Home improvement funding.
- Starting or growing a company.
- Medical expenses are covered.
- Getting a wedding loan.
How to Qualify For an Upstart Loan
Here are the Upstart personal loan requirements:
- There is no minimum credit score.
- No Credit history requirements: None; applicants with credit histories too short to get a FICO score may be accepted.
- The Minimum yearly earnings is $12,000
- Full-time employment, full-time job offer starting in 6 months, regular part-time job, or other regular sources of income
- The borrower must live in the United States (unless military personnel is on active duty).
- You must be at least 18 years old.
- A valid email address is required.
- Personal bank account with a routing number in the United States is necessary.
How to Apply for an Upstart Personal Loan
Applying for an Upstart personal loan entails several actions, including completing a lengthy application and waiting for approval. The following are the procedures for applying for an Upstart personal loan:
- Prequalify with Upstart: To find out your interest rate and APR, start by filling out an online prequalification form. The form will ask for information about your schooling, income, savings, and recent loans, in addition to your basic contact information. It simply takes 5 minutes to get a rate quotation.
- Check your bank account for accuracy: After submitting your pricing request, Upstart will require you to validate your bank account. You may also be required to submit supporting documents or called to verify your information.
- Wait for confirmation: Upstart’s AI-driven approach enables them to give almost all loans with minimal delay. Upstart accelerated the approval of 71% of its loans in the first quarter of 2021.
- Sign the loan agreement and get your money: The loan is disbursed to the borrower’s personal bank account within 1 or 2 business days after you sign.
- Make payments: Borrowers can discover their specific repayment date on their promissory note once loan funds have been disbursed. The first payment will be between 20 and 40 days after your loan originated.
Will Checking Upstart’s Rates Have an Impact on my Credit Score?
No, here’s what Upstart had to say about it:
Your credit score will not be affected by checking your rate on Upstart. Your credit score may be damaged if you continue with your application after getting a rate. We perform a “soft credit investigation” when you check your rate. Soft credit inquiries on your report do not reduce your credit score, but you may see that this inquiry was conducted when you read your report. A “hard credit inquiry” will be done to check the accuracy of your application if you are given a loan and progress with the application. This activity will appear on your credit report as an inquiry, which may have an impact on your credit score.
When Will I Get The Funds?
Most Upstart loans are funded the next business day if they are approved by 5 p.m. EST Monday through Friday.
When loan terms are approved after 5 p.m., however, the money is not transmitted until the next (or second) business day.
Student Loans face extra delays, with cash not being issued for another 3 business days after acceptance.
According to Upstart, %99 loan applicants receive their money the next business day after signing their loan paperwork.
Borrowers can adjust their monthly payment date through Upstart’s web portal once the funds have been issued.
Upstart Customer Service
Upstart customer service operating hours: Monday to Friday on business days: 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET). Saturday and Sunday: 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET)
Upstart location: 2950 S Delaware St, San Mateo, CA 94403-2199
Positive reviews emphasize how simple the application procedure is, as well as how useful Upstart’s credit card consolidation loans are.
Problems with bill payments, customer service replies, and Covid-19-related assistance are frequently mentioned in negative reviews.
Quote From Upstart
Upstart is one of the first companies to use artificial intelligence in the multibillion-dollar loan market. Upstart goes beyond the FICO score, employing non-traditional criteria at scale to improve loan performance and access to credit for individuals.
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How Upstart Compare To Other Lenders
Financeive is committed to providing borrowers with objective, complete evaluations of personal loan companies.
To ensure that our data is useful for consumers, we gathered over 30 data points from more than 15 lenders and delivered the correct information.
Frequently Asked Questions
Abdulrahman is the founder of Financeive and a financial advisor with +3 experience writing about loans and debts. He took the Nanodegree from Udacity with a degree in Business Administration and had previously finished his bachelor’s degree in Accounting as well.
He is an expert on Personal Finance who knows how to make sure that your finances will not hold anyone back anymore – even if they are struggling with paying off previous debts or just starting their life financially alone as a young adult without much income yet but lots of potential opportunities ahead.
He used to help Individuals and Small Businesses to get loans with low interest and has figured out ways to help most of them to get out of loans Debt.