If you are in the market for a personal loan, Upstart is one of the lenders you should consider. They offer loans to people with all credit scores and have a quick and easy application process. This comprehensive review will look at all aspects of Upstart loans so that you can decide if they are the right choice.
What are Upstart and personal loans, and how do they work?
Upstart is a personal loan company that offers loans to people with good credit scores. The interest rates are fixed, and you can borrow up to $50,000. You can use the money for anything, including debt consolidation, home improvement projects, or medical expenses.
The company also looks at your education and work history to determine if you’re a good candidate for a loan. If you’re approved for a loan from Upstart, you’ll receive the money in as little as one business day. Depending on the repayment plan, you’ll then have three to five years to pay off the loan.
If you’re considering taking out a personal loan, Upstart is a great option. The company offers competitive interest rates and has a simple application process. Plus, you can get the money you need quickly and easily. So if you’re looking for a personal loan, check out Upstart.com.
What Types of Personal Loans Does Upstart Offer?
Upstart offers three personal loans: debt consolidation, home improvement, and wedding loans. Each loan has different terms and conditions, so it’s essential to read the fine print before you apply.
Debt consolidation loans are designed to help you pay off high-interest debt, such as credit card debt. The interest rate on an Upstart debt consolidation loan is fixed, which means your monthly payments will stay the same for the life of the loan. You can choose a repayment term of 36 or 60 months.
Home improvement loans can be used for various projects, including renovating your kitchen or bathroom, adding a pool or deck, or making energy-efficient upgrades to your home.
How Does Upstart Work?
Upstart is a personal loan company offering loans to people with little credit history. The company uses a unique underwriting process that considers factors such as education and employment history to determine loan eligibility.
Upstart loans can be used for various purposes, including debt consolidation, home improvement projects, medical expenses, or large purchases. Loan amounts range from $1000 to $50,000, and terms vary from 24-60 months. Interest rates are fixed and depend on the borrower’s credit profile.
Applying for an Upstart loan is simple and can be done entirely online. After submitting basic information about oneself, Upstart will provide a list of loan offers with corresponding interest rates and terms.
What are the Terms, Fees, and Conditions?
The interest rate will be between 5.40% and 35.99%. Origination fees will range from 1-10% of the loan amount. Loan terms can be anywhere from three to five years.
Variable rates can go up and down over the lifetime of your loan. With a fixed-rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
While Upstart doesn’t offer personal loan refinancing, it allows you to use loan proceeds to consolidate high-interest debt. You could use your loan proceeds to pay off credit cards, payday loans, and title loans since these types of credit generally come with higher APRs.
Don’t use an Upstart personal loan to refinance another personal loan unless the total cost of borrowing (including the origination fee) is lower at Upstart.
What Discounts Does Upstart Offer?
Upstart offers a few different discounts to save you money on your loan. You may be eligible for a 0.25% rate discount if you have a good credit score. You can also get a 0.50% rate discount if you have a cosigner with a good credit score.
If you autopay your loan from an eligible bank account, you’ll get a 0.25% interest rate reduction. These discounts can save you quite a bit of money over the life of your loan, so it’s worth looking into if you’re considering taking out an Upstart loan.
Note that the rates and fee structures advertised for personal loans fluctuate by the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee your interest rate, and the monthly payment will remain consistent throughout the entire term of the loan.
How Can You Qualify?
To qualify for an Upstart loan, you must:
- Be a U.S. citizen or permanent resident.
- Be at least 18 years old (19 in Alabama or Nebraska).
- Have a valid email address and Social Security number.
- Not be currently enrolled in bankruptcy proceedings or have any outstanding bankruptcies within the last seven years.
- Have verifiable employment or income source.
- Have a checking account in your name with a U.S. bank that can accept electronic transfers.
- Not be a convicted criminal within the last seven years.
- Meet additional criteria if you’re using a cosigner on your loan application.
What Credit Score Do You Need?
Upstart personal loans have no minimum credit score. The minimum loan amount is $500, and the maximum loan amount is $50,000.
Approval is not guaranteed. If you accept your loan by 5 pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education-related expenses are subject to a three-business-day wait period between loan acceptance and funding by federal law.
When you check your rate, Upstart checks your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. You might want to think twice before taking out a loan because if you default on payments in the future, this will show up as an adverse credit report.
Where Does Upstart Operate?
Upstart is a popular online lender that touts itself as a lending platform powered by artificial intelligence designed to make affordable credit more accessible to borrowers through the power of technology. Founded by former Google employees, Upstart has originated $10.8 billion in loans, with 71% fully automated.
Upstart operates in all 50 states of the USA. It also has a physical office in San Carlos, California, where its headquarters is located. In 2012, Paul Gu and Dave Girouard founded the company that would revolutionize how we search for information.
Is Upstart a Reputable Lender?
Upstart is a young company, only founded in 2012. Nevertheless, they have managed to become one of the most reputable lenders in the industry in such a short time. They have an A+ rating with the Better Business Bureau, and you can’t go wrong!
The vast majority of reviews for Upstart are positive, with customers praising their fast and easy application process, competitive rates, and excellent customer service. There are very few negative reviews out there about Upstart personal loans.
How Is Earnest’s Customer Service?
Upstart’s customer service is top-notch! They quickly responded, and we always felt like they cared about our needs. These representatives were friendly and deeply understood the product we were selling. They also provided helpful answers to our questions. Overall, we had a positive experience with Upstart’s customer service.
An upstart is an excellent option if you have strong credit and need a relatively small personal loan. The company is also one of the few that offers loans to borrowers with no established credit history. Overall, we think Upstart is an excellent choice for personal loans, but be sure to compare multiple options before deciding on a lender.