Upstart is a lending platform that helps consumers get convenient loan offers for their financial needs. The company uses over 49 factors, such as a quick soft credit inquiry or monthly payments, that allow consumers to get approved for Upstart personal loans.
Upstart Personal Loan Features
- Quick access to loan funds;
- No prepayment penalties;
- Flexible monthly payments;
- Beyond credit score verification (soft credit check);
- Flexible loan amounts.
- Origination fees up to 10%;
- High annual percentage rate;
- Co-signers aren’t allowed;
- Limited repayment loan terms.
Who Can Choose Upstart Loans?
Upstart personal loans are suitable for fair credit borrowers who need money immediately. If your credit score is at least 600, the borrowing process won’t include a hard credit pull that would take time. That’s why you may get a personal loan within one business day or even sooner. Same-day loans are also available at Upstart.
This platform also suits consumers needing debt consolidation loans and convenient monthly loan payments. Many personal loan lenders don’t offer such repayment plans for their loans. Unlike other online lenders, Upstart has suitable minimum loan amounts that allow consumers to plan their budgets and repay their personal loans on time.
Upstart Personal Loan Review Details
Want to find out more about an Upstart loan? Check the following features of this platform:
- Wide range of loan amounts: Upstart provides fixed-rate personal loans ranging from $1,000 to $50,000.
- Limited loan terms: Borrowers can get personal loans for three or five years (36 or 60 months). The monthly payments will depend on the chosen loan amount.
- Potentially high APR: The interest rate varies from 6.40% to 35.99%. Upstart, unlike other lenders, does not give autopay savings.
- Origination fees: Upstart origination fee ranges between 0% and 10%. It is a one-time charge levied from loan proceeds before delivery to the borrower. Also, there is no down payment.
- Fees for late payments: If a borrower fails to make the entire monthly payment within ten calendar days of the due date, Upstart levies a late fee of 5% of the past due amount or $15, whichever is larger.
- Penalty costs for early repayment: Borrowers who choose to pay off their loan early will not be charged with a prepayment penalty by Upstart.
- Fee for unsuccessful payment. When bank transfers (ACH) or cheques are returned or fail owing to insufficient funds (or for any other reason), there is a $15 fee for each occurrence.
- No excellent credit score needed: Applicants aren’t required to have a perfect credit score. No lender may guarantee approval, but bad or fair credit scores aren’t a problem when getting a loan approval.
Eligibility Criteria for an Upstart Personal Loan
To be eligible for the best personal loan amounts from Upstart or get cheap loan offers, you must meet the following requirements:
- Prove age of at least 18 years old;
- Show minimum annual income of $2,000;
- Provide bank account details, email address, and phone number.
What are the Application Steps for an Upstart Personal Loan?
Applying for an Upstart loan is easy. Here are the steps you must follow to get a loan:
- Meet the eligibility requirements described above.
- Gather all the needed information for the loan application.
- Choose the necessary loan amount and submit the loan request form.
- Wait for the loan approval decision.
- If your request was approved, check the interest rate and other loan terms.
- If you agree to the terms and conditions, sign a loan agreement.
- After all the formalities, you can access the money in one business day.
Upstart Personal Loan Alternatives
Want to discover multiple lenders that also offer loans as soon as possible? Check the following companies:
At Upgrade, you may borrow from the minimum loan amounts starting with $1,000 to $50,000. The company welcomes borrowers with thin credit histories. The term length varies from two to seven years. You can rely on Upgrade if you want to consolidate debt in one business day. This service doesn’t charge any prepayment penalty, but the origination fee ranges between 1.85% and 8%. Upgrade doesn’t check your credit report through major credit bureaus.
If you have a limited credit history (or at least a 550 credit score), choose SoFi. They welcome all credit scores thanks to soft credit checks. The service doesn’t charge origination fees for all loan products, including installment loans with bad credit. You may borrow from $5,000 to $100,000 with a poor credit history and get suitable loan offers. The APR varies between 8.99 and 25.81%.
OppLoans is a typical bank, as opposed to Upstart, which is an online lender. Applying for a personal loan through a bank such as OppLoans is usually a wise choice if you already have a relationship with them. OppLoans provides personal loans ranging from $500 to $4,000 with periods ranging from two to seven years. Although OppLoans does not require a minimum credit score, it may place greater emphasis on other variables, such as your current relationship with the bank, monthly income, and debt-to-income (DTI) ratio.
To review Upstart loans, BadCredify compared tens of lenders available for Americans with bad or fair credit scores. We made an effort to provide the most concise information about loan rates, repayment terms, and the application and approval process. The importance of these factors was based on other loan providers we chose for alternative options.
Frequently Asked Questions
Prequalifying with Upstart won’t affect your credit score, but when you apply entirely, you’ll undergo a hard credit pull that could affect your credit score in the long term.
You’ll receive the personal loan from Upstart within one business day.
Yes, and you won’t be charged with any prepayment penalties.