Upstart Personal Loans Review
In today’s economy, personal loans can be a great way to get the money you need for whatever purpose you have in mind. But with so many different loan providers out there, it can be difficult to figure out which one is right for you.
Enter Upstart Personal Loans, an online lender that offers competitive rates and terms without requiring a minimum credit score. In this review, we will take a closer look at Upstart’s product offerings and how they compare to other loan options on the market.
We’ll also cover the application process and customer service experience so that you can make an informed decision about whether or not Upstart is the best option for your needs.
Upstart is an online lending platform that offers personal loans to people with bad or poor credit (300 and above). The company was founded in 2012 by former Google employees, and it has since funded over $1 billion in loans. It was made on principles of leveraging AI to automate the borrowing process.
| Website | https://www.upstart.com/ |
| Loan Amount | From $1,000 to $50,000 |
| Loan Terms | From 36 to 60 months |
| APRs | 6.50% – 35.99% |
| Origination Fee | 0% – 8% |
| Prepayment Fee | No |
| Immigration Status Considered | U.S citizen or permanent resident living in the U.S. |
| Employment Statuses Considered | Employed full-time or part-time |
| Intended Use | Debt consolidation, medical expenses, unexpected costs, vacations, weddings. |
| Joint Loan Applications Accepted | No |
| Verification Documents Required | ID card, Social Security number, personal banking account. |
| Late Fee | 5% |
| Minimum Credit Score | 300 |
| Minimum Income | N/A |
| Loan Purpose | Personal use |
| Supported Income Types | Consistent income |
| How Long To Get Funds | One business day |
| Other Prerequisites | Must be over 18 years old |
Upstart Overview
Upstart is a relatively new player in the online lending space, but they’ve already made quite a name for themselves. The company was founded in 2012 by former Google employees, and they’re currently one of the most popular personal loan lenders online.
One of the things that set Upstart apart from other lenders is their use of alternative data when making lending decisions. In addition to your credit score, Upstart takes into account things like your education and job history when evaluating your loan application. This makes them a good option for borrowers with a limited credit history or nontraditional employment.
Upstart offers personal loans with terms of 3 or 5 years and rates starting at 6.50% and going up to 35.99%. Loan amounts range from $1,000 to $50,000, but there is an origination fee of up to 8% but there are no prepayment penalties. You can check your rate without impacting your credit score, and funding is typically available within 1-2 days after approval.
Upstart Personal Loan Rates, Terms, and Fees
Upstart offers personal loans with rates as low as 6.50% APR. Loan terms range from 36 to 60 months. Upstart does charge a late fee of 5% of the unpaid principal after 15 days, and returned payment fees of up to $15. On top of that, they do charge an origination fee that can go up to 8%.
Overall, they are considered a high-fee lender but they are suitable for people who have bad or poor credit scores since you can get a loan even with a score of 300.
How Much Can You Borrow with Upstart Personal Loans?
If you’re looking for a personal loan, Upstart may be a good option. Upstart offers loans of up to $50,000 and interest rates as low as 6.50%. But how much can you actually borrow with an Upstart personal loan?
The amount you can borrow with an Upstart personal loan depends on a few factors, including your credit score, income, and employment history. In general, the better your financial situation, the more money you’ll be able to borrow.
They also consider your education and work experience when determining how much money to lend you. So if you have a degree from a top university or extensive work experience in your field, you may be able to qualify for a higher loan amount.
All in all, it does depend on many different factors but the maximum amount you can borrow, as we have mentioned, is $50,000.
How to Qualify for Upstart Personal Loans
In case you are interested in getting an Upstart personal loan, these are the requirements you must fulfill:
Be a U.S. citizen or permanent resident
Be at least 18 years old (19 in some states)
Have a regular source of income
Have a checking account in your name
Not be currently employed by Upstart or have been employed by Upstart within the last 12 months
As we mentioned there are no special credit score requirements as these loans are designed for people with poor credit or no previous credit history.
Pros and Cons of Upstart Personal Loans
When it comes to personal loans, there are a lot of different options out there. Upstart is one such option, and in this Upstart personal loans review, we’ll take a closer look at the pros and cons of this particular lender.
One of the biggest pros of Upstart is that they’re willing to work with borrowers who have less-than-perfect credit. If you have a good income and a steady job, but your credit score isn’t great, you may still be able to qualify for a loan from Upstart. They also have a quick and easy online application process, and you could get your money as soon as the next business day.
On the downside, some people have complained about high-interest rates with Upstart loans. And while their customer service is generally good, there have been some reports of long wait times when trying to reach a representative by phone. Overall, though, Upstart is a solid choice for personal loans if you’re looking for flexibility on credit requirements.
Pros |
Cons |
|---|---|
| Quick funding | High origination fee |
| Low credit score requirement | Late fee of 5% |
| No prepayment fee | High fee lender |
|
Easy application |
Not so good customer service |
Do You Need to Have Good Credit to Qualify for an Upstart Personal Loan?
One of the great things about Upstart personal loans is that they don’t require a good credit score to qualify. In fact, Upstart is willing to work with people who have little to no credit history at all. This makes them an ideal option for people who are just starting out and trying to build their credit.
If you’re not sure if you have good enough credit to qualify for an Upstart loan, you can always check your credit score for free. Upstart offers you tools to check your credit score and also how much your interest rate is going to be on the desired amount you are looking to borrow.
All in all, in case you have a bad credit score, with Upstart you can still get a desired loan since the minimum score is 300.
Is Upstart a Reputable Lender?
Upstart is a personal loan provider that has been in business since 2012 and offers loans to people with good credit. The company is headquartered in San Carlos, California.
Upstart has an A+ rating with the Better Business Bureau and is accredited by the BBB. The company has a 4.6 out of 5-star rating with over 3,000 reviews.
Whether or not Upstart is a “reputable” lender depends on your definition of the word. The company has positive ratings with both the Better Business Bureau and Trustpilot, and it is accredited by the BBB. It also has competitive rates and terms compared to other personal loan providers.
In case you want to find other good and reputable lenders, feel free to reach us. We are more than happy to assist you in finding the lender most suitable for you.
Summary of Upstart Personal Loans
- Upstart personal loans are designed for borrowers with poor credit scores or no previous credit history.
- The amount you can borrow ranges from $1,000 to $50.000, with repayment terms ranging from 3 to 5 years.
- The company is accredited by BBB and has an A+ rating
- They have a lot of positive reviews, with a Google rating of 4.6.
Upstart Personal Loans FAQs
1. How long does it take to receive the loan funds?
Once approved, you should receive the needed funding in 1-2 business days.
2. What is the minimum credit score required for an Upstart Personal Loan?
The minimum credit score required in order to qualify for an Upstart personal loan is 300.
3. What is the repayment period for Upstart Personal Loans?
Upstart personal loans have repayment periods ranging from 3 to 5 years.
