Once you’ve been approved and you’ve accepted your personal loan’s terms, Upstart is speedy getting money to you or your creditors. If the funds are headed directly for your bank account, you can expect to find fresh green in your account in only two business days. Alternatively, Upstart can send the loan amount directly to your creditors.
Personal loans through Upstart carry an interest rate of 6.5% to 35.99%. While that top end number is high, when you check your rates you’ll have a better idea of the loan amount and exactly what APR they can offer you based on your credit score history and financial health.
APR Range
That said, if you don’t have the best credit score or are lacking history, Upstart is a great option — just watch out for those high interest rates. Additionally, Upstart is a good option for those who need funds fast since money can reach your bank account in only a few business days after you’ve been approved.
Upstart
You can begin by heading over to the Upstart website and checking your rate; this process is a soft credit check and will not affect your credit score. If you review your rates and wish to move forward with a personal loan, a hard credit inquiry will be made. Hard credit inquiries remain on your account for typically two years and may affect credit scores.
- Accepts borrowers with new or limited credit
- Get loan funds in as little as 2 business days
- Change payment dates easily
It can help to refinance or consolidate your debt into something more manageable using a company such as Upstart. Or, if you have a big purchase that you’ve got your eyes on or need help with education-related expenses, Upstart offers personal loans, even with a fair credit score.
Yes! You can prepay your Upstart personal loan in whole or partially at any time via the Upstart website. Upstart does not have any penalties for paying off your loan early, so feel free to do so if it is the best decision for your financial situation.
3.5 out of 5 Overall
Upstart notes that 70% of applicant submissions are completely automatic, so they are approved instantly. In some situations, Upstart may request additional information before your loan proceeds and is approved.
Can I Pay Off an Upstart Loan Early?
Is Upstart Fake?
Privacy Policy
No, we’ve even tested Upstart by taking out a loan and paying it back. Upstart is a legitimate company offering loans to those with new or low credit history. Upstart is not a fake or fraudulent company, and we are happy to recommend it for personal loans.
Ready to stop worrying about money?
But, how good is Upstart, and how do its personal loan terms compare with those of other companies on the market? We’ve spent the time researching and even borrowing money from Upstart to find out.
What Is Upstart?
Qualifying for an Upstart loan is a bit different than with most other companies as your approval is based upon an unknown artificially intelligent algorithm. (Let’s just hope you’ve said “please” and “thanks” to your Alexa and Roomba lately.) So, we can’t simply say that having a certain credit score or past credit history will automatically make you eligible for a personal loan.
Rather than relying on your credit score via the credit bureaus — which Upstart does take a look at — the company also considers factors such as your education and employment to predict whether a loan is right for you. This makes Upstart an appealing option for those with little credit history, but you’ll pay higher APRs and an origination fee.
Origination Fee
Additionally, Upstart requires that you are a U.S. citizen, age 18 or older (19 or older in Alabama and Nebraska) and living in the U.S. The only exception to this rule is given to military personnel who are on active duty and not currently living in the country.
Upstart isn’t the only option in personal loans, so we’ve compiled a few different lenders and their offerings.
How Do I Qualify for an Upstart Loan?
Upstart is not a great option for those who can go with more traditional personal loans. The company was founded with a focus on getting money to those with a fair credit score or no credit history. Upstart tends to charge a high APR (plus an origination fee) on its loan amounts, so those with excellent credit may want to look elsewhere.
We should also mention that Upstart is a bit limited in selecting repayment terms for personal loans. With Upstart, the only two options are over either three or five years. This isn’t necessarily terrible, but it is limited when compared to other loan companies that provide you with half a dozen options typically.
Loan Amounts
Get the Penny Hoarder Daily
3 or 5 years
The Upstart Process and Terms
Personal Loans for Nearly Everyone
Grabbing Your Upstart Rate
Key Features
0% to 10%
Don’t forget that the money from Upstart is borrowed, so you’ll need to begin your repayment shortly. Upstart is quite flexible, and you can change your monthly payment date an unlimited number of times to better suit your life. When it’s time to pay (and make sure to do so for excellent credit history), you can do so via the online system, phone or an old-fashioned mailed check.
Getting Money and Repaying Money
,000 to ,000
If you’re concerned about Upstart’s trustworthiness, the company has been around for about a decade now and has been helping individuals with their money since the very beginning.
How Long Does It Take for Upstart to Review Loan Applications?
Minimum Credit Score
Who Is Upstart Best or Worst for?
Loan Terms
300
Upstart Alternatives
Other Personal Loan Platforms
Loan Details | Upstart | LendingClub | Avant | Upgrade | |
---|---|---|---|---|---|
Minimum Credit Score | 300 | 600 | 550 | 560 | SEE DETAILS |
APR Range | 6.5%-35.99% | 8.05%-36% | 9.95% to 35.99% | 7.96%-35.97% | SEE DETAILS |
Loan Amounts | $1,000 to $50,000 | $1,000 to $40,000 | $2,000 to $35,000 | $1,000 to $50,000 | SEE DETAILS |
Loan Terms | 3 or 5 years | 3 or 5 years | 2 to 5 years | 3 or 5 years | SEE DETAILS |
Frequently Asked Questions (FAQ)
Upstart is a California-based lending company that partners with banks and credit unions to provide loans to those who need them. What makes Upstart stand out is its reputation as a financial technology (fintech) company, using artificially intelligent algorithms and nontraditional variables to determine if a borrower is creditworthy. <!–
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So, you’re eligible to apply for an Upstart personal loan, now what?