Upstart Personal Loans Review
Upstart offers personal loans up to $50,000 for borrowers with fair credit with APR ranging from 5.31% - 35.99%.
Upstart Review: Personal Loans up to $50,000
If you find yourself in a situation where you are short on funds and you urgently need some financial help, you may be interested in applying for a loan to help tide you over until your next paycheck. There’s no shame in needing help and there are many loan companies that offer options to people regardless of their situations. While the amount of loan companies is a huge benefit, it can also make things complicated because you have so many options to look at and you might not know where to start. One of the options that may come up for you is a loan company called Upstart and if you’re curious about how it works and if it’s a good option for you, read on. bvcx
What is Upstart?
Upstart is one of the most popular loan options out there and if you’ve been searching for loan options, you’ve probably come across it in some way. Upstart is a company that offers loans directly to consumers. Their formulas and process also tend to give those with fair to bad credit more options which can make it a great option for many.
Upstart Rates & Terms
How Does Upstart Work?
Upstart prides itself on being an AI lender - that is, they use artificial intelligence to curate a loan for anyone who may qualify which means they can go into the details and see qualities in a person’s history that other lenders may not even scan for. Their own website says they work hard to provide higher approval rates as well as lower loss rates. They also share that 4 in 5 Americans have never defaulted on a loan yet less than half of have access to great credit options. They aim to rethink how loans should work in today's age and create smarter lending programs.
Is Upstart a Reputable Lender?
In a word - yes!
It’s understandable to want to ensure that your data will be protected by Upstart should you decide to provide it to them and you can rest assured that Upstart takes every measure to protect and encrypt the information you provide to them when you apply.
Who Should Use Upstart?
Upstart is an ideal option for anyone who needs funds quickly with reasonable fees and interest rates. Once approved, funds from an Upstart loan may be deposited in your account as soon as the same business day.
If you anticipate needing to adjust your payment date throughout your term Upstart may be the best option for you. If you get paid on an irregular basis you may find that being able to change your due date periodically may be a huge benefit of using Upstart.
If you need to use a mobile app to manage your loan, Upstart will not be an option that works for you as this lender does not offer that service. However, Upstart has an intuitive and fast website that is extremely mobile compatible that can be used instead.
Do I Need a Credit Check to Take Out a Loan With Upstart?
When you apply for a loan through Upstart, they will run a soft credit check. A soft credit check, also known as a soft inquiry or a soft credit pull, is always preferable because this method of checking your credit will not negatively impact your credit score whereas you’d be docked a few points for a hard credit check.
Does Upstart Cost Any Money?
It’s free to apply for a loan through Upstart, but you will have to pay origination fees when you agree to accept an offer from the company. You’ll also have to pay interest and late fees should they become necessary, although that is not specific to Upstart. But up until you accept a loan, you will not be required to pay any fees simply for weighing your options with the service.
If you are late on payments, you will have to pay a small fee but that is standard with most lenders. The Upstart late fee may vary but is usually around $15 for each late payment.
Upstart Personal Loan Pros
Upstart is a great option for anyone who is new to borrowing money. They do not require a minimum credit score and accept borrowers without an extensive credit history. This can be a huge benefit for younger borrowers who may not have had time to build up a solid credit profile.
When you accept your loan offer through Upstart you will be able to receive your funds as quickly as one business day. In some situations, you may even receive the funds on the same day that you apply for them.
Upstart is also available in all U.S. states which makes it a great option for many. Many of the prominent lenders that are often compared with Upstart have at least one or two states where they cannot work but Upstart has no such limitations.
As mentioned above, Upstart borrowers have the ability to choose and adjust their payment date as needed. This can be the difference between a late fee and an on time payment so it can be a valuable service for many.
Upstart also offers a variety of loan amounts that will suit the average borrower in the United States. When you apply for a loan using Upstart you will be able to request an amount between $1,000 and $50,000. You may not get the exact amount you request but you can be sure that you will receive an amount within that range.
Upstart Personal Loan Cons
When you take out a loan through Upstart you will most likely need to pay an origination fee after you accept the loan. This kind of fee is usually around 1% of the total loan amount and is charged by the lender as a fee for processing the loan and doing any kind of administrative work that comes along with it. You may pay the fee up front but usually with lenders like Upstart they would add the fee to your total. So if your loan is for $1000 and your origination fee is around $25 then you’ll end up paying $1025 plus any interest to Upstart by the time your payment plan is complete.
Compared to other lenders, Upstart has a limited selection when it comes to repayment schedules. If you are okay with a three-year or a five-year loan payment schedule then you’ll likely be fine with Upstart, but if you’re hoping for other options then you’ll be out of luck with Upstart.
Unlike most lending companies and financial institutions, Upstart does not offer a mobile app. There is a functional mobile version of the website which works just fine but if you would rather use an app to organize your payments and check on balances then Upstart may not be the right fit for you. However, if you are comfortable setting up automatic monthly payments and leaving your account alone then the lack of a mobile app will probably not affect you too much.
Upstart will make reports on your payment history and other factors to the three major credit bureaus. This isn’t necessarily a downside as you won’t have any consequences as long as you make your monthly payment on time. But it is something to be aware of because while a loan may seem like the only option for your situation, taking out a loan and then failing to make payments will make your overall situation worse in the long run.
How Does Applying for a Loan Through Upstart Work?
When you decide you want to apply for a loan with Upstart, your first step is to head to their website and fill out a short form that will ask for your basic information such as name, social security number, and current income. You will need to be employed and have an income of at least $12,000 annually to qualify. And although you don’t necessarily need a high credit score to get a loan through Upstart, you will need a credit score and some credit history to apply.
After you submit your application, Upstart will analyze both traditional and non-traditional data to come up with a great loan offer for you. The non-traditional data they will use during their decision making process may include your college education, residential history, and more. This step in their analysis can make a huge difference for borrowers with either bad credit or no credit and it means that Upstart can offer a sizable loan when most companies would not be able to.
Is Upstart Worth It?
In summary, Upstart is a great option for those needing loans, especially those that have a limited credit history. Although you will pay interest on the amount you initially borrow, you’ll generally find lower interest rates and ultimately a more manageable situation when you use Upstart compared to other options. It’s a reputable source which means you know using the service will alleviate your stress rather than add to it.
Borrow $1,000 - $50,000
APR from 5.31% to 35.99%
24/7 Customer Support
Loan Term: 3-5 years
No origination or hidden fees.
Minimum credit score: 600
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