Last Updated on March 28, 2020 by admin
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Upstart review summary
Upstart is a well-known online lender that offers unsecured personal loans at a fixed rate. Even though the lender originally started by targeting recent college graduates, it has since evolved into offering loans to a broad range of people and not just graduates. The main objective of Upstart is to offer young adults a way of reducing their debts, even if they may not necessarily have a long credit history.
Pros of Upstart
- Creditworthiness is not just focused on your credit score, which makes qualifying more lenient.
- Great financial option for young people to get personal loans to either clear debts or make large purchases, especially since they do not have long credit histories.
- There is no prepayment penalty, which enables you to pay off your loan at any time.
- If you accept your loan by 5 pm ET, you will have the funds wired to your account by the next business day. This makes it an efficient process for getting a fast loan.
Cons of Upstart
- The origination fee is charged from 1% to 6% of the target amount.
Minimum Requirements
Even though eligibility is usually case by case, the minimum requirements for an Upstart loan are less strict than most other companies. Besides a credit score of 640, other factors like your education, area of study and employment are also considered. Additionally, you must have a debt to income ratio of below 50%.
Application Process
Apply for a loan at Upstart is a straightforward process that can be completed online within a few minutes. You only need to fill in your personal information, work experience, academic credential and what you intend to do with the loan. There is an extensive FAQs page available should you encounter any problems applying for your loan.
Credit Check
Upstart only uses a soft pull credit check for determining whether you are eligible to get the loan as well as the best loan rate.
Lending Terms
Upstart loans have an origination fee that is combined into the APR, with a range of between 6.24% and 30%. Even though it is quite a large range, people with good credit scores can easily get better APR rates compared to what they would normally be eligible for with a credit card or bank loan.
The minimum and maximum loan amounts at Upstart are $1,000 and $50,000 respectively. A 5-year and 3-year loan term are available. There are no prepayment penalties for early loan payment, which makes the loan more flexible.
Making Payments
Payments should be made promptly and within ten days of the due date to avoid getting a late fee charge that is greater than 5% of the due amount. Failure to make payments within 30 days will mean that the loan is delinquent and this information is reported to the credit bureau. Additionally, paying by check incurs a $15 fee for processing the check.
Final verdict on Upstart review
Upstart is an excellent solution to young people who are having a difficult time getting reasonable personal loans. They have competitive interest rates when compared to similar peer-to-peer firms. In addition, they are also willing to offer loans to people with thin credit histories, since they consider other key factors in making their decision.
Upstart alternatives
*Not all loan providers serve in all states. Please use this personal loan search tool to find the providers serve in your state.
| Lenders | Loan Amount | Loan Terms | Fees | Check Rate |
|---|---|---|---|---|
 | $2,000 - $35,000 | 24 to 60 mo | Up to 4.75% of the loan | APR: 9.95% - 35.99% |
 | $1,000 - $50,000 | 36 to 60 mo | 1% - 6% of the loan | APR: 8.92% - 29.99% |
 | $1,000 - $10,000 | 6 to 48 mo | Not disclosed | APR: 34% - 155% |
 | $5,000 - $100,000 | 36 to 84 mo | No fees | APR: 5.49% - 14.49% |
 | $5,000 - $35,000 | 24 to 60 mo | 2% - 5% of the loan | APR: 8% - 25% |
 | $2,000 - $35,000 | 36 to 60 mo | 0.99% - 5.99% of the loan | APR: 5.99% - 29.99% |
 | $10,000 - $35,000 | 24 to 60 mo | Up to 5.99% of the loan | APR: 4.99% - 29.99% |
 | $3,500 - $20,000 | 24 to 36 mo | Varies by state | APR: 15.49% - 34.99% |
 | $2,000 - $40,000 | 36 to 60 mo | 1% - 5% of the loan | APR: 6.73% - 135.36% |