
Upstart Personal Loans: 2022 Review
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Updated March 15, 2022
Overview of Upstart
Pros and cons
Pros
Quick application process Applicants with low credit scores may still qualify for funding Funds can arrive the next business day upon accepting the loan Consumers with limited or no credit history may qualify for funding Some borrowers may qualify for interest rates as low as 3.09% Uses algorithms to help prevent unlawful bias to the credit decision
Cons
May have origination fees up to 8% of the loan amount Offers limited repayment terms of three years or five years Some borrowers may qualify for interest rates as high as 35.99% May charge up to $10 if you request paper copies of your electronic records Must have a personal bank account in your name to receive your loan Loans not available to residents of West Virginia or Iowa
Upstart Personal Loan Terms, Rates, and Fees
Other Lenders
What Types of Loans Does Upstart Offer?
Important to Keep in Mind
Applying for an Upstart Personal Loan
Upstart Loan Requirements
Must reside in an eligible U.S. state Must be at least 18 or 19 depending on state Must possess a valid email address and Social Security number Must have a steady income stream Must have a personal U.S. bank account Debt-to-income ratio must not exceed 45% or 50% depending on state Must have no reported bankruptcies in the last 12 months Must have no current delinquencies listed on your credit report
The Upstart Loan Application
Approved applicants are presented with at least one loan offer
Some applicants may receive several offers with different terms and conditions
You can select one of the loan offers
Upstart attempts to verify your identity, income, and other personal information
Verified applicants can approve the loan agreement and consent to the terms
Upstart’s bank partners may disburse the funds the next business day
The Bottom Line
Frequently Asked Questions
About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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