Upstart Personal Loans: 2023 ReviewCheck Your Rate
Overview of Upstart
Pros and Cons of Upstart
Pros of Upstart
Cons of Upstart
Upstart Personal Loan Terms, Rates, and Fees
Who May an Upstart Personal Loan Be Right For?
Borrowers with bad credit who need a $4k loan Consumers with no credit history who need to borrow a $2,000 personal loan Borrowers who need quick personal loans from a legitimate lender rather than a loan shark
Who Upstart May Not Be Right For
Consumers who need to borrow large personal loans of up to $100K Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan Consumers who prefer open-end credit vs. closed-end credit
What to Watch Out for With Upstart Personal Loans
These quick personal loans may charge APRs as high as 35.99% Upstart does not offer long-term personal loans Failing to pay and defaulting on a personal loan can have a major impact on your credit score
Upstart Personal Loan Eligibility Requirements
Must reside in an eligible U.S. state (West Virginia and Iowa residents are not eligible) 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
Repayment Options for Upstart Personal Loans
One-time payments made online each month Authorizing recurring payments via Automated Clearing House or ACH Automatic bimonthly payments Making multiple one-time payments online during any given month
How to Apply for an Upstart Personal Loan
Apply online. Applicants can get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. Applicants can check to see if they have any prequalified loan options from Upstart. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points. Verify information. Applicants are expected to verify their personal information during the application process. Upstart in some cases may request an applicant to provide additional supporting documents for verification purposes. Most borrowers on the Upstart platform can complete the application process automatically without needing to provide additional supporting documents. Accept the loan. Approved applicants may sign and accept the loan offer at this stage. Borrowers may receive their personal loan funds within one business day. Applicants are not required to accept the loan if they don’t like the terms and conditions.
Alternatives to Upstart Personal Loans to Consider
Prosper: Prosper offers unsecured personal loans ranging from $2,000 to $50,000. Borrowers can choose loan repayment terms ranging from two to five years. APRs on these loans can range from 6.99% to 35.99%. One of the major drawbacks with Prosper personal loans is borrowers may have to pay origination fees. Upgrade: Upgrade offers personal loans ranging from $1,000 to $50,000 with terms ranging from 24 to 84 months. APR on Upgrade personal loans can range from 7.96% to 35.97%. One of the major drawbacks with Upgrade personal loans is they may charge origination fees ranging from 1.85% to 8.99% of the loan amount. Mariner Finance: Mariner Finance offers secured and unsecured personal loans ranging from $1,000 to $25,000. Borrowers can choose loan terms ranging from 12 to 60 months. The APR can include loan processing fees and interest charges. One of the major drawbacks with Mariner Finance is the company lacks a physical branch location in more than 20 states. Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.
Frequently Asked Questions
About the Author
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.