With Upstart you can access a wide variety of personal loans, even with a bad credit score, and use the money for whatever you need: take a trip, pay for your studies, buy furniture, renovate your home, buy a car, refinance your car or consolidate debts.
More interesting loans
Reviews, evaluations and opinions of our experts on the products and services that appear on this page are totally objective and independent. Some products may be from our partners who compensate us, which may influence where and how they are displayed. Advertising disclosure.
With Bad Credit:
More info about Upstart
Upstart's personal loans are among the highest rated in the United States. It is a Californian company with a wide variety of affiliated lenders, and we want you to learn more about the dynamics of their services.
Requirements for obtaining a loan with Upstart
The main conditions to get financing with Upstart are defined as follows:
- Annual income of at least $12,000.
- Be a U.S. citizen.
- Be at least 18 years old (19 in Alabama and Nebraska).
- Have a bank account in your name.
- Have a valid email account.
- Be employed or guaranteed to be employed within the next 6 months.
- Demonstrate the veracity of these data: full name, date of birth and SSN.
Features of Upstart's quick loans
Upstart's immediate loans start at $1,000 and you can apply for up to $50,000 ($200,000 for SMEs) depending on your state of residence (except Iowa and West Virginia). Also, repayment terms range from 3 to 5 years and the interest rate (APR) varies from 6.7% to 35.99%.
Among other basic aspects, we feel it is important to mention:
- The ACH transfer or returned check fee is $15.
- The origination fee can be as high as 8%.
- The penalty for each late payment is 5% of the unpaid amount or $15 (whichever is greater).
- Disbursement time is 1 business day if your application is approved by 5 pm (ET) Monday through Friday. Otherwise, it is deposited the next business day. For legal reasons, education loans take 3 more business days.
You may be interested in: Grupo Estrella Personal Loans
Advantages and disadvantages of financing with Upstart
Every online financing platform has its positives and others that could be improved. In the case of Upstart, we'll tell you what we liked and what we didn't:
- They do not charge a prepayment fee, which favors prepayment.
- It has pre-qualification on its website, which means you can check the rate without affecting your credit score.
- Upstart gives you the possibility to pay 15 days before or after the payment date, which gives you some flexibility to meet the installments.
- The minimum score to apply is 300 and some lenders do not require a credit history. However, this last condition can make the requested loan more expensive.
- This platform offers free financial education on its blog, especially to build credit and better understand their personal loans. It also has a calculator for you to check the installments and the final cost.
- Although the origination fee is something common nowadays, this percentage is significant and subtracts you from the final amount you will receive.
- It does not have an app to manage the credit you are granted, something unusual for these times governed by digitalization.
- The repayment terms are limited. In fact, the information in this regard indicates that there are only 2 alternatives: 36 and 60 months.
- Upstart does not offer co-signer financing, joint application or secured loans. This limits the possibilities for those with regular credentials who are looking for better conditions.
How to apply for a personal loan at Upstart?
When you undergo Upstart's pre-qualification, you will be asked about your education, employment and income, which can make the process a bit lengthy. Taking this into account, a loan application can follow these steps:
- Pre-qualification on Upstart's website. First you have to select 'Check my rate' and then go to 'Personal loan'. Then you have to enter the amount, purpose and several personal details: name, address, email and cell/phone number. Next, you will need to indicate how much you have in the bank, sources of income and investments. This leads you to create an account to review the rate without hard inquiry.
- Pre-screening of offers. If you get pre-qualified, they're going to show you several offers with their respective terms. Upstart people say that you can change the amount to see other rates and term of the lenders associated with this platform.
- Consigning the application. Once you've chosen an offer, it's time to make a formal application. For this you will be asked for proof of income: tax returns, employment contract, W-2 or other documents. It's best to have this on hand to expedite the process.
- Planning for repayment. Since Upstart reports your behavior to the major credit bureaus, we advise you to schedule your repayment well. You can keep an eye on your budget and automate debits to avoid any delays.
We hope that these Upstart loan features will help you learn more about how this financial platform operates. In Busconomico's search engine you will also find other online lenders that can help you when you need them.
Upstart - 2950 S. Delaware Street, San Mateo, CA 94403
Español: Préstamos personales online de Upstart