Upstart
6.6
Overall Scorea month ago
Upstart
Upstart is a peer-to-peer lending personal loan company that offers financial solutions primarily for recent college graduates and young professionals. Borrowers can obtain unsecured loans at fixed rates.
What separates Upstart from other personal loan online lenders is its unique approval process. For a recent college graduate, Upstart looks at other factors such as education and employment history instead of only credit history. Because this process is tailored to meet the individual applicant, Upstart states it is able to save its borrowers over 23 percent compared to high-interest credit card rates.
The Good
- High Likelihood of Approval
- Flexible Options, Fast Disbursements
High Likelihood of Approval
Upstart is an excellent choice of lender for applicants who have little to no credit history and a quality education or a high-paying job. Upstart personal loans are tailored to meet the needs of the individual applicants. This is especially helpful for young professionals or recent college graduates. There is a minimum credit score requirement of 620, but there are no minimum lines of credit or years of credit required in order to apply. Factors that go into determining eligibility include:
- Education
- Areas of Study
- Job History
- Credit Score
- Years of Credit
Flexible Options, Fast Disbursement
The loan application process is tailored to the needs of the applicant. This enables Upstart to pass on its savings directly to the borrower. This can be seen in its APR Range (lowest rate: 9.57 percent, highest rate: 29.99 percent), low fees, and competitive max loan terms (five years).
The process is also incredibly fast. Most borrowers are able to receive their funds the day after they apply and are approved (it takes up to three days for education loans). It is at least a day faster than some top personal loan lenders.
The Bad
- Not Ideal for Debt Consolidation
- Fees Can Add Up
Not Ideal for Debt Consolidation
Although the approval process is tailored to meet the needs of the individual applicant, being approved can be challenging. The average Upstart personal loan borrower has the following credentials:
- Credit Score of Roughly 620
- Debt-to-income Ratio of 18%
- Mid-twenties to Mid-thirties
The above credentials can be difficult to meet because most borrowers are looking to consolidate debt, like credit card debt or student loans.
Fees Can Add Up
Upstart unsecured personal loans do have fees to consider. It enforces a loan origination fee of one percent to six percent. The loan origination fee is taken out of the loan before the funds are disbursed to you, so one percent to six percent of the total amount of the loan is taken out. This percentage is determined by how qualified the borrower is. The higher rates go to less qualified applicants.
Upstart also charges late fees at a standard rate of five percent or $15 (whichever is greater) on late payments. It's a good idea to make sure your monthly payments arrive on time. Unlike some of its competitor lending companies, Upstart does not charge a check processing fee or a prepayment penalty. A prepayment penalty is an additional charge for paying off a loan early.
The Bottom Line
When choosing a lending company from the online lenders, Upstart is a solid lender to consider for young professionals with a good credit score, but little to no credit or credit history. Its unique application process allows these individuals to receive competitive terms.
Potential borrowers should be aware of the loan origination fee and late fees. The good news is that there is no prepayment penalty or a check processing charge. Upstart unsecured personal loans are funded the day after an applicant has been approved, which makes them a good choice for someone in need of cash quickly.
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User Reviews
I found the recommendation through a legitimate site and decided to try because I have student loans I need to pay down before my daughter starts college herself next year. First, I had to "apply" 3 times (starting completely over) and use 3 different email addresses. Each time I tried I received a denial saying it couldn't pull my report. I was advised it was a TransUnion issue and to call them. TransUnion verified that it was nothing to do with them which I already knew because of my credit tracker service. The final time, their representative even told me to put in a fake email address. I should have known then that this isn't real. So, it finally worked and then it was denied because there is 1 missed payment from months ago despite the years of perfect payment history for years and a current score of 700 shown on the denial letter. Bottom line - this company only accepts perfect credit despite advertising that it looks at the big picture. Now I'm worried that it's just a scam in general to get my personal information. Already put the fraud alert on TransUnion for this company and will add to the other two bureaus now. While they are very friendly - it just didn't add up to the advertising on their site.
Upstart was one of the easiest and fastest companies I have worked with. The communication was very open and quick. I never had to chase them down for anything. Ally my representative was so helpful and always replied back to my emails with in a few minutes. I really love how easy it was to work with them. I would highly recommend anyone to give Upstart a call.
The service is fast and very efficient. Staff responds quickly to correspondence. And all of them are very polite and respectful in talking to client. And they acted so quick to get my loan be approved. I am very impressed about their service.
It was a very straight forward process and the people I dealt with we great
Great service. The application and approval process was quick and easy. Very helpful and got a good rate for a personal loan.
The Upstart team was so friendly, easy to work with and helped me make my loan application as easy as possible! I've worked with a lot of financial groups over the years and this group was by far the most customer-friendly. Thanks Upstart!
Great product! I got approved very quickly, and everyone who contacted me about was courteous and professional. I love the disruptive nature of this company and their social mission to help get people out of debt. Upstart indeed! I hope BoA is fuming!
Provides individuals with the ability to access quick funding to support debt and other credit obligations in order to live a more affordable and comfortable lifestyle. Highly recommended!
Great and fast service.
The process was easy and quick. The staff was helpful and really made the goal to cut down debt a reality. I was confused about needing some extra documents I wasn't aware of, just because it would have slowed the process. But aside from that, all good.
The process was very easy and I was approved!
The overall interface and general responsiveness is pretty stellar. They continue asking for documents endlessly. Eventually their requests became too intrusive and their reasoning for it being nonsense, ended up using another platform.
I found Upstart because of a Facebook ad that looked intriguing, and since they were able to give me a preliminary rate without pulling a hard credit report I figured it was worth looking into. The process was extremely easy, and 72 hours later I had the loan in my bank account and had submitted my final credit card payments. Even better, the final rate was actually lower than what I was originally quoted. The one thing I'll mention is that the origination fee (5-6%) come out of the principal, so it's worth including that when planning how much you need to ask for. They're up front about it, but keep it in mind while planning.
so smooth and painless!
Excellent customer service, quick to respond/process application, very friendly, down-to-earth folks. Aces!
I am very impressed with the fairness, speed and efficiency provided to me by Upstart!
Very efficient process. Enjoyed most that I could email back and forth with a rep
Service was fast and the service representatives were extremely helpful and very friendly.
The process was super easy, the people I spoke to were extremely helpful and friendly, and the rates were very reasonable. Honestly, Upstart has made manageable what previously felt like an unmanageable amount of debt. I'd highly recommend to anyone.
Very quick and easy...about 9 days total from start to finish...communication was great. Definitely would recommend!
Easy to apply if you have all documents in order. Very upfront with what you owe back.
Very easy to use. Very friendly & Informative.
The approval process was relatively easy to complete, and being able to see how various loan amounts would translate into APRs and monthly repayments was very helpful for planning purposes. I do wish that it was a bit clearer that the origination fee is actually deducted from the loan principal (rather than added onto the amount of the loan requested).
The website was extremely fast and easy to fill out. I received a call an hour after filling out and including all documentation need for the loan process. The phone call was basically a verification call about my information -- after that, I hung up and received another call 15 minutes later tell me that my loan application was approved. Cannot give more praise to this seemingly, easy company to deal with. HIGHLY RECOMMENDED!
I wanted to consolidate my credit cards in hopes of paying them down faster and saving for a down payment. The Upstart process could not have been any easier. I started the online application last night, and less than 24 hours later I've already rec'd my approval! And the loan rate I rec'd was also almost a half-point less than what was originally quoted. I highly recommend!
My Upstart experience was great. The woman I spoke with during the verification call was very helpful. The approval process was very easy and intuitive.
Easy and quick process!
This is one of the best experiences I've had dealing with any type of loan. Process was clear and quick and the people I dealt with were very nice and willing to answer questions. Well done.
Fantastic Company! Thank You Upstart for helping me Jumpstart my FICO Score!
Upstart provided me with excellent customer service throughout the loan process.
The upstart loan process and the staff involved we're fantastic. The website is beyond user friendly and I received prompt, first name basis, service from the employees. I would definitely recommend (actually I already have)!
The entire process for utilizing upstart was easy not to mention coached along the way if additional information was needed. I like the personal feeling the company gave especially with the phone call which was professional and courteous.
Great service, fast results, and an all round pleasant experience.
Quick response, easy process, take more into consideration than a number.
This company was fast, easy and got me the loan I requested with no trouble at all. I have a good credit score (720), but I was having trouble getting a loan because of my debt to credit ratio (which is exactly why I wanted the loan to consolidate debt). Upstart took into account what I wanted to do with the loan, that I graduated college and I have been with the same company for over 15 years, I was more than just a number to them. I would recommend them to anyone.
Great experience working with Upstart's customer service team to get my loans. Super helpful team and a speedy response overall.
The customer service was stellar, and the loan application process was very easy, no initial credit check until you accept the loan, so you can see your interest rate without hurting your credit with another credit check!
Working with Upstart was BY FAR the easiest and most stress-free experience I've every had with a financial institution. Consolidating high-interest CC debt into a single monthly payment is a great boost to stability. And all was accomplished via my desk-top: computer transactions and a single 10 min. skype call.
Extremely fast and helpful service.
Overall good experience