Upstart

• High Likelihood of Approval
• Flexible Options, Fast Disbursements 
• Upstart Loan Reviews
• Upstart Loan Amount
• Check Your Rate with No Credit Penalty
• Three and Five Year Loans Terms
• Great Upstart Reviews

High Likelihood of Approval

Upstart is an excellent choice for applicants who have little to no credit history, but have a quality college degree or a high-paying job. 

Upstart personal loans are tailored to meet the needs of individual applicants. This is especially helpful for young professionals and recent college graduates. 

This lender has a minimum credit score requirement of 620, but there are no minimum lines of credit or years of credit required in order to borrow money. Factors that go into determining eligibility include:

• Education 
• Area 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: 5.69 percent, highest rate: 35.99 percent), low fees, and competitive max loan repayment term (five years). 

The process is also incredibly fast. Most borrowers are able to qualify and 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, and can be a few days faster than other peer-to-peer lending sites. 

Upstart Loan Reviews

As of late 2019, Upstart has a 4.4/5 star rating from consumers with hundreds of reviews. Upstart reviews highlight quick approval and funds transfer (money can be transferred to your bank account as soon as one business day after approval), quality customer service, and reasonable rates (5.69% – 35.99%).

Upstart Loan Amount

Upstart loans range from $1,000 to $50,000. Borrowers' qualified loan amounts are based on credit scores, income, and other determining factors provided on the loan application. Note that some states have minimum loan amounts that may affect your eligibility for smaller loans, depending on which state you are a permanent resident of. For example, Upstart states the minimum loan amount in Massachusetts is $7,000; the minimum loan amount in Ohio is $6,000; the minimum loan amount in New Mexico is $5,100; the minimum loan amount in Georgia is $3,100.

Check Your Rate with No Credit Penalty

It will not affect your credit score to check what type of rate you qualify for with the Upstart network. Upstart checks your credit report with a soft inquiry, which does not negatively affect your credit, as a hard inquiry does. Unlike many other online lending platforms, this prequalification check does not require you to enter a driver's license or social security number. 

Then, if you choose to accept the loan offer and continue through the loan process, Upstart will do a hard credit check. This process is common within the industry and will affect your credit. Having the rate check be a soft inquiry can give consumers peace of mind that it will not ding their credit if they decide not to accept the initial offer. 

Three and Five Year Loan Terms

Upstart peer-to-peer loans offer three-year or five-year terms. Having a repayment term option allows you to select the term length that works best for your financial situation, and because Upstart does not charge a prepayment fee, you can pay off your loan at any time, regardless of the loan term. 

Great Upstart Reviews

Is Upstart legit?: Over 80% of the 300+ reviews for Upstart loan reviews are four and five stars. This speaks volumes to the customer satisfaction that many of it's clients feel.

Many commend Upstart as an online lender that is fast, transparent and trustworthy. One of the reviews from a customer expresses:

"[I was so] happy to decrease my monthly credit card payments and consolidate with half of my APR percentages on my cards. I was very hesitant but will definitely be recommending."

In addition, It should be noted that when it comes to the sentiment criteria listed out on Best Company, Upstart reviews come in around two and a half stars for individual breakdowns. Make sure to read both the positive and negative reviews to see if Upstart loans is the right choice for you.

Overall, the majority of customers were very satisfied with their personal loan services from Upstart.

Visit Site

• May Not Be Ideal for Debt Consolidation
• Fees Can Add Up

May Not Be 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:

• Average Credit Score of 689 (FICO score)
• Debt-to-Income Ratio of 18%
• 75.5% College Educated
• Weighted Average Income $81,782
• Mid-twenties to Mid-thirties

While 73.3% of Upstart borrowers state that they intend to use the loan for credit card refinancing, this might not be the best option for everyone, depending on the rates available to you. The above credentials can be difficult to meet because most borrowers are looking to consolidate debt, like credit card debt or student loans. That's why this personal loan lender may not be the best option for people that are looking for debt consolidation loans. 

Fees Can Add Up

Upstart unsecured personal loans do have fees to be aware of. Below you'll find the three most common fees that you are likely to face.

• Origination fee: The origination fee is 0%—8% of the loan amount and is taken out of the loan before the funds are disbursed to you, so the payment doesn't have to come out of your pocket. This percentage is determined by how qualified the borrower is. The higher rates go to less qualified applicants.
• Late payment fee: The Late payment fee is a standard rate of 5% or $15 (whichever is greater) after being 10 days past due your personal loan payment. Make sure your monthly payment arrives on time. However, late fees for monthly payments like this are pretty common within the lending industry.
• ACH Return or Check Refund Fee: This $15 fee is issued if bank transfers (ACH) or checks are returned or fail due to insufficient funds in your account or for any other reason. Each unsuccessful attempt will result in this fee will be assessed for each failed attempt.

When choosing a lending company, 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 origination and late payment fees. However, this is common within the lending industry. There is also no prepayment penalty or check processing charges. Upstart unsecured personal loans are funded the day after an applicant has been approved, which makes them a great choice for someone in need of money quickly. Upstart has positive consumer reviews and a wide range of loan offerings, ranging from $1,000 to $50,000. 

With all it has to offer, we suggest looking into this loan service provider — especially since Upstart does not require a high minimum credit rating and takes into account additional factors (such as education, job history, and income) to determine eligibility, it could be a great choice for your borrower needs.

Have you borrowed from Upstart? Let us know about your experience with a quick personal loans review below.