Upstart

• Unique underwriting process
• Student loan refinancing
• Good customer service
• Low minimum loan requirement

Unique Underwriting Process

Unlike many other student loan refinancing companies, Upstart does not focus exclusively on credit score to determine interest rates. In fact, borrowers can expect a new and unique underwriting process that bases interest rates on a number of factors, including FICO score, years of credit, school attended, area of study, academic grades, and job history.

Student Loan Refinancing

In addition to a number of other loan services, Upstart offers student loan refinancing help. With Upstart, borrowers can apply for student loan refinancing for unsecured, fixed-rate personal loans.

Good Customer Service

Upstart's Silicon Valley-based customer service team is available to help from 6:00 AM to 8:00 PM PST on weekdays, and 6:00 AM to 6:00 PM PST on weekends.

Low Minimum Loan Requirement

Besides a couple of exceptions, Upstart has an incredibly low minimum loan requirement of $1,000. The minimum for Ohio is $6,000, and the minimum for Massachusetts is $7,000.

• Fees
• No variable interest rates
• No cosigner option
• Strict eligibility
• Not upfront with information

Fees

While many leading companies in the industry do not, Upstart charges fees. Any monthly payments that are more than 10 days late will be charged a late fee of the greater of 5 percent of the unpaid amount or $15. Upstart also charges a one-time origination fee of 1 to 6 percent of the target loan amount.

No Variable Interest Rates

Unfortunately, Upstart only offers fixed interest rates. Many of the top companies in the industry offer both variable and fixed interest rates.

No Cosigner Option

Upstart does not allow borrowers to apply with a cosigner because student loan refinancing only takes an individual's personal income into consideration. This could be make it hard to get approved if the applicant is has a low income or is unemployed.

Strict Eligibility

Borrowers can expect strict eligibility requirements from Upstart, including a FICO score of at least 640 and no more than $50,000 in outstanding debt.

Not Upfront With Information

It is difficult and confusing to find information about Upstart's student loan refinancing program. Borrowers must sign up and verify their identity in order to see any specific program details or rates.