Upstart is an (AI) artificial intelligence-based lending platform that helps to connect borrowers with partnered lenders. The platform makes use of more than 1,500 nonconventional variables-like college education to increase access to loans. Making it the best and excellent option for people with fair credit. Upstart provides borrowers with fair credit access to personal loans by looking past credit history and considering different non-traditional credit indicators. This makes it a suitable option for an applicant who needs access to cash quickly but might not otherwise be approved for a loan.
Furthermore, Upstart offers fast funding for its loans, relatively low rates and it has positive customer service reviews. However, personal loans come with certain fees, so it is very important to compare different options before applying. A borrower with excellent credit can find fewer fees elsewhere but Upstart personal loans are the best options for those with no credit history or fair credit. Also, if you are looking to consolidate debt, cover some personal expensed or make large purchases, an Upstart personal loan may be able to help you do it.
With Upstart, you can borrow loans from $1,000 to $50,000 anywhere in the United States except Lowa and West Virginia. If you do not want to manage your loan from a mobile app and you need funds fast, then Upstart personal loan is the right one for you.
Upstart Loan Requirements
All personal loan applications are declined and approved based on several factors. Different lenders have their unique underwriting requirements, but these usually include information from an applicant’s credit profile and factors that demonstrate if the borrower can repay the loan. Below are the requirements you need to apply and qualify for an Upstart personal loan.
- Live anywhere in the United States except Lowa or West Virginia
- Provide a verifiable name, social security number, and a valid email address
- Be 18 years and above
- A United States bank account
- Borrowers must have a minimum FICO or Vantage score of 600 to qualify for an upstart personal loan.
- Several credit report inquiries in the last 6 months, not including inquiries related to mortgages, vehicle loans, or student loans.
- Borrowers must have a full-time job or an offer starting in 6 months, a source of income, or a regular part-time job with a minimum income of $12,000 annually.
- Applicants must not have had an outstanding delinquents or bankruptcy
If you meet the above requirements, then you can apply and qualify for an upstart loan. Upstart has one best customer reviews unlike other companies like it. So, you should rest assured that it will serve you the best.
Cons And Pros
Now, let’s talk about the benefits and drawbacks of Upstart personal loans. Before applying it is very important to know about the Pros and Cons. This is because it let you know if the loan is the right one for you. Below are the Pros and Cons of Upstart, check it out;
- Accepts borrowers that are new to credit
- Ability to fund loans one business day after the borrowers accept a loan offer
- Offers direct payment to people with credit card consolidation loans
- Allows borrowers to change and choose a payment date
- Accessible to people with fair credit
- Offers prequalification with a soft inquiry
- No prepayment penalties
- No credit history needed
- No mobile app to manage loans
- Borrowers can only choose from two repayment options
- May charge origination fee up to 8%
- No co-signer or secured options
- Loans are only available for 3- or 5-years terms
- Doesn’t offer discounts
You need to consider these benefits and drawbacks before applying for the loan. This is because if you apply for the loan and cannot pay it back there might be issues. So make sure you consider different options before you apply
Upstart Loan Application Process
The upstart application process is very easy and does not require much. It usually involves prequalifying for a rate, submitting a form, and awaiting approval. Nevertheless, follow the below steps to apply for an upstart loan.
- Start by submitting a prequalification form online to find out your APR and interest rate. In addition to your contact information, the form will request details about your income, education, recent loans, and savings. It only takes like five minutes to receive a rate quote, and upstart will run a soft inquiry so your credit score will not be affected.
- After submitting your rate inquiry, you will be asked to verify your bank account. You may also be asked to upload some documents and may be contacted to verify your details.
- Await the loan approval. With Upstart’s AI-driven system, it can approve all loans immediately so do not worry.
- Sign the loan agreement and receive your fund. Once you sign, the loan proceeds are sent directly to the borrower’s account within two business days.
After you have received the loan, you will find your specific repayment date on your promissory note. Your first payment will be about 20 to 40 days from your loan date.