Getting a loan is one of the ways we can take care of pending bills and other emergencies. Salaries are yet to be paid and you need something to lend you quick cash. Well, there are financial institutions that offer this kind of service to customers. Upstart personal loans is kind of a lifesaver when you need fast cash. You can easily apply for a loan with them and be sure you will get the loan within a few seconds.
Upstart loans do not come with fancy features but they are a fast funding option you can rely on, it is mainly for borrowers with low credit scores and strong earning potential. However, upstart is best for borrowers who want the ability to change their payment date, for those who don’t need to manage their loan from a mobile app, and also for those who need urgent cash.
With upstart lending, borrowers can change their monthly payment date an unlimited number of times through the online portal. They also allow borrowers to pay through mailed checks, online, with automatic payments, and over the phone. Upstarts unsecured personal loans of $1,000 to $50,000 with fixed rates from 5.31% to 35.99% can be used for sorting out any emergency issues.
Types of Personal Loans Offered by Upstart
There are different types of Upstart personal loans that can be used to cover various expenses. Although, there are state limitations to what loans can be used for, either educational expenses or student loan repayment. But there are no other specific restrictions on what loan proceeds can be used for. Now upstart loans can be used for any of these purposes.
- Moving costs
- Debt consolidation
- Wedding costs
- Home improvement projects
- Medical expenses
However, it takes just one to two business days to receive the loan you applied for from upstart. When you are using the loan for educational purposes, you will have to wait for three business days.
Benefits of Upstart Loan Company
Upstart personal loans have lots of benefits to offer to every customer that comes to collect a loan. If you are a new member then you need to take note of these benefits below.
- Upstart does not offer a rate discount for auto payments
- They offer direct payment to creditors with credit card consolidation loans
- They offer loans to over 50 states
- There are no charges for origination and late fees
- Does not offer a mobile app to manage a loan
- Offers multiple customer contact channels
And finally, the rates and terms are disclosed on the website for customers to see. Another benefit that upstart offers is that borrowers can pre-qualify to see their rate in less than five seconds and they should expect approval to take one business day.
Who is an Upstart Loan Good For?
Upstart personal loans aren’t for everyone, this means that there are categories of people eligible for the loan. An upstart car refinances loan could be good for o=someone with a limited credit history and fair to good credit. Although, the lender will allow you to apply for personal loan pre-qualification. The loan is also ideal for someone who wants to shop around and compare loan offers.
How to Apply With Upstart
It is very easy to apply for a loan with upstart, and you can apply for prequalification on upstart’s website. Note that being prequalified is not a guarantee that you will be offered a loan, you will still need to provide more information about yourself before you can be approved. So to apply for prequalification you will need to provide information like your
- Name, address
- Your mobile number and desired loan amount
- You will also need to provide your primary source of income
- Your savings
- Checking and investment account balances
Now, once you have completed the form, you will be able to see your estimated loan offers. So if you choose an offer and get approved you will receive your funds by the next business day.