Upstart Personal Loans Review

Upstart Personal Loan Review

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Editor’s Rating

4.0/5.0

Upstart Personal Loan Key information

Upstart uses artificial intelligence to automate the Upstart lending process. Upstart loans service uses advanced technology to look beyond your credit score to lend Upstart loans on fair rates and flexible terms.

On the consumer side, Upstart’s lending system has been able to provide Upstart loans, with low rates and fair terms, to the lenders with a good or average credit score. This means that you can also apply for personal loans with bad credit score.

Pros and Cons of Upstart Personal Loan

Pros of Upstart Personal Loan

  • Your application goes through a holistic approval process, with the help of their advanced technology. It does not just testify your Upstart lending application based on the credit score, but also goes through your work history and SAT scores, to determine the amount of the Upstart loan you should be granted, in addition to the fixed interest rate, as per your credit score.
  • It has low-interest rates. It offers competitive APRs for the Upstart loans, while the average APR of the Upstart lending service is 17%.
  • It takes minimal time to submit the application and even to know the estimated interest rate, thanks to their advanced Upstart lending process.
  • You are not confined to pay at the restricted time. You can pay after 15 days or even after a month. It all depends upon your financial stability. Upstart lending process also comes up with another payment plan for you, in case of any financial crises.
  • If your application for an Upstart loan is approved, you are much more likely to hear from them and receive the Upstart credit within 1-3 business days.
  • Upstart lending process does not charge a fee for paying checks and paying before the payment date.
  • You can have all your queries answered about your Upstart loan, through the quick and effective Upstart’s customer support.

Cons of Upstart Personal Loan

  • Upstart tends to charge a late submission fee of $15, or even 5% of the unpaid amount. The money you have to submit as a penalty depends on whichever is greater in amount.
  • Up to 8% of the Upstart loan is deducted from the granted loan as an origination fee.
  • If the check you are giving for returning the payment, bounces, you will be charged $15, per returned check.
  • Upstart loans service only tolerates a debt-to-income ratio of 18%, while other lenders tolerate up to 30% DTI ratio.
  • You might have a hard time meeting its debt-to-income rate as it restricts it to be no more than 18%.
  • Upstart personal loan applications for a bad credit score is likely to be rejected, as it is hard to meet the credit score requirements. It is not suggested to apply for personal loans with bad credit.
  • Personal loans for bad credit are likely to be refused because Upstart’s average credit score, for the Upstart’s lending process to begin, is 689.
Upstart Personal Loan review

Is it safe to apply with Upstart Personal Loans?

  • According to the Upstart reviews, it is entirely safe and secure to apply with Upstart personal loans. Upstart has an A+ rating in being a trustworthy and reliable lender. Upstart lender employs several web protocols, to keep your information and funds safe and secure.
  • Upstart is a peer-to-peer lending organization, which only funds through the Cross River Bank, which is one of the FDIC-insured commercial and reputed banks.
  • The Upstart lender encrypts a customer’s personal and banking information safe and does not share it with a third party, for marketing purposes.
  • Upstart customer service is available 24/7, to acquaint and assist you with all the queries and investigation regarding the Upstart personal loans and about the unique Upstart lending process.

Why Choose Upstart Personal Loans?

  • Upstart does not just cater you with loans based entirely on the credit scores. If you are a college graduate and have a consistent job, these factors may lead to the acceptance of your Upstart personal loan application.
  • Upstart lender grants you a maximum loan of up to $50,000, which is ample to pay your consolidated debts.
  • It offers various payment plans, considering your financial stability and often reconsiders the payment plan, in case of financial crises. You can return the granted loan in a period of up to 5 years.
  • It has comparatively low-interest rates than the other lenders and has a minimum APR of 8%, while the average APR is 17%.
  • There are no hidden charges and penalties if you pay before the payment date. Your banking information is secure due to the advanced automation processing every month.

Who Can Apply For Upstart Personal Loans?

  • People who have a permanent residency in the United States, or are the citizens of the United States.
  • People who are 18 years old or above are eligible to apply for Upstart personal loans.
  • Only those can use, who have a strong identity, a valid birth certificate, a valid email address and a valid social security number.
  • People who are clean of any bankruptcies and have an accurate, correct, consistent job, for a specific period, are eligible to apply for the Upstart personal loan.
  • Only those can apply who have a valid US bank account and have a credit score of 620 or more.

Upstart Personal Loan Application Process

  • Upstart’s application process is relatively quick and straightforward. You start by providing some necessary details and information regarding your profession, qualification, designation and the bank account.
  • The second step is to register yourself to get a rate quote. This would not have any adverse impact on your credit score.
  • If you are satisfied with the loan being granted and the fixed interest rate, then the next step is to add the social security number and bank account details, to finalize and finish the application process.
  • After the submission of the application, the Upstart lender will run a hard check on you before granting you the funds. It might cause you to lose some point of your credit score, but if the application is approved, you will be given the Upstart personal loan, within 1-3 working days.

Upstart Personal Loan Quick Facts

  • Upstart provides personal loans, ranging from $1000 to $50,000.
  • You are permitted to repay the loan in a period of three to five years.
  • You need a credit score of 620 and the annual earnings, to be more than or equal to $12,000.
  • According to the Upstart review, it’s average applicant is a college graduate with a credit score of 689 and who earns approximately $93,200, annually.
  • The interest rate is fixed.
  • The APR ranges from 7.98% to 35.99%.

Summary

Upstart not only foresees your credit score but also runs a check on your education and designation to approve you of the loan, you have requested. Its advanced automation application system makes it easy and quick to under-go the lending process. Moreover, it is very suitable for the people, to apply for personal loans at Upstart, who have graduated from college and have a good or average credit score.