Upstart
Online Payday Personal Consumer Loans up to $5,000
Easy Application, Fast Processing, Quick Approval, Any Credit Score
Request a LoanUpstart is an online lending platform that connects borrowers and investors to several lending partners who offer personal loans online. It offers loans ranging between $1,000 and $50,000 to borrowers with fair credit, excellent credit and even no credit. Most loan decisions are automated and use artificial intelligence.
| Company name | Upstart Network, Inc. |
| Founded | 2012 |
| Address | P.O. Box 1503. San Carlos, CA 94070 |
| Website | upstart.com |
| Phone number | 1-855-438-8778 |
| [email protected] |
Pros
- Great option for online borrowers
- Streamlined approval and application process
- High maximum loan amount
- Borrowing flexibility in how you spend your loan proceeds
- Considers education and area of study for approval
- No prepayment penalty
- Automated investing feature
- Works with fair credit and no credit
- Good for college graduates
- Payment dates modification allowed
- Fast funding potentially as soon as one business day
- Checking your rate on Upstart will not affect your credit score
Cons
- No physical branches
- A minimum FICO score of 620 needed
- High maximum APR of 35.99%
- High average APR of 20% on a three-year loan
- Up to 8% origination fee
- Lackluster rates for top-tier credit
- Loans are not available to Iowa or West Virginia residents
- Minimum annual income of $12,000 to qualify
- Does not offer mortgage loans
- Co-signers are not accepted
Bottom line
Upstart’s rates are affordable and their loans cab used for various purposes. However, this lender will not be suitable for you if you need a personal communication – the company has no branches across the country. Upstart personal loans are good for you live in one of the states other than Iowa or West Virginia, if you have fair credit or limited credit history, if you don’t mind paying an origination fee, and if you want fast access to money and prefer the entire process to be done online.
Types of loans
Upstart only offers personal loans that can be used for almost everything, including:
- Debt consolidation
- Medical bills
- Business startup or expansion
- Higher education
- Large purchases
- Home improvements
- Moving
- Travel
Upstart loan requirements
The lender has a minimum FICO credit score requirement of 620. In some cases, the company is able to approve some borrowers in the fair credit range and borrowers with no credit history. To qualify, you must:
- Be at least 18 years old, or 19 if you live in Nebraska or Alabama;
- Live in a state other than West Virginia or Iowa;
- Be a U.S. citizen or permanent resident unless you’re on active duty in the military, in which case you do not need to live in the U.S.
- Have an active personal bank account;
- Have a valid email account and Social Security number;
- Have verifiable employment or a full-time job offer that starts in six months or less (minimum annual income of $12,000)
Category: Online Loans
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Posted by Deborah Wagner