Upstart Loans is a personal loan lender which offers loans to individuals to help them get back to their financial stability. Are you looking for a loan to start up something, Upstart loans are just what you need.
They are established in California by ex-googlers and since then it has been able to let out $ 16 million billion as personal loans to individuals who truly need them.
This personal loan can be used to settle debt, medical bills, and other home bills that need to be attended to that require money. Upstart Loans are not for students who want to further their education, as they cannot be accessed by them.
It is simple and easy to gain access to the loan, once the application process is done, the loan amount is dropped in your account in just 2 minutes intervals.
Upstart Loans are affordable and transparent, it offers as low as 1,000 as a minimum amount for Loans. It offers the best personal loans at a very competitive rate with maximum repayment terms and options.
How Do I Qualify For Upstart Loans?
There are certain requirements and criteria that must be met by the borrower to qualify for Upstart Loans. This eligibility process is very important as it will determine if you can go ahead to seek the loan application form.
Now let’s take a look at many of the criteria for getting Upstart Loans:
- You must be 18 years and above
- A working email account
- Must be a resident of the U.S, providing a correct address
- You be a working class either as a salary earner or self-employed. This is to ensure that you are capable of loan repayment.
- You must provide your personal details and date of birth, all should be correct and verifiable.
- A bank account should be opened at any U.S Banking institution
- There should not be any report of a crime account with your details
- A quick check on your credit report for the past 6 months to make sure there is no negative statement or account.
- You must have a minimum credit score of 300
How to Apply for Upstart Loans
To make an application for an Upstart Personal loan, you must follow the steps listed below to successfully complete the application process.
- Pre-qualify. On the Upstart website, you will need to submit a prequalification form for a rate inquiry. To do that select check my rate and click on personal loan. At this point, you will be required to input your details such as name, address, phone number, and email, including the loan amount band loan purpose. At this point how much you earn as income and how, much you have currently will be demanded. You will be asked to drop any recent loans that you owe. It is after you have provided the above information that Upstart will verify your credit score.
- Verification of bank account. After submission of the prequalification form, you will be needed to verify your account. This includes scanning and uploading certain documents, you may be contacted via the phone number you dropped.
- Check out the Loan offers. You will need to take a look at the many loan offers available on Upstart Loans and choose one. In choosing any loan offer you need to bear in mind the interest rate, repayment term, and loan amount that you want. Always go for the one that you can be able to .pay back on a monthly basis.
- Submit a loan Application. After you have been pre-qualified you will then apply for the loan which may include income rate, personal information, and account number.
- Wait for Approval. Upstart Loans can be approved almost immediately because of its AI-driven system which is able to attend to 80% of loans at a glance.
- Sign Loan Agreement & Receive Funds. You will be required to sign the loan. This is the last step to receiving the loan, once that is done the money is disbursed to the borrower’s account
- Make a plan to pay Back. if you have received the loan, it is now time to make plans for how to make your monthly repayment. You will need to find out the actual repayment time and day. In general first repayments are initiated 2-3 months after the loan has been received. It is best you set an automated payment to make sure you avoid defaulting on the loan term.
Upstart Loans Pros and Cons
Instant funding is available via upstart personal loans, which may be a choice for applicants with bad credit or short credit histories. Upstart is a reliable source of funding for significant purchases.
The benefits of using Upstart Loans to access personal loans are as follows::
- Accepts credit-inexperienced borrowers.
- Quick financing.
- Changing your payment date is an option.
- Pre-qualification option using a mild credit check.
- Low minimum APR
Upstart Loans Cons
- It requires an origination fee
- High Maximum APR
- No mobile app is available
- Has only two repayment options
- Not secured as there is no guarantor or co-signer
- Certain states have limited borrowing and most states cannot access the loan
Upstart Loans Interest Rate
They offer loans at a flexible rate and the interest rate are considerable and affordable. The loan amount that you choose will determine the actual interest rate that will apply to it.
All personal loan interest rates offered by Upstart are fixed. The minimum interest rate is 4.6% with a maximum rate of 35.99%.
To qualify for any of the interest rates, you must first undergo the prequalification process which your income and credit history will be evaluated. However, the interest rate is always determined by the loan amount or cost of the loan you applied for.
Upstart Personal Loan Features
Upstart Loans have many interesting features that make them the best when it comes to accessing personal loans. Individuals with low credit scores are considered and can be qualified to apply for personal loans.
Below is a list of the many features that this loan platform has to offer
- Upstart Loans has an AI-driven system that is capable of accessing 80% of the loan application forms. It determines the eligibility, employment, and credit score of the borrowers.
- It does not require co-applicants or guarantors, unlike some other lending sites. On Upstart Loans you need to qualify on your own without the help of another person
- This lending Corporation has an affiliate program unlike others
- It has a personal loan calculator to help borrowers checkmate and manage their monthly income.
- It offers the best customer experience through the customer care representatives
- It is available to all as it does not require much documentation. It has an affordable repayment term and a competitive minimum APR.
- Upstart Loans are transparent, there are no hidden charges or extra fees
- On the platform, you can earn 1% when you promote Upstart Loans on your blog sites, and social media handles such as Facebook, Twitter, Instagram
Alternatives to Upstart Loan
Aside from this lender, there are other personal loan providers available. Just that you cannot compare Upstart loans with theirs but they can serve as alternatives always when you can access the Upstart Personal Loans
We have the following as the best alternatives.
- Happy Money
- Rocket Loans
- Turnkey lender
- Best egg
With its AI-driven platform, flexible loan sizes, and low credit score criteria, Upstart differs from other lenders which do not possess those unique features.
Borrowers who have struggled to locate lenders ready to engage with them may find that they have a better chance of securing a loan through Upstart if they have less established credit histories or lower credit ratings.