Upstart Personal Loans
Pros
- Accepts New Credit Borrowers: This financial service provider is willing to work with individuals who are new to the world of credit.
- Fast Funding: Customers can expect a quick turnaround when it comes to funding, ensuring their financial needs are met promptly.
- Payment Date Flexibility: Borrowers have the option to adjust their payment date, providing greater flexibility in managing their finances.
- Pre-Qualification with Soft Credit Check: The service allows potential borrowers to pre-qualify using a soft credit check, which doesn't impact their credit score.
- Seven-Day Customer Service: Customer service is available seven days a week, offering accessibility and support throughout the week.
Cons
- Possible Origination Fee: Borrowers may be subject to an origination fee, which can add to the overall cost of the loan.
- No Joint, Co-Signed, or Secured Loans: This financial service provider does not offer joint, co-signed, or secured loan options, limiting the borrowing possibilities for some individuals.
- Lack of Mobile App: There is no mobile application available to manage loans, potentially making it less convenient for borrowers who prefer mobile access.
Upstart is an online lending platform that facilitates personal loans by connecting borrowers with banks and credit unions. While it offers fast approval and funding times, it comes with some limitations. Upstart doesn't provide options for joint, co-signed, or secured loans, and it offers only two repayment term choices.
One of Upstart's distinguishing features is its unique underwriting model. Instead of relying solely on traditional credit factors, it employs artificial intelligence and unconventional data, such as educational background, employment history, and residential information, to assess borrowers. In contrast, traditional lenders, like banks, primarily focus on a borrower's credit report, income, debts, and assets.
Summary of Upstart personal loans:
- Minimum credit score: None.
- APR: 4.60% - 35.99%.
- Origination fee: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15; whichever is greater.
- Returned check fee: $15.
- Loan amount: $1,000 to $50,000.
- Repayment terms: 3 or 5 years.
- Time to fund after approval: 1 day.
- Loan availability: Loans are available in all 50 states and Washington, D.C.
Please keep in mind that the specific terms and conditions of Upstart loans may vary based on individual circumstances and lender policies. Borrowers should review all details and fees before applying for a loan.