If you’re in need of cash, one option you may have considered is getting a personal loan.
Personal loans are “unsecured” loans that offer a lump sum payment. These loans are not backed by any collateral like a car or home, hence the “unsecured” designation, and are often used for things like credit card consolidation, home repair, and more.
The beauty of personal loans is that your reason for taking one out is, well, personal. Read more about Upstart personal loans to find out if they’re the right lender for you.
Upstart review: Personal loans
With so many personal loan lenders on the marketplace, it’s hard to cut through the noise and get a feel for a company and their offerings. Upstart personal loans offer a refreshing angle and pride themselves on being customer-focused.
The Upstart company was founded by ex-Googlers, and aim to offer “fair and fast personal loans.” But what does that actually mean?
In most lending decisions, your credit score is king. You’re more than just a number, but for many lenders, those three digits can make or break their decision to lend to you.
Upstart personal loans are different because they look at a number of factors when deciding to approve you for a personal loan.
For example, they take into consideration your job history, area of study, and education to produce a well-rounded picture of you as a borrower.
About Upstart personal loans
Upstart.com focuses on personal loans. Personal loans can be used for a variety of reasons, but are often touted as useful tools for credit card consolidation since their interest rates are comparably lower.
In other words, you can pay off your credit card balance with a personal loan, and save money on interest with new and improved terms.
Once you arrive on the homepage of Upstart.com, you can select why you want a personal loan. They offer a number of reasons, including paying off credit cards, renovating your home, making a large purchase, and more.
Using the Upstart online platform
Upstart offers quick and easy access to personal loans. According to their website, you can get “a smarter loan in 3 quick steps.”
Step 1: You can check your rate in 2 minutes. Answer a few questions about yourself such as your education, job title, and annual wages.
Step 2: Review the terms and conditions and accept your loan offerings. If your application is approved, you can check your rates as well as any fees.
Step 3: Work to repay your loan. You can sign up for automated monthly payments.Visit Upstart
Upstart interest rates and fees
If you’re applying for a personal loan with Upstart, the interest rates and fees vary depending on your application.
After all, lenders must assess risk based on your creditworthiness and charge accordingly. In other words, if you have killer credit, you can expect better rates. Not-so-hot credit? You’ll probably pay more. But as noted above, they do look at other aspects of your application as well.
There is an origination fee for taking on the personal loan, which varies from 2.8 percent to 6 percent. However, there are no prepayment penalties for paying off your personal loan early. Of course, what you are ultimately approved for will depend on your specific application and profile.
Upstart eligibility requirements
To qualify for Upstart personal loans, you need to be a US citizen or permanent resident. You must also currently live in the US.
Unfortunately, residents of West Virginia are not eligible for Upstart personal loans. Additionally, you must be 18 years of age, though you must be 19 years old if you live in Nebraska or Alabama.
As part of your application, you will need a valid email address, name, date of birth, and social security number. You also need your routing number from a US financial institution.
On the job front, you must have a full-time job or one lined up within six months, a part-time job, or some form of consistent income to show that you can pay back your personal loan.
When it comes to credit, you’ll need a minimum FICO score of 620. Additionally, Upstart will look at your debt-to-income ratio as well as any negative marks on your credit history, such as bankruptcy.
Upstart customer service
The Upstart company has their customer service team based in Silicon Valley. Their hours are 6 a.m. to 5 p.m. PT every day.
Additionally, you can visit the Help Center, which empowers borrowers with answers to their most pressing questions. Users of Upstart personal loans tend to rate the company with high marks.
More about Upstart
Based in Silicon Valley, Upstart.com was founded in 2012 with the core belief that borrowers are more than their credit score.
According to their website, “Our proprietary underwriting model identifies high-quality borrowers despite limited credit and employment experience.”
Looking at the bigger picture gives Upstart personal loans a unique lending model. Not only that, but they boast an impressive roster of investors, including Mark Cuban, owner of the Dallas Mavericks, and Marc Benioff, founder of Salesforce.
More than 38,000 Upstart personal loans have been generated since the beginning of October 2016, so they’re growing quickly.
Upstart contact information
In order to contact Upstart about any questions you may have, you can call 650-204-1000 (local) or 1-855-438-8778 (toll-free) between 6 a.m. and 5 p.m. PT.
If you have concerns or need additional support, you can reach a customer service representative at email@example.com.
For snail mail, you can send your letters and documentation to:
Upstart Operations Dept.
P.O. Box 1503
San Carlos, CA 94070
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|5.99% – 24.99%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|