Upstart

7.1 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.1Expert Score
Support
8
Affordability
7
Benefits
6.5
Application Process
7
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Approves Applicants With No Credit History
  • Great For a Variety of Uses Including Student Loan Consolidation
CONS
  • None
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Average Score 7.1
PROS:
  • Approves Applicants With No Credit History
  • Great For a Variety of Uses Including Student Loan Consolidation
CONS:
  • None

Introduction

APR 8.89% – 35.99%
Loan Amount $1,000 – $50,000
Loan Duration

3 to 5 Years

About
Upstart is one of few lenders that are designed to help younger applicants or others who have thin or no credit history but high earning potential. Upstart assesses factors like college degrees, area of study, and job history, instead of leaning only on credit history and credit score. As the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process, Upstart maintains one of the industry’s highest consumer ratings according to leading consumer review sites. In addition to its lending platform, Upstart provides technology to banks, credit unions, and other partners via a “Software-as-a-Service” offering called Powered by Upstart.

Ideal Borrower
Those with average credit or those new to credit are the ideal borrowers at Upstart. Their personal loans can be used for anything from debt consolidation to medical expenses to college tuition.

Best For
Since Upstart is one of few lenders to accept applicants with no credit history, it is best for debt consolidation for young, soon-to-be professionals with student loans. Upstart is a good fit for those with either average or no credit history, plus a high earning potential.

How to Qualify
You can apply for a personal loan on Upstart’s website. For those with credit history, Upstart requires a minimum credit score of 620. Upstart also that you have no recent bankruptcies or delinquent loans, and fewer than six inquiries on a credit report in the past six months, not including inquiries related to student loans, car loans or mortgages.

Additional Fees
Upstart has no prepayment fees, but there can be an origination fee of 0-8%. There is a late fee of $15 or 5% of the past due amount (whichever is greater).

 


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