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Upstart Review

Saturday, December 4th

2021 Business Loan Provider Reviews

Upstart Review 4.5 Star Rating

Upstart

4.5 Star Rating
  • "A" rated and accredited by the BBB
  • Loans with 3 and 5 year terms
  • Competitive interest rates
  • Most borrowers receive funds very quickly
  • Origination fees disclosed at the time of loan offer

Upstart looks at your whole financial picture - including your educational background and your earnings potential - before determining if you're qualified to borrow money. Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

Artificial Intelligence

Founded by former Google employees, Upstart uses an extensive artificial intelligence process to evaluate your risk. With this method, they are able to obtain higher approval rates from their lenders, which means you have a greater chance of being approved for a business loan.

Sinmple application

To apply for a business loan with Upstart, you'll choose "Something Else" as the reason for your loan and then enter your contact information, birthdate, and the amount you want to borrow. From there, you'll be asked for details about your education (school, major, graduation date), your employment, and your savings and investments.

Soft credit check

To prepare your loan offer, Upstart will perform a "soft pull" credit check which does not affect your credit score. If you accept your rate and proceed with your application, they do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus. Of course, this is true whenever you take out a loan, regardless who it's from.

Good recent credit history needed

We like that Upstart uses more than just a credit score to give more people access to business loans. Their model is designed to do that, while also making it less risky for financial institutions to provide funding. This alternative way of assessing risk means it may be a little harder for some borrowers to qualify: you need a minimum credit score of 580, no bankruptcies or accounts in collections in the last three years, and no more than six inquiries on your credit report over the previous six months.

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Business loans up to $50,000

Business loans are available in amounts ranging from $1,000 to $50,000. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

Favorable rates and terms

What loan rates and terms can you expect with a boat loan from Upstart? All loans funded through this service have a repayment term of either 3 or 5 years, and their interest rates are competitive with other lenders in the industry. Upstart's origination fee can range from 0 to 8% of your loan amount, and is deducted from the proceeds of your loan. Remember to check this when looking at your loan offer.

Get your funds next day

If your application is approved and you accept your loan terms, you could have your funds deposited by the next business day. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Great customer satisfaction

We weren't surprised to find that Upstart gets high marks for customer satisfaction. In addition to an "A" rating and accreditation from the BBB, more than 8,500 clients rated Upstart as a 4 or 5 star service. Customers were pleased that their loan funds were available in just a day, and that the entire borrowing process was simple, straightforward, and easy to understand.

Strong choice

Should you use Upstart to fund your business loan? They're a trustworthy, reputable source of loans for thousands of borrowers. Their model is unique and may qualify some individuals that would be typically turned away by other financial institutions. Upstart has plenty of positive customer feedback as well. With competitive interest rates and favorable loan terms, Upstart easily earns high marks in our review of the best business loans.

Who Offers the Best Business Loans?

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

The Best Business Loan Providers Compare Business Loan Providers Compare Business Loan Provider Reviews What are the best Business Loan Providers Best Business Loan Provider Reviews

Business Loan Provider FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6^% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
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Continued from above...

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

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