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Upstart Review

Sunday, October 17th

2021 Debt Relief Company Reviews

Upstart Review 4.5 Star Rating

Upstart

4.5 Star Rating
  • Generous loan amounts
  • Terms range from 3 to 5 years
  • Very competitive APR's
  • Money often deposited very quickly once approved
  • "A" rated and accredited by the BBB
  • Origination fees disclosed at the time of loan offer

Upstart is a company founded by former Google employees that utilizes artificial intelligence (AI) to help everyday people unlock mobility and opportunity through affordable credit. They can offer higher approval rates from their bank partners, which translates into a greater chance you'll be accepted for a loan.

More than just your credit history

The application process with Upstart starts out fairly standard: you select the purpose of your loan, the amount you'd like to borrow, your contact information, and your birthdate. From there, the questions get a little more unique compared with other personal loan providers. What's your highest level of education? Where did you go to school, what did you study and when did (or will) you graduate? How much money do you currently have in bank accounts and investments?

Calculating risk

Upstart asks these types of questions because they calculate risk differently from most lenders, taking your educational background and earning potential into account when determining your eligibility for a loan. 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. As their About Us page says, "four in five Americans have never defaulted on a credit product, yet less than half have access to prime credit. With a smarter credit model, lenders could approve almost twice as many borrowers, with fewer defaults." In other words, Upstart is trying to make consolidation loans - and credit in general - accessible to more people and at a lower risk to the financial institutions that provide it.

Elgibility criteria

There are some eligibility requirements here than you might not find elsewhere. For example, you should have a minimum credit score of 580 - however, if you don't have sufficient credit history to produce a score, you can still qualify for a personal loan through Upstart. You also can't have any bankruptcies or accounts currently in collections, past due or delinquent, or that have been wholly charged-off in the last three years. You'll be found ineligible for a loan if you have more than 6 inquiries on your credit report in the last 6 months - but that doesn't count any that are related to mortgages, vehicle loans, or student loans. Again, this is part of how Upstart measures risk, so that they can make consolidation loans available to more people.

Loans up to $50,000

Depending on your state of residence, you could receive a loan anywhere 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.

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Loan terms and fees

All loans funded through this service have a repayment term of either 3 or 5 years. While they advertise a range of interest rates, we found them to be very competitive with other lenders in the industry. Upstart's origination fee ranges from 0-8% of the loan amount, and is deducted from the proceeds of your loan. In other words, if you request a $10,000 personal loan and you're charged an origination fee of 3%, you'll get $9,700 deposited to your bank account.

Get your money fast

If your application is approved and you accept your loan terms, you could have your loan money 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.

Very high customer satisfaction rate

Upstart seems to be doing quite well with customer satisfaction. The company has an "A" rating and accreditation from the Better Business Bureau, but even more impressive is the fact that with over 8,500 client reviews, 99% of them gave Upstart a rating of 4 or 5 stars. Consumers said that their experience was simple, easy, and straightforward, and many people expressed their delight at having loan funds deposited within a day.

High praise

There's a lot to like about Upstart. It's refreshing to see a lender that looks at your big picture as a borrower, including your education and employment potential when determining if you're a good candidate for a personal loan. And, there's no arguing with Upstart's loyal fanbase of happy clients. We're very impressed with what we see here, and we're sure you will be too.

Who Provides the Best Debt Relief?

If you're facing an ever-increasing pile of "past due" notices, threatening letters from the IRS, and credit card statements where you're barely paying the interest, you're not alone. With unemployment rates reaching record highs, more people are struggling to make ends meet. The average American carries over $90,000 in debt, from student loans to mortgages, and it's easy to get in over your head.

Debt relief is the solution you need. It may sound like a gimmick or a scam, but rest assured that there are many reputable services that can help you reduce the amount of money you owe and help you get back on track financially. These programs typically work by negotiating on your behalf with credit card companies and other debtors, through strategies like debt settlement and repayment plans. Some of the best debt relief services work closely with you to create a solid plan for moving forward too, helping you to make sound financial decisions and hopefully avoid needing such measures in the future!

The Best Debt Relief Companies Compare Debt Relief Companies Compare Debt Relief Company Reviews What are the best Debt Relief Companies Best Debt Relief Company Reviews

Debt Relief Company FAQ

Debt relief is a process that helps people get out from under their ever-mounting financial obligations. This can be accomplished through Debt Negotiation, Debt Settlement, Debt Consolidation or Repayment Plans, among other strategies.
You'll need to have a certain amount of debt to be eligible for debt relief, which varies according to which relief service you choose. Some require a minimum unsecured debt of $7500, while others specify that you need to owe at least $10,000. Also, some debt relief providers aren't licensed in all 50 states - so you may be eligible for debt relief but the service you're considering isn't available in your state.
Believe it or not, many debt relief services are free! Most providers give you a no-cost consultation, analyzing your financial situation and making recommendations tailored to your needs. But, there are some fee-based services, especially if you want someone to negotiate with creditors on your behalf.
Many of the strategies used by debt relief providers can be done on your own, yes. But, in the amount of time it would take you to get up to speed and learn what those strategies are, you could be paying hundreds (or thousands!) of dollars in interest. It's almost always a smarter financial move to have the experts do the work for you.
The first step is usually the complimentary consultation, where a representative will go over your debt situation and find out your goals, needs and timeframe. From there, it will depend on which approach you decide to take - but, for the most part, the debt relief service will be in charge of contacting your creditors and working out the details for reducing what you owe.
No two consumers are alike - and debt relief strategies vary as well. Some services offer relief through a personal loan, allowing you to pay off high-interest debt with a lower-interest arrangement, so naturally your situation will change as soon as your loan is funded and used to reduce your monthly payments. On the other hand, if your service is negotiating with your creditors to reduce or eliminate what you owe, that can take several weeks to months.
Most of the time, there isn't. A few debt relief services offer a 100% customer satisfaction guarantee, allowing you to cancel your plan without fees or penalties. Read the fine print of any contract before you sign up, so you'll know exactly what's promised - and what isn't.
Debt relief may sound too good to be true, but it's a legal, well-known method for reducing the debt burden faced by many consumers. Although some fly-by-night services pop up from time to time, most companies offering debt relief have been in business for a decade or longer. You can always check for a company's listing with the Better Business Bureau for further confirmation that it's a trustworthy option for debt relief.
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Continued from above...

Are you eligible for debt relief? The criteria vary by provider, but you probably need to have at least $5,000 in total debt owed across all categories (taxes, credit cards, auto payments, and so on). Also, be aware that some "debt relief" is structured as a personal loan: you use the proceeds to pay off multiple accounts and consolidate what you owe into a single monthly payment. In that case, the ball is in your court and you won't necessarily get any financial coaching or have professionals working to renegotiate what you owe.

Which debt relief program is best for you? That depends on several factors, such as the type of debt you owe and how much, as well as your credit history and ability to qualify for a loan. Here are several features to keep in mind as you evaluate your options for debt relief:

  • Approach. How does the debt relief provider help reduce or eliminate your debt? Some companies actually reach out to your creditors to get them to agree to a smaller payback amount, while others give you a loan so that you can pay off your debts on your own. It's worth considering multiple strategies to find the one that will be in your best interest.
  • Fees. Will you pay anything for the debt relief plan being offered? If it's a personal loan used to clear debts, what will you pay in interest and origination fees?
  • Reputation. What do other clients say about their experience with the debt relief service? Is the company trustworthy? Look for strong positive reviews from people who have actually used the program, as well as a good rating from the Better Business Bureau.

TopConsumerReviews.com has evaluated and ranked the most popular debt relief programs available today. We hope this information helps you get out from under your mountain of debt and gain the peace of mind that comes from knowing you're on the right track financially.

Compare Debt Relief Companies

Select any 2 Debt Relief Companies to compare them head to head

best-debt-relief-companies
  • National Debt Relief
  • Credit.org
  • Upstart
  • Curadebt
  • Liberty Lending
  • LendingTree
  • SoFi
  • SuperMoney
  • LendingClub
  • Payoff
  • American Debt Enders
  • Debt Consolidation Care
National Debt Relief vs Credit.org National Debt Relief vs Upstart National Debt Relief vs Curadebt National Debt Relief vs Liberty Lending National Debt Relief vs LendingTree National Debt Relief vs SoFi National Debt Relief vs SuperMoney National Debt Relief vs LendingClub National Debt Relief vs Payoff National Debt Relief vs American Debt Enders National Debt Relief vs Debt Consolidation Care Credit.org vs Upstart Credit.org vs Curadebt Credit.org vs Liberty Lending Credit.org vs LendingTree Credit.org vs SoFi Credit.org vs SuperMoney Credit.org vs LendingClub Credit.org vs Payoff Credit.org vs American Debt Enders Credit.org vs Debt Consolidation Care Upstart vs Curadebt Upstart vs Liberty Lending Upstart vs LendingTree Upstart vs SoFi Upstart vs SuperMoney Upstart vs LendingClub Upstart vs Payoff Upstart vs American Debt Enders Upstart vs Debt Consolidation Care Curadebt vs Liberty Lending Curadebt vs LendingTree Curadebt vs SoFi Curadebt vs SuperMoney Curadebt vs LendingClub Curadebt vs Payoff Curadebt vs American Debt Enders Curadebt vs Debt Consolidation Care Liberty Lending vs LendingTree Liberty Lending vs SoFi Liberty Lending vs SuperMoney Liberty Lending vs LendingClub Liberty Lending vs Payoff Liberty Lending vs American Debt Enders Liberty Lending vs Debt Consolidation Care LendingTree vs SoFi LendingTree vs SuperMoney LendingTree vs LendingClub LendingTree vs Payoff LendingTree vs American Debt Enders LendingTree vs Debt Consolidation Care SoFi vs SuperMoney SoFi vs LendingClub SoFi vs Payoff SoFi vs American Debt Enders SoFi vs Debt Consolidation Care SuperMoney vs LendingClub SuperMoney vs Payoff SuperMoney vs American Debt Enders SuperMoney vs Debt Consolidation Care LendingClub vs Payoff LendingClub vs American Debt Enders LendingClub vs Debt Consolidation Care Payoff vs American Debt Enders Payoff vs Debt Consolidation Care American Debt Enders vs Debt Consolidation Care
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