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Sunday, December 5th
Upstart was founded by former Google employees, who use comprehensive artificial intelligence (AI) to help everyday people unlock opportunity through affordable credit. With this method, they can offer high approval rates from their bank partners, which translates into a greater chance you'll be accepted for an affordable loan.
More than just your credit history
The application process with Upstart starts out fairly standard. First, 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?
Upstart asks these types of questions because they calculate risk differently from most lenders. They take 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 states, "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 making personal loans accessible to more people - and at a lower risk to the financial institutions that provide them.
To qualify for a personal loan from Upstart, you should have a minimum credit score of 580 (however, if you don't have sufficient credit history to produce a score, Upstart will still let you qualify for a personal loan). You 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 also 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 personal loans available to more people.
Personal loans up to $50,000
Your personal loan offer could be 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.
Competitive rates and terms
What rates and terms can you expect with a personal loan from Upstart? All loans funded through this service have repayment terms of either 3 or 5 years. They advertise a range of interest rates, and 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 in 1 business day
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 happy customers
When it comes to customer satisfaction, Upstart leads the pack. 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.
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. Combined with their innovative approach to broaden lending availability, and competitive loan terms, Upstart earns our highest rating.
With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.
Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.
What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.
How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:
TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!
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