Thursday, January 23rd
2025 Personal Loan Reviews
Upstart
- Loans between $1,000 and $50,000 (1)
- Utilizes more than just your credit score to determine eligibility
- Connects borrowers to a vast network of over 100 banks and credit unions
- Fixed 3 or 5 year terms (3)
- Most loans funded within 24 hours (4)
- Available in 48 states (excluding Iowa and West Virginia)
- "A+” rated and accredited by the BBB
- Over 40,000 five-star reviews from clients
Getting a personal loan can often feel like a complicated journey, but with Upstart, it's a breeze. Founded by former Google employees, Upstart takes a refreshing approach to lending, going beyond just your credit score.
They look beyond your credit score
By considering factors like your college degree, field of study, work history, and credit background, Upstart aims to offer fair lending opportunities, particularly beneficial for recent graduates or those with limited credit history. With a whopping 2.7 million customers and $34 billion in loan originations, Upstart has firmly established itself as a frontrunner in the financial realm.
Eligibility criteria to be aware of
Qualifying for a personal loan through Upstart is straightforward. You'll need to meet some basic criteria, including a minimum FICO or Vantage score of at least 580 (or 620 in certain states), with bankruptcies or delinquent accounts potentially impacting eligibility. Additionally, you must be at least 18 years old, earn a minimum annual income of $12,000, hold a personal bank account at a US financial institution, and have stable employment or a regular income source.
Apply in minutes, get funds within a day or two
One of Upstart's standout features is the lightning-fast application process. In just 5-10 minutes, you can input essential details such as your name, address, income, employment, and educational background. Importantly, this process won't affect your credit score, as Upstart conducts a "soft" credit check to verify your information. Within minutes of applying, you may receive loan offers, and upon acceptance, funds can be deposited into your bank account as soon as the next business day.
Borrow up to $50K
Upstart offers personal loans in 48 states, ranging from $1,000 to $50,000, with varying loan limits based on state regulations. Typically, loan terms span three to five years. As you review loan offers, pay attention to any origination fees, which can range from 0% to 8%, depending on your state. Thankfully, Upstart allows early repayments and extra payments, empowering you to pay down your loan sooner.
5-star ratings from over 40,000 clients
With an "A+" BBB rating and accreditation, Upstart boasts an impeccable reputation. Client reviews on platforms like Trustpilot echo this sentiment, with over 40,000 five-star ratings. While a few negative comments exist, they often stem from borrowers not fully understanding the loan terms. Many clients praise Upstart for its swift funding process and user-friendly interface, with some completing the entire borrowing process on their mobile phones.
#1 for personal loans
Upstart clinches the top spot as our preferred choice for personal loans. It's the easiest way to connect with lenders offering competitive rates and terms, backed by thousands of satisfied customers. When you're in need of financing for your personal endeavors, Upstart should be your first stop.
More Personal Loan Reviews
The 11 Best Personal Loans
Where Can You Find the Best Personal Loans?
Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.
Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.
Personal Loan FAQ
Continued from above...
First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.
Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.
Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.
Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.
Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:
Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K. - Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
- Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
- Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?
To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!
Compare Personal Loans
Select any 2 Personal Loans to compare them head to head
Personal Loan Articles
Trending Personal Loan News
Related Personal Loan Reviews
Since you're interested in Personal Loans, here are some other reviews you might find interesting.
Newest Reviews
