Upstart looks more in depth than just a borrower’s credit score as a deciding factor on whether or not to approve a loan application like several other online lenders. Continue reading the review to find out if Upstart suits you.
Upstart specializes in offering loans to recent college graduates with fair to excellent credit. They also look at the education and job history of loan applicants when assessing eligibility aside from just exclusively focusing on credit reports and income.
This company provides young adults with promising futures the chance to pay off their debt at lower interest rates without a lengthy credit history.
Upstart states the company can even lend to borrowers who haven’t had enough time building credit to have a credit score at all provided their academic history and other financials are strong. Apply today!
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Upstart General Information
Apply for a personal loan today at Upstart!
| Lender | Upstart |
| APR | 4.68% – 35.99% |
| Loan Amount | $1,000 – $50,000 |
| Term Length | 3 or 5 years |
| Origination Fee | 0% – 8% |
| Prepayment Fee | None |
| Check Processing Fee | None |
| Late Fee | $15 or 5% |
| NSF Payment Fee | $15 |
| Minimum Gross Income | $12,000 |
| Minimum Credit Score | 620 |
| Availability | Nationwide |
| Additional Information | Funds should be distributed withing 24 hours |
Upstart Personal Loan Eligibility
To qualify for an Upstart personal loan, all applicants must:
- Have a minimum credit score of 620
- Have additional education or work history as proof
- Make a gross income of $12,000
- Have a low debt-to-income ratio up to 45%
- Be between the ages of 22 and 35 years old
In that sense, Upstart doesn’t directly lend money to borrowers; it charges an origination fee to connect borrowers with accredited investors who fund their loans. All borrowers receive a grade based on their profiles and that grade is then used to determine the interest rate on the loan.
Pros and Cons of an Upstart Personal Loan
- You can borrow twice with Upstart! If you need to take out a second loan, make sure your first loan is at least 6 months old and you don’t have any late payments to handle. The total of both loans also must not exceed $50,000.
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- The application process actually doesn’t only look at credit score. Some other things to consider are area of study or work history.
- There is no prepayment fee required!
- A personal loan from Upstart can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- If you have excellent credit score, your APR can be as low as 4.68%.
- Upstart has live customer service 7 days a week. Weekdays and weekends: between 6 a.m. and 5 p.m. (PST)
- Unfortunately, Upstart is not available in all states. Upstart is not available in Iowa or West Virginia.
- You are only limited between either a 3 year term or 5 year term.
- Before you receive your funds, an origination fee of 8% will be deducted.
- The late fee is usually $15 or 5% of the amount due, whichever is greater.
How To Apply For an Upstart Personal Loan
- Fill out a brief personal loan application on Upstart’s website for the desired loan amount.
- Provide a credit score of at least 620 and any additional documents such as work history or education history (soft pull).
- After your application is approved, you can review it and accept your loan!
Bottom Line
Upstart is a great option for borrowers who just graduated or have “thin” credit histories whom may not be able to qualify for traditional forms of credit.
College graduates with limited credit history can qualify for an Upstart personal loan with competitive interest rates by using a new data-driven method of identifying creditworthy clients.
This creates a more comprehensive view of a borrower’s likelihood to default and gives a chance to recent graduates loaded down with debt or who need start-up cash to get their careers going.
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience!
If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
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