Get a personal loan from Upstart in three simple steps and benefit from repayment flexibility.
Upstart began operations in 2014 and has since originated more than $700 million in loans. This peer-to-peer lending platform lets you apply for unsecured fixed rate personal loans, and considers more than just your credit score when assessing applications. Its proprietary underwriting model simulates over 50,000 scenarios in a matter of seconds to assign an APR based on your financial reliability.
Borrowers aren’t the only ones who can get in with Upstart, though. Investors can benefit from customized plans and they can get the Upstart online platform to invest for them automatically. Investors don’t have to pay any fees and they can choose from different loan grades to meet their risk and returns criteria.
Cross River Bank, an FDIC insured New Jersey-chartered commercial bank, is responsible for making all Upstart personal loans.
How does borrowing from Upstart work?
You can use proceeds from an Upstart personal loan for purposes such as paying off credit card debt, paying off student loans, taking a course, paying for college, relocating, paying medical bills, starting or expanding a business, buying a car or any other worthwhile purpose. Upstart lets you check the rate you qualify for without actually submitting a complete application, thereby not affecting your credit score. Repayment flexibility lets you make additional repayments at any time, which you can do online.
How does Upstart compare to other online lenders?
Benefits of an Upstart personal loan
Upstart’s personal loans include the follow features:
- Quick and easy process. Checking the APR you can qualify for takes no more than a couple of minutes – you just have to provide some basic information about your education and employment. After your application’s approval you can review and accept the loan contract, and once you do this you may be able to get the money by the next day.
- Unique underwriting process. Upstart’s simulation-driven underwriting process looks at more than just your FICO credit score. It also takes into account your education, area of study and job history.
- Variable loan amount. You can borrow any amount from $1,000 to $50,000 through an Upstart personal loan. he maximum you qualify for depends on factors including your existing financial situation, your ability to repay and your creditworthiness.
- Fixed rate. Upstart personal loans have fixed APRs that remain the same for the entire loan term. This ensures your repayments won’t change over time. APRs for these loans start at 7.16%. The rate depends on the loan grade you qualify for, and can go up to .
- Make additional payments. You can make additional repayments towards your loan at any time, and doing so does not attract any penalties. Any amount you pay in excess of your monthly amount due counts as a prepayment towards the following month’s payment.
- Online dashboard. The online dashboard lets you make changes to your payment schedule and you can use it to make extra repayments. You can use it to change recurring payment amounts, change scheduled payment dates and cancel scheduled payments.
- Customer support. You can contact the Upstart customer service team via email, you can chat with an Upstart representative online and you can speak to an Upstart representative over the phone.
How to apply for a personal loan from Upstart
Applying for an Upstart personal loan is easy. To get started you can apply online. Before you do, check that you meet the following eligibility criteria:
- Be a US citizen or permanent resident.
- Meet your state’s minimum age requirement.
- Must not be a resident of West Virginia.
- Have a FICO credit score of at least 620.
- Have a regular source of income or an offer of employment that starts within 180 days.
During the application process, you’ll need to provide:
- Your full name and contact information.
- Proof of a government-issued ID, like a driver’s license or passport.
- Your Social Security number and date of birth.
- Your employment status and income.
- Your bank account details.
- You may need to provide your college transcript, SAT scores and employment pay stubs.
Frequently asked questions about Upstart personal loans
Are there any other credit requirements other than my FICO score?
Yes. You must have not have more than six inquiries on your credit report in the last six months, excluding those for mortgages, vehicle loans and student loans.
You also must not have any bankruptcies, accounts in collections or delinquent or public records on your report.
Will completing an application affect my credit?
Yes. Checking your rates will only make a soft pull, meaning it will not affect your credit. If you are offered a loan and accept it, Upstart will make a hard credit check, which will be added to your credit report.
If there is an emergency, can I extend my loan?
No. You can, however, call Upstart if you can’t make your repayments. When you call, Upstart will work with you to set up an alternative payment plan.