Get a personal loan from Upstart in three simple steps and benefit from repayment flexibility.
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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 hold up to other online lenders?
Where Upstart personal loans shine
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 7.43%. 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.
The story of Upstart
In 2012, the President of Enterprise at Alphabet Inc. Dave Girouard left his job to found Upstart with a team of former Google employees. Why? Girouard noticed that only about half of Americans can qualify for a prime rate loan even thought the vast majority of borrowers have never defaulted.
He decided to build a platform that would forego the traditional means of evaluating credit by considering things like education and geographic location.
As you might expect, Upstart has placed a strong emphasis on creating technology to streamline the application process and employs more data scientists than underwriters. It’s a constant work in progress: Its software is constantly learning from customer’s behaviors. The upside is that over one third of Upstart loans get instant approval.
Upstart loans could be particularly useful to a borrower that has higher education a history of repaying debt on time but can’t seem to get top rates elsewhere. It’s also hard to beat when it comes to speed. Even if this sounds perfect to you, you might want to check out other personal loan providers and read up on your options before making a decision.