Loans

Upstart Personal Loan review: how does it work and is it good?

Do you want to get a loan but don't meet the old traditional requirements? Check out our Upstart Personal Loan review. Up to $50K with fast funding.

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Upstart Personal Loan: 15 days of grace period to make your payments

Upstart Personal Loan logo
Upstart Personal Loan full review. Source: The Mad Capitalist

If you are considering a personal loan, you may have heard about this lender. But don’t worry; we’ll break it down in this Upstart Personal Loan review.

Upstart Personal Loan logo

How to apply for Upstart Personal Loan

How to apply for an Upstart Personal Loan in just a few steps? We'll show you the way to get started and grant those $50K you need! Read on!

With their automated underwriting process and low fixed rates, Upstart is one of the most popular lenders in this space. So read on to find out!

  • APR: 6.7% to 35.99%;
  • Loan Purpose: Debt consolidation, wedding, home improvement, medical expenses, moving expenses, education, and more;
  • Loan Amounts: $1,000 to $50,000;
  • Credit Needed: At least 600;
  • Origination Fee: Up to 8% of the loan amount;
  • Late Fee: 5% of the past due amount or $15, whichever is greater;
  • Early Payoff Penalty: N/A.

What is the Upstart Personal Loan? 

Upstart uses a nontraditional underwriting method to help more borrowers qualify and get a low rate, even with imperfect credit.

Thus, their high-tech platform uses AI to match borrowers and lenders with greater chances to qualify.

Rather than relying solely on credit reports, debts, income, and assets like banks typically do, it leverages artificial intelligence and alternative data points such as:

  • Educational attainment;
  • Professional history;
  • And residential address to evaluate applicants.

But the price for this commodity can be high. Be prepared to spend up to 8% of your loan amount in origination fees and 5% of the past due month in late fees.

Loan options

You can get an Upstart Personal Loan to suit many interests and needs, including:

  • Credit card consolidation;
  • Debt consolidation;
  • Wedding loans;
  • Moving loans;
  • Home improvement;
  • Pay off or refinance student loans.

Conversely, borrowers can’t get a loan with them for the following purposes:

  • Buying weapons and firing guns;
  • Illegal purposes;
  • Drugs (illegal ones);
  • Educational expenses for California, Connecticut, Illinois, and Washington (D.C).

Additionally, you can choose to pay your loan in 3 or 5 years.

Features

celebrating a victory or success
Find out Upstart Personal Loan’s main features. Source: Adobe Stock

This online lender does not offer co-signing or joint loan options. Also, it doesn’t accept borrowers from Iowa.

However, you can change your payment day with the due date grace period. Borrowers can pay 15 days before or after the due date.

Upgrade offers free financial education about building credit and personal loans on its website.

Is the Upstart Personal Loan good?

An Upstart Personal Loan suits borrowers who want fast funding and respond to nontraditional requirements.

But is that the loan for you? Discover by checking out the pros and cons as follows:

Multiple personalized credit card offers

Applying won't hurt your credit score

You will be redirected to another website

Pros

  • Offers financial education;
  • Fast funding;
  • Qualification with a soft credit check;
  • The amount can be used for several purposes.

Cons

  • May charge an origination fee;
  • No co-signer or joint loans;
  • There is no mobile app to manage your loan.

Does Upstart check credit scores?

Yes, it does. They will run a soft credit inquiry to check your score. They are more likely to accept applicants with credit scores of at least 600.

Want to apply for the Upstart Personal Loan? We will help you!

How about getting your Upstart Personal Loan through an online platform in no time? Here are a few tips to get your application started. Then read on!

Upstart Personal Loan logo

How to apply for Upstart Personal Loan

How to apply for an Upstart Personal Loan in just a few steps? We'll show you the way to get started and grant those $50K you need! Read on!

About the author  /  Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.

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