Upstart Loan Review Are you in search of a well-detailed review about Upstart personal Loans? No need to worry, this review is aimed at discussing everything you need to know about Upstart personal loans ranging from its requirements, pros and cons, the application process, and much more. In the meantime, Upstart is regarded as an AI Lending company that works with banks and credit unions to provide its customers with loans. Unlike other platforms, Upstart makes use of non-traditional variables including education, and employment to predict your creditworthiness. This means you don’t need a credit score to successfully apply for loans from the platform.
As you know, one of the criteria to apply for loans and get approved quickly is by having a good or excellent credit score and history. Your credit score will be checked to determine whether you are fit to apply for a particular loan. And with a Bad or no credit score, you might not be able to get quick loans for emergency expenses and more. But this is not so with Upstart; with or without a good credit score, you can apply for fast and quick personal loans and get funded the next business day after approval. Based on Review, Upstart has helped millions of people get personal loans without having to provide their credit history or check. They offer you the best experience and it totally safe and secure to make use of. Check out the next outline for more Reviews about Upstart Loan.
Upstart Loan Full Review
Research shows that Upstart was first launched in April 2012 enabling individuals to raise money by contracting to share a percentage of their future income. And ever since then, the platform has been able to help millions of people get fast and quick loans without having to provide any credit score or history. It uses artificial intelligence to improve its user’s access to affordable credit. Borrowers can get unsecured personal loans from $1,000 to $50,000 across the U.S except in West Virginia/Lowa.
Additionally, the company’s application process is fast and can be completed online via their official website. Once you get approved, you will be funded the next business day. No prepayment penalty fee is required as you repay all or part of your loan anytime without being charged a dime. It also offers a flexible repayment term ranging from 36 to 60 months. Loans gotten from Upstart can be used for different purposes but there are limitations. Check out the next review for some of the things you can use a Personal Loan from Upstart for.
How can I use my Upstart Personal Loans?
As mentioned above, you can get an Unsecured Personal loan between the range of $1,000 and $50,000 from Upstart with a fixed rate of 5.31% and 35.99%. Once you get this loan, you can make use of the loan for various purposes. Here are some of the common purposes; you can make use of Upstart Personal Loans for;
- Credit Card Consolidation.
- Home Improvement.
- Medical Expenses.
- Moving Loans.
- Debt Consolidation.
- Refinancing Student Loans.
- Financing your Wedding.
- Startup or expand your Small Business.
You can make use of your Upstart Personal Loans for the above-listed reasons and purposes. However, you cannot use your loan to pay for education expenses in Washington D.C, California, Connecticut, and Illinois. Also, it is wrong to make use of your personal loan for illegal activity, purchasing drugs or weapons and firearms.
Upstart Personal Loan Pros and Cons Review
In this section of the article, we will be discussing the pros and cons of applying for a Personal Loan with Upstart. We shall begin with the pros of the platform before discussing some of the cons. Check out the next outline.
Pros of Upstart Personal Loan
- No credit score or history is required to apply for loans.
- There are no prepayment penalties allowing you to save money on interest over the life of your loan.
- You can split your loan payment into two installments which makes it flexible and easy.
- Borrowers can get access to rate checks with a soft credit inquiry.
- Funds are made available the next business day after approval.
Cons of Upstart Loans
- You will be charged a fee of $15 or 5% for every payment you miss.
- Upstart doesn’t offer any special discounts.
- If you are unable to get approval on your own, you cannot make use of a co-signer to access their loans.
- Borrowers are only offered two-term options which include three or five-year terms.
- In states like California, Illinois, and more, there are limits to what you can use your loan for.
Upstart Personal Loan Application
Now that you have learned the pros and cons of using Upstart, it is imperative you also learn how to apply for loans via the platform. To apply for Upstart Personal Loans, here are the steps and guidelines you will need to follow;
- Visit the official website of Upstart to get started.
- Locate the application icon on the homepage to start your online application.
- Start by submitting your online prequalification form to know your interest rate and APR.
- To do this, you will need to enter your personal information such as education, income, savings, and recent loans.
- After this, a soft credit inquiry will be carried out and this will not impact your score.
- Once you are done, proceed to verify your bank account, upload your supporting documents, and enter your active phone number or email address for verification of information.
- Lastly, wait for your Loan to be approved and you will be funded the next business day.
Note; make sure to enter your correct information and details while applying for a personal loan with Upstart as this will enable you to stand the chance of getting approved immediately. If you cannot get a personal loan from Upstart, you can check out other notable lenders online such as Avant, Upgrade, and a lot more.