List of Advantage and Benefits of this Loan
- Check your rate in 5 minutes.
- Get funded in as fast as 1 business day.
- Flexible loan amounts
- Fixed rates and terms
- No prepayment fees
More about the credit Loan
The funds from a personal loan can typically be used for a variety of purposes. Personal loans are commonly used to help with debt consolidation, medical expenses, home improvement projects, student debt, a move, a wedding, or a vacation. Upstart personal loans are a fast but somewhat inflexible financing option. Approval and funding times are some of the fastest among lenders; however, Upstart doesn’t offer joint, co-signed or secured loans. The online lending platform also has only two repayment term options.
Upstart differentiates itself from other online lenders with its underwriting model. The company uses artificial intelligence and nontraditional data (like college education, job history and residence) to qualify borrowers. More traditional lenders, like banks, focus almost exclusively on a borrower’s credit report, debts, income and assets.
Why do we recommend the loan for you?
Upstart is a good option for customers who don’t have a credit score that qualifies them for cheaper loans.
Personal loans can be a strategic way for you to consolidate your debt or pay off big purchases over time. Upstart offers a way to check multiple lenders at once. Unlike other lenders on Select’s list of best debt consolidation loans, Upstart is a lending platform that acts as an intermediary between you and its lending partners.
With flexible credit score requirements, Upstart may be more friendly to credit newcomers and people with lower-than-average credit scores.
Eligibility Criteria: Who can apply for this loan?
- Be a U.S. citizen.
- Be at least 18 in most states.
- Have a valid email account.
- Have a verifiable name, date of birth and Social Security number.
- Have a full-time job or be starting one within six months.
- Have a bank account.
- Minimum credit score: None; Upstart says it considers applications from borrowers with all types of credit. It may approve borrowers with insufficient credit history to produce a FICO score.
- Minimum annual income: $12,000; Upstart accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships. You only have to disclose a non-employment income source if you want Upstart to consider it on an application.