Are you looking for a platform where you can fast unsecured loans for various purposes like weddings, home improvement, and more? Then upstart is the best choice for that. They provide fast unsecured loans based upon AI-driven technology with fair credit.
This post is about upstart loan reviews where we have covered everything about upstart loans like how it works, their pros and cons, upstart loan requirements, and more.
So, let’s check upstart reviews-
Upstart loans at a glance
Upstart is a lending platform that assesses borrowers and presents them with loans at competitive rates using artificial intelligence and machine learning algorithms.
David Girouard (Former Google employee), Paul Gu, and Anna M. Counselman formed Upstart in 2012, and it has now funded over $10 billion in loans. The AI model of Upstart has promptly verified more than 75% of loans.
The method of lending used by Upstart is based on a unique underwriting methodology that evaluates borrowers on factors other than only their credit score. To assess a borrower’s creditworthiness, the platform considers elements including education, employment history, and other non-traditional criteria.
As a result, Upstart is able to offer loans to borrowers who might not be eligible for conventional loans or who would face higher interest rates. Upstart provides the following loans and services-
On Trustpilot, Upstart has received Excellent ratings with a 4.9 out of 5-star rating. Personal loans from Upstart are available for a range of uses, such as consolidating debt, making home improvements, and paying for medical expenditures.
Loan durations range from three to five years, with values ranging from $1,000 to $50,000. Interest rates can start as low as 6.27% but can vary depending on factors including credit score, income, and other criteria.
An Upstart loan application can be submitted entirely online in a matter of minutes.
The objective of the loan and some basic details about the borrower are provided, and Upstart uses its AI algorithms to swiftly determine the borrower’s creditworthiness. Funds could be deposited in the borrower’s account as soon as the following business day if they are authorized.
Overall, Upstart offers a distinctive method of lending that can be advantageous to borrowers who don’t conform to the conventional definition of a “good credit risk.”
Anybody searching for a personal loan should give Upstart some thought because of its affordable rates, quick approval, and simple application process.
Must read- Best Speedy Net Loan Reviews- Is It Legit Or Scam?
Types of loans available at upstart
Unsecured personal loans are available from Upstart for a range of needs. The several loan kinds that Upstart offers are as follows:
Personal loans:
You can use Upstart’s personal loans for anything, such as unexpected costs, travel, or education. As the collateral for these loans is not required, anyone can apply.
Upstart offers fixed interest rate unsecured personal loans up to $50,000 with terms of three to five years, ranging from 6.7% to 35.99%. With Upstart, you can prepay your loan at any moment with no fees or penalties.
Also, the funds will be transferred the following business day if you agree on the loan terms by 5 p.m. ET, Monday through Friday.
While some have varying minimum credit requirements, even on startup certain lenders and lending platforms offer personal loans for people with weak credit or no credit at all. But, the Upstart model also takes into account your career and education history in addition to your financial situation.
If you have bad credit, you might be able to get a personal loan, but the interest rates on your loan might be higher.
Your qualifications for a rate are based on a number of things, including your education, job history, and credit history.
Must read- Amone loan reviews- How to Get the Best loan Rates
Wedding loans:
Upstart’s wedding loans will assist you in financing your ideal nuptials. The money from the loan can be used to pay for the wedding venue, catering, photography, and other associated costs.
Wedding loans from $1,000 to $50,000 are offered by Upstart with fixed interest rates ranging from 6.7% to 35.99% for three to five years. Also, there are no fees or penalties if you prepay your wedding debt at any point.
Also, you can utilize the money from your wedding loan to pay for things like –
Medical loans:
If you need money to pay off medical bills, Upstart’s medical expense loans may be able to help. These loans might assist you in paying for necessary medical operations, treatments, or prescription drugs.
Upstart offers medical expense loans with fixed interest rates of 6.7% – 35.99% for 3 to 5 years, ranging from $1,000 to $50,000.
And for any medical expenses, you can use a medical loan. Your money can be used for planned medical procedures, elective procedures, and unexpected hospital expenditures.
Home improvement loans:
Upstart’s home improvement loans can assist you in financing your project if you’re planning to make improvements to your home. The money from the loan might be used to pay for upgrades, repairs, or remodeling.
In comparison to a credit score-only strategy, Upstart offers unsecured home repair loans between $1,000 and $50,000 without requiring collateral for terms of 3 to 5 years at rates that are 43% cheaper.
Here, you can benefit from Upstart’s quick and easy online application process as well as its fixed interest rates, predictable monthly payments, and direct deposit of funds into your account.
Must read- Best Discover Home Equity Loan Reviews -Is it Right for you?
Debt consolidation loans:
Upstart offers debt consolidation loans between $1,000 and $ 50,000 with fixed interest rates of 6.7% – 35.99% for 3 to 5 years which is intended to help you combine several high-interest bills into one, more manageable payment.
The money from the loan can be used to settle other high-interest loans, credit card debt, and medical expenses.
Moving loans:
Upstart’s moving loans might assist you in covering the cost of your relocation if you’re intending to move. The money from the loan can be used to cover moving costs, such as hiring a moving company, renting a vehicle, or purchasing packing materials.
Moving loans from $1,000 to $50,000 are available through Upstart, with fixed interest rates ranging from 6.7% to 35.99% for terms of 3 to 5 years. You are not charged a fee or penalty if you pay off your loan early.
Credit card consolidation loan:
Credit card consolidation loans are available from Upstart for $1,000 to $50,000 with fixed interest rates ranging from 6.7% to 35.99% for terms of 3 to 5 years. Also, there are no early loan closing costs for you to pay.
Must read- Best Wise Loan Reviews – Is Wise Loan Right for You?
Auto loan refinance
Refinancing your auto loan can be done at a tailored rate from Upstart based on your employment and educational status. Loan lengths for upstart vehicle refinance loans range from 24 to 84 months and start at $9,000 per. Also, there are no origination, prepayment, or application fees.
A copy of your vehicle registration card, proof of insurance, a co-owner consent form (if applicable), and proof of an open claim or second lien resolution may also be requested, in addition to the documentation that attests to your identification, education, and income. The process for Upstart car refinance loans typically lasts 30 to 60 days.
Different loans will have various amounts and interest rates depending on your creditworthiness, income, and other factors. To evaluate which form of loan is best for you, it is advisable that you visit Upstart’s website and consider your options.
Upstart loan requirements and eligibility:
You must fulfill a number of upstart loan requirements and eligibility criteria in order to get a loan from Upstart, including:
It’s important to keep in mind that meeting upstart loan requirements does not guarantee loan approval.
As part of its distinctive underwriting strategy, Upstart evaluates applicants based on a variety of factors, including credit score, income, employment history, and other non-traditional data.
Hence, even if you meet all the upstart loan requirements and eligibility criteria, you could not be qualified for an Upstart loan.
Must read- Best Zippy Loan Reviews- Get Easy and Quick Money
Upstart Loan Amounts, Rates, and Repayment Terms
You can get loans from Upstart for things like medical bills, personal loans, home improvements, credit card debt consolidation loans, and auto loans.
Auto loans start at $9,000 with loan durations ranging from 24 to 84 months and unique interest rates based on your education and job situation, while Upstart offers loans from $1,000 to $50,000 with fixed interest rates ranging from 6.7% to 35.99%.
Where do Upstart personal loans stand out?/ The Advantages of Upstart Loans Over Traditional Bank Loans
A few things make upstart personal loans distinctive, including:
How to apply for an Upstart personal loan?
To apply for any loan first you need to visit an upstart website. Here, you need to click on the borrow menu and select the type of loan you want.
Here, I am taking an example of a personal loan. It will open up a new window. Here, just click on the check your rate option.
Upstart loan reviews
Upstart loan reviews are great on third-party websites like Trustpilot. They have a 4.9-star rating out of 5 stars. Here, in the image below you can check the upstart reviews on the Trustpilot.
There are more than 40,725 upstart personal loan reviews on Trustpilot.
Upstart loans pros and cons
Pros and cons are the main part of our upstart personal loans reviews post. It will help you to determine your finical decision about taking a loan from an upstart.
Pros
- Fast and easy application process: Upstart’s loan application process is entirely online and can be completed in minutes.
- AI-driven underwriting: Upstart uses artificial intelligence and machine learning algorithms to evaluate borrowers’ creditworthiness, which allows the company to assess more than just traditional credit metrics like a credit score.
- Competitive interest rates: Upstart offers competitive interest rates on its loans, which can start as low as 6.27%.
- Flexible loan terms: Upstart offers loan terms ranging from 3 to 5 years, which gives borrowers some flexibility in choosing a repayment plan that works for them.
- No prepayment penalties: Upstart does not charge prepayment penalties, which means that borrowers can pay off their loans early without incurring additional fees.
- Great upstart reviews from users
Cons
- Loan amounts are restricted from $1,000 to $50,000, which might not be enough to meet the demands of all borrowers.
- Upstart charges an origination fee that can be as high as 8% of the loan amount, which raises the total cost of the loan.
- Upstart does not permit combined applications, which could be a drawback for co-borrowers or couples looking to apply for a loan together.
- Only automated payments and manual ACH transfers are available through Upstart, which may be inconvenient for certain borrowers.
- Upstart loans are not offered in all states, which may restrict some borrowers’ access to them.
- Doesn’t have an app
How to get a loan with Upstart?
You can take the following actions to apply for a loan with Upstart:
Click “Check Your Rate” on the Upstart website to start the application process.
Provide the bare minimum of information, including your name, address, and job situation.
Following that, Upstart will ask for more specific information, such as your salary, educational background, and loan purpose.
Your creditworthiness will be assessed by Upstart using its AI-driven underwriting process, which will also determine if you are accepted for a loan.
The loan terms, including the loan amount, interest rate, and repayment period, can be reviewed and accepted if you are accepted.
Provide any extra documents, such as bank statements or proof of income, that Upstart wants.
Funds will be put into your bank account as soon as possible following the completion of your loan.
It is crucial to understand that satisfying Upstart’s qualifying standards, which include having a minimum credit score of 600 and a minimum yearly income of $12,000, does not ensure a loan approval.
Also, based on your creditworthiness and other criteria, the loan amount, interest rate, and payback period that are given to you may change.
Must read- Best Guide On Oportun Loan Reviews With Pros, Cons
Is Upstart’s Customer Service helpful and Responsive?
Upstart provides quick responses to its customers. If you want to get connected with upstart then either you can email them at support@upstart.com or call them at (650) 204-1000Â (local), or 1-855-438-8778Â (toll-free).
And their working time is Monday to Friday 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET) and Saturday and Sunday 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET).
| Customer care | Connect at |
|---|---|
| General Inquiry | support@upstart.com |
| Phone for local | (650) 204-1000 |
| Toll-free phone | 1-855-438-8778Â |
| Mailing address | Upstart Operations Dept. P.O. Box 1503 San Carlos, CA 94070 |
Upstart operates every day. And here, is upstart working time.
| Day | Timing |
|---|---|
| Monday to Friday for General Inquiry | 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET) |
| Saturday and Sunday for General Inquiry | 6:00 AM – 5:00 PM PT (9:00 AM – 8:00 PM ET) |
| Monday to Friday for Payments | 6:00 AM – 6:00 PM PT (9:00 AM – 9:00 PM ET) |
| Saturday for Payments | 7:00 AM – 4:00 PM PT (10:00 AM – 7:00 PM ET) |
During New Year’s Day, Thanksgiving Day, Christmas Eve, and Christmas Day, Upstart won’t be unavailable. And their
How does Upstart compare to other personal loan companies?
In comparison to other personal loan providers, Upstart excels in a number of areas, including AI-driven underwriting, quick funding, aggressive rates, adaptable loan terms, and no prepayment penalties.
However in some respects, Upstart may not be as competitive as other personal loan providers. For instance, Upstart’s maximum loan amounts, which may be less than those of certain other businesses, are $1,000 to $50,000.
Also, compared to some other organizations, Upstart levies origination fees that can be as high as 8% of the loan amount.
Overall, Upstart stands out among personal loan providers thanks to its distinctive underwriting methodology, quick funding, affordable rates, adaptable loan periods, and absence of prepayment fees.
Borrowers should still contrast different lenders’ loan offerings, nevertheless, to pick the one that best suits their needs.
Conclusion: Upstart loan reviews
Upstart is a loan platform that evaluates borrowers’ creditworthiness and establishes their interest rates using artificial intelligence.
Borrowers have generally given Upstart excellent feedback, with many stating that the application procedure is simple and that they received their funds swiftly.
One of Upstart’s key advantages is that it may provide loans to borrowers with subpar credit scores or scant credit histories.
To determine a borrower’s creditworthiness, Upstart’s AI-based underwriting model considers elements besides only credit scores, like education and work experience.
Several borrowers have claimed troubles with Upstart’s customer service, notably with addressing invoicing and payment-related problems.
Some borrowers have also claimed that Upstart’s interest rates can be greater than those provided by conventional lenders, albeit this might change based on the borrower’s creditworthiness. And there are great upstart reviews as well on other rating sites.
Overall, Upstart appears to be a reliable loan platform with a majority of borrowers giving it positive feedback.
It’s crucial for borrowers to carefully analyze the terms and conditions of any loan offer and comprehend the total cost of borrowing, just like with any loan or financial choice.
So, that was all about our Upstart personal loan reviews post. I hope it will help you to take a decision about the upstart.
Is upstart a reputable loan company?
Sure, Upstart is a trusted lender. Since its launch in 2012, it has backed loans totaling more than $10 billion. Based on more than 5,000 reviews, Upstart has a 4.8-star rating on Trustpilot and an A+ rating with the Better Business Bureau (BBB). And there are great upstart reviews on the third-party reviews website.
Furthermore open and transparent, Upstart makes information about its loan terms and costs easily accessible on its website. It stands out from other lenders since it uses artificial intelligence and machine learning in its underwriting process and provides competitive interest rates and flexible loan terms.
What are the upstart approval odds?
The likelihood of Upstart being approved is based on a number of variables, including the borrower’s creditworthiness, income, and job situation. In addition to typical credit score information, Upstart uses a proprietary algorithm to assess borrowers’ creditworthiness. Its algorithm considers aspects like credit history, education, and employment history. Borrowers who may not have a long credit history or who have been turned down by other lenders based simply on their credit score may profit from this strategy.
Borrowers must meet the following requirements in order to be approved for an Upstart loan: a minimum credit score of 600; a minimum yearly income of $12,000; and a debt-to-income ratio of 45% or less. Although satisfying these criteria increases your chances of getting a loan, it’s not a guarantee. But looking at upstart reviews, you can guess about their approval rates.
Is upstart a good loan company?
Overall, Upstart is a respectable lender. It uses artificial intelligence and machine learning to assess borrowers’ creditworthiness and provides competitive interest rates and flexible loan terms. Borrowers who may not have a traditional credit history or who may have been turned down by other lenders based only on their credit score may benefit from this method of underwriting.
Additionally, Upstart offers an efficient online application procedure and swift funding, with loan funds being put into the borrower’s bank account as early as the following business day. And there are great upstart personal loan reviews which makes it more reliable.