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A personal loan is a type of installment loan that can be used to cover all kinds of expenses. While many loans are for specific purposes, a personal loan can be used to pay for virtually anything. Upstart personal loans could provide you with the funds you need for a medical bills, auto repairs, debt consolidation, and much more.
Normally, finding a personal loan can be a challenging process. With Upstart, however, it’s much easier to find a lender with favorable terms. You can learn more about the Upstart marketplace below.
What Makes Upstart Different from Other Lenders?
Upstart isn’t a lender; it’s a lending platform. Upstart works to connect loan applicants with banks and other lenders that can give them the money that they need. In many cases, the terms of the loan will be more favorable than they would be elsewhere, even if you have limited or fair credit.
Upstart also makes it possible to receive offers from multiple lenders at once. You can compare options and choose the loan that’s right for you. Once you’ve accepted the loan and complete your paperwork, your funds will typically be sent to you by the next business day.
Who Can Qualify from an Upstart Loan?
Upstart has more flexible lending requirements than many other lenders. It’s possible to get offers from a lender even if you have no credit score. The minimum credit score varies from state to state, but you can qualify for a loan even if you have fair to average credit or no credit at all.
You will not qualify for a loan if you have delinquent accounts or accounts that are currently in collections. You’ll also be disqualified if you have bankruptcies or judgements on your credit report. You may want to check your credit report before applying for a loan from Upstart so that you can see if you qualify.
What Kinds of Fees Are Associated with Upstart Loans?
Personal loans can be very expensive, which is why it’s important to look closely at costs before accepting a loan. When you accept a loan from Upstart, you’ll need to pay an origination fee, which will generally be between 0-8% of the amount you’re borrowing. The fee will be automatically deducted from your loan, which means you won’t have to worry about paying it off.
The interest rates for Upstart loans can vary greatly from lender to lender. There are lenders offering rates far below the national average, including loans with an APR range of 4.37% to 35.99%.
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
If you miss a payment, you’ll be charged a late fee of $15 or 5% of the past due amount, paying whichever of the two sums is greater. There’s no penalty for early repayment, which means you can pay off your loan whenever you’re ready to.
Upstart is an excellent option for anyone with fair to average credit that is trying to find a personal loan with favorable terms. With Upstart, you can easily explore different options and get the money that you need.