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Upstart

September 5, 2017 by Leave a Comment

Upstart logo

Upstart

Upstart is a peer-to-peer personal loan provider with a focus on younger clients, typically those with a solid education and future earnings potential.

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4.6
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Personal Loans › Upstart

The Good

  • Loans available to those with little to no credit history
  • Loans available for education expenses, including things like athletic training
  • No approval from investors required – Upstart handles entire process
  • Soft credit check to find your rate (won’t affect your score)

 

Upstart stands out from traditional loan companies due to their innovative automated approach – according to the company itself, more than a third of their loans are approved via a fully automated process. Perhaps most interesting, the business got its start when co-founder Paul Gu set about creating a statistics model that could project future income.

 

In addition to using this unique loan process, Upstart also takes into account your work experience and field of study coupled with typical factors like FICO score. This allows the company to take the big picture into consideration which results in loans being available to those with no – or a short – credit history.  While little to no credit history is needed, keep in mind that this does not mean you can have a negative credit history.  If your credit score is low because of a “thin file” where you have little history – that’s ok – but a low credit score due to missed payments or negative actions will be rejected.

 

The Bad

  • Fairly strict educational and earnings (or earnings potential) requirements
  • Better options for those with an extensive credit history
  • Some reports of minor telephone customer service issues

 

Payoff is good for web savvy consumers with decent income, but perhaps because of their focus on an easy-to-use website, some consumers had negative experiences when trying to pick up the phone and call them.  This may or may not be an issue for you, but Upstart is probably best for borrowers who like to do everything online.

 

Also, note that in Ohio, Upstart has a minimum loan amount of $6,000 and in Massachusetts the minimum loan amount is $7,000.

The Summary

Whether you’re seeking a loan for a purchase, tuition, student loans, or even to consolidate credit card debt, you’ll find a wide range of customized options with this trailblazing company. Rates are tailored to your specific set of circumstances, without the hassle of an inquiry affecting your credit report.

As far as the typical factors affecting your loan decision, you’ll find Upstart is in line with the rest of the industry.

They charge a 0-8% loan origination fee, the higher of $15 or 5% for past-due payments, and a $15 returned payment fee. While you will need to enter more information than for other lenders due to bypassing investor approval, the application process is still only minutes long.

All of this amounts to Upstart being a viable, creative solution for young professionals who may have trouble obtaining the loan they need due to insufficient credit history.

Ratings Breakdown

Loan Amount$1,000-$50,000

Max Length5

Credit ScoreMinimum 620 FICO

APR Range8.89-35.99%

Availability49 states

Year Founded2012

Review Last Updated: September 5, 2017

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

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THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.