Upstart Personal Loans Review
– www.Upstart.com is the official site for this P2P lending company with a twist.
Filling out the Upstart loan application takes you into a review process much different than other peer to peer lenders. They believe you are much more than just you credit score and review things like the college you attended and your GPA. They will even take into consideration your SAT scores.
Upstart personal loans can be used for paying off credit cards, medical bills, relocation, travel, student loans or doing a consolidation loan.
Why is Upstart Great For College Students and Paying Off Student Loans?
Actually college students find their service very much geared towards them and a much easier option to get a loan than from an actual bank or credit union.
Loans are usually between $3000 and max out at around $35000 with a starting interest rate of 5.7%.
Generally Upstart loans claim to be 30% lower rates than other lenders.
The Loan process is fast and you can get money the next day.
Upstart.com was started by ex Google executives.
There is also no prepayment penalties.
The loan application process is done online and then supporting documents are sent. The verification process occurs and then funding.
One of the easiest online loan applications to fill out as well as many comments on the friendliness of their customer service reps and overall process in general.
There is of course much details personal information required so they can verify all you requirements and to ensure you have the ability to pay the loan back.
The average age of a person getting a loan through Upstart is around 34 years old. They will review that persons employment history and debt to income ratio.
A few requirements to note are that loans must be paid within 36 months. You must have completed your bachelors degree to get accepted and you must have a minimum credit score of 640.
So to recap, if you are young and have a short credit history but have good grades and completed college this could be a great option for you to consolidate debt into one low interest payment.
Upstart personal loans can be used for almost anything of your choosing and the loan from start to finish can be completed in a few days.
Loans are actually funded from individual investors working through www.Upstart.com
These investors can earn more on their money by working with Upstart to loan money at reasonable interest rates but are much better than what they would get through a bank.
This is a win win for both the borrowers and investors.
Upstart personal loans can be found at Upstart Loans , just fill out the online application and get approved.