Upstart Personal Loans – What Makes Them Different?

upstart personal loans review

Upstart Personal Loans

Upstart will review a few other factors that just your credit score and history. They also take a look at your education, the area of study and your overall employment history. This information is requested on the application form and then run through an algorithm that will determine if you will be funded and at what rate and terms.

What is an Upstart Loan?

Upstart was founded in 2012. It was actually started by “ex-Googlers” that wanted to start a platform that provided fair and fast personal loans. You basically just fill out one simple application that is run through an algorithm based on a variety of factors. Once you get approved, the loan is direct deposited into your account. We will go into more details below, so you can understand more completely what is an Upstart loan.

What Credit Score Do You Need For Upstart?

If you are able to receive your FICO score based on your credit history, you will need a minimum score of 620. When you have no credit history or very little, you can still possibly get approved for an Upstart loan.

Can I Pay Off My Upstart Loan Early?

This question in regards to paying off your Upstart loan early comes up a lot. Once you get your loan through Upstart and login to their website, you will have a Dashboard. At any time you will be able to check to see what your current total payoff amount will be. If you want to pay a partial payment early or the total amount, it will give you the payoff amount.

The answer to this question can I pay off my Upstart early is yes. There is no pre-payment penalty to pay your loan ahead or completely off.

How Much Can I Borrow on an Upstart Personal Loan?

In general you can borrow anywhere from $1000 all the way up to $50,000 depending on your credit, employer, education and other factors.

This can be an option for a debt consolidation loan if you have good credit and can get approved for up to $50K.

Loan terms for upstart range from 3 – 5 years for payoff.

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. It can be a much easier option to get a loan through Upstart than from an actual bank or credit union.

The loan application process is done completely online and then supporting documents are sent. The verification process occurs and then funding.

It is one of the easiest online loan applications to fill out as well. There is of course very detailed personal information required so they can verify all your requirements. This also ensures you have the ability to pay the loan back, so it protects you too.

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.

You must have completed your bachelors degree to get accepted. One of the key things that differentiates Upstart is that it looks at your education, area of study and job history. Some lenders just look at your credit score and your years of credit. Upstart tends to combine these together.

What Are Other Alternative Personal Loan Options?

Peer-to-Peer Personal Loan

If you would like to get a peer-to-peer personal loan it can be a great option. This is where individuals invest their money on a lending platform to fund loans for borrowers. It is a win win situation where investors get a better rate than the banks and borrowers get lower rates. If you want to apply for a peer-to-peer personal loan just visit LendingClub.com

PersonalLoans.com Lending Network

Another option to obtain an online personal loan is to use a lending network. This is where you fill out one easy form and multiple lenders will be matched to you through a lending network. We recommend PersonalLoans.com