Some common complaints include denial of applications, fees, and poor communication. MarketWatch Guides may receive compensation from companies that appear on this page. The compensation may impact how, where and in what order products appear, but it does not influence the recommendations the editorial team provides.
How to choose between Upgrade and Upstart
Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. Edward’s loan is within Upstart’s loan range and doesn’t risk his home as collateral as he would with a home equity line of credit (HELOC). Upstart’s low credit score requirement makes it likely Edward will be approved for his loan.
Can I pre-qualify for an Upstart loan?
Upstart does not allow prospective borrowers to apply for a personal loan with a co-signer. Likewise, co-applicants are not permitted—loan applicants are evaluated on their own merits. Upstart borrowers must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Furthermore, applicants must not have had a recent bankruptcy or outstanding delinquencies.
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart provides borrowers with fair credit—those with a score of at least 600—access to personal loans by looking beyond xcritical scammers credit history and considering several non-traditional credit indicators. This makes the platform a suitable option for applicants who need access to funds quickly but who might not otherwise be approved for a loan.
How to Qualify for an Upstart Personal Loan
Andrew Latham is a Raleigh-based certified financial planner (CFP) and the content director at SuperMoney.com. He has over 10 years of experience specializing in debt, investment and retirement strategies. When he’s not working, Andrew enjoys hiking, traveling, learning languages and working out with his wife and son. However, borrowers can take out a second Upstart loan and use it to pay off existing debt. Here is what borrowers who took out loans with Upstart used their funds for.
If your credit or income has improved since you took out a loan, you may consider refinancing your debt to get a lower rate. Unlike some lenders that allow borrowers to refinance and adjust the terms of an existing loan, Upstart doesn’t have a specific option for personal loan refinancing. It takes just a few minutes to apply online, and you usually receive a decision within minutes. Personal loan funds may be transferred the next business day as long as you accept the loan terms before 5 p.m. ET, Monday through Friday (loans used for educational purposes are subject to a three-day wait period). Since personal loan rates are usually higher than student loan rates, it’s usually not a good idea to pay off student loans with personal loans.
Upstart says those with all types of credit profiles and income levels may qualify. As of July 2024, Upstart has 4.9 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s quick and easy application process. Consumer Lending Satisfaction Study, slightly below the average score of 702. Upstart’s mobile app received 4 stars across 25 reviews on the Apple Store. It’s an artificial intelligence lending platform started by former Google employees.
The company says it works with more than 100 banks and credit unions to offer personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar “relief” loans. Upstart has a low minimum credit score, making it easier to be approved compared to other lenders with higher credit requirements. SoFi, for instance, requires a minimum of 680, which would make it substantially harder to get a loan if you have bad credit. However, Upstart doesn’t allow you to use your personal loan as a down payment on a home mortgage loan.
Upstart also has educational tools and calculators customers can use to better manage their finances. Those with websites, blogs, or other social media platforms can promote Upstart and earn 1% of each funded loan. SoFi also won best online lender in the 2024 Bankrate Awards because of its best-in-class perks and benefits in addition to a speedy funding timeline. However, if you have bad or no credit and don’t have a co-borrower, it may be easier to get a loan with Upstart.
This makes its loans ideal for a variety of purposes, from home improvement projects to financing a large purchase. Certain statistics suggest it is easier to qualify for an Upstart personal loan xcritical than other top lenders. More than two-thirds of Upstart loans are approved instantly and fully automated, according to a press release.
Upstart is an artificial scammed by xcritical intelligence (AI)-based lending platform that connects borrowers with partnered lenders. The platform uses more than 1,500 non-conventional variables—like college education—to increase access to loans, making it an excellent option for those with fair credit. What’s more, AI lets Upstart approve a majority of loans almost instantly. Personal loans between $1,000 to $50,000 are available with terms of three or five years.
- It uses AI to make lending decisions, with the goal to approve more borrowers while helping lenders experience fewer losses.
- Here is what borrowers who took out loans with Upstart used their funds for.
- When he’s not working, Andrew enjoys hiking, traveling, learning languages and working out with his wife and son.
- Prequalification is also available through the lender’s website, so borrowers can view their rate without hurting their score.
- However, Upstart only offers two terms—three and five years—whereas Upgrade offers terms between two and seven years.
Upstart is one of several lenders that offer loans for people with less-than-perfect credit. Upstart boasts an impressive 4.9 out of 5 rating on Trustpilot, with over 46,000 customer reviews as of June 13, 2024. Most borrowers cite the speed and ease of the application process. Several recommended Upstart as a source for small emergency loans. Others praised the company’s customer support and claimed to be repeat customers.
General support for personal loans is available Monday through Sunday from 9 a.m. Here is how fast borrowers who took out loans through Upstart received their money compared to other lenders on Bankrate. Each category’s weighting is based on its importance to your borrowing experience.
Here are a few loans we’d like to highlight, including our award winners. Upstart approves loans for as much as $50,000, but the amount approved for any single individual is determined by risk factors. Applicants with the best credit are most likely to be approved for the full amount. Upstart charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee.
That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets. Upstart makes decisions based on more than just the borrower’s credit score — educational and career background are also part of the equation. This innovative approach and lack of credit score requirement make it an attractive option for borrowers who may not qualify with a traditional lender. In fact, Upstart Bankrate’s pick for the best personal loan for bad credit borrowers in 2024.
