Upstart
Personal loans from 6.7% APR, up to $75,000, credit scores as low as 300 accepted. No early repayment fees. Fast funding, easy application.
Upstart offers personal loans with flexible terms, fast approval, and a notably low minimum entry credit score of 300. The APR ranges from 6.7% up to 35.99%, and you can borrow between $1,000 and $75,000 over 36 or 60 months. Upstart is suited for those with limited or poor credit histories and even accepts applicants with insufficient credit history. There are no penalties for early repayment, and funds are often sent the next business day after approval.
How to Apply for an Upstart Personal Loan
- Complete a quick online application form with your details and desired loan amount.
- Submit support documents, such as proof of income and identification.
- Review loan offers and finalise your application.
- If approved, electronically sign your loan agreement.
- Receive your funds, often as soon as the next working day.
Key Advantages
Upstart stands out by approving low or even nonexistent credit applicants. This unique advantage allows greater access for people who may have struggled with traditional lenders.
Additionally, the quick funding process ensures that once approved, your funds usually arrive by the next business day—ideal when you need cash urgently for debt consolidation, unexpected bills, or other expenses.
Potential Drawbacks
Origination fees can be significant, between 0%-12% of the total loan amount, depending on your application details. These are deducted from your approved loan before you receive your payout.
Late payment fees are also on the higher side, and applying requires a social security number. Careful consideration of these costs is important before proceeding.
Verdict
Upstart offers a strong option for borrowers with lower credit scores or limited history who need personal loans quickly. With fast funds, no early repayment fees, and flexibility for smaller loans, it is well suited for those seeking straightforward solutions. However, applicants should be mindful of origination and late fees. Overall, Upstart balances accessibility with relatively competitive rates, making it a recommended choice for many seeking personal loans.