Upstart Personal Loans
Competitive rates from 6.7% to 35.99% APR. Flexible credit requirements, fast funding often by the next business day, and no early payoff penalty.
Upstart Personal Loans stand out as a compelling choice for borrowers seeking quick access to funds. With APRs ranging from 6.7% to 35.99% and loan amounts from $1,000 to $75,000, this lender is accessible to a broad range of applicants, including those with limited or no credit history. Terms are available at either 36 or 60 months, making repayment manageable for many people.
Applicants looking for flexibility will appreciate Upstart’s openness to borrowers starting with a minimum credit score of 300, or even those without enough credit history to generate a score. Completion of paperwork before 5 p.m. on a weekday usually leads to funding as soon as the next business day, ensuring fast access to cash for pressing needs.
How to Apply: Step by Step
1. Complete the simple online application, providing your Social Security number and other basic details.
2. Get a preliminary lending decision without uploading financial documents immediately.
3. Review your loan offer, including interest rate, terms, and any origination fees.
4. If you accept, sign the agreement and provide any requested documentation.
5. Funds are typically deposited to your account by the next business day.
Primary Advantages
First, Upstart is accessible to applicants with diverse credit backgrounds— even those with little to no credit history. This broadens financing options for more people.
Second, the process is fast and user-friendly, with funding often done by the next business day. There are no early payoff penalties, allowing you to save on interest if you choose to pay off early.
Some Drawbacks to Consider
The origination fee, which can reach up to 12% of the funding amount, is a cost to factor in, as it is deducted from your loan before you receive it.
Further, there are late fees, and you must have a Social Security number to qualify. A $10 fee is charged for a paper copy of your agreement.
Verdict
Upstart Personal Loans are well-suited for individuals who need money quickly and may not have the best credit. If you accept the origination fee, the fast funding and flexible terms offer a convenient borrowing solution.