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Upstart Overview
Upstart offers a personal loan from $1,000 to 50,000 to anyone who has bad credit or no credit at all. Upstart differentiates itself from different lenders with its qualifying criteria. Upstart uses an AI-based program to qualify you for their personal loan programs. This AI-based software usually sees your college data, education details, your assets, and your income. So on that basis, your application process will be qualified. So yes it’s true that Upstart offers Personal loans with bad credit also.
The minimum credit score you required for qualifying for an Upstart personal loan is 300. Upstart Personal loans charge an APR of 3.22% – 35.99%. Upstart may charges an origination fee up to 8% of the total loan amount.
Pros
- Loan amount starting from $1,000 – $50,000
- At Upstart Bad Credit score is accepted
- Soft Credit Check is available
- At Upstart you’ll get fast decisions and quick funding as soon as next business day.{alertSuccess}
Cons
- Upstart may Charge a originaiton fees up to 8%.
- No joint, co-signer loan option.
- Borrower can only choose two repayment term option either 3 or 5 years. {alertError}
Used as Credit Debt Consolidation Loan
Upstart offers personal loans for many purposes such as debt consolidation, home improvements, and big purchases. Also Upstart sends your loan proceeds to your credit card issuer company to automate the debt consolidation process.
Annual Interest Rate and Fees
Upstart offers an APR of 3.22% – 35.99% which is low as compared to other lenders in the market. You may get a low APR of 3.22% and as high as 35.99% if your application is not according to them.
Your credit score and interest rate are inversely proportional to each other. If you have a low credit score then you will get a high APR and if you have a good credit score then you’ll get a low APR loan.
A late payment fee of 5% of the overdue amount or $15, whichever is greater, for each occurrence.
Minimum Credit Score Required
Offered Loan Amount
Eligibility Criteria
Required Documents
- Valid Identity Proof.
- Have to provide a DOB.
- Valid current mobile number and Email id.
- An active American bank account.
- A social security number
Repayments Terms
Example of the Upstart loan
How to apply for Upstart
- If you have decided to apply for Upstart personal loans then just go to their website and choose the reason why you need this loan like auto finance, debt consolidation, credit card payment, etc.
- After that, you have to fill out the application form for Upstart Personal Loan.
- Since Upstart offers the chance to pre-qualified online without a hard credit check which means that your credit score will not be affected when you will be prequalified.
- You just need to give some information like :
- Full name
- Address
- Monthly housing cost
- Date of birth
- Contact information
- Social security number
- Income information
- Monthly net income
- Loan purpose
- The loan amount
- And your credit range.
How To Qualify for Upstart
- Upstart Minimum credit score: There is no minimum credit score requirement for Upstart.
- Minimum credit history: None; borrowers with credit histories too limited to produce a FICO score may be accepted.
- Upstart minimum gross income: $12,000.
- Employment: Full-time job, full-time job offer starting in six months, a regular part-time job, or another source of regular income.
Who is this loan good for
Editorial Note: MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}
