Get $1,000 to $50,000 Personal Loan With Very Bad Credit | Upstart Personal Loan Review 2022

Girl looking at phone for the loan

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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

The minimum credit score required for a personal loan is 300. Yes, it is quite low as compared to other lenders because upstarts don’t use that matrix to validate your loan application.

Offered Loan Amount

Upstart offers personal loans from $1,000 to $50,000. The amount you will get will entirely depend upon their qualifying factors. You can always do a soft credit check to ensure you’ll get the required amount.

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must a valid ID Proof or social Security number
  3. You must be a United States citizen or a permanent resident
  4. You must have a valid active US bank checking account
  5. You have to provide a valid email address and a phone number

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

The repayment period of event personal loans is from 24 to 60 months which is two years to five years

Example of the Upstart loan

A three-year, $12,000 loan with a 20.5% APR would cost $449 in monthly payments. A borrower would pay $4,165 in total interest on that loan.

How to apply for Upstart

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  • 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 :
  1. Full name 
  2. Address 
  3. Monthly housing cost 
  4. Date of birth 
  5. Contact information 
  6. Social security number 
  7. Income information 
  8. Monthly net income 
  9. Loan purpose 
  10. The loan amount 
  11. 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

An upstart personal loan is a good choice for people who are looking for a personal loan with bad credit. Even if you have a no credit history then also you have the chance of getting approval from Upstart.

Editorial NoteMakeHelpOf 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}

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