We can bet you are at this very moment looking for a personal loan despite having a fair credit score, right? That won’t be easy to solve, after all, some of the best lenders only accept customers with excellent scores, which is why they offer such low interest rates. That’s why Upstart Loan can be a great option.
Additionally, the loan intermediary, the so-called lender, provides unsecured personal loans from $1,000 to $50,000 to borrowers anywhere in the US except West Virginia or Iowa – they are available with terms of three or five years.
Another point is that Upstart may also charge borrowers for origination, late payment, unsuccessful payment and hard copy fees. However, it ends up being a great option for customers who don’t have a credit score that qualifies them for cheaper loans.
Pros and Cons for Upstart Loan
There are some pros to using Upstart Loan. This service offers a minimum loan amount that is really reasonable for most of the US, $1,000, and can go up to $50,000, but that depends a lot on the property. We’ll talk a little more about that later.
Other advantages you may want to check out include:
- Fast financing
- Free financial education
- Offers free financial education
- Option to change payment date
- Accepts new borrowers for credit
- No prepayment penalty
- Offers pre-qualification with a smooth credit check
Cons for Upstart Loan
When you research personal loan providers, it’s important to know that no service is perfect. This is the case with Upstart loan, which has some cons that users should consider before actually taking out the loan. Learn about the main issues we’ve encountered with this service to see if it’s right for you:
- Limited repayment terms – this point is interesting for many people considering this loan, as borrowers can choose a repayment term of three or five years.
- Origination fee – there is a percentage reduction of the total loan amount, called the origination fee, which is common in personal loans.
- No mobile app to manage the loan – Not having mobile apps to manage the loan can be a burden on the borrower’s choice.
- No co-signed, pooled or guaranteed loan options – Upstart only offers unsecured loans.
How to Qualify
According to Upstart Loan, the company makes its decisions based on each unique credit profile, analyzing many details. This means that even if you have a good credit score, you are not guaranteed to get approved at your desired rates.
However, we have brought some details that can help you have the best chances of getting the perfect loan:
- Have a bank account
- Be an American citizen
- Have a valid email account
- Be at least 18 years old in most states
- Have a full-time job or start one within six months
- Have a verifiable name, date of birth, and Social Security number
How to Apply
To obtain this application, the best way to apply is online through the application form available on the official website of the Upstart Loan.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. Upstart Loan will likely do an accessibility assessment before providing access to funds.
Citibank Personal Loans 
Chase Personal Loan