Personal loans can be an affordable means of paying for big-ticket purchases or refinancing high-interest credit card balances. Upstart is an online lender that provides personal loans from several lending partners.
Upstart says it’s different from lenders who only look at your credit score and credit history — their evaluation process also looks at your education, major and job history.
Here’s an overview of what you need to know about taking out a personal loan from Upstart.
Upstart personal loans overview
Upstart offers personal loans from $1,000 to $50,000 with fixed interest rates and repayment terms of 3 or 5 years. In addition to debt consolidation, Upstart also markets its loans as a source of funding for any occasion, including home improvement, moving, weddings, and medical bills. Upstart will even provide personal loans for borrowers attending an approved coding bootcamp, or to take care of extra college or graduate school expenses.
If you decide to take out a personal loan with Upstart, here’s what you should know:
|Types of rates (APR)||Fixed|
|Loan size||$1,000 to $50,000|
|Loan terms||3 or 5 years|
|Loan use||Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, or other uses|
|Key benefits||Can apply for a second loan after making six on-time monthly payments ($50,000 maximum principal on all loans)|
|Residency||- U.S. citizen or permanent resident currently living in the U.S. with a verifiable Social Security number
- Not available in WV or IA
|Loan servicer||Upstart Network|
|Loan originator||Upstart Loan|
How to take out a personal loan with Upstart
When you apply for a loan, Upstart will evaluate your credit history and income before approving your request. Unless you’re taking out a loan to attend an approved coding bootcamp, you’ll need to have a full-time job, a full time job offer starting within 6 months, a part-time job or some other source of income. Once you accept your loan, Upstart says it can put the money right in your bank account as soon as the next business day.
Because every lender uses its own methods to evaluate borrowers, it’s smart to request rates from several lenders. You can use Credible to fill out a single form in 2 minutes and request prequalified rates from multiple lenders, including Upstart.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.