Upstart is a popular online lending company that works with credit unions and banks to provide its customers with nontraditional loans. Unlike other lenders, Upstart makes use of education and employment to determine a customer’s creditworthiness instead of performing a credit check. One of the most popular types of loans offered by Upstart is personal. This blog post will show you how to apply for upstart personal loans.
You can get a personal loan from the company to achieve your goal or based on your needs. In addition, Upstart personal loans can be used for a wide range of purposes. These include home improvement, medical expenses, weddings, and much more.
Applying for Upstart Personal Loans is easy and safe, and this can be done via their official website. You don’t need a good or excellent credit score to apply for personal loans via the website. Besides, you don’t need to have collateral before applying for loans. This is because Upstart offers its customers unsecured loans.
As you know, unsecured personal loans don’t require any assets, but your approval depends on your lender’s requirements. You can get a loan amount of $1,000 to $50,000 with an estimated APR of 5.39 to 35.99%. Personal loans obtained from the company can be paid flexibly. Also, funds can be accessed the next business day.
What’s an Upstart Personal Loan best for?
Upstart Personal Loans are best for people with a bad or fair credit score who are searching for quick funds with a flexible rate. The company offers direct payments to creditors with credit card consolidation loans. Funds can be obtained the next business day after approval. Based on our research, their services are available across fifty states in the USA and other regions.
Meanwhile, there are no prepayment penalties when it comes to Upstart Loans, which means you can repay part or all of your loans at any time without being charged a fee. Their customer service support team is top-notch and can be accessed seven days a week across different channels.
Before applying for loans from the website, users can check their interest rate by making use of their loan calculator. The process is transparent, and your loan amount will be determined based on your income, credit, and other information.
Downsides to Upstart Loans
Just as there are advantages to applying for Upstart Loans, there are also disadvantages to using the platform. One of the downsides of using the platform is that you will have to pay a non-refundable origination fee and this fee is up to 8%. In addition, for every late payment made, you will be charged a fee of $15 or 5%.
Unlike other lenders that offer special discounts to past customers, Upstart doesn’t offer any special discounts for both new and existing customers. Lastly, if you don’t qualify for an Upstart.com loan, you won’t be able to apply for loans using a co-signer. Therefore, you will need to check out other lenders online to apply for loans.
What Can I Use My Upstart Personal Loan For?
You can use your loan for various purposes. Here are some of the common things you can use your loan for:
- Debt Consolidation
- Credit Card Consolidation
- Home Improvement Loans
- Medical Expenses
- Wedding Loans
- Education-related costs except for borrowers in California, Connecticut, Illinois, and Washington, D.C.
How to Qualify for Upstart.com Personal Loans
As mentioned, applying for loans on Upstart.com is easy and simple and can be done via the company’s official website. However, to know how to apply for upstart personal loans, there are certain requirements that you must meet before applying for loans. These requirements include:
- You must be 18 years of age or 19 in Nebraska and Alabama.
- Except in West Virginia and Lowa, applicants must be citizens of the United States.
- Your social security number.
- Lastly, you must have a personal bank account in the U.S.
You don’t need to have an excellent credit score, nor do you need a co-signer to apply for loans via the platform. Check out the next outline for steps and guidelines to apply for loans via the website.
How to Apply For Upstart Personal Loans
In this section of the article, we will be providing you with easy and simple ways to apply for loans via the website. Here are the steps and guidelines you will need to follow:
- Visit the official website of Upstart at www.Upstart.com.
- On the homepage, click on Borrow and select the type of personal loan you need.
- Check your loan interest rate by clicking on the “check rate” icon and following the prompts.
- You will need to enter your basic information, education, income, savings, and recent loans. Note that this won’t affect your credit score.
- Once you’re done, verify your bank account details.
- Then upload your supporting documents to verify your information.
- Wait for your loan to be approved and get access to your funds the next business day after approval.
You can follow the above steps and guidelines to apply for an unsecured personal loan with Upstart online. Note that if you’ve already entered your information, you will need to log into your Upstart account to complete your loan application process.