It is clear that artificial intelligence is revolutionizing the lending marketplace, making it more accessible to everyone. Upstart is at the forefront of this movement, working with banks to reduce the costs of lending and improve access to credit. They advertise their services at upstart.com.
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- BBB A+ Rating
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
Summary
The Upstart marketplace provides different types of loans. In this article, we take a closer look at Upstart to see if it’s right for you.
The website of Upstart as well as their terms and conditions were investigated by us.
The following are just a few of the things that caught our attention during our research.
- Rates start at 5.6% and go up to 35.99%.
- From $1,000 to $50,000, you can get a personal loan.
- You can get a personal loan for 3 or 5 years.
- Due to additional paperwork, your loan may take longer than expected.
- Each state has a different minimum loan amount.
- Rates vary by state.
Upstart: What is It?
Using artificial intelligence (AI), Upstart connects lenders and borrowers online. Banks powered by Upstart can deliver a digital-first lending experience their customers demand while offering higher approval rates and lower loss rates.
It is located at 2950 S Delaware St in San Mateo, CA, and can be reached at (855) 438-8778.
Upstart has an A+ rating with the Better Business Bureau. The company has been accredited since 11/30/2015 and has averaged 182 customer reviews. In the past year, Upstart has resolved 239 complaints.
How Does This Company Work?
Using artificial intelligence (AI) in the credit industry, Upstart is one of the first companies to provide superior loan performance and improve access to credit.
The majority of applicants can complete Upstart’s application process without having to provide extra documents. However, final approval is only given after a hard credit check.
If you accept your loan by 5 pm EST (not counting weekends or holidays), you’ll get your funds within one business day. It takes a little longer to process education-related loans because federal law requires a waiting period of 3 business days.
How To Qualify For Upstart
Upstart looks at non-traditional factors such as your education and employment to give you a more holistic APR. Your credit score, income, and other info will still be taken into account, but not as much as other lenders.
BBB Reviews
Despite having an A+ rating from the Better Business Bureau and accreditation from 2015, Upstart has been receiving mixed reviews recently. On average, they have received 182 positive customer reviews. However, 239 complaints have been closed by the company in the past 12 months with a rating of 1 out of 5.
See If You Qualify for Credit Card Relief
See how much you can save every month — plus get an estimate of time savings and total savings — with your very own personalized plan.
The following are some reviews:
Al M 10/20/2022
Victor A 10/20/2022
Logan L 10/16/2022
Tamika H 09/29/2022
Frequently Asked Questions
How Much Does This Company Charge?
In general, Upstart offers loans with an annual percentage rate of 25.05% and monthly payments of $25.80 per $1,000 borrowed. Thus, for example, a $10,000 loan would cost $15,478 including an origination fee of $804.
Your loan rate will depend on factors like your credit score, income, and other information you provide. Not all applicants will be approved.
Is There Any Pre-Payment Penalty?
No down payment is required and there is no penalty for prepayment.
How Does It Affect Your Credit?
It is Upstart’s policy to pull your credit report every time you check your rate. This initial (soft) inquiry is not detrimental to your credit score. However, if you decide to proceed with your application after accepting your rate, they will do another (hard) credit inquiry that will lower your score. It is also important to remember that credit bureaus will receive information about your repayments if you take out a loan.
How To Cancel
You need to be sure that you thoroughly research all aspects of a loan and understand the terms and conditions before taking it out. If you decide you would like to take out a loan with Upstart, you need to consider that once you have received the funds, you cannot cancel or reverse the loan. Before signing any agreements, you need to be confident that a loan is the right choice for you.
Here are some tips to help you get back on track if you are struggling to make ends meet.
A few things can be done to ensure that you are spending within your means.
- As a first step, develop a budget and adhere to it as closely as possible.
- Second, you should consult a financial advisor who can help you understand all your options and develop a plan that best suits your needs.
- Finally, if you are already in debt, don’t worry. Most companies are willing and able to work with customers to arrange more manageable payment plans. Contact their customer service team to learn more.
Is It Legit?
The Better Business Bureau has awarded Upstart its accreditation since 2015 and has received an average of 182 customer reviews over that period. The company has been accredited since 2015. However, in the past three years, it has also been involved in 343 complaints that were resolved. Also, Upstart has a one out of five-star rating from consumers. The majority of Upstart’s reviews are negative, including complaints.
To make the best decision, you should always do your research and read customer reviews before selecting a financial institution.
Are you familiar with upstart.com? Share your experience and review below.
Thanks for reading!
Upstart
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Upstart
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Upstart
The Better Business Bureau has awarded Upstart its accreditation since 2015 and has received an average of 182 customer reviews over that period. The company has been accredited since 2015. However, in the past three years, it has also been involved in 343 complaints that were resolved. Also, Upstart has a one out of five-star rating from consumers. The majority of Upstart’s reviews are negative, including complaints.
