How to apply for Upstart Personal Loan
Learn how to apply for this loan to understand how artificial intelligence can help you in obtaining loans.
Discover a Unique Way to Access up to $50,000 in Loans
Upstart is a lending platform powered by artificial intelligence (AI) that connects borrowers with affiliated lenders. With its use of over 1,500 unconventional factors, such as college education, Upstart offers individuals with fair credit greater access to loans.
Unlike traditional lenders, Upstart looks beyond credit history and considers non-traditional credit indicators. This makes it an excellent choice for individuals who need immediate access to funds but may have been denied a loan by other lenders.
Upstart provides personal loans with minimum amounts ranging from $1,000 to $7,000, depending on the state. Borrowers can choose loan maturities of three or five years.
The APR for Upstart loans ranges from 6.50% to 35.99%. It’s important to note that Upstart does not offer autopay savings like some other lenders.
Upstart charges fees between 0% and 8%, which are deducted from the loan amount before it is disbursed to the borrower. Late fees of $15 or 5% of the past-due amount, whichever is higher, may be charged if the full monthly payment is not made within 10 calendar days of the due date.
Unlike some lenders, Upstart does not impose prepayment penalties for borrowers who choose to pay off their loan early.
If you’re interested in accessing up to $50,000 in loans, continue reading to learn how to apply for an Upstart Personal Loan!
Who is Eligible for an Upstart Personal Loan?
Upstart has minimal qualifications for borrowers, including:
- Being a citizen of the United States.
- Being 18 years or older in most states.
- Having a verified email address, name, birthdate, and Social Security number.
- Currently working full-time or planning to within six months.
- Holding a bank account.
Upstart assesses loan eligibility using over 1,000 data points and considers a wide range of credit types and income sources. They claim to accept applications from individuals with all credit histories, including those without enough credit history to generate a FICO score.
Income sources considered by Upstart include employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disabilities, and scholarships. The minimum annual income requirement is $12,000.
How to Apply for an Upstart Personal Loan
Start the pre-qualification process by clicking “Check My Rate” on Upstart’s website and selecting “Personal Loan.” Provide personal information including the loan amount and purpose.
Next, enter details about your income sources and the funds available in your bank and investment accounts. Create an account and check your rate. A hard credit pull is not performed at this stage.
If you pre-qualify, you’ll be presented with several loan offers with different rates and terms. Upstart allows borrowers to adjust the loan amount and explore the available rates and terms.
Choose the offer that best suits your needs in terms of interest rates and monthly payments. Once you’ve made a decision, submit a formal application, which may require documentation such as W-2 forms, employment agreements, tax records, or other relevant papers.
Collect these documents before applying to expedite the application process.
Upstart Personal Loan vs Prosper Personal Loan
If you require immediate funds and a loan amount of up to $50,000 or less than $2,000, Upstart is a suitable option. On the other hand, if saving money is a priority and you don’t need the funds right away, Prosper may be the better choice.
In terms of customer satisfaction, Upstart outperforms its competitors. Additionally, Upstart’s online application process is quick and easy.
Consider what factors are most important to you when choosing between these lenders.
Benefits of Upstart Personal Loan
- Accepts borrowers with limited credit history.
- Fast funding process.
- Option to change the payment date.
- Pre-qualification available with a soft credit check.
Benefits of Prosper Personal Loan
- Instant approval.
- Option to change the payment date.
- Ability to apply for a joint loan.
- Offers various loan amounts.
How to Apply for a Prosper Personal Loan
If you’re interested in Prosper Personal Loans, check out our article for more information!
