Find the Best Personal Loan for Your Needs
Who is Upstart?
Upstart is a Silicon Valley originated Personal Loan and Online Lending financial institution. Created by several previous Google employees, Upstart serves to supply personal or business loans through conventional and unconventional methods of assessing a person’s propensity to repay loans.
Beginning in 2014 as a peer to peer lending platform, more than $1.4 billion in Upstart loans have been originated thanks to their high-quality proprietary underwriting model.
What type of loans do they offer?
Upstart’s banking system offers numerous loans for any occasion. More importantly, they consider not only your FICO Score but other aspects of an individual to better asses their eligibility. The numerous loans an individual can apply for include:
- Student Loans
- Debt Consolidation
- Credit Cards
- Medical Bills
- Home-Related Loans
- Auto Loan
- Personal Loans
- Other Large Expenses
As far as personal loans is considered, they offer numerous categories according to your needs. Whether it is for rent or a mortgage, medical expenses, or planning for a wedding, they asses your eligibility after a simple “Check Your Rate” process.
This process includes a questionnaire where you choose your ideal amount between $1,000 and $50,000. Checking your rate for a personal loan will not affect your credit score. However, accepting the loan will.
The Benefits of Upstart
The many benefits of Upstart are evident the moment you visit their website. With numerous loan options ranging from $1,000 to $50,000 dollars with rates from 9.56% – 29.99% APR, borrowers can find their ideal loan.
The terms are either 3 or 5 years, and there is no prepayment penalty for paying early according to Upstarts website.
The application process from Upstart is quite different than other personal loan companies or banking institutions. With their 3-Step method, you can apply online for your ideal loan within minutes.
What makes them unique is they not only asses your Fico score, they take into consideration other aspects of your financial history and personal history. These aspects include:
- Years of Credit
- Area of Study
- Job History
This process is known on their website Check Your Rate form and will help Upstart decide whether or not an individual is eligible for an Upstart loan. Once your application is review and you have reviews the terms and conditions, you can receive your money as soon as the next day.