There are times emergency comes up, what do you do or who do you turn to? The majority of people turn to their relatives, this might not be a great idea oftentimes, but another great place to turn to today is the Upstart loan.
Someone reading this does not know about the upstart loans, right? In this piece, you will get enlightened about the upstart loans, pros, and cons, as well as how to apply. All you need to do is to read to the end.
SEE ALSO: Premier Student Loan Center – Loan Forgiveness
What is Upstart?
Upstart is a platform that loans people it was co-founded by some former employees of Google Anna Counselman, Dave Girouard, and Paul Gu in 2012 with its headquarters situated in San Mateo, California with a revenue generation of more than $2 million in 2020.
It was one of the first companies to adopt the use of Artificial Intelligence to access affordable credit. Here, without a credit history, you can still be approved for an Upstart loan in as much as you have a regular income, a bank account, and a verified email account.
It has serves different borrowers across the U.S except for people in the location of Lowa and West Virginia. From Upstart, different loans for different costs can be borrowed, except for some areas in the U.S such as California, Connecticut, Illinois, Washington, etc where loans for education expenses and student loan repayment are not available.
What can Upstart Loan be Used For?
The upstart loan can be used for different purposes, some of which includes;
- Clearing off credit cards or student loans,
- Business startup or expansion,
- Education-related expenses,
- Clearing off medical bills,
- Large purchase,
- Wedding expense,
- Traveling or relocating purpose,
- Home improvements or arrangements.
Upstart offers fast funding for its loans, relatively low rates, and has positive customer service reviews. However, its personal loans come with certain fees, so it’s important to compare options from different lenders before applying.
Borrowers with excellent credit may find fewer fees elsewhere, but Upstart personal loans are a great option for those with fair credit or no credit history.
Pros of Upstart Loans
Absence of Credit History
A credit score is needed majorly to loan you, However, with Upstart loans, you can still be loaned if you meet other requirements even without a credit score. For someone with a credit score, the minimum acceptance is 300.
Absence of Prepayment Penalties
Most loans come with interest, but if you pay off your loan early, you won’t be charged any prepayment penalties. So your loan can be paid off at any time
Quick Payment
When you apply for a loan, funds get to you easily without delay. At most, it takes 2 days.
Comfortable Payment Options
With an upstart loan, you can make your payment twice as well as adjust the date given for repayment.
SEE ALSO: Premier Student Loan Center – Loan Forgiveness
Cons of Upstart Loans
Origination Fees Requirement
Origination fees of the loan amount which ranges from 0% to 8% are required from some borrowers. This is removed from loan proceeds.
Late Fees Charges
Upstart loan charges 5% for a late fee if payment is missed.
No Discounts
Upstart loam does not offer any discounts for autopay, signing up, or other perks.
No Co-signers
The upstart loan does not allow co-signers, this means if you are not approved for a loan, no other person can sign for you to get approved.
Two Term Options
It has only three or five-year term payment options which might not ve friendly for those who borrowed on a high scale.
Upstart offers fixed-rate personal loans that can be used to cover various expenses. Borrowers need a 300 minimum credit score (or insufficient data to generate a score) and a regular source of income to apply.
How To Apply For An Upstart Loan
You can apply for an upstart loan through the following ways;
Check Your Rate
You need to check your rate with a soft credit pull.
Apply
This is where you apply for an upstart loan online through the Upstart application which you’ll be required to provide bank statements, proof of employment, income, etc.
This you proceed with after you are comfortable with the rate shown to you. You must review the terms and conditions before you proceed. You will receive your money within a day or 2 after applying.
Upstart Loan Features
One important feature of Upstart personal loan is “second loan”, this gives borrower who has pending loan to pay the ability to borrow another. To be eligible for this, below are the requirements;
- Made previous payments for the last six months early,
- No debts due for payment,
- Not more than one outstanding low which shouldn’t exceed $50, 000 principal.
- If you meet the above requirements you can get a second loan.
SEE ALSO: Where do Banks Get Money to Loan Borrowers?
Conclusion
An upstart loan is the best to consider for borrowers with no Credit score or fair credit, you can get through to Upstart loan customer service between the hours of 9 am to 8 pm each day, for payment, 9 am to 9 pm while on weekends usually, it is 10 am to 9 pm.
You can’t go wrong with an upstart loan as it offers great customer service with a rating of 4.9 out of 5 stars. You can make your payment, schedule, manage and change your due date all at the comfort of your home. Isn’t this amazing?
Consider upstart loan today if you need fast funding, you can get loans ranging from $1,000 to $50, 000.
Have you ever used an Upstart loan application? If yes, what can you say about it? If you haven’t, download the app today and start enjoying it.
