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Whether you're consolidating debt or making a big purchase, Upstart's personal loans have got you covered -- and the credit score requirements are more flexible than those of some other lenders. Check out our in-depth Upstart personal loans review for this lender's advantages, drawbacks, and to find out if you should apply.
Upstart has flexible credit requirements and offers loans as small as $1,000. Well qualified borrowers can get a very low rate. On the downside, Upstart charges fees, including an origination fee and a late fee.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
This personal loan is a good fit for: Borrowers with low or no credit score looking for a small loan.
You can qualify with a low or no credit score: You don't need good credit to apply. Borrowers can apply for a loan with a FICO® Score of 300. Upstart also offers loans to people with no credit history -- it will take education and employment into account when underwriting your loan. But keep in mind that Upstart's loan interest rates will be higher if your credit score is low.
Wide range of loan options: Upstart personal loans range from $1,000 to $50,000. As such, it offers some of the best personal loans for people looking to borrow smaller amounts of money.
Next day funding: According to Upstart, 99% of the time, you should get your money within one business day. That means if you need money to cover an emergency expense, funds will be in your account quickly.
Repayment options: You have a choice of a three-year or five-year loan repayment term. The five-year term will keep your monthly payments lower, but the three-year term will save you money in the long run.
No prepayment penalty: If you want to pay Upstart personal loans off early, you can. Since Upstart loans have no prepayment penalty, you can make additional payments to reduce the loan principal. This will save you money long term.
Check your rate without impacting your credit score: Curious applicants can submit basic details and get a quoted loan rate without impacting their credit scores.
Payment grace period: If you don't make your loan payment by the due date, Upstart will send you a reminder. You won't be charged a late fee until your payment is 15 days late. That's in contrast to many lenders and credit card issuers who slap an automatic late fee on your account the day after you miss a payment. A grace period is a handy benefit, especially for borrowers who are working hard to get a handle on their finances. You want to get that payment in ASAP, though. On day 15 the late fee is 5% or $15 of your payment amount, whichever is greater.
High APRs: Upstart's upper end of its APR range is higher than some competitors. If you can only qualify for the higher APR, be aware the highest rate offered is one of the higher interest rates you'll find. Depending on your credit card, it's unlikely to help if you're looking to consolidate credit card debt.
Origination fees: Upstart charges an origination fee of 0% to 10% on its personal loans. This one-off fee is one of the highest origination fees. (Note: It will be factored into the APR you are quoted.) It's a good idea to prequalify for several lenders before making a final decision to ensure you find the best loan for you -- fees, interest rate, and all.
Cosigners not allowed: You will need to qualify on your own.
Upstart is not a bank. It's an artificial intelligence lending platform started by former Google employees. It uses AI to make lending decisions, with the goal to approve more borrowers while helping lenders experience fewer losses.
To determine which borrowers are creditworthy, Upstart looks at many nontraditional variables that traditional lenders don't consider. For example, your education, the cost of living in your city, and even how you interact with your loan application. In contrast, traditional lenders are usually concerned with your FICO® Score, your debt-to-income ratio, and your assets. As a result, lending decisions are more accurate, it approves more applicants, and its borrowers default on their loans less often.
Leaning on AI doesn't make it risky for consumers. Since its inception, Upstart has worked with state and federal regulators to make sure its algorithms don't create unintended bias that could further harm disadvantaged groups of people.
Does it work? Upstart's data says yes. For instance, it approves 30% more Black applicants compared with traditional big bank lending models, and offers Black borrowers interest rates that are on average 11% lower.
Here are the minimum qualification requirements to get a personal loan with Upstart:
Upstart makes applying for a personal loan easy. Here's how it works:
Upstart is one of the top lenders for a reason, as it offers quite a few benefits. In particular, Upstart personal loans are worth a look if:
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Citi Personal Loan disclaimer:
**Rates as of 05-31-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.