Best loan for limited credit history
- Loan amount
- $1k– $50k
- Min credit score
- Not specified
Check rate with Bankrate
- No minimum credit score requirement.
- Quick next day funding.
- Offers direct payment to creditors.
- Origination fee of up to 10 percent of the approved loan amount.
- Potentially high APR with the maximum set at 35.99 percent.
- Loans only available for three- or five-year terms.
Headquartered in San Mateo, California and founded by ex-Googlers, Upstart has originated about $33 billion in personal loans to-date.
WHO IT'S FOR
Borrowers with thin credit history.
WHY WE LIKE IT
While many loan applications are based primarily on a borrower’s credit score and years of credit, Upstart applications also factor in an individual’s education, job history and area of study.Lender perks:
- Flexible eligibility criteria.
- Flexible repayment date.
- Fast funding.
Time to receive funds:
- 5% up to $15 late fee.
- 10% origination fee.
- $15 returned check fee.
- $10 one-time paper copies fee.
As soon as one business day.
Bankrate users receive their funds 1.8 days on average after confirming their prequalified offer with Upstart.Requirements:
- Meet credit requirements.
- Residential U.S. street address.
- At least 18 years old.
- Not live in West Virginia or Iowa.
- Email address.
- Social Security number.