BEST FOR SHORT CREDIT HISTORY
Bankrate Rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.
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This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate, loan amount, and loan terms are subject to change based upon information received in your full inquiry on our site. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the Upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.44% and a 8.64% origination fee of $864, for an APR of 22.88%. In this example, the borrower will receive $9136 and will make 60 monthly payments of $257. APR is calculated based on 5-year rates offered in March 2023. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
- Option to choose and change payment date
- Low minimum APR
- Fast funding
- High origination fee
- High maximum APR
- Cosigners not allowed
WHO IT'S FOR
Limited-credit borrowers looking for an early payoff.
WHY WE LIKE IT
While Upstart evaluates your credit score to approve you for its loans, it also considers other factors. These include your education and job history, which can be helpful if you have a short credit history or less-than-stellar credit.Lender perks:
- Rates are 43% lower than credit score-only model
- Prequalification available
- 5-minute application
- No credit history needed
Time to receive funds:
- Origination fee of up to 10%
- Late payment fee of 5% of the past due or $15, whichever is greater
- $15 check refund fee
- $10 paper copy fee
Next business day after approval.Requirements:
- Borrowers with insufficient credit may also apply
- Have a full-time job or a job offer
- Not have adverse credit history
- Not have any delinquent accounts
- Meet minimum debt-to-income ratio requirements (45% to 50%, depending on the state)
- Have a U.S. bank account