PERSONAL LOANS
Upstart: BEST FOR SHORT CREDIT HISTORY
4.8
Bankrate Rating = 4.8/5
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.
This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.
Upstart uses an innovative lending model that takes into account borrowers’ educational and career backgrounds for approval instead of just their credit scores. The lender is Bankrate’s 2024 award winner for bad credit borrowers due to its competitive rates and flexible requirements.
- Have a valid email address
- Have a Social Security number
- Have a personal bank account
- Have steady income or job offer starting within 6 months
- Earn a minimum annual income of $12,000
- Origination fee of up to 12%
- 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 if accepted before 5 p.m. ET (Mon.-Fri.)
Pros
- Can qualify with little or no credit history
- No prepayment penalties
- Fast funding
Cons
- High origination fee
- High maximum APR
- Cosigners not allowed
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 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. 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. Not all applicants will be approved.