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Options for borrowers with low credit scores
Low minimum APR
Fast funding
Origination fee
High maximum APR
Certain states have higher borrowing minimums
Upstart’s application process is relatively simple. You’ll start by providing some basic details about yourself and register to get a rate quote. The lender does a soft credit check for this part of the process, which means that the inquiry won’t impact your credit score.
If you like what you see, you’ll review the information you shared, add your Social Security number and bank account information and finalize the application.
Once you submit the official application, Upstart will run a hard credit check, which can knock a few points off your credit score.
Before you apply, though, compare the rate quote you receive with other personal loan rates from top lenders.
One of the biggest fees Upstart charges is the origination fee — which can be up to 8 percent of the loan amount. The origination fee is deducted from your loan funds before you receive them, so it’s important to borrow enough to ensure that you get the amount of money you need.
Upstart charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. There’s also an ACH return or check refund fee of $15 if a payment from your bank account or by check is returned due to insufficient funds. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee.
That said, Upstart doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for paying the loan off early.
Overall Score | 4.7 | Explanation |
---|---|---|
Availability | 5.0 | Same-day approval and no credit score requirement. |
Affordability | 4.2 | Competitive 6.70 percent minimum APR, but charges several fees. |
Customer Experience | 5.0 | Online application and account access, and 7-day customer support. |
To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.