PERSONAL LOANS
Upstart: Best for bad credit
4.8
Bankrate Score = 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.
If you’re new to building credit or have had some rough patches, you may still qualify for an RV loan with Upstart. Its unique approach to lending includes considering your education and work experience versus just your credit history. Potential borrowers can also check what rate and offers they qualify for without hurting their credit.
- Minimum income of $12,000 per year
- Verification of full-time employment or job offer starting within 6 months
- Bank account information
- Origination fee of up to 12 percent of loan amount
- $15 late fee or 5 percent of past-due amount
- $15 for ACH return or check return
Next business day if accepted before 5 p.m. ET, Monday through Friday
Pros
- Flexible qualifying requirements beyond credit score
- Competitive APRs
- Bankrate Award-winner for bad credit loans
Cons
- High origination fees compared to competitors
- Limited repayment terms
- Pricey maximum APRs
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.