Grace Enfield, Content Writer
@grace_enfield
Yes, you can pay off a loan through Upstart early, and doing so is a smart idea because it will save you money on interest. There is no prepayment penalty on a personal loan through Upstart, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Loan Through Upstart Early
- Situation: A $10,000 loan with a repayment period of 5 years, an APR of 18% and an origination fee of 3%.
- Normal Payments: You will spend approximately $5,236 on interest.
- Early Pay Off: If you pay off the loan in 3 years, you will save about $2,221 on interest.
To estimate the cost of your personal loan through Upstart with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
Are joint loans available through Upstart?
No, joint loans are not available through Upstart, unlike some other lending platforms. A joint application allows two people to put their names on the loan and apply together, as well as share responsibility for paying back the loan.
Though joint personal loans through Upstart aren’t offered, there are quite a few companies out there that do offer them. You can check out WalletHub's picks for the best personal loans that allow joint applications or cosigners to...
read full answer by Grace Enfield, Content WriterHow long does it take to get money from a personal loan through Upstart?
It takes as little as one business day to get money from a personal loan through Upstart, according to the company. Additionally, most applicants are instantly approved, but there will be a hard credit inquiry performed for final approval. Keep in mind that this is a typical applicant's experience and in some cases it could take longer.
How to Get Money From Upstart as Fast as Possible
- Fill out the application carefully.You should...
Does Upstarts lending partners offer good debt consolidation loans?
Upstart’s lending partners offer personal loans that can be used for debt consolidation and have dollar amounts of $1,000 - $75,000 with repayment periods of 36 months or 60 months. A personal loan through Upstart is a decent option because the typical APRs are competitive with what other companies charge. Consolidating debt with a personal loan through Upstart could typically get borrowers an APR of 6.6% - 35.99%, which is just a bit higher than what some of the best loans on the...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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