Can you pay off a loan through Upstart early?

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 … read full answerjoint applications or cosigners to find some good offers. You can also use WalletHub's free personal loan pre-qualification tool to see which loans you might be able to qualify for individually.

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.… read full answer

How to Get Money From Upstart as Fast as Possible

• Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Upstart having to request additional information.
• Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
• Raise your credit score. There is no minimum credit score requirement to get a personal loan through Upstart. Having a high credit score will make it easier for the company to decide if you qualify and what your rates may be, though.

Once you get approved for a personal loan through Upstart, the money will be delivered through an electronic funds transfer to your bank account.

If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.

Upstart’s lending partners offer personal loans that can be used for debt consolidation and have dollar amounts of $1,000 - $50,000 with repayment periods of 36 , 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 5.35% - 35.99%, which is just a bit higher than what some of the best loans on the market offer.… read full answer

Fees for Personal Loans Through Upstart

The one big drawback to personal loans through Upstart is that the origination fee could be up to 35.99% of the loan amount. However, it’s also possible to get a low APR and for there to be no origination fee if you have excellent credit.

How to Consolidate Debt with Upstart

To consolidate debt with a personal loan through Upstart, first see if you’re pre-qualified by checking directly with the lending platform. This will not damage your credit score and will show your odds of approval along with what rates you might get if approved. Then, you can check for pre-qualification with other companies by using WalletHub’s free pre-qualification tool. If you determine that a personal loan through Upstart is the best choice after comparing your options, you can submit an application online. You may be able to get funded as soon as one business day after you’re approved.

Unfortunately, Upstart’s partnering banks will not directly pay off your old creditors. You will need to send each of them a check or bank transfer in order to consolidate the balances into your loan.

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), NM ($5,100), OH ($6,000).

The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. 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.

If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.