Grace Enfield, Content Writer
Using Upstart is a good idea if you meet the requirements to get a loan and you want to take out a personal loan of $1,000 - $50,000. Upstart is a good company because it partners with banks to offer large loan amounts, long repayment periods and typically low APRs. You can also use personal loans through Upstart for almost anything, from debt consolidation to large purchases.
Reasons Why Using Upstart Is a Good Idea
- You can borrow $1,000 - $50,000.
- The APRs are typically low, from 5.35% - 35.99%.
- You do not need a credit score to qualify.
- You could receive your funds as soon as one business day after approval.
- You can use the funds for almost anything.
- Upstart has an A+ BBB rating.
- Upstart has an average rating of 4.0/5 among users on WalletHub.
- Personal loans through Upstart earned a rating of 3.4/5 from WalletHub’s editors.
For more information, check out the full Upstart review on WalletHub.
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.
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