Adam McCann, Financial Writer
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.
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.
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