Upstart’s offer for debt consolidation is a personal loan with a loan amount range of $1,000 to $50,000 and a 3-year or 5-year repayment period. Upstart is a decent option because their APRs are competitive with what other lenders charge. Debt consolidation with an Upstart loan could get borrowers an APR as low as 6.46% – just a bit higher than what some of the best loans on the market offer. But the maximum APR is 35.99%, which is about the highest rate you can expect on a reputable personal loan.
Upstart Debt Consolidation Fees
The one big drawback to Upstart debt consolidation loans is that the origination fee could be up to 8% of the loan amount. However, it’s also possible for there to be no origination fee if you have excellent credit. You’ll only need a credit score of 620 to have a shot at qualifying for an Upstart debt consolidation loan in general.
How to Consolidate Debt with Upstart
To consolidate debt with Upstart, first see if you’re pre-qualified by checking directly with the lender. This will show your odds of approval and what rates you might get if approved. Then, check for pre-qualification with other lenders using WalletHub’s free pre-qualification tool. If you determine that Upstart is the best choice after comparing your options, you can submit a loan application online. You should get funded within 14 business days, assuming you’re approved.
Unfortunately, Upstart 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 Upstart loan.
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