Applicants need a credit score of 600 to get a personal loan from Upstart, according to the company. That means the Upstart personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.
Keep in mind that just having a 600 credit score is not enough to qualify you for an Upstart personal loan. Upstart will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Upstart with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for an Upstart personal loan online to gauge your chances of getting approved with your current credit score.
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.… read full answer
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.
There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender to fund a loan the same day the prospective borrower applies.… read full answer
Personal Loans with Nearly-Guaranteed/Instant Approval
LendingPoint: Approval and funding in 1 business day. Instant approval and same-day funding are possible. Requires a credit score of at least 580. APRs range from 9.99% to 35.99%.
Avant: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Reportedly requires a credit score of at least 600. APRs range from 9.95% to 35.99%.
FreedomPlus: Approval and funding in 2 to 3 business days. Instant approval is possible, but same-day funding is not. Requires a credit score of at least 620. APRs range from 5.99% to 29.99%.
Some lenders will not do a credit check when you apply. But they’ll still require you to have some form of income, along with other basic requirements like providing identification or proof of a bank account. In addition, lenders that don’t do a credit check are primarily predatory auto title lenders and payday lenders that charge overwhelmingly high APRs and fees.
Personal loans are a much safer choice. And even though personal loans with guaranteed instant approval don’t exist, there are still some loans that are relatively easy to get, with fast approval and funding timelines.
The closest thing to a personal loan with guaranteed instant approval is a secured personal loan. This type of loan requires collateral, so you’ll have to put a valuable possession on the line. That could be money in a savings account or CD, a vehicle, real estate, or collectible items like art. Because the lender can keep and sell the collateral if you don’t pay the loan back, it’s relatively easy to get approved with any credit score. Just be sure to ask the lender how long their approval and funding process takes, along with the conditions under which they can take ownership of your collateral.
You might also be able to instantly get a loan from a friend or family member who’s willing to lend you the cash. But you shouldn’t take the money without first writing and signing an agreement to pay it back.
To get a personal loan with no credit check, submit an application to a personal loan provider such as OppLoans or NetCredit. Almost all personal loans require a review of the applicant’s credit history, but OppLoans and NetCredit are among the few reputable lenders that do not do a hard credit pull… read full answer. They evaluate applicants based on factors such as income instead.
It’s important to note that since these lenders cater primarily to people with bad credit or no credit, their loans are usually a lot more expensive than personal loans from companies that do a credit check. That said, a loan with no credit check can still come in handy, so we’ll break down how to go about getting one below.
6 Steps for Getting Personal Loans With No Credit Check
Check for pre-qualification. Even though applying for a no-credit-check loan won’t hurt your credit score anyway, pre-qualification is still worthwhile because it can show you what rates you might get.
Compare terms. Pick the best loan based on the APR, fees, amount offered, and payoff period.
Submit an application. You’ll typically apply for a personal loan with no credit check either online or over the phone.
Wait for a decision. It’s typical to receive a decision quickly, but it could take a few business days.
Receive the funds. If you’re approved for a loan, you can get your money anywhere from the same day to one or two business days later.
No Credit Check Personal Loan Alternatives
Borrowing from friends and family: Someone you have a close relationship with is less likely to care about your credit and more likely to give you good terms than a traditional lender is.
Credit cards: You could apply for a credit card with no credit check, use it responsibly in order to improve your credit standing, and then apply for a personal loan when your odds of approval are higher.
Payday loans: Many payday lenders offer loans with no credit check. You can borrow a small amount of money that must be repaid with your next paycheck. These lenders have predatory fees, often equivalent to an APR around 400%, so they’re not worth using unless you have no other options.
Auto title loans: These loans are secured by your car, and you can lose your vehicle if you are unable to pay back what you owe. In addition, you can end up owing fees and interest equal to as much as 25% of what you borrow, and the loans only last for a few weeks. This is not a good option.
Pawnshop loans: A pawnshop will give you part of the value of an item, and you must repay it within a certain time period, usually a few months, with interest. If you repay what you owe, you get your item back. If not, the shop can sell it. This type of loan is not ideal because you could owe 2% to 25% interest per month, but it’s not the worst option out there if you have valuables you don’t particularly care about.
Keep in mind that even if you have bad credit or no credit, you don’t necessarily need to get a personal loan with no credit check. Some personal loans have relatively low credit score requirements – as low as 585 in some cases. And if you’re worried about the credit score damage from applying, this drop will be small (usually around 5 - 10 points), and you should be able to bring your score back up after several months of on-time payments.
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