What is the catch with Upstart?

The catch with Upstart is that the loans through the company have an origination fee of 0% - 8%, which is a one-time fee that you will pay before your funds are delivered. You will also be subject to a late fee of 5% ($15 min.) if your loan payment is past due. Additionally, if you need to request a physical copy of your loan agreement, you will have to pay a $10 fee.

On a positive note, personal loans through Upstart have some of the lowest rates on the market and do not require applicants to have a credit score to qualify. You can see more of the terms for a personal loan through Upstart below.

Key Things to Know About Personal Loans Through Upstart

• Origination Fee: 0% - 8%
• Late Fee: 5% ($15 min.)
• Prepayment Fee: None
• Typical APRs: 5.35% - 35.99%
• Loan Amounts: $1,000 - $50,000
• Repayment Periods: 36 , 60 months
• Credit Score Requirement: None
• Income Requirement: At least $12,000 annually
• Age Requirement: 18 years old (19 years old in AL and NE)
• Residency: Residing in one of the 50 U.S. states

To learn more, check out WalletHub’s Upstart review. If you think a personal loan through Upstart is right for you, you can estimate your potential rates without hurting your credit score on Upstart’s website.

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.

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).

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.