Upstart Personal Loan Reviews October 2019

By: Toukir Rahman0 comments

9.3
8.5
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Upstart journey has always been great with borrowers so far. User reviews are always high, rated 10 out of 10 in most cases that give the company a great privilege of positive feedbacks from the borrowers.

Upstart personal loans can be used for a variety of purposes, including debt consolidation, medical expenses, home improvements, and college tuition.

Upstart’s underwriting helps younger applicants or others who have thin or no credit history but high earning potential, according to a company spokesperson. The company assesses factors like college degrees, area of study and job history.


UpStart FAQ

How long will it take to get my money?

If you accept your loan before 5pm ET Monday-Friday, your funds will be transferred on the next business day. If the terms are accepted after 5pm ET Monday-Friday, the funds will be transferred on the following business day. For loans that are being used for education-related purposes, there is an additional 3 business day period between when you accept your loan and when you will receive the funds.

How much can I borrow?

You can borrow between $1,000 and $50,000. Note, there are state-specific minimum loan amounts for some states and the exact amount you may borrow depends on what you qualify for based on your application information.

Will it affect my credit score?

Checking your rate on Upstart will not affect your credit score. If you proceed with your application after receiving a rate your credit score may be impacted. When you check your rate, we make a soft credit inquiry. Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. If you are offered a loan and proceed with the application, we will then make a hard credit inquiry to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.

What are the interest rates?

All Upstart loans offer a fixed interest rate, but individual rates are determined based on various factors including an applicant’s education history, work experience, and credit history. The range of rates offered to vary between 5.67% – 35.99%. The interest rate is only 1 factor of the cost of the loan. The total cost can be understood by the APR which is the annual cost of a loan inclusive both of interest rate and all other associated fees. When comparing loan products, it is important to consider the APR of each product.

Company Details:

Upstart is an online lending marketplace that provides personal loans using non-traditional variables, such as education and employment, to predict creditworthiness.

The founding team includes Dave Girouard, former VP of Apps for Google, Paul Gu, a Thiel Fellow, and Anna Counselman, former Manager of Global Enterprise Customer Programs and Gmail Consumer Operations at Google.

Upstart developed an income and default prediction model to determine credit worthiness of a potential borrower. This means that in addition to traditional underwriting criteria—FICO score, credit report, and income the Upstart underwriting considers academic variables colleges attended, area of study, GPA, and standardized test scores and work history to develop a statistical model of the borrower’s financial capacity and personal propensity to repay.

Upstart raised a $1.75M seed round from First Round Capital, Kleiner Perkins Caufield & Byers, New Enterprise Associates, Google Ventures, Crunchfund, and Mark Cuban. They subsequently raised a series A round of $5.9M which included new investors Eric Schmidt (Google Executive Chairman), Marc Benioff, Khosla Ventures, Founders Fund, and Collaborative Fund. Jessica Jackley and Bob Kerrey serve as advisors to the company. Upstart raised a Series C round of $35M from Third Point Capital on June 2015, and $32.5M from Rakuten in 2017. Upstart raised a Series D round of $50M from The Progressive Corporation in 2019.

Business Details:

Type of business: Private
Type of Services: Personal Loans, Financial Technology
Founding Year: April 2012
Headquarters: San Carlos, California
Area served: United States
Total Employees: 85+

Users Reviews:

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Reader Rating1 Vote
97

 

 

Pros & Cons
Pros
Accepts borrowers new to credit.
Fast funding.
Cons
Origination and late fees.
Rates start higher than some competitors.
9.3
8.5
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