Upstart is founded by ex-Googlers and goes beyond the FICO score to finance people based on signals of their potential, including schools attended, area of study, academic performance, and work history. Our proprietary underwriting model identifies high-quality borrowers despite limited credit and employment experience. Funds can be used for almost anything, including starting a business, paying for a coding bootcamp, eliminating student debt, or paying off credit cards. More than 53000 Upstart loans have been originated as of April 01, 2017.
Advantages and details of Upstart in the US
Upstart is a company providing fair and fast personal loans with the following advantages:
Lower rates: borrowers save 27% compared to their credit card rates
Refreshingly fast process
No prepayment penalty. Pay your loan off at any time
Secure process: Upstart protectsĀ and never sells your data
Get a smarter loan in 3 quick steps:
1. Just answer a few quick questions about your education and employment. Upstart proposes better rates through better data. There's more to you than your credit score. Your education and job history help us understand more about your future potential, and allow you to get a lower rate.
2. Accept your terms and get your money the next day. After your application is approved, you'll have a chance to review and accept your loan. See rates and fees
3. Repay: set it and forget it. Easy to set up automated monthly payments with no penalty for paying off your loan early.
What UpStart can offer you
The average 3-year loan on Upstart will have an APR of 17% and 36 monthly payments of $30 per $1,000 borrowed. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Estimated savings are calculated based on the credit profiles in which the funds were used for credit card refinancing. Upstart calculates estimated savings by deriving current credit card APR using minimum monthly payment and 1% of the principal balance. Then Upstart compares estimated credit card APR and Upstart APR to determine median savings per borrower. Upstart loans are from $1,000 to $50,000.
The minimum loan amount is $6,000 for borrowers in Ohio and $7,000 for borrowers in Massachusetts. The loan amount you qualify for is based upon the information submitted in your application. 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. While most of our borrowers opt for automated recurring payment for ease of use, we also accept payments by check or one time electronic payments. Borrowers have the flexibility to choose the repayment method that works best for them. 9 out of 10 UpStart users surveyed internally reported that they would recommend Upstart.