Pros of Upstart Personal Loans
- Loan amounts from $1,000 – $50,000
- Accepts bad credit scores
- Offers soft credit checks
- Provides fast decisions and quick funding as soon as the next business day
Upstart Personal Loan Cons
- May charge an origination fee of up to 8%
- Does not offer joint or co-signer loan options
- Only two repayment term options are available: three or five years
Upstart Personal Loans for Debt Consolidation
Upstart offers personal loans for various purposes, including debt consolidation, home improvements, and big purchases.
One unique feature of Upstart is that it can send loan proceeds directly to your credit card issuer to automate the debt consolidation process.
Annual Interest Rates and Fees
The APR for Upstart personal loans ranges from 3.22% to 35.99%, which is relatively low compared to other lenders in the market. However, the APR you receive depends on your application’s compliance with Upstart’s criteria.
Your credit score and interest rate are inversely proportional to each other, so if you have a low credit score, you may receive a high APR, while a good credit score may result in a low APR loan. A late payment fee of 5% of the overdue amount or $15, whichever is greater, is charged for each occurrence.
Minimum Credit Score Required
The minimum credit score required for an Upstart personal loan is 300, which is relatively low compared to other lenders who use different criteria to validate loan applications.
To apply for an Upstart personal loan, you need to provide valid identity proof, date of birth, valid current mobile number and email ID, active American bank account, and social security number.
The repayment period for Upstart personal loans is 24 to 60 months, which is two to five years. For example, a three-year, $12,000 loan with a 20.5% APR would cost $449 in monthly payments. A borrower would pay $4,165 in total interest on that loan.