Upstart is one of those companies that are gaining attention and a hoard of followers in record time. This company uses the same business model of peer-to-peer lending of other companies like Prosper, but with a very big difference. UpStart has adopted a more progressive approach to the loan approval process since borrowers’ credit score and/or credit history are not the only main factors. With UpStart, factors such as the borrowers’ education and job history will help them obtain a bigger chance at getting their requested loans.
Upstart offers unsecured personal loans from $1,000 to $50,000 to all consumers who are looking to consolidate their credit card debts, debt consolidation, major purchases, invest in education or even to start a business. By using a simple online application process, borrowers can get a loan pre-approval in literally two minutes and they expect the requested funds the next day in some cases. Upstart offers the lowest personal loans APRs in our ranking starting from 9.57% without pre-payment penalties or hidden fees.
With a beautiful website worthy of awards, one of the easiest online loan application forms in the industry and extremely fast approvals, Upstart, in no time, landed on the top spots of our online lenders ranking. Perhaps, their only weak point (the same as Prosper) is that this kind of loan option is designed for people with a credit score of at least 640.
Upstart Reviews and Loan Types
Upstart is a web platform that allows its users – with a credit score of more than 640 – to request a loan and get an approval within minutes. The advantage and the reason why they offer lower interest rates is because the requested loans are funded thanks to a network of thousands of investors (not necessarily lenders) who study each potential borrower.
These investors can invest as little as $25 in every loan, thus increasing the chances of obtaining funds by using a service like Upstart. In addition to credit scores, ratings and personal stories, Upstart considers a borrower’s background information such as level of education, field of study and work history which increases the borrower chances to get funded.
- Peer to peer loans
- Loans from $1,000 up to $50,000
- Rates from 9.57% – 29.99% APR
- Terms up to 60 months
To sum up, the team of Top10onlineLenders.com openly recommends Upstart.com for personal loans. If you have a credit score of at least 640 and a verifiable job or source of income, Upstart would be a pretty smart choice since it has the lowest interest rates in the industry with a higher approval rate than most online lenders. When you are approved for a loan with Upstart, your payments will be automatically deducted from your linked checking account.
Peer-to-peer loans up to $50,000 and rates starting at 9.57% APR. The best option for personal loans if your credit score is at least 640.