Review of Upstart Personal Loans 2022
You can qualify with low or none credit score: Some borrowers may qualify for a loan with a FICO® score of 580. Upstart also offers loans to people with no credit history – it will consider education and employment when underwriting your loan. But keep in mind that interest rates for Upstart Loans will be higher if your credit rating is low.
Wide range of loan options: Upstart personal loans range from $1,000 to $50,000. As such, it offers some of the best personal loans for people looking to borrow small amounts of money.
Financing the next day: According to Upstart, 99% of the time you should receive your money within one business day. This means that if you need money to cover an emergency expense, the funds will be in your account quickly.
Refund options: You have the choice between a three-year or five-year loan repayment term. The five-year term will keep your monthly payments lower, but the three-year term will save you money in the long run.
No prepayment penalty: If you want to repay Upstart Personal Loans sooner, you can. Since Upstart Loans have no prepayment penalty, you can make additional payments to reduce the loan principal. This will save you money in the long run.
Check your rate without impacting your credit score: Curious applicants can submit basic details and get a loan rate without impacting their credit scores.