Upstart Personal Loans
Borrow up to $75,000 with APRs from 6.5%. Funding as soon as one business day. Great for applicants with limited or no credit history.
Upstart Personal Loans are an appealing choice for those needing quick financing. With interest rates as low as 6.5% and accommodating loan amounts from $1,000 to $75,000, Upstart is ideal for a wide range of borrowers. Applicants with lower or limited credit history can qualify, with funding available in as little as one business day once approved. Terms typically range from 36 to 60 months, providing flexibility for various financial needs.
How to Apply for Upstart Personal Loans
To get started, visit Upstart’s application portal and complete the form by providing your personal information and loan amount request. Once the initial application is submitted, you will receive a preliminary decision without needing to upload documentation. If prequalified, a hard credit inquiry is performed for a final approval, after which you electronically sign your agreement. Funding generally arrives in your bank account by the next business day.
Key Pros of Upstart Personal Loans
Upstart stands out for accepting applicants with limited or no credit history, which is a significant advantage for those just starting out financially. Another strong benefit is the lack of prepayment penalties, allowing you to pay off your balance early without extra fees. Most loans are funded lightning-fast, often the next business day, making it a truly quick financing solution.
Considerations and Cons of Upstart
One of the main drawbacks is the possibility of a higher origination fee, which can range up to 12% of your loan amount. Additionally, late payment fees—either $15 or 5% of the last payment due, whichever is greater—can add up if you miss a payment. Borrowers should also note there is a $10 charge for requesting paper copies of agreements.
Final Verdict: Is Upstart Right for You?
If you need personal funding quickly and worry about your credit history, Upstart is worth considering. The streamlined application process, fast funding, and accessible requirements make it a top choice for many. However, review the potential fees before applying, to ensure it’s the right fit for your needs.
