The right personal loan can save you time, money and headaches, as you’re about to see in this Upstart personal loan review.
Whether it’s for moving, debt consolidation, pet expenses, a wedding or a even funeral, personal loans are a great option for when you don’t want to go out of pocket… or can’t. Life is full of surprises, whether for better or worse.
(As you’ll see later in this Upstart personal loan review, they pay as quick as 24 hours after acceptance).
However, most don’t consider personal loans right away. Why? Because of the rewards and convenience of credit cards.
But consumers should be wary. Because what personal loans lack in rewards they make up for in spades elsewhere.
Personal loans get you more cash at better rates with predictable payments.
We’ll touch more on the personal loan vs credit card debate in a bit, but first, here are the reasons we piled on the praise in this Upstart personal loan review.
Upstart Personal Loan Review
Reason number one is pretty straightforward. Unlike traditional lenders, the Upstart personal loan application and rate checking process is quick, easy and painless.
Qualify for an Upstart personal loan in 2 minutes with no hard credit check.
And here’s another reason to go the Upstart route: simply, you’re more than your credit score with Upstart.
(This was another the reason we scored them well for this Upstart personal loan review). Because they factor in your education, employment and other factors most lenders ignore. Especially traditional lenders, who see you as just 3 numbers.
We’ve covered them in greater detail in a previous Upstart review, but personal loans is where they really shine.
Another big reason we scored them high in this Upstart personal loan review is because you can get your money as soon as the next business (if you accept your loan before 5pm EST during the week).
If your loan is accepted by 5:00pm EST, you can get paid the next business day.
But be aware: they do take your credit history into account and your credit score stills plays a part in the process.
Upstart Personal Loan Requirements
To qualify for an Upstart personal loan, you need to have a minimum credit score of 620. But there aren’t any credit history requirements–which is a plus for young borrowers.
This was just one of the many positives that led us to give a favorable Upstart personal loan review.
Loan amounts range from $1000 to $50,000, and funds deposit in just 24 hours.
There are no prepayment fees but origination fees may apply, and can vary anywhere from 0% to as much as 8% of your total personal loan amount.
Those origination fees will be deducted from the loan prior to delivery, so keep that in mind. Late fees apply, too. Those vary anywhere from 5% of the monthly past due balance to a $15 flat fee per late payment, whichever is greater.
We detail more about the origins of Upstart in a recent Upstart review. But here’s the short version: started back in 2012 by several former Google employees, they were fed up with traditional lending.
Upstart was started due to the lack of reasonable lending options for most consumers.
Those who may not have top-tier credit, but haven’t defaulted either.
Upstart was the first lending platform to leverage artificial intelligence, machine learning and other algorithmic wizardry to speed up the borrowing process (and make it more accessible).
They’ve helped make personal loans more accessible by taking into account other factors most lenders don’t.
Upstart considers your employment history, income, education level and more.
In short, again, you’re more than your credit score with Upstart, hence the positive Upstart personal loan review.
We don’t give out five stars lightly here at CarefulCents. But, while writing this Upstart personal loan review, we knew right away they’d pass with flying colors. Why? Because most banks–even now in 2019–look at people like a 3 digit credit scores and nothing more. Upstart doesn’t.
Fun fact: most American’s haven’t defaulted on a loan, yet still don’t qualify for prime lending rates. This was an easy box to check (in the positive column) while writing this Upstart personal loan review. Why? Because they do.
Personal Loan vs Credit Card
One of the biggest benefits of an Upstart Personal Loan vs a credit card is the stability a loan creates. Unlike credit cards, with varying interest rates and all sorts of fees, personal loans provide you with a lump sum at a predictable fixed rate.
Personal loan rates are often negotiable, so you can save even more if you’re savvy.
Fixed, consistent payments are another sound reason to go the personal loan route, because they’re much easier to account into your budget. Try that with a credit card.
The rates are affordable. I don’t think anyone has ever used the words “credit card” and “affordable” in the same sentence (at least with a straight face). Keep these points in mind.
But why opt for an Upstart personal loan? Good question. Let’s first start with who’s behind Upstart, because that’s going to set the stage for the other benefits (and keep reading, because there’s a lot of them).