Upstart Personal Loans: 2022 Review

however, Upstart doesn’t offer joint, co-signed or secured loans. The online lending platform also has only two repayment term options.

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Upstart uses a nontraditional underwriting method to help more borrowers qualify and get a low rate, even with imperfect credit.

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Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases

Pros & Con Pro – Accepts borrowers new to credit. – Fast funding. – Option to change your payment date. – Option to pre-qualify with a soft credit check. – Offers free financial education

Con – May charge origination fee. – No joint, co-signed or secured loans. – No mobile app to manage loan. – Only two repayment term options.

EST. APR 5.42-35.99%

LOAN TERM 3 to 5 year

LOAN AMOUNT $1,000-$50,000

MIN. CREDIT SCORE None

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Upstart differentiates itself from other online lenders with its underwriting model. The company uses artificial intelligence and nontraditional data

Alternative data use: Many personal loan lenders review primarily credit and income information to make an application decision,

like college education, job history and residence — to qualify borrowers. More traditional lenders, like banks, focus almost exclusively on a borrower's credit report, debts, income and assets.

Upstart personal loans are a fast but somewhat inflexible financing option. Approval and funding times are some of the fastest among lenders;

but Upstart includes details like college major and work history in borrower evaluations. The lending platform says its nontraditional underwriting model helps approve more