UpstartQualifying for a personal loan can be daunting for borrowers with limited credit, especially if they are trying to consolidate credit cards or finance a project. Thankfully, companies like Upstart are challenging the traditional loan approval metrics and using their artificial intelligence (AI) platform to connect borrowers with more lenders than they may have had access to before. While Upstart currently only offers two loan repayment plans, they can still be an excellent resource for potential borrowers who can manage a personal loan but may not qualify with traditional metrics. This review will discuss how Upstart approaches personal loans and help you decide if they may be a good fit for your finances.
- Free service
- Competitive Rates
- Takes more data into account to help borrowers get loan approval
- Fast funding - often within one business day of approval
- Flexible payment days
- Limited repayment options; only three or five-year terms
- Origination fees can reach 8%
- Secured and co-sign loans not available
* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.