Upstart

Upstart is an AI lending marketplace provided by Upstart Network, Inc. It aims to connect consumers with banks and credit unions to provide affordable credit products. According to the vendor, Upstart serves individuals and consumers in various professions and industries seeking personal loans, wedding financing, home improvement loans, moving loans, and medical financing.

Key Features

According to the vendor, Upstart offers the following features:

Check your rate: Upstart allows users to check their rate through a soft credit inquiry, which the vendor claims does not impact their credit score. If users proceed with the application and accept their rate, a hard credit inquiry may be performed, potentially affecting their credit score. The vendor also states that repayment information may be reported to credit bureaus if a loan is taken out.

Next business day funding: The vendor claims that if users accept their loan offer by 5pm EST on a business day, Upstart ensures that the funds will be sent on the next business day, allowing for prompt access to the funds.

No minimum educational attainment requirement: Upstart does not have a minimum educational attainment requirement for loan eligibility, according to the vendor, making it accessible to a wide range of individuals.

Loan amount based on credit, income, and other factors: The vendor states that the loan amount offered by Upstart is determined based on various factors such as credit, income, and information provided in the loan application. Not all applicants will qualify for the full loan amount, and the minimum loan amounts vary by state.

Range of available rates: Upstart offers a range of available rates, which the vendor claims vary by state. The APR is calculated based on credit, income, and other information provided in the loan application. However, not all applicants will be approved for a loan, according to the vendor.

Upstart's marketplace: Upstart operates across the entire Upstart marketplace, connecting users with a wide range of banks and credit unions to provide loan options, according to the vendor.

Low fixed rates: According to the vendor, Upstart offers personal loans with low fixed interest rates, providing borrowers with predictability and stability in their loan payments. The vendor suggests that this can potentially result in lower interest rates compared to high-interest credit cards.

No hidden fees: Upstart does not charge any hidden fees for its personal loans, according to the vendor, ensuring that borrowers have transparency and straightforward loan terms.

Next day funds: Once approved, the vendor claims that borrowers can receive their funds as quickly as the next business day, allowing for timely access to the funds they need.

Flexible loan amounts: Upstart offers personal loans ranging from $1,000 to $50,000, giving borrowers the flexibility to choose the loan amount that best suits their specific needs, according to the vendor.