Upstart personal loan review

Are you interested in discovering the full range of capabilities that the Upstart personal loan has to offer? At Responsible Economy, we’re here to provide you with an in-depth exploration of the distinctive attributes inherent to Upstart loans. Our comprehensive analysis includes a side-by-side comparison with the finest personal loans tailored for individuals with lower credit scores. Let’s commence this enlightening journey!

Explanatory Video

We’ve meticulously crafted an informative video that highlights the array of features provided by Upstart. If you find the content engaging and insightful, we invite you to show your support by subscribing. By doing so, you’ll unlock a daily dose of enriching videos delivered straight to you. Your subscription empowers us to continue producing valuable content.

Features

Within this segment, we delve deep into a comprehensive analysis of every feature:

Fees

An origination fee of up to 10% is applicable, and it is incurred once your loan receives approval.

A notable benefit is the absence of any prepayment fees.

Interest rate

The interest rate ranges from 4.60% to 35.99% APR. It’s important to note that the interest rate can fluctuate based on factors such as your credit score, the loan’s intended use, and the requested amount. While securing the higher interest rate might offer a competitive edge, aiming for the lowest interest rate is crucial to avoid turning it into an unfavorable loan.

Terms

The minimum term is 3 years and the maximum term is 5 years.

Amount

The minimum amount of money that can be requested is $1,000, and the maximum amount is $50,000.

Credit score

Approval does not necessarily require a credit score.

Summary table

Here is a summary table with al features:

CharacteristicDescription
Fees– Origination fee: Up to 10% of the loan amount, charged upon loan approval. – Notable Benefit: No prepayment fees, providing flexibility for early repayment.
Interest Rate– Range: 4.60% to 35.99% APR. – Variability: Interest rate influenced by credit score, loan purpose, and requested amount. – Consideration: Optimal interest rate selection crucial to prevent unfavorable loan terms.
Terms– Minimum term: 3 years. – Maximum term: 5 years.
Amount– Minimum loan request: $1,000. – Maximum loan request: $50,000.
Credit Score– Approval not contingent on credit score; broader evaluation criteria considered.
Upstart personal loans summary table features

Best personal loans

We have created a comparative table of Upstart with the best personal loans for bad credit score. You have the key features of each loan:

Logo SoFi loans
  • APR: 8.99-25.81%
  • Terms: 2-7 years
  • Amount: $5,000-$100,000
  • Credit Score: no
Logo LightStream loans
  • APR: 7.99-25.49%
  • Terms: 2-12 years
  • Amount: $5,000-$100,000
  • Credit Score: 660
Logo Upstart loan
  • APR: 6.50-35.99%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: no
Logo Happy Money loans
  • APR: 10.50-29.99%
  • Terms: 2-5 years
  • Amount: $5,000-$40,000
  • Credit Score: 640
Logo upgtrade loans
  • APR: 8.24-35.97%
  • Terms: 2-7 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Best Egg loan
  • APR: 8.99-35.99%
  • Terms: 3-5 years
  • Amount: $2,000-$50,000
  • Credit Score: 600
Logo Universal credit loans
  • APR: 11.69-35.93%
  • Terms: 3-5 years
  • Amount: $1,000-$50,000
  • Credit Score: 560
Logo Discover personal loans
  • APR: 6.99-24.99%
  • Terms: 3-7 years
  • Amount: $2,500-$40,000
  • Credit Score: 660
logo rocket loans
  • APR: 9.116-29.99%
  • Terms: 3-5 years
  • Amount: $2,000-$45,000
  • Credit Score: 640

Loan Calculator

We’ve developed a personalized loan calculator to provide you with a clear understanding of your interest payments. By utilizing this tool, you can perform multiple calculations to effectively strategize and minimize your interest expenses. This prudent approach can lead to substantial interest savings over time.

Upstart Loan Calculator

Upstart Loan Calculator




Conclusion

After the analysis we've conducted, our view is that Upstart is only advisable if we secure the lowest interest rate available, as the higher interest rate isn't competitive. It's also important to consider the origination fee, which could potentially be quite high.

Frequent questions

Here is a list of the most frequently asked questions about Upstart loans:

More information about Upstart

We have created a table with information about Upstart:

InformationDescription
Websitehttps://www.upstart.com/
Facebookhttps://www.facebook.com/TeamUpstart
Twitterhttps://twitter.com/Upstart
Information about Upstart

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Updated the day 1 September, 2023 by Alfredo Barandiarán

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