Upstart is one of the pioneers of automated personal loans. Its AI and machine learning software used to approve or deny loans is cutting edge, with over 70% of Upstart’s loans being fully automated. Key terms associated with Upstart personal loans are shown below.
Upstart Personal Loans Terms & Requirements
Upstart is very clear about what is required to obtain a personal loan.
- A minimum credit score of 300.
- A credit score must be maintained between loan acceptance and fund receipt.
- No delinquent account
- Less than six credit report enquiries in the past six months. This does not include inquiries relating to mortgages, student loans, or vehicle loans.
- Typical APR rates range from 5.6% – 35.99% (see Upstart’s homepage for the latest rates, subject to state restrictions)
- A personal loan amount ranges from $1,000 – $50,000 (varies by state, see website for state-specific ranges)
- No prepayment fees
- Upstart has a late payment grace period of 15 days.
- 0%-8% origination fees
- Some states have a minimum loan amount. For example, GA is $3,100, and MA is $7,000.
To start the process of getting a personal loan from Upstart, you need to provide the following items:
- Date of birth
- Social Security Number
- Phone number
- Email address
- Monthly income details and proof of income (e.g. pay stub, W-2 form)
- Employment history
Application Steps & Time Frames
If you have all documentation to hand during the application process you can have the loan amount in your bank account in 24 hours. The initial application process took us 15 minutes, and the process was very straightforward. Funding was in our account in a day, making Upstart one of the quickest loan providers in the market.
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