Flexible loan amounts You can get a personal loan from $1,000 to $50,000⁵.
You can borrow between $1,000 and $50,000.
Generally, $1,000 to $5,000 is the lowest amount you can borrow from most personal loan lenders. But lenders write their own rules, so this can vary a lot. Because there is so much variation, your best bet is to shop around and check rates and loan terms from multiple lenders.
Upstart Requirements & Application Info
Minimum credit score: You will need a credit score of at least 300 (in most states) to qualify for a loan through Upstart. Many other lenders on the market require a credit score of 660 or higher.
Upstart's personal loans range from $1,000 to $50,000 and come with repayment terms of three or five years. As of Dec. 1, 2023, Upstart has received an A+ Better Business Bureau (BBB) accreditation rating. Its customers generally have a positive experience as reflected in a 4.9 out of 5.0 star rating on Trustpilot.
If any of the accounts on your credit report are currently in collections or 30 or more days delinquent; or. If there is any inquiry or new account on your credit report since the time of the credit report used to determine your rate (not including any inquiries related to a student loan, vehicle loan or mortgage).
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).
If something is unclear, such as your current employment status, personal lenders can contact your employer to verify that you actually work there.
If you accept your rate, you will be prompted to complete an application by verifying your bank account and possibly uploading some supporting documents. If your application is approved, you will be asked to review final disclosures and sign a promissory note.
It can take up to two weeks to get approved for an Upstart loan. Then, if you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day.
A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one. If you do not have your first pay stub yet and/or starting a job in the future, please submit your official job offer stating your compensation and start date.
Your loan is a debt obligation that requires you to repay full principal and accrued interest in 36, 60, or 84 monthly installments (depending on the loan term you select).
Once you grant a lender permission to check your credit, they pull your credit report from any of the three major credit bureaus: Experian®, Equifax®, or TransUnion®.
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
The credit score you need to take out a $5,000 personal loan, or a loan of a different amount, ultimately depends on the lender. On average, you'll need a credit score of around 650 to be approved for a good interest rate on a personal loan. Rocket Loans has a minimum credit score requirement of 640.
What credit score do I need for a $5,000 loan? If you have a 580 or higher credit score you may qualify for a $5,000 personal loan. If you have bad credit or a credit score below 580 you may need to apply with a co-signer to qualify for a loan.
The monthly payment on a $10,000 loan ranges from $137 to $1,005, depending on the APR and how long the loan lasts. For example, if you take out a $10,000 loan for one year with an APR of 36%, your monthly payment will be $1,005.
Investors are also upset that Upstart started holding loans on its balance sheet, something it said it wouldn't do in the past. It currently has a touch under $1 billion of loans held as assets as of the end of Q3. This adds credit risk to the business and the potential for loan write-downs over the next few years.
Cons Explained. Potentially high origination fee: Upstart charges origination fees. Depending on the lender and the borrower's profile, the fee can be as high as 12% of the loan amount. 5 Not all lenders charge origination fees, so borrowers with strong credit profiles should shop around.
If you are offered a loan rate and proceed with the application, we will then make a “hard credit inquiry” to verify the accuracy of your information. This action will be recorded as an inquiry on your report and will impact your credit score.