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.
Upstart has an A+ rating with the Better Business Bureau and 4.9 out of 5 stars on Trustpilot, which is considered excellent, based on 46,495 ratings. Upstart received 666 out of 1,000 points on the J.D. Power 2024 U.S. Consumer Lending Satisfaction StudySM, which measures personal loan lender customer satisfaction.
Does Upstart hurt your credit score? Upstart allows you to prequalify for a personal loan at no cost to your credit; however, like most lenders, you'll need to submit to a hard credit pull before your application can be approved, which can cause your credit score to drop by a few points.
Upstart is committed to safeguarding consumer data and sharing it only as necessary or as directed by the consumer.
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.
There are no penalties or fees associated with paying off your loan early. You are only responsible for the amount of interest accrued until the date of payoff. If your account has AutoPay turned on, any payoff amount on or after that date assumes the automatic payment scheduled will be successful.
Your loan application may be disqualified even after you receive an initial offer if certain events occur.
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.
Unfortunately, you cannot negotiate the loan terms or the rate you are offered. Your rate is generated based on the details that you entered into your application along with your soft credit pull.
Debt consolidation can be a useful financial tool for anyone with multiple debts. It can help you simplify your finances and reduce your interest costs and monthly payments.
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A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2022. If you purchased Upstart securities between March 18, 2021 and May 9, 2022 and would like to join the action, please click “Join This Class Action.”
The origination fee for this loan is 0% to 12% of the loan you are approved for. One drawback of this loan is that this fee is automatically withheld from the loan before it is delivered to you. Upstart charges a late fee that is either 5% of the amount that is past due or $15, whichever is greater.
Its platform seeks to increase approvals for borrowers while simultaneously lowering risk to lenders. But its revenue has been cut in half in recent years because lenders weren't as willing to fund Upstart's loans -- there were high-rate opportunities elsewhere. However, Upstart is now back to growth.
As of July 2024, Upstart has 4.9 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company's quick and easy application process. The lender received 666 out of 1,000 points on J.D. Power's 2024 U.S. Consumer Lending Satisfaction Study, slightly below the average score of 702.
Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
You'll probably run into Plaid when you connect your bank account to apps run by financial services like American Express, Venmo, or Upstart. Plaid authenticates your financial information, permitting companies to transfer sensitive information securely. But is Plaid safe? Yes, it's considered safe to use.
It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.
You can borrow between $1,000 and $50,000. Please note, there are state-specific minimum loan amounts for some states: Georgia -- $3,100 minimum. Hawaii -- $2,100 minimum.
No, there is no prepayment fee or penalty. You can make early or additional payments at any time through your Upstart dashboard.
To find out why we were unable to offer you a loan at this time, you can log into your Upstart account and check your Legal Docs and Notice Center (in the top right-hand corner). You will find an Adverse Action Notice detailing the main reason for rejection, as well as your credit score on the date of your application.
There's no official limit to the number of personal loan accounts you can have, as long as you have the income to justify all of them.
If you are experiencing hardship and cannot pay please contact us immediately by emailing us at fw.servicing@upstart.com or calling our servicing line directly at 833-212-6245. If you are unable to pay, we may be able to work on an alternative payment plan that will avoid additional fees or penalties.
Prepayment penalties can be charged in a variety of ways. They may be calculated as a percentage of the remaining loan amount — typically 1 to 2 percent. The penalty could be equal to a certain number of months' interest. Or some lenders may charge a flat fee.
If you wish to withdraw from the application process, please email us at support@upstart.com to confirm your request. We can also opt you out of receiving promotional emails and SMS. However, please note that Upstart is not able to delete your account/application at this time.