The catch with Upstart is that you may have to pay a high origination fee before your funds are delivered. You will also be subject to a late fee of 5% ($15 min.) if your loan payment is past due, and you will have to pay a $10 fee if you need to request a physical copy of your loan agreement.
On a positive note, personal loans through Upstart have some of the lowest rates on the market and do not require applicants to have a credit score to qualify. You can see more of the terms for a personal loan through Upstart below.
Key Things to Know About Personal Loans Through Upstart
- Origination Fee:0% - 12%
- Late Fee:5% ($15 min.)
- Prepayment Fee:None
- Typical APRs: 7.8% - 35.99%
- Loan Amounts:$1,000 - $50,000
- Repayment Periods:36, 60 months
- Credit Score Requirement:None
- Income Requirement: At least $12,000 annually
- Age Requirement: 18 years old (19 years old in AL and NE)
- Residency: Residing in one of the 50 U.S. states
To learn more, check out WalletHub’sUpstart review. If you think a personal loan through Upstart is right for you, you can estimate your potential rates without hurting your credit score on Upstart’s website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. 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.
When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
This answer was last updated on 02/15/24 and it was first published on 04/05/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
