Upstart is an online platform that helps you get unsecured and fixed-rate personal loans. Unlike many traditional lenders that focus on borrowers with high credit scores, this platform also considers non-conventional factors such as your employment history, annual income, age, and college education among others, to determine the applicant’s repayment capacity during the approval process.
You can apply for personal loans between $1,000 and $50,000 through Upstart, and with its high approval rating and efficient processing speed, Upstart is becoming a popular option among borrowers with low credit scores.
Requirements to Get a Loan from Upstart
To apply for an Upstart loan, you should be at least 18 years old with a valid US residential address. However, residents of Iowa or West Virginia are not eligible. You also need to have a verifiable name, birthday, and social security number as well as a valid email address and a personal US bank account. A full-time job or a regular source of income is a must for getting larger amount loans.
Upstart would also check your credit score and you need to meet their credit score requirement to be eligible for a loan. Borrowers should have a score of at least 300 on one of the consumer reports. Your approval can also be affected if there are significant adverse changes in your financial records from the time the loan was offered to the time of funding. Other requirements vary between borrowers.
Moreover, while Upstart allows you to have more than one loan, there are additional conditions you have to meet to qualify.
Upstart Loan Alternatives
If you are having trouble getting approved for an Upstart loan because you can't meet some of the requirements, there are other bad-credit options available for you. Online loan marketplaces such as iPaydayLoans, WeLoans, CocoLoan, CashAdvance, and BadCreditLoans can assist in finding online lenders that can help with your borrowing needs. These marketplaces have streamlined the borrowing process, making it easier and more convenient for borrowers to access multiple lenders and loan offers with one click of a button.
For example, if you submit your information through iPaydayLoans, you'll be able to connect with over 100 lenders in one go. Many of the lenders in its panel have minimum requirements and high approval ratings, giving you a higher chance of getting approved. iPaydayLoans has also partnered with lenders that offer different types of loans, including personal loans, payday loans, installment loans, title loans, and cash advance services. For personal loans, you can borrow up to $35,000 while for other types of loans, the borrowing limit is typical $5,000.