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Upstart Loan Reviews: A Borrowing Solution for Low or Poor Credit

POZNAN, POL - OCT 13, 2021: Laptop computer displaying logo of Upstart, an AI lending platform that partners with banks and credit unions to provide consumer loans

Upstart is a lending company that offers a variety of borrowing types for customers. Loan styles available through Upstart loans include:

  • Personal loans: If you need financing to complete an upcoming project or pay for an upcoming cost, you may consider taking out a personal loan. They are particularly beneficial when you’re faced with an unexpected expense, such as an unplanned repair, or when taking advantage of a short-term opportunity, such as the potential to receive a good or service at a significant discount, allowing you to save more money than the cost of the loan.
  • Debt consolidation: When you have multiple credit accounts open, it may be beneficial to combine them into a single account using a debt consolidation agreement. In addition to simplifying your monthly payments by reducing the number you make, if you enter into a debt consolidation agreement that offers a lower interest rate than the accounts you consolidate, you can save money by reducing the amount of interest your debts accrue each month.
  • Car loans: When purchasing a new or used vehicle, it’s common to take out an auto loan to help cover the cost. Auto loans allow you to make a purchase for a vehicle without the need to have potentially tens of thousands of dollars in cash available at the time of purchase.
  • Small business loans: A small business loan provides an opportunity for a small business owner to generate funding they need to help their business operate as intended. You may take out a small business loan at the onset of your company to pay for startup costs and cover the early months when most businesses operate at a loss or seek a loan for an existing company to manage new projects, such as a business expansion. As with an auto loan, this can help you get the financing you require without missing out on an opportunity while you save to do so.

How Do You Apply for Upstart Loans?

Upstart loans uses an online application process. To determine whether you qualify for a loan through Upstart, simply fill out their online application process. This provides you with a preliminary assessment before you decide whether to pursue a formal loan agreement.

How Do Upstart Loans Work?

Unlike traditional lending institutions, Upstart supplements its loan assessment with AI analysis of applicants. This measures traditional metrics such as your credit score and income, but also includes additional considerations such as your education and work history. This may help you qualify for a loan you would not otherwise receive if they only assessed you on traditional factors.

What Are the Benefits of Using Upstart Loans?

There are many positive considerations when deciding whether to use Upstart loans. Key benefits they may provide you include:

  • Easy process: Applying for a loan with Upstart loans is a simple online process that you can complete quickly and without a formal check on your credit score. Because the initial approval check does not impact your credit score, you can complete the process online to assess your eligibility and quickly determine whether Upstart has a loan that appeals to you or whether you’d be better served searching elsewhere.
  • Increased access: The credit score system used by financing organizations can present difficulties for individuals who are new to building their credit or who have made mistakes in the past but are attempting to improve their credit situation. Because the Upstart loan review process includes additional considerations, applicants with poor or no credit may qualify for better financing opportunities than are available to them through more traditional borrowing methods.
  • Fast fulfillment: If you need money from your loan promptly, then Upstart loans may be an excellent opportunity for you. Once approved for your loan, Upstart makes the funds available to you in your bank account on the next business day, so you can put your money to work as quickly as possible.
  • Easy consolidation: Upstart debt consolidation loans offer the option for Upstart to make payments directly to your other creditors to pay off your existing debts. This may help to simplify your debt consolidation process and help it progress as smoothly as possible.
  • Customizable payment dates: When your financial obligations are due each month can significantly impact your financial planning. The team at Upstart understands this and works with customers to make the process as painless as possible. By choosing your own payment date, you can find the time of the month that best aligns with your finances to help you stay on top of your payments and remain in good standing to further build your credit.

What Are the Potential Drawbacks of Using Upstart Loans?

When finding the right borrowing opportunity for you, it’s important to consider the potential drawbacks of each option as well. Potential downsides of choosing Upstart loans include:

  • Reduced options: When shopping for options on your loan, Upstart may provide less customization than other borrowing opportunities. When receiving a loan offer from Upstart, you commonly have two term choices to select from, which provide some customization but may not prove sufficient for finding your ideal loan agreement.
  • No mobile management: While many people now rely on mobile apps for much of their financial management, Upstart loans does not currently have a mobile option available. If you prioritize the convenience of managing your finances on your phone and are not comfortable using the mobile version of Upstart’s website, you may prefer a different financing opportunity.
  • Full fees on early payment: Many borrowers who take out loans do so with the hope of paying back the loan ahead of schedule to minimize the total cost of the loan. With Upstart loans, early termination still requires the full payment of the originally agreed terms, making it a less-than-ideal option if your goal is to pay back ahead of schedule.

Upstart Loans Review

Overall, Upstart loans is likely to be most appealing to individuals who are new to credit or who have a low credit score. The additional factors of analysis Upstart loans uses may allow you to qualify for financing you may not otherwise receive. Because of the relatively higher costs, they are not ideally suited for borrowing for casual spending. If, however, you have struggled to find the financing you need for a key expense, Upstart loans may be an option for you.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.


About the Author

FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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