Upstart Personal Loans
Upstart as you all know is an online lending platform providing different kind of loans to the customer. Today we are going to review their personal loans. They have the history of approving majority of the loans instantly. Upstart provide personal loans with minimum amount of $1000 to maximum amount of $50,000. The loan tenure is for 3 to 5 years. They provide minimum of $1000 in almost all states.
There are certain states where minimum is high-Massachusetts with $7000, Ohio with $6000, New Mexico with $5100 and Georgia with $3100. Interest rates varies from $5.6 to $35.99. They do not provide any type of auto pay discount like the other lending organization and also charge origination fees. This varies from 0% to 8%. It is a onetime which gets deducted from the amount given to borrower.
They also charge late fees if the customer fails to the pay the full monthly payment within 10 days of its due date. Late fee is equal to the 5% of the past due amount or $15, whichever is greater. Fortunately there are no prepayment penalty. So if a customer wishes to pay off the entire loan, then there are no prepayment charges. If the bank ACH is failed or the checks are returned due to insufficient funds, then they charge $15 per each occurrence. They also charge borrowers with a onetime fee of $10 if they require physical copies of records.
Applicants need to have the credit score of at least 600 to quality for the loan. This is not a hard and fast rule, as applicants who don’t have enough credit history to have a FICO can also be accepted. They also take into account the applicant debt to income ratio. They also do through check if the applicant has any bankruptcies or delinquent accounts. They would also check the credit report.
Applicants should have a full time job or offer which would start in 6 months or should have a regular part time with an annual income of minimum $12,000. They don’t allow the option of co-signer or co-applicant. They offers pre-qualification with a soft credit check to the customers. It is a good option for the customers who don’t have a credit history.