Upstart is an online lending company that specializes in providing college graduates with fair and excellent credit ratings with loans. Instead of focusing entirely on credit history, credit scores, and income, Upstart examines the job history and education of a loan applicant.
How Does Upstart Work?
Upstart established their own algorithm for calculating the probability that a borrower will default on their loan. Upstart calculations take into account factors that other lenders don’t consider, such as the field of study and standardized test scores.
The company provides promising young students that lack a credit history the chance to repay their debt at a lower interest rate. Even borrowers that haven’t gathered ten years of credit history yet can receive a low rate, especially if they are educated to college-level. Borrowers do not need to be employed as long as they attend the Upstart accomplice bootcamp.
How Much Can You Borrow?
Upstart loans range from $1,000 to $50,000.
What States Does Upstart Operate In?
Upstart works in every state with the exception of West Virginia.
What Is the Application Process Like?
It takes just a few minutes to complete the online application process. The application includes questions such as your field of work, what you major in, your education level, and your income. Your application is then processed and you will receive a preliminary based on the information provided.
What Makes Upstart Better than Other Lenders?
Upstart provides college graduates with a restricted credit history the chance to qualify for a competitive rate. This is done through a new data-driven method that is used to recognize creditworthy customers. It also provides graduates that require start-up cash and those who are facing a heavy debt burden the chance to clear their debts and get on with their careers.
If you’ve got any questions then check out the extensive FAQ that looks into all aspects of the Upstart loan process. The site also offers a wealth of information on fees and terms. You also get specific information related to your loan after applying. There is also a section for investors, in case you are interested in learning more about the other side of the loan process and becoming a loan investor.
Upstart is different from other online personal loan providers. Because it is peer-to-peer, it takes into account things about borrowers that may be overlooked by other lenders, such as their education level and the reason for the loan. Unlike other peer-to-peer lenders however, Upstart doesn’t show lenders your loan application and wait for them to approve it. You can expect to receive the money quickly if you are eligible for a loan.