“We started in 2012 with this product that came to be called income share agreements, a name that has lived on beyond that business of ours. It was the founding idea of the company,” says Girouard. “We got off to what felt like a pretty quick start. We were making progress, we were proving our hypothesis, and we were in The New York Times, so we were feeling optimistic in the very early days. And we always felt that it was going to start scaling next month or the month after.”
Upstart offers fixed-rate personal loans that can be used to cover various expenses. Borrowers need a 300 minimum credit score and a regular source of income to apply.
There are state limitations to where loans can be used for educational expenses and student loan repayment, but no other specific restrictions on what loan proceeds can be used for. Upstart loans can be used for the following purposes and more:
- Debt consolidation
- Moving costs
How To Get A Personal Loan From Upstart
The application process is entirely online and, according to Upstart, you can check your rate within minutes. Click on Check your rate on Upstarts personal loan page. In addition to being asked for the usual financial information and how you plan to use the proceeds, youll be asked to share more personal details, such as:
- Where you went to school
- What year you graduated
- The company you work for
- Your current job title
- Loans youve taken out in the past three months
- How much you earn at your job
- Your savings and investment account balances
Upstart will perform a soft credit check and use its underwriting model to assess your creditworthiness. If you accept the rate youre offered, Upstart will then pull your credit report again and process your application. Upstart will also analyze your income, credit history, and other factors when setting your available loan amount.
If you accept Upstarts offer by 5 p.m. Eastern Time on a weekday, your money may be deposited in your account as soon as the next business day.
Upstart offers applicants a unique opportunity to use personal data, such as education and job history, to bolster their applications and secure competitive loans that they may not otherwise have been able to get.
I Already Have A Personal Loan Can I Get Another
That depends on several factors, but most likely you can. Lenders will re-assess your creditworthiness, so your payment history on your current personal loan, any changes to your credit report, and any increase or decrease in your income and expenses would impact your ability to get another loan. Also, your current personal loan will be taken into account when lenders assess your debt to income ratio to determine if too much of your income is going towards paying debt. If you have been making on-time payments on your loan, its likely your credit score has improved and your rate may be lower on a new loan.
Dos And Donts Of Repaying Your Personal Loan Early
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When youre nearing the end of a long personal loan road, its tempting to wrap your payments up a few months early. Who doesnt yearn to see that balance zero out?