The lending marketplace is evolving rapidly, and Upstart is leading this change with artificial intelligence. They are partnered with banks to reduce lending costs and use AI technology to improve access to credit. They offer their services through upstart.com.
Upstart Summary
Upstart Review
Upstart Summary
Upstart is a popular lending platform with innovative AI technology. Although Upstart has an excellent rating from the Better Business Bureau and has been accredited since 2015, it has closed 343 complaints from customers in the last 3 years. Most of its reviews on the Better Business Bureau are negative, with an average of 1 out of 5-star rating from customers.
Upstart is a personal loan marketplace that provides access to personal loans from its network of lenders. We took a closer look at Upstart so that you can make an informed decision about whether or not it is the right lending platform for you.
We’re always striving to offer the best possible service to our customers. So, we took a close look at their website and terms and conditions.
Listed below are some interesting facts we found during our research:
- They offer interest rates starting at 5.6% and going up to 35.99%.
- Loan amounts go from $1,000 to $50,000.
- You can choose between personal loans with 3 or 5-year terms.
- They might request additional documentation to process your application which can take longer.
- Minimum loan amounts vary by state.
- The full range of available rates varies by state.
What is Upstart?
In a world dominated by online everything, it’s no surprise that a company like Upstart has surfaced. What is Upstart, you may ask? It’s an online marketplace that uses artificial intelligence (AI) to connect borrowers with lenders. And because of this, Upstart-powered banks can offer higher approval rates and experience lower loss rates*. These banks are also able to provide their customers with the exceptional digital-first lending experience they demand.
Upstart has been in the industry for over 10 years, and is headquartered at 2950 S Delaware St in San Mateo, CA. They can be reached by phone at (855) 438-8778.
The company boasts an A+ rating from the Better Business Bureau (BBB) and has been accredited since 2015. With an average of 182 customer reviews, it’s clear that Upstart is a popular company. However, they have also had 239 complaints closed in the last 12 months.
How does Upstart work?
Upstart is a leading provider of AI-powered credit solutions. By considering non-conventional variables, Upstart can provide superior loan performance and improve access to credit for consumers.
Upstart is an option for those who need to borrow money but don’t want to go through the hassle of traditional loans. In many cases, no additional documentation is required during the application process. However, please note that final approval is contingent upon a hard credit inquiry which can make the timeline longer if extra documentation is required.
Once you accept a loan, the funds will be sent to you within one business day if you accept it by 5 pm EST (not including weekends or holidays). Federal law requires a three-day waiting period for loans that go towards education-related expenses. Therefore, those types of loans will take slightly longer to process.
How to qualify for Upstart?
Many factors can affect your APR, and Upstart takes a different approach by considering things like your education and employment history. Your credit, income, and other information from your loan application will still be considered, but not as heavily as with other lenders. This allows for a more holistic APR.
Upstart BBB Reviews
Upstart is a company that has been getting a lot of mixed reviews recently. Some people love them and others do not so much. Although the BBB accredited them in 2015 and gave them an A+ rating, their average 182 customer reviews are mixed. The company has also had 239 complaints closed in the last 12 months and a 1 out of 5-star rating from customers..
Read some of the recent Upstart BBB reviews:
Al M 10/20/2022
High-interest rates.Inflexible hardship repayment options if you run into trouble.If you make less than the minimum payment they treat it as though you haven’t paid at all. Payments are not credited properly to the ************ and get sent to collections. This is a predatory lender. Seek other options for borrowing money.
Victor A 10/20/2022
Upstart leaves you vulnerable and in the lurch! Bad company! They claim that they look beyond your credit score, which is pure B.S.! I had a stroke, so I used a lot of my credit cards during that difficult period, causing damage to my credit score. They do not consider anything but their ability to turn a profit. They masquerade as a compassionate, ethical company, which they are not! This company is just another profiteering organization, making money off the backs of the poor with abandon. I would avoid it.
Logan L 10/16/2022
I am unable to get a loan because I was shopping around for loans to get the best APR. I found this company offered the best rate but because there was a prior credit check on me from another company they turned me down. The other company is withholding the rejection letter so I can’t go through with the loan from this company.
Tamika H 09/29/2022
Horrible company when you denied my application because I didn’t show proof I was a college graduate. I have brought three houses and multiple cars over the years and NEVER did I have to show proof of my college degree.
FAQs
How much does Upstart charge?
You can get a loan from Upstart with an APR of 25.05%. The repayment period is 60 months, and you’ll need to pay $25.80 per $1,000 borrowed. So, for example, a $10,000 loan would have a total cost of $15,478 including an origination fee of $804.
The interest rate you’ll be charged will depend upon several factors such as your credit score, income, and other information provided in the loan application. Not all applicants will be approved for a loan.
Are there any pre-payment penalties?
No downpayment or prepayment penalty is charged.
How does Upstart affect your credit?
Inquiring about your rate with Upstart will not affect your credit score. However, should you decide to proceed with your application, they will do another (hard) credit inquiry that could lower your score. Taking out a loan also means that repayment information will be reported to the credit bureaus.
How to cancel Upstart?
Before taking out a loan with Upstart, be sure to do your research and understand the terms and conditions. Keep in mind that you cannot cancel or reverse the loan once you’ve received the funds, so it’s important to be confident that a loan is the right choice for you before signing any agreements.
Do you find yourself struggling to make ends meet? Here is some advice that may help you get back on the right track. There are a few things you can do to ensure you stay within your budget.
- Firstly, develop a budget and stick to it as closely as possible.
- There are a few things you can do to get your finances in order. Firstly, make a budget and stick to it. This will help you know where your money is going and where you can cut back.
- There’s no need to panic if you’re already in debt. Many companies are more than willing to work out a more manageable payment plan with customers. So reach out to their customer service team for more information.
Is Upstart legit or a scam?
Upstart is a popular lending platform with innovative AI technology. Although Upstart has an excellent rating from the Better Business Bureau and has been accredited since 2015, it has closed 343 complaints from customers in the last 3 years. Most of its reviews on the Better Business Bureau are negative, with an average of 1 out of 5-star rating from customers.
It is always important to do your research and read customer reviews to make the best decision possible. By reading reviews, you can avoid choosing a loan that you cannot afford.
If you’ve had any experience with upstart.com in the past, feel free to share it with the community in the comments below!
We hope this review was helpful and thank you for reading.
8 Comments
Visitor Rating: 1 Stars
I never applied for an upstart loan, yet I got adverse letter. I do have a hacker/stalker so he might have applied. My concern with them is the AI emails for my case of them looking into this. Countless emails and not resolved.
It is a terrible company if you need to change payment info, my checking acct got hijacked I had to close it and get a new one I still can’t seem to get that fixed they keep telling me I have to it on line that isn’t working, they tell me they can’t do it over the phone ssssssssso what do I do, I been trying for days
Do not waste your time with this company, they will not give you a credit consolidation loan if you were ever delinquent with making a payment. So, if you are making your payments on time and not behind in any of your payment, you don’t need them. Just keep up with the good work on your own.
Visitor Rating: 1 Stars
Visitor Rating: 4 Stars
This is definitely a predatory lender.
I sent them everything they asked for, They had a different email than the one I sent them. So, of course, they said, cannot verify your email.
The application online said the application was in effect until November 17th.
I sent them my college transcript, which I now regret! I don’t know who these people are.
They said to me, “Your application was denied on the 4th due to not being able to verify your education.”
What BS. I spoke with someone from San Carlos California on the 4th of December 2023. He told me he had everything and it looked good. So, maybe because I went to a Christian University, I was turned down? I think their “credit underwriters” are AI !
Also, the person I spoke with could not answer what it was they could not verify. She was repetitive and could not answer my questions.
I wish I had checked them out first. My bad.
I definitely felt this is a scam.
This is definitely a predatory lender.
I sent them everything they asked for, They had a different email than the one I sent them. So, of course, they said, cannot verify your email.
The application online said the application was in effect until November 17th.
I sent them my college transcript, which I now regret! I don’t know who these people are.
They said to me, “Your application was denied on the 4th due to not being able to verify your education.”
What BS. I spoke with someone from San Carlos California on the 4th of December 2023. He told me he had everything and it looked good. So, maybe because I went to a Christian University, I was turned down? I think their “credit underwriters” are AI !
Also, the person I spoke with could not answer what it was they could not verify. She was repetitive and could not answer my questions.
I wish I had checked them out first. My bad.
I definitely felt this is a scam.
Now Im getting a message that is telling me this is a duplicate comment??? WHAT????