Upstart is the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process. Upstart has demonstrated unparalleled credit performance1 and the industry’s highest consumer ratings.2

In addition to its direct-to-consumer lending platform, Upstart provides technology to banks, credit unions and other partners via a “Software-as-a-Service” offering called Powered by Upstart.Upstart has worked with
regulators since inception to ensure it operates safely within the law.

AI/ML-based lending expands access to affordable credit by constantly finding new ways to identify qualified borrowers. Yet the model must avoid unlawful disparate impact, or statistical bias, that would be harmful to disadvantaged groups.

Upstart has demonstrated to regulators that its platform doesn’t introduce bias to the credit decision and has developed reporting procedures to ensure future versions of the model will continue to be fair. In September 2017, Upstart became the first company to receive a No Action letter from the Consumer Financial Protection Bureau (CFPB). The purpose of such letters is to reduce potential regulatory uncertainty for innovative products that may offer significant consumer benefit.

Loan Features

More than 125,000 Upstart loans have been originated as of February 1, 2018. Upstart offers 3- and 5- year fixed interest loans. Funds can be used for almost anything, including starting a business, paying for a coding bootcamp, eliminating student debt or paying off credit cards without pre-payment fees or penalty.You can use your loan proceeds for almost anything. The following are some options:
Pay off credit cards
Pay off student loans
Start or expand a business
Pay for college or grad school
Take a course or bootcamp
Pay medical bills
Make a large purchase
Athletic training

Application Process

Applying for a loan begins with submitting a rate inquiry on Upstart’s website.Borrowers on Upstart must have a minimum FICO or Vantage score of 620 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a FICO score. In addition, there cannot be any material adverse change in your credit report from the time the loan was offered to you and your funding. Material changes include significant drops in your credit score or additional debt obligations. If this occurs, your loan approval will be withdrawn.

To qualify for a loan, all loan borrowers must:

1) be a U.S. citizen currently living in the U.S., or a permanent resident currently living in the U.S.; (unless military personnel on active duty, in which case it is not required that the applicant be currently living in the US.)

2) not be residing in West Virginia

3) be at least 18 years old (applicants from Alabama and Nebraska must be at least 19 years old);

4) have a valid email account;

5) have a verifiable name, date of birth and social security number;

6) have a full time job, a full time job offer starting in 6 months (except if accepted to a partner bootcamp and seeking employment after graduation), a regular part time job or another source of regular income;

7) have a personal banking account at a U.S. financial institution with a routing transit number;

8) meet our minimum credit requirements; and

9) If an existing borrower on the Upstart Loan Program, the borrower/applicant must (i) have made on-time payments for your 6 previous consecutive payments, with no failed payments , (ii) have no more than one outstanding loan in the Upstart Loan Program at the time of application, and (iii) have no more than $50,000 of total principal outstanding at the time the loan originates.

10) wait for a period of at least 1 month after paying off a previous Upstart loan

Repayment Terms

All loans through Upstart have a fixed interest rate, which means it won’t change throughout the term of the loan.

Upstart loans also have a one-time origination fee, therefore we calculate your APR to include the fixed interest rate of your loan and the one-time fee. Rates from 7.43-29.99% APR (3-5 year terms). he average 3-year loan on Upstart will have an APR of 16% and 36 monthly payments of $34 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR and loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Customer Support

Upstart Operations Dept.
P.O. Box 1503
San Carlos, CA 94070

1-855-438-8778 (toll-free)
(650)204-1000 (local)

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