Types Of Personal Loans Offered By Upstart
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 Newton loans model to assess your creditworthiness.
