Welcome to our Upstart review, a startup loan platform. This is a product review of Upstart, one of the few companies that use equity as the primary funding source. There was no way, at first, that this company would get to where they are now without many initial struggles and obstacles.
But now it’s time to focus on what they have accomplished so far and how their progress will help turn this service into something used across the country.
Upstart is an independent, accredited company that offers loans to individuals with the help of investors. Some may consider this a loan to avoid a financial problem, but others consider it a short-term investment opportunity. Upstart app review will discuss the platform, the founder, and what you’ll need to know before you fill in an online application.
Pros and Cons of Upstart
With Upstart, you’re investing with the opportunity for a return. The main benefit of Upstart is that you can have the money fast and with a quicker decision on the claim. Among other benefits of trying to use the Upstart platform, we can distinguish:
- No credit history is needed;
- Rate check available;
- No prepayment penalties;
- Money available in one to two business days;
- Flexible payment options.
Although Upstart offers so many advantages, there are a lot of risks that you need to be aware of. Among them:
- Origination fee for some borrowers;
- No discounts;
- Charging late fees;
- Only two-term options.
Thus, after a thorough review of this product, we must admit that Upstart is an excellent service for those who might have struggled to get a loan. And after you fill in the online application form, you’ll be one step closer to managing your financial problems.
What is Upstart?
Upstart is an independent company that offers loans to individuals in exchange for a fixed share of their income. This model is also known as income-share financing and was first introduced by the company in 2012. Upstart application will guide you through the process of signing up on their platform and how you can become eligible for a loan.
The startup has been organized since 2012, yet they’re still running as an independent company. They use the experience and relationships they’ve created as part of their organization to secure funding. Upstart is based in San Mateo, CA. With over 100 employees working closely with investors, Upstart offers loans to individuals facing financial issues due to unexpected events such as job loss or illness.
How does Upstart Work?
An Upstart payday loan is a direct deposit service. Your monthly loan repayments will be automatically deposited into your existing bank account or checking account.
Upstart does not use any credit check to ensure eligibility for a loan. The process is as easy as putting an online application on the Upstart service provider website, providing full financial details, and then waiting a few days to process your application.
A debit card, checking account, bank account, and linked bank account are all needed to apply for your loan. Direct deposits will start the first business day after you are approved. Upstart application requires full financial details, including work history and personal information like name, address, birthday, and social security number. Other details include your current bank information.
In some cases, Upstart may require additional verification information. Your bank accounts will be linked to your income share loan account, and you’re only expected to make payments directly from your bank account.
With Upstart, you avoid costly overdraft fees and expensive merchant fees, which are often more than the money you’re borrowing. Upstart payday loan has gross interest charges of 12% on your first 36 months.
If you have 60 or more payments left, you’ll pay a lower interest rate of 9%. The Upstart payday loan has a tiered repayment schedule to allow investors to join this company. The minimum deposit is just $1,000, the highest one is $50,000, and the average deposit amount is around $10,000.
Features & Services of Upstart
Upstart offers a wide range of financial products and services to meet the needs of its customers. These include:
- Small personal loans;
- Business loans;
- Auto loans;
- IRS Tax Refund Refunds (IRS TDR);
- Homeowner Repairs;
- Business Investments;
- Cash advances.
The credit approval information for the Upstart payday loan is essential for the company because the company depends on this fact to establish a relationship with investors. This is to qualify them for a loan that will be used for their business. Bank information on Upstart is also essential for the company to offer its investors effective financial solutions.
The advance feature of the Upstart service is an excellent opportunity for the organization to secure funding without the need to go through all of the formalities and procedures that are usually expected. This will help in helping some individuals avoid unnecessary fees and time-consuming processes.
If you’re interested in trying out the Upstart service, you’ll have to gather your financial documents and then provide them to your lender. The lender will then discuss the terms of your loan. In other words, if this company has approved a loan for you, they have decided that you’ll be able to receive funds and repay them reasonably.
You can track your budgeting in your account and make sure you can repay the loan amount quickly and with a faster decision. Your lenders will help you plan your finances, so you can decide on how to manage your financial situation better.
The loan terms will be agreed on how much you can afford to repay, and the duration should also be determined. Always check terms and conditions because this company wants to ensure you can manage your finances well. Applying for payday loans is easy, but the repayment process will be more complex.
Upstart Fees & Rates
Upstart fees are pretty affordable as compared to other online loan services. This means that you won’t have to pay more for your application than other services, and it’s hard for most banks to offer much cheaper services than this one. This company is convenient for you to apply online, and the application process will only take a short period to complete.
The annual percentage rate is 5.40% to 35.99% and the fees charged are not that high. The company also doesn’t charge you a monthly fee or other additional fees apart from the APR you’re willing to pay. This particular option is a strategic decision the business makes to provide better-cost services.
Upstart interest rates are way lower than credit cards and charge lower payment processing fees than your bank or credit card companies.
There is no need to pay any monthly or membership fees, overdraft fees, and other additional fees. Your monthly expenses are the total amount of your monthly loan payments and all other fixed monthly obligations.
The premium expense is your fixed and variable expenses put together. You can also choose to settle your loan anytime for any reason, aside from taxes or death. You can also pay double your monthly expenses and get rid of your loan in 3 years.
Safety & Security of Upstart
Upstart has a credit score service that will let you know how qualified you are for a loan and how long it will be before your application is approved. They also have an advanced security feature to monitor your account’s activities to ensure that everything is up to the level of security protocol.
The financial information that you provide is processed onto a secure network that uses complex encryption technology to protect your personal information from getting into the wrong hands.
Experts have put together the data stored on this particular network, which guarantees that all information stored in the system is in its proper place and no one can access it without their permission. The Better Business Bureau accredits Upstart. It is legitimate and reliable because of its financial expertise in customer needs. Most of their customers will not encounter any credit issues or problems with money, even if they are approved for a loan. Credit issues are rare in this company’s clientele.
Is Upstart Legit?
BBB is an organization in the United States that operates independently, and it was founded to resolve its members’ problems and enhance consumers’ general welfare.
This organization provides a forum for other businesses to be alerted to customer complaints concerning the services companies. Anyone can file a complaint against a company, but BBB will only act if there are significant concerns about Upstart services.
They want to analyze the facts thoroughly before taking any action against a company, making this agency more credible than others. Upstart has an A+ rating certificate from the Better Business Bureau.
It has been accredited since 11/29/2015. This is an excellent service to try, and if you have your finances in order, this will help you find the perfect solution. This company has been in the industry since 2012, and it’s now considered one of the best lending services.
Upstart Platform Supported
This app can be downloaded and installed on any device, like your smartphone, iPhone, tablet, desktop or laptop computer, or web browser. The website is hassle-free, and you don’t have to log in whenever you want to check on your budget. Another advantage of the Upstart platform is that it can be used from any location.
You can access your account as long as you are connected to the internet, and this is convenient for those who work from home or companies that don’t have an office in every field.
Android devices can access your account one hundred percent; this is not just any app, but the leading platform that can be used on any device or platform. Such a feature will increase the trust of some people who used other platforms before trying Upstart, and it makes for a more seamless solution than other platforms available.
Customer Service at Upstart
The customer service representatives of this company are beneficial and friendly. They are available via phone, email, or live chat. The hours during which they are available are 9 am to 9 pm Monday till Friday. You can leave a message if they’re unavailable at that specific time, and they will get back to you as soon as possible.
The support can be called the toll-free number 855-438-8778, or you can send them a message via email at [email protected]. Most customers will be happy to hear through the live chat, and all concerns will be answered. You can also visit their FAQ section to find answers to questions regarding credit scores, debit card usage, accounts, and loans.
For Which Needs Upstart Fits the Best?
Upstart fits those who need a short-term loan. This is good for those who want to pay their rent and utility bills and have a decent credit score. It is also recommended for those with little or no credit score, but building it to access better interest rates will be necessary.
If you need to refinance, this is an excellent time to use Upstart. Upstart doesn’t only look at your credit scores, which can help you get loans with lower payment processing fees. They also offer accounts and loans for large corporations and small businesses. This is also good for those with an average paycheck who want better interest rates since they are eligible.
What are Apps Like Upstart?
Other apps offer the exact solutions as Upstart. The alternatives to Upstart are Lending Club, Prosper, SoFi, and others. Check the table below to see the specific details and exact features of each platform and use it to find the best alternative:
|Loan Terms||3 or 5 years||3 years for personal loans 3 or 5 years for consolidation loans||36 or 60 months||3 or 5 years|
|Loan Amounts||$1,000 to $50,000||$4,000 to $25,000||$1,000 to $40,000||$2,000 to $40.000|
|APR||5.40% to 35.99%||5.99% to 29.99%||7.04% to 35.89%||7.95% to 35.99%|
|Origination Fee||0% to 8%||0% to 5%||5%||2.41-5.00%|
|Late Fee||5% of the late payment amount or $15, whichever is greater||5% of the late payment amount or $15, whichever is greater||5% of the late payment amount||$15 or 5% of the payment amount (whichever is greater)|
As you can see, the Upstart service is very different and unique. Every person has various problems, and many people have interests that are different from others. It would help if you looked at alternatives before choosing a specific one. This is because several types of finance, loan, and credit platforms will fit your needs.
The Review Process
We have tested the Upstart website using a different browser and mobile with the same results. We have also used the live chat for assistance on specific questions about the company. The review process also includes visiting their official site to read their details.
- The main criteria we consider are interest rate, payment processing fees, and other services like insurance, credit cards, and loans.
- We also view information on the company’s reputation and deal with BBB.com and other sites that have compiled reviews on Upstart.
- We find out everything we can about the service and study each aspect of it before we write our review to ensure we know enough to provide accurate details.
- The delivery time depends on the time of the day or week, but if you leave a message in their inbox or call their customer service department, this will be considered a priority, so you can get your money in less than 48 hours.
The website is very secure and easy to use, so even people who are not tech-savvy can use this service with no worries or problems. You do not have fees or obligations, which makes the experience of using Upstart hassle-free and less stressful than others.
Is Upstart Worth it?
Upstart is a good alternative if you have a low credit score and need short-term loans. It can be used for basic needs like bills, rent, utilities, and large purchases.
The interest rates are very cheap compared to other alternatives, which is one of this service’s best features.
The app download process is also very easy for anyone without technical experience. You can download it on your smartphone, tablet, or laptop computer, so your money will be ready to use anytime.
If you want to make payments on your loan, there are some limitations, but they are more flexible than others, so if you have an emergency, they will work with you on that too.
Does Upstart work with Chime?
Upstart works with Chime. You can link your account and use it to make payments on your loan. This is very convenient because you don’t have to deal with multiple accounts or try looking for a particular place where you can deposit your money.
Does Upstart report to the credit bureau?
No, Upstart does not report to the credit bureau. The purpose of the service is to consolidate your debt into one account to pay off every debt at a cheap interest rate.
How many loans can you have with Upstart at once?
The maximum amount of loans you can have with Upstart is $50,000. This means you will have a higher payment processing fee, but this might be the better choice if you need it.
Does Upstart run your credit?
The short answer is no. Upstart does not run your credit. To run your report, you must use the agency that the major credit bureaus authorize. If you want to run your credit score, you can use the company’s Credit Sesame.
Does Upstart affect your credit?
The amount of money you get from Upstart is separate from your regular checking or savings account, and there are no records of this money in the credit bureau. It does not affect your credit score, which is a crucial part of your financial life.
Who is the Founder of Upstart?
Upstart was founded in 2012 by former Google employees Anna Counselman, Dave Girouard, and Paul Gu at the same time Google launched Google Ventures. The company’s headquarters are in San Mateo, CA. It counted $200 million in revenue in 2020.
What banks does Upstart work with?
Upstart offers a personalized banking experience and a reasonable interest rate. You can use it in Cross River Bank, FinWise Bank, and other banking services. They partner with many banks so that you can access the money without any problem or difficulty.
Can I borrow again after I pay Upstart back?
Yes, you can. All you have to do is pay the amount of your loan back in the following 12 months, which will become active again. You don’t have to wait seven years as in other solutions, so this is another good feature.
How fast does Upstart deposit money?
Depositing money into your Upstart account can take a few days, compared to other services that deposit the money instantly. This is because some people use their financial accounts for the deposit, depending on each bank and assistance you choose.
How long does it take Upstart to verify my documents?
If you need help, you can call their customer service phone number. They usually verify the documents within a few days. This is not as fast as other services offer, but this is something that you can count on.
Does the Upstart app give you money instantly?
No, you have to wait for the payment to be processed. If you have an urgent need for money and pay the amount within a few days, this can help you receive the money in less than 48 hours.
What is the max amount of money Upstart lets you borrow?
Upstart can allow you to borrow $1,000 to $50,000. The main idea of this service is to help people access the money they need without any problems and pay it back just as quickly and even faster.
What happens if you don't pay Upstart?
Upstart can help you consolidate your debt. If you don’t pay the amount of your loan, you will come back every month for several months until the money is in your account, and you will also have to pay it back.
What are Upstart working hours?
You can make payments at any time that is convenient for you. The purpose of the service is to help people access the money they need without any problems or difficulties and pay it back easily or even more accessible.