Forward Future Tools Library
Upstart
Upstart matches borrowers with personal-loan options, including debt consolidation, short-term relief, Cash Line, and HELOC products, with fast online rate checks and funding.
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›What is Upstart?
Upstart is an online lending platform offering personal loans, Cash Line, short-term relief loans, and home equity lines of credit. Borrowers can check a personal-loan rate in about five minutes without affecting their credit score, then verify information and receive funds, typically by the next business day after signing. Its lending process considers non-traditional factors alongside credit information.
›What are the pros and cons of Upstart?
Strengths
Rate checks use a soft credit inquiry and do not lower the applicant's credit score
Personal-loan amounts range from $1,000 to $75,000
Personal-loan funds are typically transferred the next business day after signing
Personal loans have no prepayment penalty
Eligibility can be accessible to borrowers with limited or fair credit histories
Trade-offs
Rates and origination fees can be higher than those available from other lenders
Borrowers with strong credit may find lower-cost options elsewhere
Personal-loan repayment-term choices may be limited
Proceeding after prequalification triggers a hard credit inquiry
Short-term relief loans can carry APRs of up to 36%
›What are Upstart’s key features?
Personal loans from $1,000 to $75,000
Online rate checking with a soft credit inquiry
Debt-consolidation and general-purpose borrowing options
Cash Line with an ongoing credit limit after approval
Short-term relief loans from $200 to $2,500
Home equity lines of credit from $26,000 to $250,000
No prepayment penalty on personal loans
›What are the best use cases for Upstart?
Borrowing for general personal expenses
Consolidating existing debt
Covering everyday bills with a short-term relief loan
Accessing a recurring credit line through Cash Line
Applying for a home equity line of credit
›What is the pricing for Upstart?
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›Who is Upstart best for?
borrowers with limited credit historyThe lending process may make prequalification easier when credit history is limited but work or education history is strong.
debt-consolidation borrowersPersonal loans can be used to consolidate debt, with amounts up to $75,000 and no prepayment penalty.
borrowers needing fast fundingOnline rate checks take about five minutes, and personal-loan funds are typically sent the next business day after signing.
Not for
- Borrowers with strong credit who can qualify for lower rates and fees from another lender
- Borrowers who need a wide selection of repayment terms
- People who want to avoid a hard credit inquiry after proceeding with an application
