When you apply for an Upstart loan, you can avoid a credit check because this type of loan does not require a credit check. The company assesses applicants based on their academic records and may even give loans to recent college graduates if they have good grades. The application process is simple and you can apply online if you have a 300 FICO score. Applicants must also be at least 18 years old and be a U.S. citizen. Military personnel who are on active duty are exempt from this requirement.
One of the most appealing features of Upstart loans is the fast application process and professional customer service. You can view your payment obligations and schedule your payments online. You can even change your payment date online. Another advantage is the flexibility of the repayment terms. You can make your payments bi-weekly, monthly, or every two weeks depending on your needs. Another advantage is that you can access your account information online. Moreover, Upstart loans allow you to make your payments online, so you can view your repayment history on the go.
To apply for an Upstart loan, you will need to provide basic personal information. This includes your education and income. Once you have provided all these details, you can then go ahead and apply for the loan. Once approved, you’ll have to provide bank statements, employment and educational credentials to the lender. You will also have to undergo a hard credit check, which can lower your score a bit. Nevertheless, the process is quick and simple.
When you apply for an Upstart loan, you’ll be charged an origination fee. This fee can range from 0% to 8%, and is deducted before the loan funds. If you’re more than 10 days late on your payments, you’ll end up paying a $15 fee. Upstart also requires a fee for ACH and check returns. Additionally, you’ll have to pay a fee to switch from an electronic to paper record. And remember, there’s no prepayment penalty with Upstart loans.
Upstart has an “A+” rating with the Better Business Bureau. The company has received 20 complaints, and has responded to them promptly. Its average user rating on WalletHub is 3.8. This lender is a great choice for people with bad credit or little credit history. With their transparent terms and low interest rates, Upstart has the potential to serve those who have had trouble with traditional lenders. So, apply with confidence and make Up your mind!
One drawback with Upstart is that it requires an origination fee. Although the fee ranges from 0% to 8% of the loan amount, it is deducted from the proceeds of the loan. You will also have to pay a late fee of $15, and will have to file a tax return if you are self-employed. However, there are other lenders who offer more flexible terms. If you want to avoid paying these fees, you’ll need to check with your bank about offering such a loan.