If you’re searching for a personal loan and have a low credit score, Upstart is worth considering. Upstart stands out for accepting borrowers with credit scores as low as 300, or even those with no credit history at all. Its annual percentage rate ranges from 6.5% to 35.99% for loans between $1,000 and $75,000. Terms can be 36 or 60 months, providing flexible options for repayment.

The application process with Upstart is online and streamlined, making it approachable for applicants who want to avoid complicated paperwork. Upstart uses an AI-driven model, considering factors beyond your credit score, such as education, employment, and income.

How to Apply Step by Step

1. Check your rate with a soft credit inquiry.
2. Choose your loan amount and preferred repayment term.
3. Submit personal and financial information in a straightforward application.
4. Review your loan offer and agree to the terms.
5. Sign your agreement and set up your funding preference.

Pros

A major benefit of Upstart is accepting applicants with very low or even no credit scores. This makes it accessible for many who are often overlooked by other lenders. Furthermore, most loans are funded as soon as the next business day. There are no penalties for early payoffs, giving you flexibility to repay faster and save on interest.

Cons

Keep in mind, Upstart charges an origination fee that can range from 0% to 12% of the loan amount. This can take a notable portion of the funds you receive. Late fees can also be high, and there’s a cost for requesting paper copies of your agreement.

Our Verdict

For borrowers with poor or limited credit, Upstart offers a viable way to access personal loans at reasonable rates. The inclusive approval process and fast funding make it a strong choice, though the origination fee should be considered. If you want a personal loan and have struggled to qualify elsewhere, Upstart is highly recommended.