Upstart is a personal loan service that makes it easier to borrow money that traditional loans.
What we love about Upstart
Upstart was founded by ex-Google employees so they've taken all of the hassle out of the process for applying for a personal loan. We came across their website and decided to give Upstart a try to pay off a credit card bill.
This was the first time we ever applied for a loan, mainly because the process for applying for a loan up until now had been so complicated. We signed up on the website then sent in a few documents and once approved the loan amount was directly deposited into our bank account.
We loved that we were able to do everything online and it was about as easy as applying for a credit card.
Benefit 1: Eligibility is partly determined by your education and experience
If your credit score is less than ideal then you might want to give Upstart a try.
Their website says that they take your education and experience into account to help you get the loan that you deserve. This is different from most lenders who only take credit score and the number of years of credit into consideration.
When we applied for our loan we just had to enter some information about where we graduated from, our degree type, as well as some employer information like job title and number of years of employment.
Benefit 2: Fast approval
The approval process was really fast once we submitted all docs like proof of income.
The approval was less than 24 hours and then the full loan amount was directly deposited into our bank account the following business day.
No dressing up and going down to the bank for an interview or anything. This is the way applying for a loan should be. Fast and convenient.
Benefit 3: Easy payment process
The payment process has been completely on autopilot so we've almost forgotten that we have a loan that we're still repaying.
Each month Upstart sends us an email reminding us that our payment is due, and it's always due on the same day each month (which you can pick.)
Then the same payment amount is withdrawn directly from our bank account. In addition the the automatic payment process we have set up with Upstart, we can log into our dashboard and make additional payments anytime we want or pay off the entire loan amount.
According to the website there are no fees or penalties for paying your loan early. Since the interest amount is fixed you pay the same interest amount whether you pay the loan off in 3 months or 3 years. This is great if you want to take your time to pay off the loan but if you want to pay off your loan early, there's really no incentive to do so in the form of money savings.
Our personal takeaways
Upstart is a convenient process for applying for a personal loan and it's great that they take education and experience into account in addition the your credit score.
We really liked how fast we received the loan amount and how easy it is to pay it each month. Overall we would consider getting another loan from them again if the interest rate is favorable.
Who would we recommend Upstart to?
Upstart is great for young professionals who are just starting out in their career and want to consolidate their debt or pay off higher interest credit cards.
For the most part though, Upstart is great for anyone who might not have great credit but has a good education and job experience or for someone who just wants a loan but doesn't want the hassle of applying for a loan the traditional way.
Do you want to consolidate your debt or pay your bills? Visit the Upstart website to sign up today!