What Kind of Loans Does Upstart Provide?
Upstart was founded by ex-Google employees looking to offer the public a different lending experience. The service maintains high standards and the respect of its borrowers, with a very high customer service rating; one of the highest in the industry, in fact. But what kinds of loans does Upstart provide?
A Different Approach
What sets Upstart apart from its competitors is a different loan model than your traditional bank or credit card loan. Most loans focus strictly on monthly or annual income and your FICO score to determine creditworthiness, whereas upstart looks at other factors as well.
According to the service’s website, “83% of Americans have never defaulted on a loan, but only 45% have access to prime credit”. A smarter credit model minimizes defaults and losses and makes borrowing simpler for users who don’t have excellent credit.
Upstart’s AI system continually learns and updates, and is one of the first companies to apply AI to the credit industry. The AI learns and adapts to users and market trends, making the borrowing process smarter and therefore more efficient.
By Q4 of 2018, 60% of Upstart’s lending process was automated, paving the way for future trends. It’s expected that within 10-20 years, almost all lending will become automated; dependent on the very AI that Upstart utilizes every day. It’s not an understatement to say the company has set a new bar in the lending world.
If you’re looking to refinance credit cards, consolidate debt, or simply secure a better interest rate for your student loans, Upstart can help. They offer a line of refinancing options so you can find the best rate for your financial situation.
Sometimes expenses can get out of hand, or we find ourselves stuck in a bad loan due to poor credit. Refinancing can help alleviate some of the pressure by getting you a better interest rate, meaning the loan will cost less at the end of its life.
Perhaps you owe money to multiple lenders and are beginning to fall behind on payments. A debt consolidation loan will lump all of your bills into one payment, so you don’t have to keep track of each individual bill every month.
With Upstart, you can borrow up to $50k, depending on a few different factors. You’ll provide personal details such as name, address, and source of income, and you’ll receive your answer in just a few minutes
Personal Expense Loans
Upstart also offers loans for “personal expenses” which include weddings, vacations, relocation, and home improvement to name a few. If you’ve ever wanted to replace your home’s windows or finally take your family on that Caribbean vacation, Upstart has great loan options for you.
Things like medical bills and missed rent can add up quickly and cause threats from landlords and even collectors. With an Upstart loan, you can be sure that your expenses are being covered and that you’ve received a better rate than you would have through a personal loan.
Large Purchase Loans
Large purchases include cars, appliances, and other expensive items, and Upstart Loans offers a loan package for these items as well. Car loans can carry high-interest rates and end up costing a lot more than the car is worth. As soon as the car drives off the lot, its value begins to diminish; meaning the longer you pay on it, the less it’s worth.
School Or Business Loans
If you’re thinking about college for yourself or your child, traditional lending programs might not be your cup of tea. Although the government provides financial aid to most students, the account is usually managed by a private company, and those loans can add up over time.
Upstart also provides business loans for those passionate individuals who want to make the leap into the business world. Running a business carries enough risk from the outset. Choosing the wrong type of loan can increase that risk.
Upstart is a great alternative to traditional business borrowing. When you’re first getting your business idea together, the last thing you want is to constantly worry about high-interest rates, pressure from your lender, or borrowing too much.
You’ll be able to apply for exactly how much funding you need, and your rate will be decided within minutes using Upstart online lending. Don’t take more risk than necessary with your business through traditional lending when Upstart offers such a great alternative.
Should I Use Upstart?
Before taking any loans, you should consider all of your options. Do you need a loan? Can you pay it off in time? Does your monthly budget allow for extra payments? These questions are especially important when you’re starting a business.
Once you’ve decided you do, in fact, need a loan, you’ll want to explore your options. Upstart offers you the chance to be viewed as more than just a credit score. Your education and work experience, as well as other factors, are all considered in the approval process.
With a constantly learning and adapting AI system, you can be sure you’re getting a completely unique loan experience, and that you’re matched with the best loans to suit your needs. There’s a reason Upstart maintains such a high rating in the industry. The company’s tradition of excellence has made it one of the top lenders in the nation. Be more than just your credit score by borrowing with Upstart.