Upstart Personal Loans offers borrowers the chance to get access to loans at excellent rates even if they have imperfect credit, so we’ve made this review to show you how they do this.

This is possible thanks to their nontraditional underwriting method. Their financing options are somewhat inflexible, but if you are looking for quick access to funds, Upstart might be the way to go.

Their approval and funding times are among the fastest in the market. The speed, however, comes at a cost. Keep reading to find out more.

Despite offering one of the fastest approvals and funding times available, Upstart Personal Loans does not offer joint, co-signed, or secured loans.

Another disadvantage is that it has only two repayment term options.

How can they be so fast, then? Because the company uses nontraditional data and artificial intelligence to qualify borrowers.

While other lenders may focus on borrowers’ creditworthiness, income, assets, and debts, Upstart’s method is much quicker to decide.

Borrowers generally receive instant approval after applying, and funds are quickly deposited within one business day. Not many competitors can boast such speed.

Still, even though Upstart does not run traditional credit checks, you can pre-qualify on their website without undergoing a hard credit pull.

The platform also provides borrowers with financial education about personal loans and building credit. Their blog features borrowers and news events relevant to personal loans and credit. 

There are a few shortfalls to Upstart. First, some lenders on their lending platform charge an origination fee. This is common for personal loans but inconvenient because it reduces your loan amount.

Their limited repayment terms are also a big disadvantage. Their three- or five-year repayment terms are inflexible compared with other lenders. This gives you less control over monthly payments and interest costs.

Upstart also does not offer a mobile app, which further contributes to you having less control over your payment history and credit score.

Now that you are familiar with Upstart Personal Loans, it is time to have a look at its pros and cons in this review. Check out the list below.

Upstart Personal Loans applies its own underwriting model, which uses artificial intelligence and other data such as college education, job history, and residence to qualify borrowers.

It does not require a credit score in order to qualify. 

So, do you like what you see here? If so, you might want to check out our step-by-step guide to the Upstart Personal Loans application process.

Just click the link below, and we will show you how to do it.