Alternative Personal Loans 2022 Review
You can qualify with a low score or none Credit-worthiness: Some borrowers may qualify for a loan with a FICO® score of 580. Upstart also offers loans for people with no credit history – education and employment are taken into account when making loans. However, keep in mind that interest rates on Upstart loans are higher when your credit score is low.
Large selection of credit options: Standard personal loans range from $1,000 to $50,000. As such, it offers some of the best personal loans for people looking to borrow smaller amounts of money.
Funding next day: According to Upstart, 99% of the time you should get your money within 1 business day. That means if you need money to cover an emergency expense, the money will be in your account quickly.
Repayment options: You have the choice between a loan term of three or five years. The five-year term keeps your monthly payments lower, but the three-year term saves you money in the long run.
No prepayment penalty: If you want to pay off Upstart personal loans early, you can. Because Upstart loans have no prepayment penalty, you can make additional payments to reduce the loan amount. This will save you money in the long run.
Check your rate without hurting your credit score: Curious applicants can submit basic details and receive an offered loan rate without affecting their credit score.