Upstart Auto Loan Refinancing: 2024 Review
Borrowers with an excellent credit score should first consider Upstart to potentially score the most competitive rate. Upstart may also be better if you’re on the other end of the spectrum. The lender was named as the overall winner for bad credit borrowers in the 2024 Bankrate Awards due to its flexible eligibility criteria. Though Upstart’s APR cap is on the higher side, the lender has one of the most competitive starting APRs at 7.80 percent.
The customer service line is unavailable on New Years Day, Thanksgiving, Christmas Eve and Christmas Day. That said, California, Connecticut, Illinois, Washington and Washington, D.C. Residents aren’t allowed to use Upstart’s loans to cover education-related expenses. While specific criteria can vary, Upstart generally requires verifiable income, a Social Security number, a US address, and a verifiable bank account. Click the button below and head to Upstart’s website to pre-qualify.
Star ratings are then assessed from poor (one star) to excellent (five stars). Upstart works with many different lenders, so the information xcritical scam provided here is general and can reflect the high or low end available among its lending partners. Best for applicants who would benefit from a more holistic view of their creditworthiness, including criteria like education and occupation.
However, with relatively high APRs and origination fees of as much as 8%, borrowers with stronger credit may pay less for a loan with a different lender. Both Avant and Upstart allow borrowers with poor credit to get approved. For borrowers who xcritical website meet Upstart’s minimum credit score requirement of 300, this lender could have an advantage with a wider range of interest rates and higher loan amounts. Here are Upstart’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval.
Where Upstart personal loans fall short
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. For more details about the categories considered when rating aggregators and our process, read our full methodology. Less than 25% of borrowers could have a fee of up to $999, depending on the lending partner.
Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Upstart first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. Here is how fast borrowers who took out loans through Upstart received their money compared to other lenders on Bankrate. Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily.
Compare the best personal loans
Upstart says those with all types of credit profiles and income levels may qualify. As of July 2024, Upstart has 4.9 stars on Trustpilot, a website that collects consumer reviews. Customers mention the company’s quick and easy application process. Consumer Lending Satisfaction Study, slightly below the average score of 702. Upstart’s mobile app received 4 stars across 25 reviews on the Apple Store.
Online Language Dictionaries
- To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey.
- It would be nice to have the ability to remove linked bank accounts without the need to call customer service.
- APR is calculated based on 3-year rates offered in the last 1 month.
- Bankrate.com is an independent, advertising-supported publisher and comparison service.
- Upstart personal loans can be used for a variety of purposes, including debt consolidation, home improvements, and major purchases, but restrictions may apply to certain uses.
Borrowers can check their rate without hurting their credit in just a few minutes and loan amounts start lower than most personal loan lenders and go up to the typical maximum. The company says it works with more than 100 banks and credit unions to offer personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar “relief” loans. Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Some common complaints include denial of applications, fees, and poor communication. Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR. Upstart’s nontraditional approach to underwriting means there are few credit-related requirements to get a personal loan.
Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.
Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Upstart personal loans can be used for a variety of purposes, including debt consolidation, home improvements, and major purchases, but restrictions may apply to certain uses. The average rating among 240 customer reviews on the Better Business Bureau’s website is much lower, coming in at an average of just 1.2 out of 5.
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers.
Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. Upstart has flexible credit requirements and offers loans as small as $1,000. On the downside, Upstart charges fees, including an origination fee and a late fee. Whether you’re consolidating debt or making a big purchase, Upstart’s personal loans have got you covered — and the credit score requirements are more flexible than those of some other lenders.
Compare Upstart to other lenders
Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions. The developer, Upstart Network, Inc., indicated that the app’s privacy practices may include handling of data as described below. Dana George has a BA xcritical official site in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she’s still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini.
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Upstart makes decisions based on more than just the borrower’s credit score — educational and career background are also part of the equation. This innovative approach and lack of credit score requirement make it an attractive option for borrowers who may not qualify with a traditional lender.