Upstart offers loans in amounts ranging from $1,000 to $50,000. APRs begin at 4.68% and go up to 35.99%. Loan terms are between three and five years, which spreads the repayment of the loan over a longer duration, making it easier for you to keep up with monthly payments. There are no penalties for paying off your loans earlier than the stipulated timeline of your loan agreement. However, the company may charge you a one-time origination fee at the time of the issuance of the loan, of up to 8% of the total amount being borrowed. While the company offers loans in most of the country, loan specifications differ depending on which state you are from. Loans are not currently offered in West Virginia or Iowa. The minimum amount you can borrow in Massachusetts is $7,000; in Ohio it is $6,000; in New Mexico it is $5,100; and in Georgia it is $3,100.

To qualify for a loan through Upstart, you must:
•Be a U.S. citizen or a permanent resident currently living in the U.S. (military personnel on active duty abroad are exempt)
•Be at least 18 years old (applicants from Alabama and Nebraska must be at least 19 years old)
•Have a verifiable name, date of birth, Social Security Number and a valid email account
•Have a steady source of income, a full-time job or a regular part-time job (or have a full-time job offer starting in 6 months, except if accepted to a partner bootcamp and seeking employment after graduation)
•Have a personal banking account at a U.S. financial institution with a routing transit number

Additionally, if you are interested in obtaining a loan through Upstart, make sure you meet its minimum credit requirements. Some of these conditions include:
•You need to have a minimum FICO or Vantage score of 620 (a minimum score of 580 for residents of California only). However, applicants with insufficient credit history to produce a FICO score may still apply for an Upstart loan.
•The company also verifies how much debt you have in comparison to the income you receive.
•Among other things, Upstart will also look into whether you have previously filed for bankruptcy; have amounts that are currently past due; have any accounts that are currently in collections or delinquent; have fewer than 6 inquiries on your credit report in the last 6 months beyond any inquiries related to student loans, vehicle loans, or mortgages; etc.

Any prospective borrower must wait for at least one month after paying off a previous Upstart loan before submitting a fresh loan application.

Ready to get started on your loan application? Head to the company’s website and fill an online application.

The online application includes information about your identity, income, bank account, academic credentials, work experience and what you plan to do with the loan proceeds. You may need to upload supporting documents that confirm the information you have entered on your application form. Make sure that your application has details of a personal bank account that is in your name, as business accounts will not be accepted.

Applying for a loan begins with submitting a rate inquiry on Upstart’s website. Checking your rate on Upstart will not affect your credit score, but if you decide to file an application based on the rate being shown to you, your credit score may be impacted. If your application is approved, you will be asked to review final disclosures and sign a promissory note.

If you accept your loan offer by 5pm ET Monday to Friday, you should receive the loan funds in your bank account by the next business day (accepting the loan offer after 5pm will result in the loan proceeds coming in two business days later). For loans that will be used for education-related purposes, there is a further three business-day period between acceptance of the loan and receiving the loan amount.

Upstart can be contacted through the following ways:

•By phone: (650) 204-1000 (local) or 1-855-438-8778 (toll-free); Monday to Friday on business days: 6 AM – 5 PM PST; Saturday and Sunday: 6 AM – 5 PM PST

•By email: [email protected]

•By mail: Upstart Operations Dept, P.O. Box 1503, San Carlos, CA 94070