As a lending marketplace, Upstart leverages artificial intelligence to connect consumers with loan products from over 100 banks and credit unions. The platform aims to enhance access to credit for everyone, which means some lending partners may consider applicants with poor credit or no credit history.
Upstart accepts applications from individuals with a credit score as low as 300, or even those without a credit score. However, applicants must maintain a debt-to-income ratio of 45% to 50% or lower, depending on their state of residence.
Upstart offers loans ranging from $1,000 to $50,000, with repayment terms of three or five years. While its rates are generally higher, there are no prepayment penalties. However, be aware that Upstart does charge origination and late fees. You can easily prequalify for a loan rate before officially applying, and if approved, you can typically expect funding within about one business day.
