Traditional Loans Available on Upstart!.
We’re excited to announce traditional fixed rate loans within the Upstart platform, available today in all 50 states. You can apply for a 3-yr loan for up to $25,000 at rates starting below 7% APR. You can receive funds in as soon as a week, and you will find no charges for early repayment.
Money When it Matters Most
We launched our income share agreement in early 2013 for entrepreneurs, whose income tends to be unpredictable and lumpy. In just over a yr, backers have made 2,224 gives totaling $3. Upstarts have launched amazing companies from snow cream shops in Brooklyn, and we’ve seen 3,056 unique repayments to backers in 14 weeks without a solitary default.
At the same time, many people have shorter term needs for money, and a simple loan can often do the trick. This can include paying for a coding bootcamp, making that last college tuition payment, bridging the space from graduation to 1st paycheck, or just paying off credit cards. You’ll have more options to financing your career and life.
The Credit You Deserve
While the emergence of online lending has been a shining example of innovation, In fact, the best lender requires borrowers to have at least 3 years of credit history. And just 2% of all loans are made to individuals with less than 6 years of credit.
Why is this? Lenders rely on credit reports and employment history to estimate the likelihood that a customer will default on a loan. With little or no history to measure, young people are systematically judged as high risk. Of course, all young people aren’t risky borrowers – in fact, Regrettably,
This is where we come in. as well as their propensity to repay. Their part of study, academic overall performance, and income earned to day. By simulating thousands of scenarios and outcomes for each borrower in just a few seconds, it can estimate the likelihood of default and price the loan appropriately.
Fast, Simple, and Fair for Investors
Online lending has generated admirable results, leading to a surge in interest from both individual investors and organizations. Yet these platforms haven’t delivered the experience investors are worthy of in 2014. For example, certain loans are available only to particular investors. And most loans are funded in a matter of minutes, providing an advantage to those who have access to automated investing.
On Upstart, all loans are available to all investors on equal terms. And it’s easy to create a diverse profile of loans by setting up filters that instantly invest in loans as they become available.
Today begins the next chapter in our company’s history, and we couldn’t be more excited to make another leap forward on behalf of the Upstart community.