Loans range from $1,000 - $50,000, and funds can be available to you as fast as one business day after your application is approved. Student loans take longer and are usually approved in up to 3 business days. Beyond its online lending platform, Upstart provides “Software-as-a-Service” technology to banks and credit unions, among others.
What Loans do Upstart offer?
As the first lending platform to leverage AI/ML, founded by ex-Googlers, Upstart provides 3 to 5-year fixed-rate interest loans to high-quality borrowers. Upstart loans are available for several purposes, including weddings, moving house, credit card and debt consolidation, home improvement, college tuition, and medical loans. Upstart credit card consolidation provides a solution to pay off credit card debt, by taking on a new loan at a fixed interest rate, ideally lower than those variable rates on your cards. Once your credit cards are debt-free, you are left with one monthly payment at a fixed rate, which enables you to pay off your debt much faster.
Some of the benefits of this system are:
1) The fixed-rate won’t vary over time.
2) One single monthly payment as opposed to multiple due dates for several credit cards.
3) Scheduled pay-off day by the end of the lending term.
Upstart Medical Loans
Given that most health insurance doesn’t cover all medical costs, Upstart offers medical loans that can be used to cover the gaps. Such credits can be applied to unexpected hospital bills or specific medical treatments and elective procedures. Another option that Upstart offers in to consolidate existing medical loans into one personal loan, which can be a good way to save some money on your repayments.
The following procedures are an example of what Upstart medical loans can be used for:
- Hearing Aid
- Fertility treatments (IVF/in vitro fertilization)
- Vision Care
- Cosmetic / Plastic surgery
- Dental Care
- Hair loss /hair replacement
- Bariatric Procedures, Weight loss
Upstart Veterinary Loan
In addition to medical loans, Upstart offers the option to apply for a veterinary loan. The lack of health insurance for pets can be a real issue when your pet faces complex medical procedures due to unforeseen situations.
Upstart Refinancing Options
Hundreds of reviews from clients rated Upstart 4.5/5 star by the beginning of 2020. Most customer reviews focus on fast approval and disbursement, excellent customer service, and reasonable rates (Est. APR 9.57-29.99%).
Upstart Customer Service
Upstart has a team of professionals working seven days a week to guide you, as well as online access to your inquiries, where you can check on your application status. There’s a help center available online where you can check on FAQs, eligibility, and application procedures.
Pre-payment fee: None
Origination fee: 0.0% - 8.0%.
Late fee: 5% of the past due amount or $15, whichever is higher.