Many people in the U.S. require access to reasonably priced credit. We rely on it to consolidate debt, settle credit card balances, cover medical expenses and more.
So why is securing a fair interest rate on a loan so difficult?
A big reason is that loan decisions often hinge on a credit score, which only captures part of an applicant’s financial picture.
That’s why the online lending platform Upstart employs artificial intelligence to approve a larger pool of borrowers — often offering rates up to 10% lower than traditional approaches*
Upstart enables borrowers to obtain loans from $1,000 to $50,000 in as quickly as one business day. It takes about five minutes to see your rate.
Machine Learning Expands Credit Opportunities
Whether your credit is poor or you have no credit history at all, you might qualify for a loan through Upstart.
Many banks and lenders demand a solid credit score before approving a loan, yet numerous issues can lower a score without reflecting someone’s true credit risk.
Upstart’s proprietary machine learning system evaluates a wide range of factors to determine creditworthiness. Their approach allows more people to access loans when needed — in fact, their model produces 26% more approvals compared with traditional methods*
They also offer about 10% lower interest rates versus conventional models*. So personal loans are not only available to more applicants, they’re more affordable too. Upstart’s loan APRs range from 3.99% to 35.99%, with repayment terms of three or five years1.
Get a Rate Quote in Minutes
Billions of dollars in loans have been originated through Upstart2, helping 1.8 million3 customers secure smarter personal loans.
Obtaining a personal loan rate from Upstart takes under five minutes. Checking your rate is completely free and won’t hurt your credit score.
If you need funds to consolidate debt, pay bills, clear credit card balances or handle other expenses, you can get loans from $1,000 to $50,000 in as soon as one business day through Upstart.
Noelle Carter is a staff writer at Savinly.
Your loan amount will be based on your credit, income, and other details provided in your application. Not all applicants will qualify for the full requested amount. Minimum loan amounts differ by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
When you check your rate, we review your credit report. This initial (soft) inquiry will not impact your credit score. If you accept your rate and continue with the application, we perform a second (hard) credit inquiry that can affect your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
If you accept your loan by 5pm EST (excluding weekends and holidays), funds will be delivered the next business day. Loans used for education-related expenses are subject to a 3-business-day waiting period between acceptance and funding in accordance with federal law.
1The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.95% and 60 monthly payments of $26.34 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,807 including a $653 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
2$20.8 billion originated as of 12/31/21
2 As of 12/31/21
*Approval figures compare the 2020 loan approval rate from the Upstart model with a hypothetical traditional credit decision model. The APR comparison evaluates the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analysis was built for the CFPB No Action Letter access-to-credit testing initiative, is trained on Upstart platform data, uses logistic regression and considers conventional application and credit file variables.
