Upstart Personal Loans: The best unsecured option
If you want access to cash then one option you can go for is an Upstart personal loan. These unsecured loans offer the borrower a specific amount and do not require any asset such as home or car to be put as a guarantee. The Upstart personal loans are used to consolidate credit card debts and home improvement. As the name suggests the loans are reserved for personal expenses.
Why Upstart Personal Loans?
There are so many lenders competing for the borrower’s attention that it has become hard to make a decision. However, Upstart has a fresh take on all this and their services are completely customer-focused. As in most lending situations the credit score is most important. It is not only just a number but something that can make or break your financial future.
However, with Upstart personal loans your credit score alone does not decide whether or not you will be approved for a loan. They also focus on the job history, education, field of study and other factors to form a complete picture of who you are as a person.
Upstart personal loans can be availed for many reasons but generally they are good tools for credit card debt consolidation because the interest rates they offer are much lower than other financial institutions. This means you can pay off the credit card bills with the personal loan and also save money in the process due to their improved terms and services.
All you have to do is open up the homepage of Upstart and then select the reason for which you want to avail the personal loan. There are many reasons listed on their website including credit card debts, home renovation and financing a large purchase.
Upstart Personal Loan Rates
Once you are applying for the Upstart personal loan you should have a look at interest rates and the other fees they charge depending on the application. Since all the lenders assess a borrower based on the risk factor and their creditworthiness, they charge them individually.
This means if you have an excellent credit score then you can receive a low interest rate but those who have a bad score will have to pay more. But there is no need to worry because other sections of the application are also looked at.
There is an origination fee for the Upstart personal loan between 2.8% and 6%. There is no penalty on prepayments however.