Upstart
Upstart offers personal loans to applicants with credit scores from 300, with AI-based approval. Competitive rates from 6.5% APR and funds may be available next business day.
Upstart is a standout personal loan provider, renowned for its flexibility in approving applicants with low credit scores, even as low as 300. Using a powerful AI-driven model, it considers more than just your credit history – factors such as education and income are also taken into account. Loan amounts range from R18,000 to R1,350,000, with annual percentage rates starting at 6.5% and terms of 36 or 60 months, making it suitable for a wide variety of financial needs.
How to apply for an Upstart Personal Loan
- Visit the official Upstart site and start the application process.
- Provide your personal details, income information, and educational background.
- Choose your preferred loan amount and term.
- Wait for approval, which can be as quick as within one business day.
- Once approved, review and accept your loan terms to receive your funds.
Key Pros of Upstart
Upstart’s biggest advantage is its willingness to work with those who have low or no credit. The application process is quick and largely online, with funding available as soon as the next day. There are no penalties if you decide to settle your loan early.
This flexibility makes Upstart ideal for applicants who need access to funds fast and benefit from personalised loan consideration beyond just their credit score.
Key Cons of Upstart
Borrowers should be aware that Upstart may charge an origination fee, up to 12% of the loan amount. Late payments can also attract hefty fees.
Additionally, applicants are charged for requesting paper loan documents. While there are many digital advantages, not all applicants may appreciate the extra administrative costs.
Verdict: Is Upstart Right for You?
For those in South Africa with limited or challenged credit profiles, Upstart provides an accessible pathway to personal loans. Its rapid approval process and flexible eligibility criteria make it attractive, though it’s vital to consider administrative and late fees before applying. Always assess your ability to repay before accepting any loan.
