Upstart has made a name for itself in the personal loan space due to its artificial intelligence and machine learning approach to qualifying borrowers. In fact, Upstart estimates that it was able to approve 27% more borrowers than it could under a traditional lending model. With competitive APRs, Upstart is not a top lender for borrowers who can qualify for more competitive rates. Even so, the platform’s minimum credit score of 600 makes it an accessible option for those with fair credit.

Upstart also offers a fairly flexible range of loan options, with amounts ranging from as little as $1,000, so you don’t have to borrow (or pay interest) more than you have. really need. And, although Upstart’s loans cap out at $50,000, lower than some lenders, that should be enough for many potential borrowers.

Even though Upstarts’ three- and five-year loan terms are more restrictive than those of other lenders, it will likely be an acceptable compromise for applicants who may not be approved in a more traditional lending environment. Plus, it’s available in every state except West Virginia and Iowa, so it’s as widely available as many other major lenders.

Eligibility: Upstart stands out because it uses an AI-powered platform to consider a range of unconventional variables when evaluating borrower applications. And, while the platform advertises a minimum credit score of 600, Upstart can even accept applicants who don’t have enough credit history to have a score. When evaluating potential borrowers, Upstart considers college education, work history, residency, debt-to-income ratio, bankruptcies and defaults, and number of credit applications.

Borrowers must also have a full-time job or offer beginning in six months, regular part-time employment, or another regular source of income, with a minimum annual income of $12,000. Co-signers and co-applicants are not permitted.

The loan uses: Upstart’s personal loans can be used for credit card and other debt consolidation, special events, moving and relocations, medical and dental expenses, and home improvements. Unlike many other traditional and online lenders, Upstart also allows borrowers to use personal loan funds to cover their education costs (except in California, Connecticut, Illinois, Washington and the District of Columbia).

Upstart borrowers cannot use personal loans to finance illegal activities or purchase weapons, firearms or illegal drugs.

Completion time : Upstart provides next business day financing to borrowers whose loans are accepted by 5:00 p.m. Eastern Time, Monday through Friday. Loans approved after 5 p.m. are usually funded the next business day, or the day after. That said, Upstart reports that 99% of loan applicants receive their money within one business day of agreeing to their loan terms. Loans for education-related expenses may take up to three additional business days after loan approval.