Associated Bank offers personal loans in partnership with Upstart, a leading online lending platform. Personal loans are a popular financial product that provides customers with the flexibility to meet various personal expenses, consolidate debt, or finance significant life events.

Features

1. Fast Online Application Process. Applicants can apply for a personal loan through Upstart's online platform. The application process is quick, convenient, and can be completed from the comfort of one's home.
2. Customized Loan Amounts. Associated Bank provides personal loans ranging from $3,000 to $25,000. The actual loan amount an applicant qualifies for is determined based on various factors, including their creditworthiness, income, and other relevant information provided during the loan application. Not all applicants will qualify for the full amount.
3. Competitive Interest Rates. Associated Bank and Upstart aim to offer competitive interest rates on their personal loans. The interest rates are determined based on the borrower's credit score, financial history, and other relevant factors.
4. Unsecured Loans. Personal loans from Associated Bank and Upstart are unsecured, meaning borrowers do not need to provide any collateral to secure the loan. This eliminates the risk of losing valuable assets in case of default.
5. Flexible Repayment Terms. Borrowers can choose from various repayment terms to find a plan that fits their budget and financial goals. Longer repayment terms may result in lower monthly installments, while shorter terms may lead to faster debt payoff.
6. Transparent Fee Structure. Associated Bank and Upstart are committed to transparency, and borrowers will be provided with clear information regarding any associated fees, such as origination fees or prepayment penalties.
7. Quick Funding. Once a loan application is approved, funds are disbursed swiftly, allowing borrowers to access the money they need promptly.

Associated Bank Personal Loan Options

Associated Bank offers a range of personal loan options to meet the financial needs of its customers. These loans are subject to credit approval and may involve interest and other associated costs. It is important to inquire about specific details on fees, terms, and conditions for each loan product. Additionally, if the collateral is involved, relevant insurance coverage will be required.

One of the standout features of Associated Bank's personal unsecured installment loans is the absence of origination or application fees. This means that customers can apply for a loan without incurring any upfront charges, making accessing the funds they need more convenient.

Personal unsecured installment loans come with competitive interest rates, with the maximum Annual Percentage Rate (APR) capped at 17.49%. The actual APR offered to each applicant will be based on several factors, including their credit score, the requested loan amount, verified income and assets, as well as their existing deposit account relationship with Associated Bank.

For instance, let's consider a hypothetical example: If a customer is approved for a $10,000 personal loan with an APR of 10% and a loan term of 60 months (5 years), their monthly installment would amount to approximately $212.47. Over the entire 60-month life of the loan, the total repayment amount would be approximately $12,748.23. It is important to note that the actual rate and loan amount offered to individual customers may differ from this example, as they will be tailored to each customer's specific financial situation.

Associated Bank offers a flexible loan amount range for these personal loans, starting from $3,000 and going up to $25,000. This allows customers to borrow an amount that aligns with their financial needs, whether it's for consolidating debt, financing a major purchase, or covering unexpected expenses.

Pros and Cons

How to Apply for an Associated Bank Personal Loan?

1. Visit the Upstart Website. Go to the Upstart website using a web browser on your computer or mobile device.

2. Create an Account. If you don't already have an account with Upstart, you'll need to create one. Create an account if you don't already have one by providing your email address and password.

3. Check Loan Eligibility. Once you have an account, Upstart will ask you a series of questions to determine your eligibility for a personal loan. This may include questions about your income, employment history, education, and other relevant information.

4. Submit Loan Application. After completing the eligibility check, you can complete the personal loan application form. You'll need to provide personal details, financial information and specify the loan amount you wish to borrow.

5. Review Loan Terms. Upstart will assess your application and provide you with loan offers based on your creditworthiness and other factors. You'll be able to review the loan terms, including the interest rate, repayment period, and any associated fees.

6. Accept Loan Offer. If you find a loan offer that suits your needs, you can accept it by electronically signing the loan agreement.

7. Verification Process. After accepting the loan offer, Upstart may require additional documentation or verification of the information you provided in your application.

8. Loan Approval. Once your application and verification process are complete, Upstart will review your information for final approval.

9. Receive Funds. If your loan is approved, the funds will be deposited into your designated bank account, typically within a few business days.

Best places to borrow a loan with bad credit

Upgrade

Upgrade is a prominent online lender that offers personal loans to borrowers with bad credit. They provide loan amounts ranging from $1,000 to $50,000, making them suitable for various financial needs. The minimum credit score required by Upgrade is relatively low, typically around 580. This makes it accessible to individuals with a less-than-stellar credit history. One notable advantage of Upgrade is its flexible repayment terms, which can extend up to five years. This longer repayment period allows borrowers to manage their monthly payments more effectively. However, it's worth noting that Upgrade charges origination fees ranging from 2.9% to 8%. Additionally, while they do not have any prepayment penalties, borrowers should be aware of the interest rates, which can be relatively high for individuals with bad credit.

Upstart

Upstart is another online lender that specializes in providing loans to borrowers with bad credit. Their loan amounts range from $1,000 to $50,000, allowing borrowers to access the funds they need for various purposes. Upstart utilizes a unique underwriting model that takes into account factors beyond just credit scores, making it more inclusive for individuals with limited credit history or low credit scores. The minimum credit score required by Upstart is typically around 580. One of the significant advantages of Upstart is its soft credit check, which means that applying for a loan does not negatively impact your credit score. Repayment terms offered by Upstart range from three to five years, providing borrowers with flexibility. While they do charge origination fees of up to 8%, it's important to note that they don't impose any prepayment penalties. However, borrowers with bad credit should expect higher interest rates.

LendingPoint

LendingPoint is a bad credit lender that offers personal loans ranging from $2,000 to $36,500. They consider borrowers with credit scores as low as 585, making them accessible to individuals with bad credit. LendingPoint prides itself on providing fast funding, often disbursing funds within one business day. Their repayment terms typically range from two to four years, allowing borrowers to tailor their loan duration according to their needs. It's important to note that LendingPoint does charge origination fees that can be up to 6%. They also have a slightly higher interest rate compared to traditional lenders, which is to be expected when borrowing with bad credit. However, they do not impose any prepayment penalties, enabling borrowers to pay off their loans early if they desire.

Universal Credit

Universal Credit is an online lender that specializes in bad credit loans, offering loan amounts ranging from $500 to $15,000. Their minimum credit score requirement is relatively low, typically around 550, making them accessible to borrowers with poor credit. Universal Credit offers repayment terms ranging from six months to five years, allowing borrowers to choose a duration that aligns with their financial situation. While they charge origination fees, the amount may vary based on the borrower's creditworthiness. One notable advantage of Universal Credit is its willingness to consider applicants who have previously filed for bankruptcy. However, borrowers should be aware that the interest rates associated with bad credit loans from Universal Credit may be higher compared to traditional lenders.

OneMain Financial

OneMain Financial is a well-established lender that specializes in bad credit loans. They offer loan amounts ranging from $1,500 to $20,000, making them suitable for various financial needs. OneMain Financial requires a minimum credit score of 600, slightly higher than some of the other lenders in this category. However, they have a reputation for considering other factors beyond credit scores when evaluating loan applications. OneMain Financial provides repayment terms that range from two to five years, allowing borrowers to select a term that fits their budget. It's important to note that OneMain Financial charges origination fees, which can vary depending on your residence state. While they do not disclose their interest rates upfront, borrowers with bad credit should expect higher rates.

Avant

Avant is an online lender that specializes in offering personal loans to individuals with bad credit. They provide loan amounts ranging from $2,000 to $35,000, catering to various financial needs. Avant has a minimum credit score requirement of 580, making them accessible to borrowers with less-than-ideal credit histories. Repayment terms offered by Avant typically range from two to five years, giving borrowers flexibility in managing their monthly payments. While Avant charges origination fees up to 4.75%, they do not impose any prepayment penalties. It's important to note that Avant's interest rates can be relatively high for borrowers with bad credit. However, they provide a transparent prequalification process that allows borrowers to check their potential loan offers without affecting their credit scores.

Requirements

1. Age. Applicants must be at least 18 years old to be eligible for a personal loan.

2. Residency. Applicants must be U.S. citizens or permanent residents with a valid Social Security Number.

3. Creditworthiness. Upstart will assess the applicant's credit history and credit score to determine their creditworthiness. While they may consider alternative data points, having a good credit score can increase the likelihood of loan approval and may result in more favorable loan terms.

4. Income. Applicants are required to have a stable source of income. This can include employment income, self-employment income, or other regular sources of funds that can be verified.

5. Bank Account. A valid and active bank account is usually necessary for the loan disbursement and repayment process.

6. Identification. Applicants must provide a valid form of identification, such as a driver's license or government-issued ID.

Ways to Receive the Money

When you are approved for a personal loan from a bank like Associated Bank, the borrowed amount is usually disbursed through several methods. The most common method is through direct deposit. The bank will electronically transfer the loan amount directly into your designated bank account. You will need to provide your bank account details during the loan application process.

How to Pay Off an Associated Bank Personal Loan?

1. Review the Loan Agreement. Before making any payments, review your loan agreement to understand the terms and conditions, including the total loan amount, interest rate, repayment schedule, and any prepayment penalties.

2. Contact Associated Bank. Reach out to Associated Bank's customer service or visit a local branch to inquire about the payoff process. They will provide you with the necessary information and guidance on making the payment.

3. Check the Outstanding Balance. Obtain the current outstanding balance on your personal loan. This can usually be found on your loan statement or by contacting the bank directly.

4. Choose a Payment Method. Associated Bank typically offers multiple payment methods for loan repayment. Common options include online payments through the bank's website or mobile app, automatic deductions from your bank account, mailing a check or money order, or paying in person at a branch.

Things to Consider

1. Loan Amount. Associated Bank offers personal loans ranging from $3,000 to $25,000. Consider the specific amount you need to borrow and ensure it aligns with your financial requirements.

2. Interest Rate. The maximum Annual Percentage Rate (APR) for personal loans is capped at 17.49%. Take note of the interest rate offered to you and calculate the total interest you will pay over the loan term.

3. Repayment Term. The available loan term is up to 5years (60 months). Choose a repayment term that allows you to comfortably manage monthly payments while considering the overall cost of the loan.

4. Creditworthiness. Associated Bank considers factors like credit score, income, and other information to determine the loan amount and interest rate you qualify for. Assess your creditworthiness and be aware of how it affects your loan eligibility.

5. Loan Purpose. Determine the specific purpose for the personal loan, such as debt consolidation, home improvements, medical bills, special events, or relocation costs. Ensure that the loan serves your intended purpose and avoid overborrowing.

6. Fees. Note that Associated Bank doesn't charge origination or application fees.

Alternatives

Credit Cards

Credit cards are a revolving line of credit that can be used for various purchases and expenses. Companies that offer credit cards include major banks like Chase, Bank of America, and Citibank and credit card issuers like Capital One and Discover.

Home Equity Loans and Lines of Credit (HELOC)

Home equity loans and HELOCs allow homeowners to borrow against the equity in their homes. Some banks that offer home equity products include Wells Fargo, U.S. Bank, and TD Bank.

Balance Transfer Cards

Balance transfer credit cards allow you to transfer high-interest debt from other credit cards onto a card with a lower introductory interest rate. Companies that offer balance transfer cards include American Express, Barclays, and HSBC.

Peer-to-Peer (P2P) Lending

P2P lending platforms connect borrowers with individual investors willing to lend money. Examples of P2P lending companies include LendingClub and Prosper.

Secured Loans

Secured loans require collateral, such as a car or savings account, to secure the loan. Many banks and credit unions offer secured loan options, such as PNC Bank and Citizens Bank.

Credit Union Loans

Credit unions are member-owned financial cooperatives that often offer personal loans with competitive rates and terms. Examples of credit unions include Navy Federal Credit Union and America First Credit Union.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

• What Credit Score Do You Need for a Personal Loan?
• How to Get a Personal Loan in 7 Steps
• Personal Loan Pre-Approval
• How to Apply for a Personal Loan
• Personal Loan vs Personal Line of Credit

Sources

• Bankrate. The pros and cons of personal loans 04.08.2023
• CNBC. Ways people use personal loans 04.08.2023
• Forbes. Personal loan statistics: average rates and debt in 2025 04.08.2023