Debt Consolidation Loan

Loan purpose. Loans can be used for almost anything, including starting a business, paying for coding bootcamp, eliminating student debt, or paying off credit cards. Use of funds must be in accordance with Upstart's Acceptable Use Policy.

Approval process. The initial rate check is a soft inquiry that won't affect your credit score. However, proceeding with an application involves a hard credit inquiry that will impact your credit score.

Loan disbursement. If you accept your loan by 5 PM EST (excluding weekends and holidays), your funds will be sent on the next business day.

Loan repayment information reporting. If you take out a loan, repayment information may be reported to the credit bureaus.

Borrower eligibility. You need to be at least 18 years old and have a valid email address. Additionally, you must provide verifiable information such as your name, date of birth, and social security number. It's necessary to maintain a minimum annual income of $12,000 and meet the minimum credit requirements set by our lending partners. You should also have a personal bank account at a U.S. financial institution with a routing transit number. Furthermore, you must have a full-time job, a full-time job offer starting within 6 months, a regular part-time job, or another consistent source of income. Note that additional requirements may apply.

Personal loans. Borrow amounts range from $1,000 to $50,000. The APR ranges from 6.4% to 35.99%, determined based on credit, income, and other information provided in your loan application. Not all applicants will qualify for the full amount or the lowest rate.

Auto loan refinance. Offers average yearly savings of $1,065 on refinanced auto loans. The specific APR and terms will be determined based on your credit, income, and certain other information provided in your loan application.

Credit score impact. Checking your rate for both personal and auto refinance loans involves a soft credit check, which does not affect your credit score. Further processing after accepting the rate will involve a hard credit check.

Instant approval. Most customers receive instant approval without needing additional paperwork, although final approval is subject to passing a hard credit inquiry.

No pre-payment penalty. Loans come without a pre-payment penalty, allowing you to pay off the loan early without additional fees.

Minimum loan amounts. Vary by state, ensuring compliance with local regulations.

Loan terms. Include fixed interest rates for personal loans, and the APR includes all fees with no hidden charges.