The name upstart may ring a bell, but this article would offer you Reviews on Upstart Debt Consolidation. In this article, we will be giving a review on the upstart platform and upstart debt consolidation.
Reviews on Upstart Debt Consolidation – Upstart Debt Consolidation Loan Reviews
Before going to the topic or question, let‘s demystify the term ‘debt consolidation. Debt consolidation is a term that refers to saving people from trouble. Sounds simple right, as easy as that sounds, it still needs a bit of an explanation.
Now, picture the situation, you are a student who took a loan at the beginning of the semester, and then before the end of the semester, you have 5 more loans to pay back, it becomes too heavy for you to bear and you feel like quitting school already.
Moving on, you see a shining light, and you decide to take a debt consolidation loan to switch all your debts into one single loan. Yeah, that is how it works. With debt consolidation, you get the opportunity to decrease your monthly payment.
Now that we know what the term ‘debt consolidation means, let us move into upstart proper. Upstart is a platform that is a leading artificial intelligence lending platform. It is designed to improve people’s access to affordable credit with a great reduction in risk and cost of lending from banks.
With the upstart AI platforms, upstart powered banks can offer higher approval rates and experience lower loss rates in the same way, pleasing the consumers richly.
One thing that is worthy to note is that th upstart loaning platform offers easy personal loans to its customers with the easiest process and the best rates. The loaning platform can offer you loans for paying off credit cards, consolidating debts, refinancing automobile,s and any other purpose.
Up next, we are going to talk about the upstart debt consolidation feature.
Upstart Debt Consolidation
Upstart offers loans that range from $1000 to $50,000 with a 3 to the 5-year repayment plan, which brings a big relief. You do not get to decide which amount will be given to you. the loan terms and the rates are non-negotiable and they are given to you based on the information that you have entered on your application. Your rates can be checked without doing damage to your credit score.
Upstart Debt Consolidation Loan – How to Apply
With the steps below, you can apply for a debt consolidation loan;
- Head on to the platform‘s main website
- Click on the ‘check your rate‘ button
- After that, you will be prompted to fill out a form with the following details – Desired amount, Loan purpose, Personal info, name, address, Education, Income, and savings
- At this stage, you will be able to see your rates without uploading any extra documents
- Immediately you have accepted your rate, you will be needed to verify your bank account, with supporting documents.
- After that, you will have to pass the credit check, review loan disclosures, and sign a promissory note.
- According to upstart, your loan will come to you within one business day after the signing took place.
Upstart Eligibility Requirements
To qualify for the loans on upstart, you have to meet the following eligibility criteria;
- You need a minimum credit score of 620 to apply for a debt consolidation loan here.
- In Massachusetts, the minimum loan amount is $7000
- In Ohio, the minimum amount is $6000
- In Mexico, the minimum amount is $5100
- In Georgia, the minimum amount is $3,100
- Upstart is not available for Iowa and West Virginia.
- Upstart won‘t approve your loan if you have any bankrupcies
- You cannot have any account that is delinquent
- You must not have more than 6 inquiries on your credit report in the last 6 months (not including student loans, vehicle loans, or mortgages)
If you do not meet all these requirements, you will not get a debt consolidation loan with upstart.
If you have taken a loan in the platform before, and thus registered, you can follow these steps to log in to your account;
- Go to the website upstart.com
- Click on the three horizontal lines at the top right corner of the home page.
- Click on login
- Fill in your username and your password
With this process, you can log in to your account at any time of the day. For more information on the upstart platform, visit the website www.upstart.com.