Upstart is a company which is taking an interesting approach to personal loans, investment, and development by giving funds to recent college graduates so they can follow their dreams.
According to their website, too many college graduates take jobs they simply are not excited about because they need to relieve their financial burdens – student loan debt, living expenses, credit card debt, etc.
These financial obligations force these graduates to take jobs simply because they need to receive a paycheck, not because they are in a field that they are passionate about. Upstart wants to change this.
Upstart.com allows you to “fund raise,” or to locate financial backers who will pledge to you not only a certain amount of capital, but also their support and guidance as you move forward on the path you truly want to take.
These loans are intended to help you meet your financial obligations while undergoing an internship or apprenticeship, relocating to another city, or any other necessary move you need to make to start the career you really want.
In exchange for the loan you are given, you will be contracted to “share” a portion of your income for 10 years.
The amount of the loan you are given is related directly to the amount of income you are willing to share, however you can borrow no less than $10,000 and share no more than 7% of your income.
In order to take part in this program, you must be 18 years old, a US citizen, have a valid email account, and have graduated from college within the last five years or are scheduled to graduate within the next two.
Also, this program is only available right now for residents of 28 of the 50 states, as well as the District of Columbia. Applicants who are wondering if they are eligible should check the webpage for the specific states who allow participation.
If you have any experience with Upstart or their services, please leave your reviews below.
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Upstart Customer Reviews
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Horrible company with horrendous handling of secured data. Wish I never even heard of this company. They have caused me nothing but headaches. Then to top it off the rates on their loans are out of this world. They wanted a 10% Origination fee right off the bat then another 35% APR. This company makes my skin crawl.
Good until you close the loan
Well it does say no loan lower than $10,000. So that could've been the reason...
No Karen, it say loans from $1000 to $50,000.
Why did you even commit on this?!
Scam getting your info probably selling it or it’s to lower your credit score with inquiries!
Multiple offers, first one no where to put the pre approve number and then you're turned down! Probably take a hit on your credit report for inquiry each time! Don’t bother!
Misleading, is this real? Spoke to no lending agent!!
I applied, was approved. No one to talk to. Wanted me to let them into my bank account. Called two times, long wait of 52 minutes each. After waiting all that time on hold, made me leave a message for a return call that I never received. No prompt communication with me, days in-between email only, no return phone calls.
They wanted in my bank account, that was not going to happen...NOPE! I gave bank verification letter. Still was not good enough. Gave them work stubs! Now my information is out there somewhere. I emailed them today. Cancelled my loan. I don't want that kind of business. No connection with no lending agent, and no prompt response for anything. Bad Business!
same. total run-around.
they are collecting personal info but will not give you the loan
Real waste of time I was approved for a very low loan to be paid over three years. linked my Walmart money card. Then got a call from a guy with all kind of loud background noise, saying we cant withdraw from green dot bank use another bank account.
He told me I didn't have to send in my Transcripts or W2's but its showing on the site as needs to be uploaded. I feel they are stealing and couldn't get money from my green dot checking. I get direct deposit in my account.
Thank you for sharing this information. This company is recommended by Credit Karma so you would think it's legit.
Oh my gosh!!!
They would not accept my CRNA licensure from LARA but instead wanted a transcript from my graduate school instead. My licensure is a much higher level of document than the transcript but the staff collections personnel just did not get it or seem to want to understand.
You need to jump through flaming hoops to get any money from this entity at a decent interest rate which is what is inferred from initial mailing documentation but their offer comes in at 24-28% interest rate.
I agree with the above comment, just pay your loan off the old fashion way, one payment at a time, and forget about this internet loan company.
VERY MISLEADING---BAIT AND SWITCH PHILOSOPHY
Upstart is not a company you want to work with. Their "origination fee" is 10% of your loan for what? Just because they want free money.
Second, they ask for your college degree, a video of you holding your ID, a phone call where you explain why you want the loan, bank records, tax forms, etc. Almost like they are doing more than verifying your income and credit score.
Lastly, after about 3 plus weeks of trying to get a loan, 10 plus complaint tickets, 8 plus hours of speaking to supervisors, writing a 1,000 plus word email, and finding out they have a complaint department.. I was told on multiple occasions that I could not speak to the complaint department, they did not return my emails, and overall I've been treated like trash.
They reduced the rate of my loan 3 times from 6K to 2,200 the last time because I said I needed my loan for a lawyer. How do you justify that? They didn't. And they still won't speak to me.
Stay away from this company! I have all my emails so I can back up everything I'm saying. They have all my personal information so hopefully, there isn't fraud on my account in the future.