Is Upstart a lender or broker? (2024)

Is Upstart a lender or broker?

Upstart is a lending platform that connects loan applicants to lenders who can finance your loans and may offer those with fair/average credit favorable terms.

Is Upstart a lender?

This lender, Upstart, was easy to do business with. They came through during a financial crisis.

What type of company is Upstart?

Upstart (Nasdaq: UPST) is a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners.

Is Upstart a marketplace lender?

Upstart Overview

You can borrow between $1,000 and $50,000. Upstart is not a direct lender — it's a lending marketplace that can match you with eligible banks and credit unions when you apply. While this is good for comparing options, it may result in texts, emails and phone calls from multiple lenders.

Is Upstart a safe place to get a loan?

Upstart's personal loans range from $1,000 to $50,000 and come with repayment terms of three or five years. As of Dec. 1, 2023, Upstart has received an A+ Better Business Bureau (BBB) accreditation rating. Its customers generally have a positive experience as reflected in a 4.9 out of 5.0 star rating on Trustpilot.

What are the risks of Upstart?

Upstart Holdings, Inc. (UPST) has disclosed a new risk, in the Accounting & Financial Operations category. Upstart Holdings, Inc. faces considerable business risk with its Upstart Macro Index (UMI), a metric still in its infancy with no proven reliability.

What banks do Upstart use?

Cross River is one of the two banks that originate most of the loans processed through Upstart's platforms. According to Upstart's annual regulatory filing, Cross River Bank originated 51% of the loans processed through the platform, and fees received from Cross River accounted for 45% of total revenue in 2022.

Is Upstart loan fake or real?

Yes, Upstart is legit because it has an A+ rating from the Better Business Bureau and it has been BBB-accredited since 2015. Upstart personal loans received a rating of 3.5/5 from WalletHub's editors because they offer fairly high amounts for borrowers with credit scores as low as 300.

What kind of lending does Upstart offer?

Upstart is a platform that allows you to obtain unsecured, fixed rate personal loans. Upstart believes that you are more than your credit score. Our statistical model considers the school you attended, your area of study, employment history, and your credit history.

Should you buy Upstart?

Upstart reported disappointing financial results once again, with declining revenue and ongoing net losses. Management deserves credit for developing an innovative and disruptive AI lending platform. Unless the business can consistently post revenue growth and positive net income, investors shouldn't buy the stock.

What company owns Upstart?

JANUS INVESTMENT FUND owns the most shares of Upstart Holdings (UPST). The ownership structure can impact the company's decision making, as large institutional investors may exert influence on the company's management and can also affect the company's stock price with their buying and selling patterns.

What are the benefits of choosing Upstart for a lender?

Choose Upstart if you have a thin credit file

Aside from its hefty origination fees and higher maximum APR, Upstart's loans offer a more competitive starting APR than Upgrade's. If you have good or excellent credit and are able to secure a low origination fee, this could translate into a cheaper loan.

Does Upstart approve anyone?

Upstart Requirements & Application Info

Minimum credit score: You will need a credit score of at least 300 (in most states) to qualify for a loan through Upstart. Many other lenders on the market require a credit score of 660 or higher.

Does Upstart hurt credit score?

Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.

How likely is it to get approved by Upstart?

Your Upstart approval odds are good if you meet the minimum requirements to get a loan. Some requirements include being at least 18 years old (or 19 in NE and AL), having an annual income of at least $12,000, and having no bankruptcies or public records on your credit report.

Does Upstart check your bank account?

Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application.

Why is Upstart failing?

Upstart's guidance was the real problem for investors. Management said it saw revenue slowing to $125 million in the first quarter of 2024 and an adjusted EBITDA loss of $33 million. That forecast indicates that Upstart isn't expecting to get any help from the Fed or macro conditions to start the year.

Is Upstart a reliable company?

Funding timeline: You may receive the money as soon as one business day after you're approved. Reputation: Upstart has earned an A+ rating from the Better Business Bureau and has very few Consumer Financial Protection Bureau complaints, compared to other companies.

Why is Upstart declining?

Shares of Upstart Holdings (NASDAQ: UPST) stock fell 19% in February according to data provided by S&P Global Market Intelligence. The credit evaluation platform reported earnings and guidance that disappointed investors.

What is the most you can borrow from Upstart?

You can borrow between $1,000 and $50,000. Please note, there are state-specific minimum loan amounts for some states: Georgia -- $3,100 minimum.

Does Upstart require collateral?

Many lenders typically offer unsecured loans for home improvement, which means you don't need to back up your loan with collateral. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle.

Can I pay Upstart loan off early?

You may prepay your loan in whole, or partially prepay your loan, at any time without penalty. All borrowers have access to an Upstart dashboard. If you would like to pay off your loan early or calculate your payoff amount, click the “Pay Off My Loan” button in your Upstart dashboard.

Does Upstart contact your employer?

Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

How long does it take for Upstart to approve a loan?

It can take up to two weeks to get approved for an Upstart loan. Then, if you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day.

Does Upstart verify income?

Upstart recognizes independent contractor and sole proprietorship income by verifying your net profit or loss plus adding any depletion and depreciation. Been on this job for less than a full calendar year? Use the income present on your contract. No need to review your tax returns.