Upstart Loan

[nomadic_traveler]

Any one have any experience with Upstart Loans after a Ch7 BK? 

I'm 2 years post BK. Their site says they don't want any BKs within the last 12 months. 

They were included in my BK.

I was going to get a small loan with them. 

[Horseshoez]

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@nomadic_traveler wrote:

Any one have any experience with Upstart Loans after a Ch7 BK? 

I'm 2 years post BK. Their site says they don't want any BKs within the last 12 months. 

They were included in my BK.

I was going to get a small loan with them. 

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I have heard anecdotally they are a bad choice for those of us with recent bankruptcy discharges.  I remember reading somewhere a minimum score of something like 620 is required to even be considered, however, those of us with low scores will most likely be asked to pay not only a high interest rate, but also a loan origination fee.

With the above said, why are you wanting to open a loan?  Do you actually need a loan, or are you wanting to add a loan to your mix of credit to aid in improving your scores.  If the latter, by far your better option would be an SSL from say, PenFed or Navy Federal.

[SinCityPaladin]

I don't personally have any experience with Upstart, but I know someone who got a loan from them earlier this year (couple years after CH7 BK). I just texted her to ask about it. She can't recall the exact numbers, but her interest rate is in the mid-20% range, and she was also charged a hefty origination fee of nearly 10%.

[Horseshoez]

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@SinCityPaladin wrote:

I don't personally have any experience with Upstart, but I know someone who got a loan from them earlier this year (couple years after CH7 BK). I just texted her to ask about it. She can't recall the exact numbers, but her interest rate is in the mid-20% range, and she was also charged a hefty origination fee of nearly 10%.

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Yikes; that's all I can say.

[rwebb3]

Hi, I just got approved with Upstart three days ago for 5K. They offered me 10K but I didnt need or want that much. I wanted to consolidate my credit card debt to one payment. All of my cards are over 20% interest rates.

 I will be 3 years post bk in October, my score is 641 on Transunion. You get preapproval by soft pull before they do the hard pull so if the terms are terrible you dont have to accept them or take a hit. They pulled both Transunion and Equifax for the hard pull once i accepted the terms.

They gave me 5K at 8.8% interest with a loan origination fee of $150. Monthly payment is $158. I was quite shocked at the interest rate and very happy. They reported the new loan within 48hrs to my credit report. I receive the money in my account within 24hrs.

I had about $4300 in credit card debt out of $10,500 in overall credit lines. I was at about 37% utilization.