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Upstart loan experience

mandalee_1
Established Member

Upstart loan experience

Just wanted to let everyone know about my experience getting an upstart personal loan. We did a debt consolidation loan with them to pay off credit cards. I put the amount at 18,700 they charged 1000.00 origination fee and gave me a 16%interest rate. Yes seems high but total payment amount was lower then cc and we are refi the house in a few months after scores get higher and we needed to repair something with the funds as well so it all made sense. The TU they pulled was 699 no baddies at all Ult 48% and DTI was pretty high. We applied July 15th and was ore approved 4 days went by and then they requested pay stub and bank statements then didn't hear anything for a week then on the day they told me I should hear something by (I was a little annoyed with no contact) June 26th they requested a copy of drivers license and a video holding it up and stating what the loan was for. Then they told me that my rate was to expire on the 28th but when I logged in. It said I would hear from them on July 6th. On the 28th I called them and stated that my rate was supposed to expire and what would happen. They stated they would try to pass it to someone today. 45 mins later received the text it was approved. And to sign docs. Logged in signed docs and just received Funds today June 30th. Overall experience was good minus the fact you are kinda left hanging for a bit but everything was easy. So from app date to funds it was 15 days. But honestly worth it because it was easy. State everything honestly on your initial app and be patience and it works! HTH!!!
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FicoFighter17
Established Member

Re: Upstart loan experience

I used them recently to refinance a car loan so I could obtain the title and sell the car. My TU is 680 with two 4 year old derogs and a few 30’s from about 4 years ago. My utilization is less than 5% utilization on about 25k available credit. The entire process took about two days.

The only real hiccup was when they asked for bank statements showing my direct deposits and I sent them a printout of my deposit history. That didn’t work. They want the actual bank statements. No biggie.

My rate was a crazy 19% but I have the ability to significantly over pay the minimum monthly amount therefore effectively cutting that rate in half and paying off early.
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