Upstart loan

[Anonymous]

I was just recently approved on Saturday  for a loan throught Upstart for $30k at a high APR of course. I can't really complain however they are the only lender extending an olive branch. All my fico scores are in 500's. I have 6 accounts in collections and 12 CO. I do have high income. 

I plan to use the funds and pay everything off and in hopes to get the collections removed as well. Then when my scores are high enough to refinance my mortgage to quickly pay off this loan because the interest is high. 

Im starting to second guess if I was even approved because it seemed way too easy. I was preapproved and decided to pull the trigger.  All I did was apply and link my bank account for verification and I instantly was approved. Then they did a hard pull of my credit and  I received the loan docs and signed them. The APR was slightly lower than the preapproval and I was told the funds will be deposited into my account the following business day. Im assuming it hit tomorrow or Wednesday. 

Has anyone had any experience with Upstart? 

[increasingmyfico]

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@Anonymous wrote:

I was just recently approved on Saturday  for a loan throught Upstart for $30k at a high APR of course. I can't really complain however they are the only lender extending an olive branch. All my fico scores are in 500's. I have 6 accounts in collections and 12 CO. I do have high income. 

I plan to use the funds and pay everything off and in hopes to get the collections removed as well. Then when my scores are high enough to refinance my mortgage to quickly pay off this loan because the interest is high. 

Im starting to second guess if I was even approved because it seemed way too easy. I was preapproved and decided to pull the trigger.  All I did was apply and link my bank account for verification and I instantly was approved. Then they did a hard pull of my credit and  I received the loan docs and signed them. The APR was slightly lower than the preapproval and I was told the funds will be deposited into my account the following business day. Im assuming it hit tomorrow or Wednesday. 

Has anyone had any experience with Upstart? 

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 Yes they send the next business day after you complete the docs. It may take a few days to receive the money depending on your bank. 

[CloudyWeather1331]

I have! I'm trying to apply for a 2nd loan, but what I've been told by support, they are having an issue showing me my rates, and it's been 5+ days...

[Slowlyrebuilding]

I've had 2 loans through them and both were super easy. You should have your money soon. They use a different approval model than traditional lenders so it can sometimes seem too easy.

[Anonymous]

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@Slowlyrebuilding wrote:

I've had 2 loans through them and both were super easy. You should have your money soon. They use a different approval model than traditional lenders so it can sometimes seem too easy.

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Thank you! I wish they would approved me before things got worse and my credit took a dump! Just so happy they gave me chance. 

[Jnbmom]

I am curious what you rate is? If you don't mind revealing of course .

[Anonymous]

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@Jnbmom wrote:

I am curious what you rate is? If you don't mind revealing of course .

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I do not mind I know it's terrible but I plan on refinancing and paying it off ASAP. Its 26.01% 😕

[Dj4Money]

 I got a $1200 loan from Lending Club at 13.6% 

 Upstart at the time said they would loan me $2000, then $1500, then $1200 and finally they refused. I am 1099 Gig Economy since 2014 so I don't see this as an issue but apparantly they do.

 I tried Lending Club after Premier Bank approved me for second credit line and was approved instantly.

 I had a windfall (accident) and was going to pay it off and then borrow more money because frankly $1200 isn't much. I decided to keep the money but burned it up another way. 

 Now I have to bust my tail again. 

[Anonymous]

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@Dj4Money wrote:

 I got a $1200 loan from Lending Club at 13.6% 

 Upstart at the time said they would loan me $2000, then $1500, then $1200 and finally they refused. I am 1099 Gig Economy since 2014 so I don't see this as an issue but apparantly they do.

 I tried Lending Club after Premier Bank approved me for second credit line and was approved instantly.

 I had a windfall (accident) and was going to pay it off and then borrow more money because frankly $1200 isn't much. I decided to keep the money but burned it up another way. 

 Now I have to bust my tail again. 

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I work in mortgages and I can personally tell you since Covid hit they have made it harder for 1099's and S/E borrowers. They just recently lifted some of their requirements. So maybe you would have better luck? 

[Anonymous]

It sounds like a very difficult situation and you've had to make some hard choices.

I hope it works out for you.  Debt can be a harsher prison than an actual barbed wire prison in some ways.