Overview
- Loan type: Short-term personal loans
- Loan amount: $1,000 – $5,000
- Qualifications: 18 years or older, valid identification, and a bank account
- Estimated interest rates: 6.95 – % APR
- Fees: Origination fee 0-8%, late fee of $15 or 5% of the amount due
Upstart is an excellent option for short-term loans if you’re looking to borrow some money and are confident your credit score can back it up. Providers that work with Upstart offer unsecured personal loans designed to be paid back in 3 or 5-year repayment terms.
That said, the qualifications are steeper than they are with other short-term loans. Upstart considers different information when offering a short-term loan than most other lenders. They consider education, job history, residence, and other factors using artificial intelligence when evaluating their borrowers.
These special considerations make it easier for younger buyers with little credit history to get the funds they need from a short-term loan. Note that a short-term loan payout can happen in just one business day, but if you’re borrowing to pay back educational expenses, you are subject to a 3-day waiting period.
- Same-day approval for emergency loan applications
- The pre-qualification process lets you find out http://signaturetitleloans.com/payday-loans-mi if you’re eligible before checking your credit report
- Accepts those with little or no credit history
- Offer direct payment to credits with some debt consolidation loans
What is a small-dollar loan?
Small-dollar loans, also known as payday loans, are meant to cover an amount of money you can repay upon your next paycheck. These loans have been outlawed in 12 states. Terms can vary greatly depending on regulations in the remaining states.Continue reading