Upstart Loans: Scam or Legit? Unveiling the Truth

Upstart is an online lender that started in 2012.

They use artificial intelligence (AI) to help people, including those with bad credit, get loans for different things like combining debts.

Discover the truth about Upstart loans: Scam or Legit?

Learn about their online lending services, including how they use artificial intelligence (AI) to assist people, even those with bad credit, in obtaining loans for various purposes, such as debt consolidation.

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Upstart Loans: Scam or Legit?

What is Upstart?

Upstart is an online lending platform that provides personal loans, auto loan refinancing, and debt consolidation loans.

They use artificial intelligence (AI) to decide who gets a loan, looking at more than just credit scores, so even people with bad credit can get a loan.

Personal loans can be from $1,000 to $50,000.

There’s no penalty for paying back the loan early, and you can get the money quickly.

What Consumers Say About Upstart

Customers liked how easy and fast it was to get a loan, the helpful customer service, and the good rates.

Upstart Loans: Scam or Legit?

Upstart is an online lending platform that uses AI to offer personal loans to borrowers with any credit score.

It has good reviews from customers.

Before getting a loan with Upstart, carefully review all terms and conditions.

While Upstart is not known to be a scam, the Consumer Finance Protection Bureau (CFPB) issued two no-action letters to Upstart in 2017 and 2020 regarding its AI lending practices.

These letters give companies special regulatory privileges for specific matters, and the CFPB agrees not to take legal action for violations.

These letters were terminated in 2022.

In March 2023, Upstart’s primary banking partner, Silicon Valley Bank, failed.

However, this did not seem to affect Upstart’s personal loan lending.

How to Apply with Upstart

You can apply for prequalification on Upstart’s website by giving your details and the amount you want to borrow.

This will check your credit without affecting your score.

If you qualify, you’ll see what loans you might get.

If you pick a loan and get approved, you might get your money the next workday.

Conclusion

Upstart is an online lender using AI to assist borrowers, including those with poor credit, in obtaining loans for various purposes, such as debt consolidation.

It has positive customer reviews but received two no-action letters from the CFPB in 2017 and 2020 regarding its AI lending practices (terminated in 2022).

Despite this, Upstart’s lending operations have not been affected.

Applying for prequalification on its website is a simple process that provides estimated loan offers without affecting credit scores.

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