As soon as you visit Upstart’s homepage, you are immediately prompted to check your available rates by filling out a three page form that takes about 10 minutes to complete. This allows you to check your approximated available rates without any effect to your credit score. Unlike many student loan situations, Upstart’s application steps are clearly explained and easily completed. When receiving help from Upstart, your information is secure and you are guided along the way.
Remember, always be sure to compare student loan lenders. We recommend comparing Upstart with Credible – you can compare up to eight lenders at once and see if you're getting the best rate and fees. Plus, College Investor readers get a $200 bonus when refinancing with Credible.
Intuitive Approval Process
Unlike other lenders, Upstart takes a variety of factors into consideration when determining your rate. Many lenders, especially banks, base your rates on your credit score and payment history. However, when evaluating a potential borrower Upstart looks at the school you attend or attended, grades, major, job history, salary and even you SAT scores.
Upstart believes that the education and experiences the potential borrower has had are important factors when deciding whether or not someone will receive loan approval. Because of this, they want to know what kind of student and person you are in order to determine their risk in lending you money.
Basic questions like how much money you wish to borrow and what your approximate credit score is are asked first in order for Upstart to move forward. Once you pass the first step you are instructed to provide your current or highest degree along with your source of income. Finally, you have to include some personal information like name, address, date of birth, whether you rent or own your home etc.
The Refinancing Option
Upstart is here to help you for many things, one being paying back student loans. It is important to understand that Upstart aims to lend money to college students and graduates who need help paying back student loans. They can quickly help you receive a loan for your student debt by allowing you to consolidate and refinance your student loans on to one monthly payment. Not only will you be paying off past student debt, however if you need it you can also receive money from Upstart to fund your current education as well.
It is extremely important to know about the company you are dealing with when exploring debt consolidation options. This is because there can be many different options to choose from that you have to understand in order to get the best and right thing for you. Upstart is eager to know you and understand your needs. This is a company that wants to match your best options to you. If there were one thing that could advance this company it would be to add some more informative links about who they are and what they do exactly on their website’s homepage. This is something that would make potential borrowers more secure and interested in the company’s offerings.
Upstart has a smart and simple application process and the fact that they look at more than just your credit score, is an excellent feature. They also offer very competitive interest rates compared to other lenders.
Also, make sure you read up on all the different student loan refinancing company reviews.