Upstart: Best for thin credit histories
- Minimum credit requirement: 600
- APR: 4.37% – 35.99%
- Terms: 36 or 60 months
- Origination fee: 0.00% - 8.00%
Why we like it: Upstart uses artificial intelligence (AI) rather than traditional FICO Score-based models to make lending decisions.
Overview: Like Upgrade, Upstart offers flexible loan amounts to borrowers, providing larger personal loans for poor credit than many other conventional lenders. The minimum amount you can borrow depends on your state of residence, though Upstart doesn’t serve residents in Iowa or West Virginia.
Upstart’s application process may make it easier for some consumers with thin credit histories to qualify for a personal loan, since this lender also takes into account your level of education, areas of study and employment history. If you’re approved, you could receive your funds as soon as the next business day.
Eligibility requirements: Aside from meeting Upstart’s minimum credit score requirements, potential borrowers will also have to meet the following criteria:
- Be a U.S. citizen or a permanent resident
- Be at least 18 years old
- Provide an email address
- Provide their name, date of birth and social security number
- Have a full-time job or an offer to start within six months (or some form of regular income)
- Have a personal bank account
Read Upstart review
*The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.