Upstart Personal Loans are intended for debt consolidation, credit card refinancing, home improvement, wedding, relocation, or medical purposes.

Upstart is ideal for people who do not have a strong enough credit history to qualify for most other types of loans and credit. This lender is also ideal for those with lower-than-average credit scores.

You can borrow from $1,000 to $50,000 with a three-year or five-year loan. Furthermore, Upstart may be able to distribute your funds quickly.

If you accept the loan before 5 p.m. EST Monday through Friday, you could have your money as soon as the next business day.

Another significant advantage of Upstart is that there are no prepayment penalties. In other words, if you choose to pay off your loan early, you will not be charged a penalty.

Upstart personal loans require a credit score of 300 on at least one credit report (but will accept applicants with insufficient credit history who do not have a credit score).

Upstart personal loans have an origination fee of 0% to 10% of the loan amount, no early payoff penalty, and a late fee of 5% of the last amount due or $15, whichever is greater.

Conclusion: Personal loans are a popular way to cover large expenses such as weddings, funerals, and home improvements. According to a TransUnion report, personal loan balances are up 31% from last year.