STOP PAYING THE HIGH INTEREST RATES OF CARRYING A MONTHLY BALANCE ON YOUR CREDIT CARDS!

Shop around to up to 40 lenders at once without negatively affecting your credit score (SOFT CREDIT CHECK) by applying with one of our premium lenders on our marketplace page. Behind the scenes, we will check your rate with 40 other lenders. You will see all the approvals and you will be able to choose the loan that best meets your needs:
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00:00 - Should you use Upstart to consolidate your credit cards?
00:17 - Pro: Partnerships
00:50 - Pro: Unique underwriting
01:15 - Pro: APRs
01:51 - Pro: Fast process
02:15 - Con: No direct payoff option
03:08 - Con: Fees
03:38 - Con: Origination fee
04:47 - How to shop for the best credit card consolidation loan

Pros
Broad range of banks and credit union partners: Upstart is a bit unique in the lending industry. Primarily because they're not actually a lender. They create the technology that empowers banks and credit unions to lend to customers. They have over 90 banks and credit union partners through which you may actually borrow if you apply through Upstart. But, we don't want to overstate the breath of their network. Over 70% of their loans are going to their top two lenders. Still, their process might make it easier for you to get approved, especially if you are not the ideal candidate. This leads to a related issue…

Unique underwriting standards: Upstart claims to consider factors in their approval like education and employment. Every lender has their own proprietary system for determining who to lend money to. It’s no secret that most scrutinize your credit report and assess your debt-to-income ratio. If you have a college degree and a good stable job, Upstart might also give you additional brownie points in their algorithm. 

Great interest rate: Another positive thing for Upstart could be their APRs. I say could be because it will really depend on what they offer you. But, their loans have APRs between 7.8% and 35.99%. 7.8% is one of the lowest that is offered in the market right now. If fact, it might even be unbelievably low given where interest rates are. If people are receiving an eight percent APR, it’s only best quality candidates.

Fast process: Upstart says that the decision on whether to lend you money will be made within five minutes of submitting your application. And if you accept the loan, you could have the money in your account as soon as the next business day.

Cons

No direct payoff option: Upstart does not have the option of paying off your credit card balances for you when you take one of the credit card consolidation loans. It’s convenient when a lender will pay off the balances for you, but I think of it as a “con” when they don’t for another reason: they are less likely to approve you and less likely to give you the lowest interest rate. Why? Because they can’t guarantee that you will take the money and pay down your other debts. So, they probably don’t consider debt pay off in their assessment of your debt-to-income ratio. 

Cannot add a cosigner: Upstart does not have an option to allow you to add a cosigner to your loan. A cosigner is someone who can be held responsible for repaying the loan. Cosigners can often help you get approved, or be offered a larger loan amount or a lower APR than you could on your own. If you have a spouse or significant other, it might feel natural to include that person as a cosigner, especially if you commingle your finances.

Fees: Upstart charges a few different fees that you need to be aware of. If you are late on a payment, you will incur either a $15 fee or a charge of 5% of the past due amount (whichever is higher). As sort of a double whammy, you could also get hit with an ACH return fee of $15 if Upstart tried to pull a payment only to find that your account did not have sufficient funds.

Origination fee: Upstart charges an origination fee as well. Origination fees are fairly common, although not all companies charge them. Upstarts fees have a very broad range. On some loans they may not charge an origination fee at all, but their highest origination fee is 12% of the loan amount.

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