Upstart is a standout personal loan provider for South Africans with credit challenges, offering solutions even if your score is as low as 300. With loan amounts ranging from R18,000 to roughly R1.3 million (in dollar terms: $1,000 to $75,000), Upstart is accessible and flexible.

Interest rates start from a competitive 6.7% APR and can rise to 35.99%, depending on your profile. Loan terms are also adaptable, spanning 36 or 60 months. The process is completely online, with a fast application and, for most applicants, access to funds the very next business day.

How to Apply: Step-by-Step

1. Complete the online application form with your details.
2. Provide information about your income, education, and employment.
3. Review Upstart’s pre-qualification decision.
4. Upload any requested documents.
5. Once approved, receive your funds as quickly as the next day.

Key Advantages

The most compelling benefit of Upstart is its willingness to lend to those with poor or limited credit history. They use advanced criteria, considering education and job background. No prepayment penalties mean you can settle your loan early, saving on interest costs. Additionally, the online experience is simple and funds are sent quickly.

Potential Disadvantages

Some applicants may face high origination fees, deducted from the loan upfront. Also, late payment charges are sizable, which can add up if you miss deadlines. Importantly, a Social Security number is needed for approval.

Our Verdict

If you have a low credit score or thin file and need funds fast, Upstart is a prime option. The application is seamless, the criteria are more flexible than traditional banks, and you can avoid extra fees if you pay early. Just watch the potential for fees and make sure you understand your repayment obligations before accepting your offer.