Upstart is an ideal choice for those in South Africa with a low or limited credit history, offering personal loans with an APR starting from 6.7% and terms of either 36 or 60 months. Applicants can access amounts ranging from $1,000 to $75,000, suitable for debt consolidation, medical expenses and more, even with credit scores as low as 300 or with insufficient credit background. Upstart uses AI-driven underwriting, which allows consideration of your education and employment status alongside traditional credit metrics.

How to Apply for an Upstart Loan

Start by filling out the easy online application, where you’ll supply some basic information and preferred loan amount. Next, Upstart will quickly assess your eligibility using its soft credit check and alternative data approach. If you’re pre-approved, upload supporting documents such as salary evidence or proof of identity. Once all is confirmed, select your loan terms and payment date before signing the agreement. In many cases, you could see the funds in your account as soon as the next business day.

Advantages of Upstart Personal Loan

One of Upstart’s major benefits is its accessibility, approving applicants with very low credit scores and those who lack a complete credit file. This flexibility is a significant advantage for South Africans new to credit or with past credit challenges. Another key benefit is the absence of early repayment fees, allowing you to settle your loan ahead of schedule and save on interest charges, without any penalty.

Disadvantages of Upstart Personal Loan

Potential borrowers should be aware that Upstart charges an origination fee, ranging from 0% to 12% of the target amount, which is deducted from your loan upfront. Additionally, late fees can be quite steep, with penalties at the greater of 5% of your overdue amount or $15. Paper copies of the loan require a $10 fee, though e-signed versions are free.

Verdict: Is Upstart Right for You?

If you’re seeking quick access to funds and have poor or no credit history, Upstart stands out as a viable option, especially when flexibility and transparent repayment terms are priorities. Evaluate fees and compare offers against your needs, but Upstart remains a strong contender for those rebuilding or starting their credit journey in South Africa.