Upstart

Upstart is an AI lending marketplace that connects borrowers with banks and credit unions using an artificial intelligence (AI) model for underwriting. Its key features center around a data-driven lending process designed to expand access to affordable credit with speed and efficiency.
Core Features of Upstart
⦁ AI-Powered Underwriting: Upstart's primary feature is its proprietary AI model, which uses over 2,500 variables, including educational history, employment, and income, rather than relying solely on traditional credit scores (like FICO). This allows for a more holistic assessment of a borrower's creditworthiness.
⦁ Expanded Access to Credit: The AI model enables partner lenders to approve more applicants at lower rates, including those with thin credit files or no credit score.
⦁ Fast & Automated Process: Most loan decisions are made instantly, with no documentation required for over 80% of applicants. Once approved, 99% of personal loan funds are typically sent within one business day.
⦁ Diverse Loan Products: The platform offers various loan types to meet different financial needs:
-Personal Loans (unsecured and auto-secured options)
-Auto Refinance Loans
-Home Equity Lines of Credit (HELOCs)
-Small-dollar "Relief" Loans
⦁ No Prepayment Penalties: Borrowers can pay off their loans early without incurring any additional fees.
⦁ Mobile App Management: The Upstart mobile app allows users to view loan details, check payment status, make one-time or scheduled payments, and explore additional loan options.