Upstart Promo Codes

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About Upstart

History

Upstart first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. In May 2014, Upstart pivoted away from this product and toward the personal loan marketplace.[4] With this pivot, Upstart began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well.

Reasons to love

Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower. This means that in addition to traditional underwriting criteria the Upstart underwriting considers education variables; colleges attended, area of study, GPA, and standardized test scores and work history to develop a statistical model of the borrower’s financial capacity and personal propensity to repay. This allows many people who previously couldn’t can now get a line of credit.

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