What are Upstart loans and how do they work?

Upstart loans are personal loans that utilize a unique lending platform powered by artificial intelligence to offer credit to a wide range of borrowers. They go beyond the traditional credit score-based lending models by considering alternative data such as education, employment history, and income potential. This allows for a more holistic assessment of an individual's creditworthiness. Once an individual applies for an Upstart loan, the AI algorithm evaluates their information and determines the approval status and loan terms. If approved, the borrower receives a fixed-rate loan and can use the funds for various purposes such as debt consolidation, educational expenses, or home improvements. Borrowers repay the loan in monthly installments over a period that typically ranges from three to five years.