Upstart offers personal loans ranging from ₦500,000 to ₦25,000,000 with interest rates between 6.70% and 35.99% APR. Repayment terms are flexible, spanning 36 to 60 months. Approval is fast and done entirely online, making it quite straightforward for borrowers in Nigeria who need funds for various purposes.

The process is user-friendly, even for those with no traditional job, as Upstart evaluates other income sources and overall financial health. They do require you to show a regular income, even if it’s not from employment. If you meet the requirements, you may receive your funds quickly, sometimes within a few business days.

How to Apply for an Upstart Loan

The application can be completed online in a few minutes. First, fill in your personal details and financial information. Next, submit documentation showing your source of income or savings. Then, review your loan options, select your preferred amount and repayment period, and confirm your application. Finally, wait for approval and get your funds if your application is accepted.

Pros of Upstart Loans

One major advantage is that Upstart considers more than just your job status. If you have a reliable source of income or strong credit, you may qualify. Approval is usually fast and the minimum required credit score is more lenient than some competitors, increasing eligibility.

Additionally, the process is simple and transparency is a key feature. You can see your rates before you even accept the loan, with no prepayment penalties if you want to pay off your loan early.

Cons of Upstart Loans

On the downside, the interest rate can be high if your credit profile is less robust. There are also possible origination fees that might increase the total cost.

Upstart doesn’t always offer the highest loan amount available, which may not meet the needs of those seeking even larger sums. The online-only process might be a drawback for those who prefer a physical touchpoint.

Final Verdict

Upstart is a solid choice for Nigerians needing personal loans. It especially benefits those who want flexible criteria and a straightforward application while accepting higher rates for added convenience. It’s worth considering if you need funds and have other forms of income outside a regular job.