Upstart offers a unique personal loan solution tailored for applicants with low or limited credit history. With approval possible for credit scores as low as 300, the platform looks beyond just your credit score. Loan amounts range from ₦800,000 to ₦60,000,000, with interest rates typically varying from 6.5% to 35.99% APR. Applicants can enjoy fixed repayment terms of either 36 or 60 months, and there are no penalties for paying off the loan early, which adds flexibility.

Step-By-Step: How to Apply

• Start by completing the simple online application form.
• Provide details regarding your education, employment, and income—the AI-based review considers these factors.
• Review loan offers matched to your profile, including rates and terms.
• Submit required documents and consent for a soft credit check.
• Once approved, receive your funds within one business day.

Key Advantages

Upstart is friendly for borrowers with very low credit or no established credit history. The focus on additional criteria, such as education and employment, improves the chances for approval. There are no penalties for early repayment, making it suitable for responsible borrowers seeking flexibility and savings on interest.

Most applicants receive a decision quickly, and funding is often available the next business day. Whether your need is for unexpected expenses or a larger project, the wide range of loan amounts is helpful for varied situations.

Drawbacks to Consider

While Upstart has many benefits, it does charge an origination fee that ranges up to 12% of the loan amount. Late payment fees can also be substantial, with a minimum of ₦20,000 or 5% of the amount due (whichever is higher).

Borrowers should also be aware that the highest interest rates are considerably above bank average, so reviewing your total repayment amount before applying is important.

The Final Verdict

Upstart stands out as a viable personal loan option for applicants with limited or poor credit history in Nigeria. With fast approval, flexible amounts, and a process that doesn’t just rely on your FICO score, it can be a practical choice. However, applicants should weigh origination and potential late fees before proceeding. If you need flexibility and quick funding, Upstart deserves your consideration.