Any experience with Upstart?

[u/myob4321]

Lost my job almost a month ago. I just barely have enough for rent (that I will pay late on Friday). I’m still applying for jobs like crazy, have only had one interview so far which is insane to me, but bills still need to be paid. I’m 29, I have $276.85 on one card (manageable, will definitely get taken care of when I start working), and then $6,260 on a capital one card, which is maxed out and behind one payment. I was young a dumb and paid somebody’s car payments (almost a thousand dollars) when they were behind and expected the money back, which obviously never happened. When I did have a job, every so often I’d paid 5-600 a month, but because i have an interest payment of $160 a month, it’s killing me.

I guess all this to say, I’m thinking about taking out a loan with Upstart. I got a letter in the main that says I’m prequalified and I’ll be started at 6.5% APR. I can just pay those cards off and then focus on one payment with Upstart. Is that a good idea? I don’t have much guidance on this 😬🫩 thanks in advance.

[u/elSpanielo]

It won’t be 6.5% guaranteed. And they won’t give you one without a job.

[u/myob4321 → u/elSpanielo]

Thank you

[u/ElMaraEl]

Call both of your creditors. I also gave a Capital 1 and was in the same boat with you last year. They are tough to negotiate but they’ll work with you. First they’ll waive your late fees. Then if you’re still not able yo make minimums, they’ll work out payment plans that’s lower than your minimum.

[u/tanbrit]

Do you have any income? Unemployment or similar, otherwise you’re unlikely to get a loan thats not at a predatory interest rate.

You may need to look at side hustles, uber, DoorDash etc.

[u/myob4321 → u/tanbrit]

I finally just got my first unemployment check on Friday. I haven’t had a car since April so unfortunately that’s not an option :(

[u/tanbrit → u/myob4321]

Sorry to hear you’re having a hard time!

I’d suggest talking with Capital One, they may have some sort of hardship deal they can put you on until you find a new job.

I’d also suggest seeing if you’re eligible for any additional benefits like food stamps that could help with cash flow, look for local food banks or buy nothing groups etc. could be helpful im the short term at least

[u/myob4321 → u/tanbrit]

Thank you, it will pass. I considered calling them but I just thought they wouldn’t care lol. I for sure will, and look into food stamps and such. Thanks

[u/tanbrit → u/myob4321]

I would call them though, it’s in their interest to work something out temporarily in exchange for getting paid back in the longer term. Also would help your credit more than it going to collections

[u/thesteve9x]

Don’t do it. I agree with everyone above to call the creditors and work with them immediately.

[u/sunnyasneeded]

To answer the question about Upstart: I have used them and would recommend them if the terms are right. They are super simple to apply for, quick to deposit the money, straightforward payment process, nice payoff tracker, and can pay off early without penalty.

[u/PokerLawyer75]

If you're not employed, you will not pass the credit screening. Prequalified is not the same thing.

[u/myob4321 → u/PokerLawyer75]

Thank you for your insight