We know that banking terms can be complicated and that a language barrier can be a challenge when finding the best financial product for you. That’s why Upstart has decided to help Spanish speakers creating the first Spanish-language lending platform for personal loans in the US. Here’s how it works:
Upstart differentiates itself from its competitors in its loan evaluation process. They consider unconventional variables such as your college education or work history, which gives them a clearer picture of your financial situation and future credit behavior. At Upstart, you don’t have to worry about your credit score; they specialize in offering loans to people with fair to good credit. You may even be eligible for a loan without having a credit score at all, making loans accessible to more people.
Breaking language barriers
Upstart knows that the Spanish-speaking community in the United States is large and growing. According to their webpage, more than 63 million Americans are of Hispanic origin, and 71% use Spanish as their preferred language at home. When you go to their page, they will detect your preferred language with the one you have set in your browser. Upstart aims to provide the Spanish speaking community with a better understanding of the loan terms, the application process, disclosures, and to have a better overall experience.
For whom is it best?
If you are a person in need of fast funds or if you have a credit score that is either low or building, then Upstart is for you. To be pre-qualified you need to have a minimum of 600 points on your credit score. However, their easy access comes at a high price, and they charge it with expensive Annual Percentage Rates (APR), which are in the high-end range. These go from 5.38% to 35.99% depending on the specific case.