*Images are not actual customers, but their stories are real.
Key takeaways:
- Marcus was on a strict budget but wanted to ensure his family could be together for the holidays while also looking for ways to save money.
- He researched online lenders to determine the right fit for his financial needs and found out about Upstart in a TV commercial.
- Through Upstart, Marcus reunited his family for the holidays with a personal loan and refinanced his car loan to save money on his monthly payment.
It’s been said that when you don’t have your family, you don’t have anything. It’s a sentiment that rings true for Marcus, a Colorado resident and Upstart customer.
A family man at heart, Marcus is a full-time caretaker for his twin brother who is living with a disability. For most of the year, the brothers are apart from Marcus’ nieces who reside in a different state. This reality becomes especially tough during the holidays—a time when families gather to create memories and spend quality time together. Unfortunately, with the cost of flights skyrocketing, it also makes for one of the most expensive travel seasons of the year.
Marcus was on a tight budget, so coming up with the money to pay for his nieces’ plane tickets felt impossible. However, he was determined to not let another holiday go by without having his entire family together in Colorado. So he decided to take out a personal loan through Upstart.
The many uses of a personal loan
One major benefit of a personal loan is that you can use it for just about anything, from funding weddings to home repairs.
Financing the cost of plane tickets with a personal loan may seem out of the ordinary, but people buy plane tickets with credit cards all the time. With Marcus’ strict budget, a personal loan made sense because the interest rate was more reasonable than a credit card payment for his financial situation.
Many times, credit cards have higher interest rates than personal loans. If travelers use credit cards and don’t pay it off right away, they’ll have to face the cost of the flights plus variable interest.
An affordable loan that made sense with Marcus’ budget
Marcus first learned of Upstart through a TV commercial. He was already familiar with online lenders, as he had previously applied—but was disheartened to receive a high-interest rate that didn’t fit his budget. It was a deal-breaker for Marcus, who needed a personal loan with a lower interest rate and monthly payment he was comfortable with.
After seeing Upstart’s commercial, Marcus went on Upstart’s website to find out what rate he was preapproved for. Checking your rate doesn’t affect your credit, as it’s not considered a hard pull. Marcus filled out the quick and easy online form and in minutes, he was pre-approved for a rate that worked for him.
He was thrilled, recalling, “Upstart not only gave me what I needed, but made it affordable for me.”
A holiday to celebrate and remember
Upstart renewed Marcus’ sense of confidence and peace of mind about taking on debt while being mindful of his budget. Now that Marcus had a plan in place to pay for his nieces’ plane tickets, he felt the joy and excitement set in while letting go of the stress—an unexpected benefit.
He knew exactly how long it would take him to repay the loan, which is something any Upstart customer can do by logging in to their account. Marcus could see exactly how many payments were left and if he wanted to, could increase the monthly amount to pay the loan off faster. Upstart doesn’t charge a penalty fee if customers choose to pay the loan off before the term is over.
Ultimately, Marcus was relieved to know that he could trust Upstart and pay his loan off without complicated costs and hidden fees.
Marcus also refinanced his car through Upstart
Like many Americans, Marcus’ financial situation took an unexpected turn after he had purchased a house. Shortly after buying his home, he lost his job. So once again, Marcus turned to Upstart to save money on his monthly expenses by refinancing his car.
When you refinance a car loan, you’re essentially taking out a new loan to pay off the original loan. In this case, Marcus’ loan through Upstart gave him a lower interest rate than his previous one, allowing him to pocket the difference each month.
Just like he had experienced with the personal loan, he felt that the entire process was seamless and quick. Once he was approved, Marcus could log into his Upstart account to see exactly how much he owed and how long it would take him to reach his last payment. This kind of transparency offered Marcus more control over his finances.
Your loan terms will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Customers who participate in testimonials are compensated for their time.
Won't affect your credit score¹