Upstart Network

Upstart is reaching out to the consumer privately to provide the details requested

Upstart has reached out privately to address the consumer’s concernsAs a general matter of practice, Upstart reports payment history and account status in accordance with the guidelines set forth by credit reporting agencies and in compliance with the Fair Credit Reporting ActAny disputed
information is investigated and resolved in a timely matter

? Complaint: ***I am rejecting this response because:
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There is no way that is true and I would like to see the detail that led to the company sending the initial offer
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Sincerely,*** ***

Complaint: ***I am rejecting this response because: Upstart says "Upstart does not accept post dated ? monthly payments to be applied to a future month’s payment."? This means they will only accept payments on the day the payment is due?? I made a payment before the due date as I was supposed to.? Therefore, I did not owe a payment.? Once Upstart indicates that I have an outstanding bill, I should be allowed to pay the bill as the debt has already been incurred.? Once I pay the outstanding balance, Upstart does not have the right to take additional monies.? This is exactly what Upstart did to me.? They stated I owed money, I paid it and they helped themselves to more.? I do not accepted this response because it is unethical.? Upstart needs to provide my signed acknowledgement that I am not? allowed to make any payments before my due date.? Also, I see that Upstart has updated their policies.? I hope that this company does not try to put a new policy in effect and then apply it to my circumstances.? This would be unethical.? I want my payment applied to my payment.? They cannot dictate where my money goes it I clearly stated my intention in the calls that I have made to this company.? They have done it many times in the past.? I do not understand why they refuse to do it now.? They can't apply my money the way I want all the time except this one time.? They need to have a consistent policy.? Very unethical.Sincerely,*** ***

Upstart has reached out to this consumer to discuss the specific information surrounding the complaint receivedSpeaking generally, during the application process for an Upstart loan from Cross River Bank, consumers provide consent to pull a credit report for purposes of verifying consumer credit
historyThe application process is divided into a pre-approval process in which the user is quoted a rate based on information in a "soft" credit pull which does not impact their creditIf the user elects to proceed with the application, he/she is asked for supporting documentation to verify information that was included in their application (such as income), and a "hard" credit pull is done to confirm that the consumer's credit history has not adversely changed during the application processTo the extent that a consumer's credit history has changed adversely or the information cannot be verified, the application is declinedThe events that would result in a declined application are disclosed to the consumer prior to the "hard" credit inquiryUpstart has privately responded to the consumer to explain specific information about the complaint

Upstart has privately reached out to this borrower about this concernThe Upstart loan product is a or month fixed rate, unsecured loan product that is fully amortized? The terms of repayment are defined by the promissory noteAccording to the promissory note, any funds paid that
exceed the monthly amount owed are applied directly to the current principal balanceAs a result, the Upstart payment system automatically applies payments in this method as defined by the promissory noteThis is standard practice across most loan products and Upstart is not unusual in this application? Some products call for an additional fee when principal is paid down early (called a prepayment penalty)? Upstart charges no such fee? After researching the allegation made above, Upstart has found no evidence that payments were applied inappropriately or that there was a system error in the application of payments?

Upstart is reaching out to the consumer privately to provide the details requested

Upstart sends pre-screened offers of credit in accordance with the requirements outlined in the Fair Credit Reporting Act to individuals whose credit report data (as provided by [redacted]) makes them eligible for an Upstart loanUnder the requirements of the Fair Credit Reporting Act, each person
who is prescreened must be sent a firm offer of credit, and instructions on how to opt out of prescreened offers are included on the mailerUpstart sends such prescreened mail once per month to selected consumers and in no case as frequently as described above?
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Upstart has also privately reached out to this consumer to determine how we can assist in rectifying this situation?

The information about disqualifying events which could result in reversing approval is disclosed to all applicants directly on the final acceptance page just above where one would click to advance to the promissory noteUpstart discloses the information in this prominent area in an effort to be completely transparent about the approval processThe disclosure informs applicants of the conditions under which a consumer’s approval could be withdrawn which are limited to only possible eventsUpstart has privately reached out to this consumer to clarify specific items reported on the consumer’s credit report

Upstart has privately reached out to this borrower about this concern. The Upstart loan product is a 36 or 60 month fixed rate, unsecured loan product that is fully amortized.  The terms of repayment are defined by the promissory note. According to the promissory note, any funds paid that...

exceed the monthly amount owed are applied directly to the current principal balance. As a result, the Upstart payment system automatically applies payments in this method as defined by the promissory note. This is standard practice across most loan products and Upstart is not unusual in this application.  Some products call for an additional fee when principal is paid down early (called a prepayment penalty).  Upstart charges no such fee.  After researching the allegation made above, Upstart has found no evidence that payments were applied inappropriately or that there was a system error in the application of payments.

The information about disqualifying events which could result in reversing approval is disclosed to all applicants directly on the final acceptance page just above where one would click to advance to the promissory note. Upstart discloses the information in this prominent area in an effort to be completely transparent about the approval process. The disclosure informs applicants of the conditions under which a consumer’s approval could be withdrawn which are limited to only 4 possible events. Upstart has privately reached out to this consumer to clarify specific items reported on the consumer’s credit report.

Complaint: [redacted]I am rejecting this response because: Upstart says "Upstart does not accept post dated  monthly payments to be applied to a future month’s payment."  This means they will only accept payments on the day the payment is due?  I made a payment before the due date as I was supposed to.  Therefore, I did not owe a payment.  Once Upstart indicates that I have an outstanding bill, I should be allowed to pay the bill as the debt has already been incurred.  Once I pay the outstanding balance, Upstart does not have the right to take additional monies.  This is exactly what Upstart did to me.  They stated I owed money, I paid it and they helped themselves to more.  I do not accepted this response because it is unethical.  Upstart needs to provide my signed acknowledgement that I am not allowed to make any payments before my due date.  Also, I see that Upstart has updated their policies.  I hope that this company does not try to put a new policy in effect and then apply it to my circumstances.  This would be unethical.  I want my payment applied to my payment.  They cannot dictate where my money goes it I clearly stated my intention in the calls that I have made to this company.  They have done it many times in the past.  I do not understand why they refuse to do it now.  They can't apply my money the way I want all the time except this one time.  They need to have a consistent policy.  Very unethical.Sincerely,[redacted]

Complaint: [redacted]I am rejecting this response because:
 
There is no way that is true and I would like to see the detail that led to the company sending the initial offer.
 
Sincerely,[redacted]

Upstart defines repayment terms in the promissory note, which is signed by all borrowers when accepting their Upstart loan. Payments are applied first to outstanding fees, then to accrued interest, and then to principal balance.  Upstart’s online payment system accepts payments according to these terms. Additional payments are permitted to be made without penalty, and any amount received in excess of the regularly scheduled monthly payment is applied directly to the principal balance at the time the payment is received. Upstart does not accept post dated  monthly payments to be applied to a future month’s payment.

Upstart has reached out to this consumer to discuss the specific information surrounding the complaint received. Speaking generally, during the application process for an Upstart loan from Cross River Bank, consumers provide consent to pull a credit report for purposes of verifying consumer credit...

history. The application process is divided into a pre-approval process in which the user is quoted a rate based on information in a "soft" credit pull which does not impact their credit. If the user elects to proceed with the application, he/she is asked for supporting documentation to verify information that was included in their application (such as income), and a "hard" credit pull is done to confirm that the consumer's credit history has not adversely changed during the application process. To the extent that a consumer's credit history has changed adversely or the information cannot be verified, the application is declined. The events that would result in a declined application are disclosed to the consumer prior to the "hard" credit inquiry. Upstart has privately responded to the consumer to explain specific information about the complaint.

Complaint: [redacted]I am rejecting this response because:
Why this was not disclose with me on verification call?
Do you really think people read 100 pages of agreement, this is how you define good customer service.
This is something that you MUST disclose at begging , And it is so silly that because of soft inquiry or small credit line you refuse to originate the loan. after you approved it.
You should handle this in much more professional way and try to make it work due to your customer financial stability, ( Credit score , debt ratio and income)
Overall, I was not happy with the entire process and Felt very miss treated.
 
Sincerely,[redacted]

The company had many promises and seemed to be very helpful at first, then when I asked for clarification from the application I submitted and make changes on the application (I had a different bank account attached to the application that I needed the funds to be deposited into, but was told I could not do that so I wanted to make the change on the application) the lady on the phone seemed to be very helpful with my request and said that I should be receiving an email with my next steps. The email I received was a denial because they could not "verify the information on the application". This company made me jump through hoops, I had to get help from my granddaughter to create a video to send to them, had to resubmit bank statements multiple times, and they kept wanting me to resubmit the picture of my ID. I did everything I was asked to and I asked them to make a change of what account the funds needed to be deposited into, instead of helping me they just denied me. On top of that, I was trying to correspond my complaint to the company via email however they (about 3 different people from Upstart) kept sending me a generic email as to why I was denied and if I should have any more questions or concerns I should reach out to them and every time I did they just kept sending the same generic answer. Do not trust this company, they only want fast and easy money and won't help anyone out if they have to go out of heir way. I am a 66 year old woman and I should have been tested with more respect than this company has given me.

Upstart sends pre-screened offers of credit based on credit criteria received from Credit Reporting Agencies as defined by the Fair Credit Reporting Act. As disclosed in the pre-screened offer letter, the offer is conditioned on final approval based on consideration and verification of financial...

and non-financial information. Soft credit checks are initially completed when a consumer checks his or her rate on upstart.com to determine current eligibility and final approval is contingent on verifying of all information in the application. Upstart has privately reached out to the consumer regarding the application status and complaint.

Upstart should not have charged my account automatically if I had made the payment in advance. Upstart is unable to stop a payment from being processed at the customer's request.  This is their IT failures is the customer's nightmare. Upstart refuses to apply my payment as a payment because they say it will require the claims adjusting to adjust the interest due.  I think that is the appropriate action that needs to be done because that was my original request and I thought this problem was resolved.  I'm good faith,  Upstart should treat good customers well.  They are treating my poorly due to their computer glitches.  I expect an adjustment because Upstart never communicated how they treat advance payments.  I should not be punished for paying in advance.   That's criminal!Complaint: [redacted]I am rejecting this response because:Sincerely,[redacted]

Point #1: I have an issue with how clear the advertising is regarding any loan applicants who cannot show actual graduation, no matter how "close" they are to graduation - as I discovered the hard way that ANY college time at all doesn't count with this company. Upstart considers 4 years of college work with only 1 course credit to complete to diploma as a "high-school" level background -- and therefore Upstart "offered" me an astronomical % loan on minimum risk to them knowing I would most likely decline it--without actually getting a complete application from me.
THEN when I turned down their unacceptable loan offer, they indicated on my credit report that I was denied. No, they made an offer and I declined it.
I DID NOT authorize them to do a hard credit check at that point as my application wasn't complete in the first place. So being denied and dissed for being a "high-school" graduate (which I'm not by anyone ELSE's standards as a BA equivalent) has left a bad taste in my mouth and a ding to my credit that I've been building for years.
Their advertising needs to reflect that ONLY DIPLOMA GRADS will receive a great rate - everyone else will be offered an unacceptable rate on minimum risk to them, pretty much to weed us out. That's their prerogative--as long as I know what I'm walking into. Portions of their website indicated they do make loans to others without a diploma because they review other factors. Not quite true.
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Point #2: What I most object to is not being allowed to WITHDRAW my incomplete application based on their pre-review of what they are looking to "adjust," instead of Upstart going ahead with an adjustment and an offer and then me declining and then them hitting my credit with what they call a denial. I wouldn't have chosen that path at all had I been allowed to withdraw without penalty.
Initially I thought process was good for the most part, yet only minimum fair communication with an ongoing premature review on an incomplete application. I simply would have WITHDRAWN my incomplete application had that process been in place and had I been given an opportunity to do so.
A withdrawal option allows a potential loan applicant to take some good advice before a process that results in a negative hit.