Pay off Credit Card Debt with Upstart

Is there anything worse than credit card debt? It feels like a jail sentence. You pay high minimums on your credit cards and the balances never seem to go down. It becomes a never-ending cycle.

Debt can happen to anyone. In fact, it happened to me! A few years ago, I took a pay cut at a job while I was breaking into a new industry. At the time, it was the right move. However, while my salary changed, my bills did not. As a result, I took on some credit card debt. 

While I was still able to afford my bills, I was worried about my credit score. I didn’t want that bad debt affecting my credit. I knew I was going to pay it off in time, but how much damage would the credit card debt do to my score in the meantime? I decided to take out a loan on Upstart to turn my “bad debt” into “good debt,” and get ahead of the problem.

I applied for a 3-year1 loan on Upstart’s website. The application process was incredibly simple. Upstart takes into consideration your education and experience so it was a little deeper than just looking up your credit score, but very simple. After approval, the funds were in my account the next day!

My rate was much lower on my loan through Upstart than the  rate for my credit card so it was so much easier to manage my loan payments. I made payments once a month, and put any extra money I could towards my loan. The Upstart payment dashboard is so easy to use too!

One of my favorite things about Upstart is the Financial Fitness feature that allows you to stay on top of your credit card debt and overall financial wellness. It also provides your Equifax credit score, calculates how much you will pay in interest, and gives you a snapshot of your debt and breaks it down in digestible terms. With the user-friendly dashboard, easy payment schedule, and Financial Fitness feature, I was able to pay off my loan in under two years rather than the three years I originally anticipated.

Credit card debt is crippling, and I am very thankful to Upstart for helping me consolidate my debt quickly. Upstart also doesn’t penalize you for paying off your loan early, so I was able to get my finances in order without taking on additional hefty expenses.

Upstart is an online lending platform that knows you are more than your credit score. Upstart’s underwriting is powered by a machine learning model that uses over 1000 different attributes including education and work experience  to more accurately determine your risk as a borrower.

Upstart was founded by ex-Googlers and their mission is to enable effortless and affordable credit based on true risk. Upstart partners with banks to provide unsecured personal loans from $1,000-$50,000.2 A personal loan from Upstart could help with anything from credit card debt consolidation, moving expenses, wedding deposits, or medical bills. 

Have you ever considered taking out a debt-consolidation loan?

1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.”
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. Loans in Maryland, Massachusetts, Nevada, and Nebraska are made by Cross River Bank, an FDIC-insured New Jersey state chartered commercial bank.

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Hel On Heels is an Atlanta-based life and style blog by Helen Gaillet Bailey. Hel On Heels is intended to be a digital magazine written by your best friend.

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