So…you got me looking at the upstart reviews on trustpilot…
First off, they seem to be increasing to a rate of 5+ in some hours. July is already 5x the number of reviews as June. Unless they really modified their loan closure process to include and automated invite just recently, this has to be just increased loan volume.
Credit Karma apparently recommends upstart directly to people. I did not realize this.
Folks get a lot of very short term loans, and like that from Upstart – like folks who get paid commission, short term between paychecks…so holding periods of weeks to months before they pay off. These have gotta be lucrative loans, and really show upstart’s value over pay day loan providers to the consumer. I would bet you that upstart’s models can probably offer rates a third to a half of what the predatorial lenders would do. Quite a few of the reviews are in some form mentioning a customer service rep by name. So it seems likely that upstart customer service reps are pimping for written reviews as well… but that seems to be a general theme is that their phone support is excellent.
I didn’t realize there was that much of a market for quick-turn debt! This is a view into a whole slice of economy I didn’t realize existed.