We’re a team from Google, so we tend to see the world through primary colored glasses. We’re naturally fans of Google’s “Ten Things We Know to Be True”, but our favorite has always been #3 – fast is better than slow.
We love that online lending has reduced the cost of credit and created a much improved borrower experience. What we don’t love is that the matching process on major lending marketplaces means borrowers have to wait from a few days to a couple of weeks to receive their funds. And some loans may not fund at all.
We think there’s a better way. As of today, borrowers on Upstart who accept their loan by 5PM ET will receive their funds the next day*. We’ve accomplished this by automating all investing on Upstart, so that all approved loans fund virtually instantly. We began offering loans on Upstart 5 months ago, with the idea that you’re more than your FICO score and should get the loan you deserve. Now we’re making sure you get your loan with the speed you deserve as well.
By the way, #10 Great just isn’t good enough – isn’t a bad one either.
* Education-related loans are subject to a mandatory 3-day waiting period, following the applicant’s acceptance of the loan terms.