We’re here to help
By Anna Counselman, Co-Founder | People & Operations
The coronavirus crisis is impacting almost all of us in one way or another. Virtually all Upstart team members have been working from home for the past several weeks, continuing to deliver a high level of service even while taking care of themselves and their families.
We know that many borrowers have lost jobs or income in this difficult time. Naturally, this may mean that many will have difficulty making their monthly loan payments.
To help borrowers get back on their feet, we’ve worked with our bank partners to create a hardship program so those affected by the coronavirus can immediately skip up to two monthly payments, without incurring interest or late payment fees during that time. These payments will not be due until the end of the loan term. Think of it like a repayment pause. Longer term hardship plans are also available if this emergency continues.
To apply, borrowers need to complete a hardship assistance request form that may be found by logging into your account or by contacting our support team. We’re ready and standing by to assist. We’re all in this together.
What borrowers will see in the dashboard once they’re approved:
Thank you for reaching out to us regarding your hardship. We are sorry you are experiencing this.
We are able to offer you the following plan to assist with your loan payments.
The plan allows you to “skip” your next 2 monthly payments and make them up at the end of your loan. During the “skip” payment period, interest will not accrue and no fees will be assessed. Your loan term will be extended by the number of months skipped. Once the “skip” payment period ends, your regular monthly payments will resume.
You will not be reported negatively to the credit bureaus for accepting this option as long as you continue to make payments under this plan.