Summary of the Loan Terms

The following is a summary of the key terms of the loans offered on the Upstart platform by Cross River bank, the lender. This summary is being provided as a convenience but is not a substitute for reading the agreement in its entirety. 

  • Promise to Pay:  An upstart agrees to repay the loan amount with interest that is stated in the upstart’s loan terms.

  • Payment Term & Schedule.  An upstart agrees to pay 36 monthly payments. The date their first payment is due will depend on whether they have deferred this payment or not, and it will be either 1 month, 4 months or 7 months from the date their loan was made.   Each monthly payment repays the loan amount (called principal) and the interest that has accrued on this amount.  


  • Interest Each loan is provided with interest that accrues on the unpaid loan amount from the date the loan is made to the upstart.  Although the interest rate is disclosed as an annual percentage, it is applied to the unpaid loan amount on a daily basis.  If an upstart makes any payment after its due date interest will accrue on the portion of the late payment that is principal until it is paid.  At no time will interest will not accrue on interest.

  • Prepayment.  You may pay off your loan amount in full or in part at any time without penalty.  Any partial prepayment does not postpone the due date of any subsequent monthly installments and you must continue to make regularly scheduled payments, however, you will pay off your loan amount faster.

  • Fees.  An upstart agrees to pay an origination fee when their loan is made to them.  This fee ranges from 1% to 5% and is disclosed as part of the loan terms.  Fees also apply if an upstart takes certain actions (or fails to act), including if they, are late with their payments, and/or pay by check, or if their electronic or check payment is returned to us because they have insufficient funds..  More information about the fees we charge can be found here.

  • Default and Remedies.  If an upstart does not meet certain commitments under their loan, a “default” will occur, e.g., if they do not pay in time, if they file, or have instituted against them, any bankruptcy or insolvency proceedings or any assignment is made for the benefit of creditors;, they die,  if they commit fraud or makes any material misrepresentation in connection with their  loan, or fail to abide by any other material loan term.  If default occurs we may decide to take certain actions including demanding immediate payment of remaining loan amount. If an upstart is more than 30 days late with any payment, we may report them to a credit reporting agency

  • Arbitration.  An upstart agrees that if they get into a dispute with the creditor (or any loan servicer) and it cannot be amicably resolved then it will be resolved through arbitration.  An upstart is allowed to opt out of arbitration but they must tell us within 30 days of agreeing to the terms of their loan.

If there is any inconsistency between this summary and your loan terms, the terms in your loan will apply.

ULT Summary 20140423