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You’ve just graduated from college and you’re ready to get started with the next phase of life. Perhaps you have landed your first full-time, post-college position. Or, maybe you’re still looking for the right opportunity. Maybe you’ve even decided to work as a freelancer or start your own business.
It’s an exciting time of life, full of anticipation. It can also be filled with unexpected expenses. As you transition into this post-college stage, costs can increase. From housing to groceries, bills, and even medical costs, these expenses can add up. Sometimes your current needs and plans can outpace your available finances.
For most, a loan is the solution to closing the financial gap, whether it’s to purchase a car or home or pay for an unexpected emergency. But as a recent college graduate and entry-level employee, the criteria used by most companies offering loans are not in your favor. A lack of long-term credit history, as well as a higher debt-to-income ratio due to student loans, can make it difficult. Furthermore, these factors make it less likely that lending companies will offer you a loan with favorable terms.
Fortunately, there are companies who provide loans to candidates just like you. Online loan companies like Upstart focus on providing recent college grads loans at terms they can afford. Their unique approach to lending helps those who other loan sources may reject.
For Upstart, the difference is in their system of predicting credit-worthiness. They look beyond credit score and years of credit to determine the exact terms of your loan. That includes factors such as your education level and area of study, along with your job history. With these details, Upstart considers not only your credit history but your future potential. That enables them to give you a lower, manageable rate. (Interested in more? Read our Upstart review here.)
Other online loan companies offer unique solutions as well. Using peer-to-peer lending and additional criteria, these companies can provide many different loan options. Compare our online loan reviews and see how many options there are for people just starting out.
By taking advantage of these opportunities, you can secure loans to both meet your current financial needs and begin to build your future dreams.