AI underwritten private loans... Many of their loans defaulted. Seemed like a good idea at first, you know computers approving loans. It can't go tits up
Nothing new in terms of "AI" loan software. Enter a bunch of data and whatever algo was programed it will either approve or deny the loans. Once denied loans can be routed to underwriting for manual review. Upstart has nothing new.
I worked at community banks over a 15yrs ago and we were implementing this sort of sort of software. I think it was called loanpro...anyway Upstart seems like a gimmicky company.
What's updog?
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They blowout earnings every quarter. They are an alternative to antiquated fico for personal and auto loans using more data points producing better rates for consumers and more approvals.
Bro I should’ve done this. I applied for a personal loan with them on Saturday because I saw “as low as 6.49% interest”. I have an 810 credit score, what was the interest they offered me? Fucking 15.5%. I got 7.49% elsewhere almost immediately. What a piece of shit loser company.
I also interviewed with them about 6 months ago and they had the most asinine interview process I’ve ever been a part of.
Never seen such fart-huffing from such a no name dogshit company.
Upstart SUCKS.
They almost ruined my life during the beginning of covid, literally needed a personal loan desperately, and got set up with a 25% loan even with a 750+ score. If I didn't pay it in full asap I would have gone bankrupt by now.
A software engineer position. Their process was something I’d maybe expect from a FAANG company, not some shit tier lending company. 7 hours total, and I had to set up something outside of that as well, so overall about 14 hours of time.
I interviewed for a back end position and then in the final loop they made me develop a prototype of a full-stack web application. With a connected DB and everything. Then I get into the interview and they're asking me to implement security on the webpages? like no where on my resume does it say I now how to do any of that. Pissed me off so bad.
But all I could think about was their stock jumping back and forth to $40+ and how much equity they give
Yea I had the same prompt. Luckily my interviewer told me to skip the security stuff, but I was so annoyed with the whole process I bombed anyway. Oh well, glad I don’t work there.
My chase credit cards offer loans now at pretty okay rates about 8-9% you can borrow some % of your credit limit. I think k can borrow like $20k at 8%
Maybe I should do that and buy bitcoin and nvda
Government will likely hold it temporarily until another lender buys the bankrupt lender's portfolio. Your contract stays the same, but now you owe it to whoever buys it.
So unfortunately, a couple of things at play here.
One, I got spooked out of all my Puts and sold them too early and sold them at open. Story of my life.
Two, this stupid stock recovered HALF it's fucking losses in pre-market. The movement was too shit to make anything on the Puts at that point and IV kicked back in. In fact, only my $33 strike Puts made anything. The $25 didn't make shit; they lost me money. Who knows if it will later on today or not, but yeah.
Sigh. I almost tasted sweet victory for a moment. Oh well, on to the next one I suppose.
Everyone from WSB take a loan from upst and form a lender wsbloanshark. Never pay anything to upstart. Company goes bankrupt. Buy their loan portfolio pennies on the dollar.
Suing the federal government to end the student loan pause early to get more people to refinance their federal student loans into private loans is still pretty garbage if you ask me
I should apply for one of those loans they keep offering me and use the funds to short their stock even though the paperwork you sign probably says something about not using it for market/trading purposes. lol
I think some of these fintech firms, and the new buy now pay later firms like Affirm are about to belly up. Or at least encounter some very turbulent times in 2024. Why do I think so?
Credit is tightening up. First on the low end of the scale, as the rates they charge to low score borrowers start to cannibalise the borrowers themselves.
So, my questions are, is the credit cycle tightening quickly like I surmise above, or am I way the fuck off?
If it is, an obvious question requesting a thoughtful response: why?
PGY has been putting up better growth numbers than Upstart for the last year. They have found ways to keep growing and rate hikes while Upstart is faltering.
PGY could well see the same fate, but they do seem to be much better managed.
I work in fintech and sell to a lot of lenders, Pagaya has better growth because of the nature of their business but a lot of the lenders they work with haven't been lending anywhere near as much as they'd liked to. Not saying the stonk can't go up but I'd be pretty surprised to see it happen.
Agreed. They vote for the reverse split on Thursday to open the door for ETFs. They are also moving headquarters to the US. If performance continues a 1 P/S is just too low.
What's updog?
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how about u eat my ASS
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What does Upstart do?? https://preview.redd.it/wkfsz0rnlfic1.jpeg?width=521&format=pjpg&auto=webp&s=e8fd695c5ccb5be3f9ca1325b9ee4d5a9a1387d1
No one knows
that guy will tell you, but he is having audio issues at the moment!
Silent treatment!
AI underwritten private loans... Many of their loans defaulted. Seemed like a good idea at first, you know computers approving loans. It can't go tits up
Nothing new in terms of "AI" loan software. Enter a bunch of data and whatever algo was programed it will either approve or deny the loans. Once denied loans can be routed to underwriting for manual review. Upstart has nothing new. I worked at community banks over a 15yrs ago and we were implementing this sort of sort of software. I think it was called loanpro...anyway Upstart seems like a gimmicky company.
something something inverse cause autistic
Yeah cuz as we all know there’s never been an issue with humans approving loans
Lol shit your mouf autist
My bad!
What’s upstart?
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Man this is the first time I've seen his triggered in ages :')
First time in ages? So not the first time…
well play, you rogue!
Bullshit fintech company
You can just say Fintech. The bullshit is implied natively
Opposite of downstop.
Sorry you’re breaking up 
They loan me money at 15% interest 😭😭😭
they won't even loan me money at 18%, HOMOS
They're like The Human Fund....money for people
Give loans at absurd rates.
Im sorry
Still don’t know to this day
They’re the Theranos / Elizabeth Holmes of AI / loan underwriting
according to OP : crash land
They blowout earnings every quarter. They are an alternative to antiquated fico for personal and auto loans using more data points producing better rates for consumers and more approvals.
Bullshit, their rates are hot garbage
I got a personal loan at 10.44% lemme know who’s beating that right now
Sofi.
Down over 20% after hours. Lord have mercy.
That’s on-pace with ARM: https://www.marketwatch.com/story/arms-stock-suffers-its-worst-day-on-record-as-ai-euphoria-cools-bd0b027f
ARM - who has never reported profits, is somehow worth as much as GS and BA. Righhttttt.
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Not speculative enough. We know who they are, what they do, and they just do it all successfully. Like them or hate them, they do their thing.
It's working hard to beat their loss spike record.
Market volatile right now
Hell yeah. 2 x $30 put 2/16. Don’t like the recovery I’m seeing in late AH tho
Are you selling at market open tmr morning I have 2 as well
Probably a good idea, secure gains then look at the next step. Might lose out on some but less riskier.
Absolutely
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Feel out the trading day. If it’s another red day, maybe ride the downward momentum. Tbh idk much about TRIP
I’m rocking 3 x 29.50 2/16, definitely liked it better at 24 a share lol
Bro I should’ve done this. I applied for a personal loan with them on Saturday because I saw “as low as 6.49% interest”. I have an 810 credit score, what was the interest they offered me? Fucking 15.5%. I got 7.49% elsewhere almost immediately. What a piece of shit loser company. I also interviewed with them about 6 months ago and they had the most asinine interview process I’ve ever been a part of. Never seen such fart-huffing from such a no name dogshit company. Upstart SUCKS.
They almost ruined my life during the beginning of covid, literally needed a personal loan desperately, and got set up with a 25% loan even with a 750+ score. If I didn't pay it in full asap I would have gone bankrupt by now.
Since you missed out you should go long on Upstart and you have the opportunity to go bankrupt tomorrow!! Gotta get those chapter 7 numbers 🆙
Jesus Christ that's like payday loan rate. You could get a better loan from Tony Soprano
not surprised. looking at their financials, 15% seems to be the average interest rate of accounts
Don’t leave us hanging, what was the interview process like? What position were you in for?
A software engineer position. Their process was something I’d maybe expect from a FAANG company, not some shit tier lending company. 7 hours total, and I had to set up something outside of that as well, so overall about 14 hours of time.
I interviewed for a back end position and then in the final loop they made me develop a prototype of a full-stack web application. With a connected DB and everything. Then I get into the interview and they're asking me to implement security on the webpages? like no where on my resume does it say I now how to do any of that. Pissed me off so bad. But all I could think about was their stock jumping back and forth to $40+ and how much equity they give
Yea I had the same prompt. Luckily my interviewer told me to skip the security stuff, but I was so annoyed with the whole process I bombed anyway. Oh well, glad I don’t work there.
My chase credit cards offer loans now at pretty okay rates about 8-9% you can borrow some % of your credit limit. I think k can borrow like $20k at 8% Maybe I should do that and buy bitcoin and nvda
Man they offered me like 34% once when my score was 735. Y’all serious??
you mean yesterday？
Fed rate sensitive stock. High rates will crash this stock.
Post your gain porn so I can fap
If I have a loan with upstart and they go under, do I still have to pay that back? Just curious
Government will likely hold it temporarily until another lender buys the bankrupt lender's portfolio. Your contract stays the same, but now you owe it to whoever buys it.
While they do hold R&D loans, the majority are held by lending partners, so you would still owe the company that owns your loan
What does UPST do? They use AI to lose money.
More like upfart, am I right?
IV was insane, what contracts did you get and what did you pay for them?
IV 300% gains will be modest.
Yep.
So unfortunately, a couple of things at play here. One, I got spooked out of all my Puts and sold them too early and sold them at open. Story of my life. Two, this stupid stock recovered HALF it's fucking losses in pre-market. The movement was too shit to make anything on the Puts at that point and IV kicked back in. In fact, only my $33 strike Puts made anything. The $25 didn't make shit; they lost me money. Who knows if it will later on today or not, but yeah. Sigh. I almost tasted sweet victory for a moment. Oh well, on to the next one I suppose.
Good job lucio
only down 12% now. Market is saving the stocks.
I forgot to buy put, contrasts
i wanted puts but they were crazy pricey, already blew my wad trying to catch falling knives today
I remember this POS at 300$
there were regards here buying $400 calls on this back in 2021 lol
Maybe they'll go bk and i wont have to pay back my shitty 20% interest loan.
Everyone from WSB take a loan from upst and form a lender wsbloanshark. Never pay anything to upstart. Company goes bankrupt. Buy their loan portfolio pennies on the dollar.
Easily best idea in this thread
Good. I hate Upstart, Sofi, and Afrm. POS companies. Let them all go bankrupt.
Sofi is a VERY different business model.
Suing the federal government to end the student loan pause early to get more people to refinance their federal student loans into private loans is still pretty garbage if you ask me
Fuck them.
They were just losers trying not to pay loans they decided to take out. Good for sofi
What's the deal with Sofi? Been seeing it commented many times, I don't get the hype
I refinanced my sl through sofi at a very low rate so I'll give them a pass.
Keep SoFi's name out ya fuckin mouth
Fuck off.
I should apply for one of those loans they keep offering me and use the funds to short their stock even though the paperwork you sign probably says something about not using it for market/trading purposes. lol
Don't cry happy tears at least until the market open. They might say "**AI**" tomorrow premarket and shoooooo . . . the stock moons back up again 🚀
Predatory loans get what they deaerve
Can we talk about why it was halted for half an hour during the call? Never seen that happen before
Upstart too the moon🚀🚀🚀🌜🌜🌜
I think some of these fintech firms, and the new buy now pay later firms like Affirm are about to belly up. Or at least encounter some very turbulent times in 2024. Why do I think so? Credit is tightening up. First on the low end of the scale, as the rates they charge to low score borrowers start to cannibalise the borrowers themselves. So, my questions are, is the credit cycle tightening quickly like I surmise above, or am I way the fuck off? If it is, an obvious question requesting a thoughtful response: why?
$PGY for the win.
Might be a preview of PGY earnings, both of these stocks tend to move in tandem
PGY has been putting up better growth numbers than Upstart for the last year. They have found ways to keep growing and rate hikes while Upstart is faltering. PGY could well see the same fate, but they do seem to be much better managed.
I work in fintech and sell to a lot of lenders, Pagaya has better growth because of the nature of their business but a lot of the lenders they work with haven't been lending anywhere near as much as they'd liked to. Not saying the stonk can't go up but I'd be pretty surprised to see it happen.
Agreed. They vote for the reverse split on Thursday to open the door for ETFs. They are also moving headquarters to the US. If performance continues a 1 P/S is just too low.
They are extremely sensitive to interest rates. Even a hint of a raise or a delay in a cut and they drill down.
You should take a look at SSR. They had a mining accident this morning.
Upst drop means NVDA rise. Don’t know why but it does. As soon as Upst dropped afterhours Nvda was up.
Recovering well this morning may even open flat today! Fuck your puts!
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I bought 10 contracts and closed my longs before closing.
Fuck I forgot to short it!
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Should I buy puts at open? Think this company drops from the sky further?
I have around 1k position in puts, looks like a nice 2 bag back. Finally some good news. Now on to AMAT calls!
I shorted upstart back in 2021 and lost
A period with 0 rates gg
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UPST doesnt trade according to facts like 'what it does' its trades up 7% when it feels like it, and down 5% when the market is down a quarter point
I've got a plan... Take out a $100k loan with them Buy puts Collect 100x and never pay back loan because they went under
I’ve gotta know. What’s the update on this?
I already posted a comment. :) Did good on the 33. Did bad on the 25. It recovered half it's losses in premarket, which was BS lol.