Upstart personal loans review
This online lender looks at multiple factors, including your education and work experience.
finder.com’s rating: 4.1 / 5.0
Bottom line: For many borrowers, Upstart’s nontraditional underwriting criteria may make it easier to be approved for funding. However, it can be a pricey option for borrowers who just meet its minimum requirements.
Max. Loan Amount
7.86% to 35.99%
580 or 600 depending on state of residence
Min. Credit Score
|Product Name||Upstart personal loans|
|Min. Loan Amount||$1,000|
|Max. Loan Amount||$50,000|
|APR||7.86% to 35.99%|
|Interest Rate Type||Fixed|
|Min. Credit Score||580 or 600 depending on state of residence|
|Origination Fee||Up to 8%|
|Late Fee||$15 or 5% of the amount due — whichever is greater|
|Loan Term||3 or 5 years|
|Turnaround Time||1 to 3 business days|
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Upstart personal loans are ideal if you’re looking for competitive rates and a quick turnaround. APR starts at 8.27%, and you might be able to get your funds just one business day after approval.
You only need to have fair credit to qualify. And on top of looking at your credit score, Upstart considers other factors like your education and employment history when determining the rate you qualify for.
However, it comes with steep origination fees as high as 8% — it’s possible to find lenders that don’t charge these at all. It also has strict debt-to-income ratio requirements compared to other lenders out there. And you can’t apply with a cosigner to help you qualify.
Pros and cons
- Counts education and career in underwriting process
- Fair credit OK
- No prepayment penalty
- Most loans funded within one business day
- Origination fee up to 8%
- Debt consolidation may be difficult
- Only two terms to choose from
Upstart rates, fees and terms
Upstart personal loans come with rates that range from 7.86% to 35.99%. This may include an origination fee between 0% to 8%, which Upstart takes from your loan before sending it to your bank account.
Upstart also charges a late payment fee of $15 or 5% of the amount due and a return check fee of $15. These won’t impact your APR, but they will add to the cost of your loan if you’re unable to make your repayment.
You can borrow between $1,000 and $50,000 with a choice of a 3 or 5 years term. However, the exact amount you can borrow depends on your state. For example, loans start at $3,100 Georgia, $5,100 in New Mexico, $6,000 in Ohio and $7,000 in Massachusetts. Factors like your level of education, career path, credit score and debt-to-income ratio can also affect your loan.
Our calculator can help you estimate your monthly repayment with Upstart.
Monthly repayments calculator
Calculate how much you could expect to pay each month
|Loan terms (in years)|
Upstart’s average personal loan
- Lasts three years
- Has an APR of 25.16%
- Has monthly payments of about $37 per $1,000 borrowed
Its average applicant
- Is a college graduate
- Earns approximately $93,206 a year
- Has a credit score of 689
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To see lenders like Upstart, select your credit score and state. Then click Show me my personalized options.
Upstart reviews and complaints
|BBB customer reviews||2.49 out of 5 stars, based on 35 customer reviews|
|Customer reviews verified as of||10 November 2020|
Upstart personal loans does not have any Trustpilot reviews.
While some applicants complain about not being approved for a loan, most are pleased with Upstart’s customer service and have had an overall positive borrowing experience.
How to qualify
To qualify for a personal loan from Upstart, you’ll need to meet a few eligibility requirements:
- Credit score of 600
- Regular source of income
- Personal bank account
- No previous bankruptcies
- Fewer than six credit inquiries in last six months
- Not a resident of Iowa or West Virginia
How the application works
Upstart’s application should only take a few minutes. You’ll need to enter basic information about yourself — including your current savings and investments, which most lenders don’t ask for. Once you submit your information, Upstart will run a soft credit check to confirm your identity.
To get started, click Check my rate. If preapproved, Upstart will provide instructions on how to finalize your loan request. You may also need to provide your college transcript, SAT scores and pay stubs. However, Upstart states that most borrowers won’t need to provide additional documentation when they submit an application.
If you aren’t approved, you can apply again within 30 days.
Case study: Rhys’ experience
Upstart was my first venture into personal loans. I was in a pinch and needed to get funds to pay the remainder of my taxes before April 15 rolled around. After applying online and being accepted on the evening of April 9, the funds hit my account two days later.
Keeping up on payments has been easy enough so far using Upstart’s autopay feature. The clean dashboard makes it easy to see how much I’ve paid off, how much is left and where I can edit my recurring payments.
As easy as it’s been to manage the loan, I’m looking forward to paying it off early — especially since I won’t have to pay any extra fees.
Is Upstart legit?
But watch out for scams. Upstart reported to the BBB that its name was being used in a scam, where borrowers were asked to pay an upfront fee, buy insurance and provide gift cards before getting a loan. If you get an email claiming to be from Upstart, reach out to customer service before you apply.
Frequently asked questions
What does Upstart look at on my credit report?
When Upstart checks your credit, it will make sure that you don’t have more than six inquiries on your credit report in the last six months — excluding those for mortgages, vehicle loans and student loans. It will also make sure you don’t have any bankruptcies, accounts in collections or delinquent or public records on your report.
Can I extend my loan term?
No. Upstart doesn’t allow extensions. However, you can request an alternative payment plan by reaching out to customer service.
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