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Upstart personal loans review

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This lending platform looks beyond your credit to get you a loan based on your work experience and education.

TrustPilot Reviews: 4.9 / 5.0 (6319 reviews)

finder.com’s rating: 4.1 / 5.0

★★★★★

  • Best for borrowers looking for competitive rates with quick turnaround.
  • Pick something else if you want to avoid a steep origination fee.

$50,000

Max. Loan Amount

8.69% to 35.99%

APR

580 or 600 depending on state of residence

Min. Credit Score

Details

Product NameUpstart personal loans
Min. Loan Amount$1,000
Max. Loan Amount$50,000
APR8.69% to 35.99%
Interest Rate TypeFixed
Min. Credit Score580 or 600 depending on state of residence
Origination FeeUp to 8%
Late Fee$15 or 5% of the amount due — whichever is greater
Loan Term3 or 5 years
Turnaround Time1 to 3 business days
Check my rate

Expert review

Aliyyah Camp

Review by


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.

Expert review

Upstart personal loans are ideal if you’re looking for competitive rates and a quick turnaround. APRs start at 8.13%, 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, it 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.

WATCH: our short take

Is Upstart legit?

Yes, Upstart is a legitimate online lender. Loans are funded by Cross River Bank, an FDIC-insured New Jersey–chartered commercial bank. It uses GoDaddy software to protect your information. And it breaks down how it collects and shares your information in its privacy policy.

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.

How much will this loan cost me?

Upstart personal loans come with rates that range from 8.69% to 35.99%. This may include an origination fee of up to 8%, which Upstart takes from your loan before sending it to your bank account.

You can borrow between $1,000 and $50,000 with a choice of a 36 or 60 month term. Use the calculator below to find out how much an Upstart loan might cost you.

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How pricing works

The rates, terms and loans amounts available to you can vary depending on where you live. For example, the loans start at $3,100 Georgia, $7,000 in Massachusetts, $5,100 in New Mexico and $6,000 in Ohio.

On top of this, factors like your level of education, career path, credit score and debt-to-income ratio can affect your loan.

Upstart’s average personal loan

  • Lasts three years
  • Has an APR of 21%
  • Has monthly payments of about $35 per $1,000 borrowed

Its average applicant

  • Is a college graduate
  • Earns approximately $93,206 a year
  • Has a credit score of 689

What do I need to qualify?

To qualify for a personal loan from Upstart, you’ll need to meet a few eligibility requirements:

  • Credit score of at least 580 or 620 depending on your state of residence
  • Regular source of income
  • Personal banking account at a US financial institution with a routing transit number
  • US citizen currently living in the US, or a permanent resident currently living in the US
  • Not a resident in West Virginia or Iowa
  • Verifiable name, date of birth and social security number
  • Valid email address
  • At least 18 years old (applicants from Alabama and Nebraska must be at least 19 years old)

You may also need to provide your college transcript, SAT scores and pay stubs.

What credit score do I need for my state?

Residents of the following states need a credit score of at least 600 to qualify:

  • Colorado
  • Connecticut
  • Nebraska
  • New York
  • Nevada
  • Massachusetts
  • Maryland
  • Vermont

    If you live in any other eligible state, the minimum credit score requirement is 580.

    What information do I need to apply?

    To complete an application, you will need to provide some basic information:

    • Highest level of education
    • Amount in savings and investments

    Upstart may also ask for your Social Security number if it needs to confirm your identity.

    Pros and cons

    Upstart personal loans might be great if you have mediocre credit but a high-level degree. But weigh the pros and cons before you start your application.

    Pros

    • Counts education and career in underwriting
    • Fair credit OK
    • No prepayment penalty

    Cons

    • Origination fee up to 8%
    • Debt consolidation may be difficult
    • Only two terms to choose from

    Case study: Rhys’ experience

    profile pic

    Rhys Subitch
    Writer/Editor

    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.

    Compare other personal loan providers

    Data indicated here is updated regularly
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    Credible personal loans
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    Monevo personal loans
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    Upstart reviews and complaints

    BBB accreditedYes
    BBB ratingA+
    BBB customer reviews2.49 out of 5 stars, based on 35 customer reviews
    J.D. Power rankingRanked #10 in JD Power 2020 customer satisfaction
    Trustpilot score4.9 out of 5 stars, based on 6,270 customer reviews
    Customer reviews verified as of12 October 2020

    While some applicants complain about not being approved for a loan, most are pleased with Upstart’s customer service and their overall positive borrowing experience.

    Upstart user reviews

    4.9 / 5.0 (6319 reviews)
    • This is my second time obtaining financing through Upstart. My prior experience with this company...
      read full review
    • the experience was so quick and easy, and when I compared with other loans and...
      read full review
    • Very fast and easy application process made it convenient and stress free!
      read full review
    • This was quite and easy. I got approved in 5 minutes.
      read full review
    • I've used them twice now and I've not had issues with them ever. Relatively low...
      read full review
    • It was easy to get approved.
      read full review
    Get your rate

    How do I apply?

    When you’re ready to apply, follow these steps to get started online:

    1. Click the Go to site button to be redirected to Upstart’s website.
    2. Select your reason for borrowing and click Check your rate.
    3. Enter your loan amount and enter some details about yourself, including your date of birth and highest level of education.
    4. Enter your email address and password to create an account.
    5. Read over Upstart’s terms and click Agree and see your rate to submit your application.

    What happens after I apply?

    It should only take about five minutes to complete Upstart’s application. If preapproved, Upstart will provide instructions on how to finalize your loan request. If you aren’t approved, you can apply again within 30 days.

    How do repayments work with Upstart?

    You can make your payments biweekly or monthly, and there’s no prepayment penalty if you choose to make a payment before the due date or repay your loan entirely before the end of the loan term. And if you run into financial trouble, you can work with Upstart to find a new payment plan.

    Contact Upstart if you think you may be unable to make your payment on time. If you’re late, Upstart may charge a fee of either $15 or 5% of the payment due — whichever is greater. If your check bounces, you may also be charged a $15 fee.

    You should always read up on your options before making a decision, and if possible, compare similar lenders to see where you can find the best deal.

    Frequently asked questions

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    Read the full methodology of how we rate personal loan providers.

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    2 Comments

    1. Default Gravatar
      Jelene
      July 16, 2017

      I own my home but with my life estate the house will go to my son. i have a loan that i paid for years and on time.. my son took it over past 6yrs nd recently it went into forecloser. my daughter saved my house but i would like to refinance it i owe 11,000 on the loan but i have 85,000 in equity

      • Avatarfinder Customer Care
        Harold
        July 17, 2017

        Hi Jelene,

        Thank you for your inquiry.

        Should you need to refinance your current home loan you may be interested on this options.

        I hope this information has helped.

        Cheers,
        Harold

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