Upstart personal loans review
This lending platform looks beyond your credit to get you a loan based on your work experience and education.
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.
Max. Loan Amount
8.13% to 35.99%
580 or 620
Min. Credit Score
|Product Name||Upstart personal loans|
|Min. Loan Amount||$1,000|
|Max. Loan Amount||$50,000|
|APR||8.13% to 35.99%|
|Interest Rate Type||Fixed|
|Min. Credit Score||580 or 620|
|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||Up to 1 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. 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
How much will this loan cost me?
Upstart personal loans come with rates that range from 7% 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 3 or 5 year term. Use the calculator below to find out how much an Upstart loan might cost you.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How it 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 620 to qualify:
- New York
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.
- Counts education and career in underwriting
- Fair credit OK
- No prepayment penalty
- Origination fee up to 8%
- Debt consolidation may be difficult
- Only two terms to choose from
Case study: Rhys’ experience
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
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.
What do customers say about Upstart?
|BBB customer reviews||3 out of 5 stars, based on 28 customer reviews|
|Trustpilot score||5 out of 5 stars, based on 5,572 customer reviews|
|Customer reviews verified as of||26 December 2019|
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.
How do I apply?
When you’re ready to apply, follow these steps to get started online:
- Click the Go to site button to be redirected to Upstart’s website.
- Select your reason for borrowing and click Check your rate.
- Enter your loan amount and enter some details about yourself, including your date of birth and highest level of education.
- Enter your email address and password to create an account.
- 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.
Frequently asked questions
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.