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Upstart Personal Loans Review

Upstart offers personal loans for many purposes, including paying off credit card debt or making large purchases.

Author
By Erin Gobler

Written by

Erin Gobler

Writer

Erin Gobler is a freelance personal finance writer with more than eight years of experience writing online. She’s passionate about making the financial services industry more accessible by breaking down complicated financial topics in simple terms.

Edited by Kelly Larsen

Written by

Kelly Larsen

Editor

Kelly Larsen has written and edited content that spans many personal finance topics, including buying a home, saving for retirement, and paying off student loans. She first started learning about the world of finance through her work at Finance101.com. In 2020, Kelly helped launch Paven, a financial well-being app.

Updated March 26, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

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Best fast loans for all credit types

Upstart is a great option if you have poor credit or haven’t yet built a credit history. The company’s minimum credit score is just 300 in most states if you apply directly on the website (300 is the lowest score possible). Upstart looks at more than 1,000 data points to determine whether you qualify for a loan, meaning a poor credit score — or even no credit history at all — won’t necessarily hold you back from qualifying.

That said, it's a good option if you have good credit or excellent credit as well. Upstarts rates are among the lowest of all Credible partner lenders, which means well-qualified borrowers could qualify for a lower rate with Upstart than its competitors. Plus, the company can get you money as soon as the next business day after you're approved.

Upstart loan details

Best fast personal loans for all credit types

Upstart

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.80 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

620

Pros and cons

More details

Upstart pros and cons

Pros

  • May qualify with poor or limited credit
  • Competitive minimum interest rate
  • Funding in as little as one business day
  • Prequalify with a soft credit check

Cons

  • Doesn’t accept cosigners
  • Charges an origination fee
  • Only two repayment term options
  • Not available in all states

Upstart has plenty of benefits, including the fact that it offers personal loans to borrowers with poor credit or a limited credit history. Additionally, you can prequalify for a loan with only a soft credit check. If you apply and are approved, you may receive your loan funds within one business day.

Upstart has a competitive minimum interest rate, which is great news for borrowers who qualify for it. However, it also has a maximum interest rate on the higher side compared to some lenders. And if you’re applying with poor or limited credit, you may only qualify for a rate on the higher end of the range.

Other downsides of an Upstart personal loan include limited repayment options, the origination fee you must pay when you accept the loan, and the fact that Upstart doesn’t allow cosigners.

What to consider before applying for an Upstart personal loan

Upstart personal loans have some clear advantages, but the lender isn’t right for everyone.

It’s also worth noting that Upstart may not be the most affordable loan option for everyone. Upstart has a high maximum interest rate compared to some other lenders. And unfortunately, borrowers with poor or limited credit history are likely to pay the highest rates.

If you can qualify for a low rate, you may still be able to find a more affordable loan elsewhere.

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Keep in mind

Upstart charges an origination fee on its personal loans, and these can be as high as 12% of the loan amount. So, if you borrow the maximum amount of $50,000, your origination fee could be as high as $6,000.

There are a handful of personal loan lenders that don’t charge origination fees. This can potentially save you a lot of money, and you could qualify for a lower interest rate, depending on your credit score.

How to qualify for a personal loan from Upstart

Here are the eligibility requirements you’ll need to meet in order to qualify for a personal loan from Upstart:

  • Have a U.S. residential address (unless you’re active-duty military)
  • Be at least 18 years of age
  • Have a valid email account
  • Provide a verifiable name, date of birth, and Social Security number
  • Have a full-time job, an offer for a full-time job starting in six months, a regular part-time job, or another source of recurring income
  • Have an annual income of at least $12,000
  • Have a U.S. bank account with a routing transit number
  • Have a credit score of at least 300, if you have a credit score

Keep in mind that meeting these requirements doesn’t necessarily guarantee you’ll qualify for a loan. Even if you meet Upstart’s credit score requirements, certain elements on your credit report might disqualify you.

Additionally, your debt-to-income ratio, or DTI, is an important eligibility factor. If you want to borrow an amount that’s too high relative to your income and existing debts, your loan may not be approved.

How to take out a personal loan with Upstart

Applying for a personal loan with Upstart is a quick and simple process. Here’s how to get started:

  1. Check your rate. You need to provide some preliminary details, including personal information and your desired loan amount, to find out what rate you may qualify for.
  2. Choose your loan. If you qualify for a loan, choose a loan amount and repayment term (3 or 5 years).
  3. Get your money. If your loan is officially approved, sign your loan agreement. You can expect to get your money in as little as 1 business day.

How to contact Upstart

There are several different ways to get in touch with Upstart. If you’re an existing borrower, you can get support directly through your borrower dashboard. Here are some other ways you can contact Upstart:

You can get general support between 6 a.m. and 5 p.m. PT seven days a week. You can get support on payment questions between 6 a.m. and 6 p.m. PT from Monday to Friday, and between 7 a.m. and 4 p.m. PT on Saturday. Upstart support is unavailable on New Year’s Day, Thanksgiving Day, Christmas Eve, and Christmas Day.

How Upstart compares to other lenders

Upstart is one lender that offers personal loans to borrowers with below-average credit, but it’s not the only one. Here’s how Upstart compares to a couple similar lenders:

Credible rating

APR from7.80 - 35.99%
Loan Amount$1000 to $50000
Term Length3, 5
Min. Credit Score620

Credible rating

APR from8.49 - 35.99%
Loan Amount$1000 to $50000
Term Length2 - 7
Min. Credit Score600
Read Our Review

Credible rating

APR from9.95 - 35.99%
Loan Amount$2000 to $35000
Term Length2 - 5
Min. Credit Score550
Read Our Review

How Upstart can improve

Upstart is a great option for a personal loan, but there are a few things the company could do better:

  • Eliminate origination fees: There are now plenty of personal loan lenders who don’t charge origination fees, but Upstart isn’t one of them. That change could save borrowers hundreds or thousands of dollars on their loans.
  • Allow cosigners: Upstart does offer loans to borrowers with bad credit, but could make it even easier for people to qualify — and to qualify for lower rates — by allowing them to apply with a cosigner.
  • Offer more flexible repayment terms: Upstart offers repayment plans of either 3 or 5 years. However, some borrowers may want to pay their loans off on a different timeline, including either shorter or longer terms.

Upstart FAQs

What types of personal loans does Upstart offer?

Upstart offers mostly unsecured personal loans (no collateral required). Its loans have fixed rates, with repayment terms of either three or five years.

How does an Upstart personal loan affect my credit?

Getting prequalified for an Upstart loan won’t affect your credit, since Upstart only uses a soft credit check. However, if you apply for the loan, Upstart will perform a hard credit check. A hard credit check typically lowers your credit score by five points or fewer, and it may only affect your credit score for a few months to a year.

Can I repay a personal loan from Upstart early?

Yes. Even though Upstart offers repayment terms of three or five years, you can repay your personal loan at any time. The company doesn’t charge a prepayment fee, meaning you won’t be penalized for paying off your loan early.

Methodology

Credible evaluated the best personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, and via email support. Each data point was verified to make sure it was up to date.

Daria Ulhig has contributed to the reporting of this article.

Meet the expert:
Erin Gobler

Erin Gobler is a freelance personal finance writer with more than eight years of experience writing online. She’s passionate about making the financial services industry more accessible by breaking down complicated financial topics in simple terms.