Upstart personal loans are best if:
- Your education and job history demonstrate your potential
- You want a loan to attend coding boot camp or courses that would further your career
- You want the option to pay your loan off early
Upstart is an online lender that provides personal loans of up to $50,000 from several lending partners. Upstart says it’s different from lenders who only look at your credit score and credit history — their evaluation process also looks at your education, major, and job history.
In this post:
- Upstart loan details
- Upstart personal loans review
- How Upstart compares to other lenders
- How to take out a personal loan with Upstart
Upstart loan details
Upstart offers personal loans from $1,000 to $50,000 with fixed interest rates and repayment terms of 3 or 5 years. In addition to coding boot camp and other courses, Upstart also markets its loans as a source of funding for debt consolidation, home improvement, moving, weddings, and medical bills.
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| Rates | Fixed: 8.89% - 35.99% APR |
| Loan size | $1,000 to $50,000 |
| Loan terms | 3 to 5 years |
| Minimum credit score | 620 (borrowers with no credit score also considered) |
| Time to get funds | As soon as the next business day |
| Fees |
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| Loan use | Any personal expense or purchase |
| Key benefits |
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| Residency |
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| Best for |
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Upstart personal loans review
Upstart uses artificial intelligence and machine learning to “price credit,” allowing you to get a lower interest rate if your education and job history demonstrate potential that’s not reflected in your credit score.
If you have “thin credit” — meaning there’s not enough information about you to generate a credit score — Upstart will still consider lending to you.
Check Out: The Best Personal Loan Companies
How to qualify
There are three major criteria you need to meet in order to qualify for a personal loan with Upstart:
- Credit score: If you don’t have enough information in your credit history to generate a credit score in the first place, Upstart will still consider lending to you. However, if you do have a credit score, Upstart won’t make loans to borrowers who have credit scores under 620.
- Employment: You should be able to demonstrate that you have a full-time job or an offer for a full-time job you’ll be starting within the next 6 months.
- Residency: You need to be a U.S. citizen or U.S. resident, and you can’t live in West Virginia or Iowa (where Upstart loans aren’t available).
Loan amounts and interest rates
If you’re a go-getter with a thin credit file or less-than-perfect credit looking to borrow $50,000 or less, Upstart could be a good option for you. But if you need to borrow more than Upstart’s loan limit, there are some lenders who offer personal loans up to $100,000.
If you have thin credit or less-than-perfect credit, you can expect to pay relatively high rates. Upstart reports that the average APR on a three-year loan offered through its platform is 20%.
Fees
Like many lenders who offer personal loans, Upstart charges an origination fee and other fees of anywhere from 0% to 8% of the loan balance, depending on your credit report and state of residence. Fees charged by any lender will be reflected in your annual percentage rate (APR).
The good news is that Upstart does not charge prepayment penalties. So if you want to repay your entire loan balance ahead of time, you won’t have to pay any extra fees.
Fast loan approval
Once you accept your loan, Upstart says it can put the money right in your bank account as soon as the next business day.
Repayment
You can make your monthly payments electronically, either by authorizing automatic withdrawals from a bank account or by making electronic payments manually. You can also send checks by mail.
How Upstart compares to other lenders
Here’s how Upstart compares to other lenders who specialize in serving borrowers with little or no credit.
| Lender | Rates | Loan Amounts | |
|---|---|---|---|
 | Fixed: 9.95% - 35.99% APR | $2,000 up to $35,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 9.99% - 35.99% APR | $2,000 up to $25,000 | Get Rates |
Loan terms Loan amount Loan uses Residency Time to get funds Key benefits |
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 | Fixed: 8.89% - 35.99% APR | $1,000 up to $50,000 | Get Rates |
Loan terms Loan uses Residency Time to get funds |
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How to take out a personal loan with Upstart
When taking out a personal loan, it’s always smart to compare rates from multiple lenders to find a loan that fits your budget. Remember to factor in any fees, and keep in mind that the repayment term will also affect your monthly payment. The shorter the repayment term, the lower the interest rate offered by most lenders — but the higher the monthly payment.
Credible allows you to compare prequalified personal loan rates, repayment terms and monthly payments available to you from multiple lenders including Upstart.
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The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 3.99% - 35.99% APR with terms from 24 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
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