Best for:
- Borrowers with solid education and job history
- Borrowers who want the option to pay off their loan early
Upstart is an online lending platform that provides personal loans from $1,000 to $50,0005 from several lending partners. Upstart says it’s different from other lenders who only look at your credit score and credit history — its evaluation process also looks at your education, major, and job history.
In this post:
- Upstart interest rates and loan details
- Upstart personal loans review
- How Upstart compares to other lenders
- How to take out a personal loan through Upstart
- What to consider before applying for an Upstart personal loan
Upstart interest rates and loan details
Upstart-powered lenders offer personal loans from $1,000 to $50,000 with fixed interest rates and repayment terms of three or five years4. You can use an Upstart loan for many purposes, like debt consolidation, moving expenses, weddings, and medical bills.
If you’re a go-getter with a thin credit file or less-than-perfect credit looking to borrow between $1,000 and $50,000, Upstart could be a good option for you. But if you need to borrow more than $50,000, there are some lenders who offer personal loans up to $100,000.
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| Credible rating | 
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| Fixed rates | 5.4% - 35.99% APR4 |
| Loan amount | $1,000 to $50,0005 |
| Loan terms | 3 to 5 years4 |
| Min. credit score | 580 (in most states) |
| Time to get funds | As fast as 1 business day6 |
| Fees |
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| Residency |
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| Loan use | Any personal expense or purchase |
| Key benefits |
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| Best for |
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Upstart personal loans review
While many lenders use a narrow set of data to make credit decisions, Upstart’s machine learning technology taps into a wider array of information to more accurately predict how likely you are to default on your loan. With more factors to consider, and insight into how strength in one factor can offset weakness in another, lenders who use Upstart’s platform can approve more loans.
Say, for example, you use the Upstart platform to apply for a personal loan: While you have solid income from a job you’ve had for 10 years, your low credit score only qualifies you for the highest interest rate. If Upstart’s machine learning revealed that borrowers with long job histories default less often than those with shorter histories, the lender could use that insight to offer you a loan at a lower rate — one that reflects all the factors that make up your financial picture — not just your credit score.
These insights can be especially helpful if you have “thin credit” — meaning there’s not enough information about you to generate a credit score — you may still be eligible for a loan with Upstart.
Check Out: The Best Personal Loan Companies
How to qualify
You’ll need to meet three major criteria in order to qualify for a personal loan through Upstart:
- Credit score: If you don’t have enough information in your credit history to generate a credit score in the first place, you might still be eligible. However, if you do have a credit score, eligibility requirements include a credit score of at least 580
(in most states) (in most states). - Employment: You’ll need a regular source of income or be able to demonstrate that you have a job offer starting within the next six 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).
Fees
Like many lenders who offer personal loans, Upstart charges an origination fee of anywhere from 0% to 10% of the loan balance, depending on your credit report and state of residence. Any fees the lender charges will be reflected in your annual percentage rate (APR).
The good news is that Upstart doesn’t 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 deposit the money in your bank account as soon as the next business day after approval6.
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.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 5.4% - 35.99% APR4 | 7.99% - 35.99% APR | 9.95% - 35.99% APR |
| Loan amounts | $1,000 to $50,0005 | $2,000 to $36,500 | $2,000 to $35,000 |
| Min. credit score | 580 (in most states) | 600 | 550 |
| Time to fund | As fast as 1 business day6 | As soon as the next business day | As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) |
As you can see, all three lenders earn high Credible ratings. All can fund loans as soon as one business day after you’re approved for and accept your loan. And LendingPoint also uses artificial intelligence in making credit decisions.
However, Upstart edges out LendingPoint and Avant in important ways. First, and perhaps most importantly, it has the lowest starting interest rate. Upstart also offers the largest range of loan amounts, so you can borrow less or more than you could with LendingPoint or Avant.
How to take out a personal loan through 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 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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What to consider before applying for an Upstart personal loan
With competitive interest rates and an application process that looks at the big picture, Upstart is a great choice for personal loans. But there are some things to keep in mind before you apply:
- Average rates: Rates start below 6%, but the average Upstart borrower pays 24.74%. That’s significantly higher than the average credit card rate, which was 16.65% as of May 2022.
- Upstart might sell your loan: Upstart sells loans made by certain lenders on its platform. Sale of your loan to investors is unlikely to affect you in a negative way, but it can make it difficult to keep track of who owns your loan.
Matt Carter contributed to the reporting for this article.
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 4.49%-35.99% APR with terms from 12 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 10%. 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.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
6Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
