Upstart: Personal Loans Review

  16,015 Reviews on Trustpilot

Upstart Snapshot

Upstart personal loans is one of the leading artificial intelligence lending platforms on the market today. Their software is designed to optimize borrowers’ access to affordable loans while minimizing costs and risks of lending for bank lenders.

By using Upstart’s AI software, banks powered by Upstart are able to offer better approval rates and experience lower loss rates. This means customers can receive a much better customer experience overall through a digital-first lending ordeal.


Upstart Spotlight

Best For
Those who have been turned away elsewhere

Marketplace or Direct Lender
Marketplace

Loan Types
Personal loans for refinancing

Loan APR
7.98% to 35.99%

Repayment Terms
3 or 5 years with fixed-rate repayment terms

Summary

Upstart is a digital lending marketplace harnessing artificial intelligence and advanced algorithms to provide an incredible digital lending experience to customers. Not only does the platform make it easier for borrowers to receive a loan, but they also make it more affordable while reducing risks for lenders.

Overall, Upstart is a great option for those who may have not been approved elsewhere but still want to secure a loan.


Loan Types

Upstart offers personal loans for anyone to use for a number of purposes. For instance, if you need to pay down a medical bill or refinance existing debts, you can use Upstart’s service to make large payments or consolidate debt.

Upstart offers a number of personal loans for specific purposes including, but not limited to:

  • Home renovations
  • Starting a business
  • Medical bills
  • Debt consolidation
  • Car purchase


Personal Loan Rates & Terms

Upstart offers a number of rates and terms depending on your unique circumstances and your needs. While they don’t charge an application fee, they do have an origination fee of up to 8% which is deducted from your loan.

They offer loan APRs from 7.98% to 35.99%. If your Upstart personal loan is near the higher end of this range, you could end up paying more in interest than the original value of your loan.

To get an idea of what rate you’d likely get, Upstart’s website states that the average borrower receives an APR of 15%.

Repayment begins anywhere from 20 to 40 days after you receive your personal loan. Upstart doesn’t charge any prepayment penalties. Plus, they also let you change the monthly payment date to better suit your needs.

You can choose either the 36 month or 60 month payment schedules (3 or 5 years). Repayments are all made at fixed rates so you know exactly what you’ll be paying every month.


Upstart Pros

  • Low credit score required (580) to secure a loan
  • No prepayment penalties
  • Receive your potential rate in under 5 minutes
  • Receive cash within 24 hours of approval
  • Approval rate 27% higher than traditional lenders
  • Loans for everything from home renovations to refinancing

Upstart Cons

  • Origination fees are a bit higher at 8%
  • Terms cap out at 5 years
  • Higher APRs than other lenders

Upstart Application Process

In order to qualify for an Upstart personal loan, there are a few requirements you’ll have to meet:

  • Vantage or FICO credit score of at least 580
  • 18 years old
  • US citizen
  • Employed
  • No delinquent loans or bankruptcy records
  • Valid SSN

If you meet the above requirements, you’ll then enter a simple application process. To start, you’ll simply head to the application portal and enter in how much you’re wanting to borrow. Then, you’ll add some basic information such as education history, date of birth, and salary.

After that, Upstart will perform a soft credit check to offer you a loan based on the information provided. For final approval of the loan, they will perform a hard credit check after receiving documents like a recent pay stub, or copy of a lease. You’ll need to show consistent income for a minimum of 6 months.

Then, most people have cash transferred to their bank accounts within 24 hours of approval.


Customer Support

Upstart’s customer service team has a few different ways you can reach them:

You can either send them snail mail, an email, or phone them through their toll free number. You can reach them Monday to Friday, anywhere from 9 AM to 11 PM EST or on weekends from 12 PM to 8 PM EST.

On top of those options, you can also learn quite a bit about their loan platform through their informative blog.


Final Thoughts on Upstart

So, should you use Upstart to access a personal loan?

Overall, Upstart is a great option for anyone who has been turned away from traditional lenders but still wants to secure a personal loan.

The platform is best suited for recent college grads and gig workers who don’t have an established credit history. If you have an excellent credit score, you’ll probably be better off choosing a different lender with better rates.

However, if you’ve tried to secure a loan in the past or you have a credit score around the 580-650 range, then Upstart is one of your best options.

One of the unique features of Upstart’s application process is that they consider the borrower’s level of post-secondary education when it comes to approving them for a loan or not. This makes it one of the better options for those who just graduated from college or university.


FAQ

Can you get approved for a loan even without credit history?

Yes, Upstart is one of the few lenders who is known to offer loans to those applicants who have no credit record.

If you receive an Upstart Adverse Action Notice, can you appeal?

Yes, if you believe the notice was an error, you can appeal an Upstart Adverse Action Notice by submitting relevant documentation.

Can you get approved for a loan even without credit history?

Yes, Upstart is one of the few lenders who is known to offer loans to those applicants who have no credit record.

How low does your credits core have to be to be approved?

Upstart may approve you for a loan with a credit score as low as 580.

How quickly can you get approved?

Upstart typically transfers funds within 24 hours of application approval.

Upstart Customer Testimonials

Excellent   16,015 Reviews

trustpilot-stars

BRIAN

19 hours ago

trustpilot-stars

Great service.

Great service.


JD

21 hours ago

trustpilot-stars

simple

the application is a simple process to apply and get quick turnaround


MAURICIO

22 hours ago

trustpilot-stars

This was fast

This was fast. I really appreciate you guys. I recommend upstart 100%


SIDNEY

22 hours ago

trustpilot-stars

upstart satisfies their customers

It was a easy and very helpful process. Thanks for your service.


SATISFIED CUSTOMER

22 hours ago

trustpilot-stars

Quick and easy application process

Quick and easy application process. Helped lower my monthly bills by over $600 by consolidating them into this one loan. Highly recommend if you have a lower credit score to help you establish credit and raise your score over time.


JOHN

22 hours ago

trustpilot-stars

The process was simple

The process was simple, completely online, and fast. 5 stars.


CAROLYN

23 hours ago

trustpilot-stars

Super Satisfied!

Very quick and easy process!


CAROL

23 hours ago

trustpilot-stars

The loan application was very easy and…

The loan application was very easy and easy to complete. The process was quick and highly efficient


CYNTHIA

23 hours ago

trustpilot-stars

This was a quick and easy process

This was a quick and easy process. Would definitely use them again.


SCOTT

23 hours ago

trustpilot-stars

Highly recommend

Very easy process.


CFOCUSED

20 October, 2021

trustpilot-stars

Excellent process

Excellent process - Efficient - Professional and Through. Customer Service was amazing and answered all of my questions. Once I repay my loan, if I ever need to borrow again, Upstart is definitely my first and probably my only choice. Thank you for assisting me!!!


CAROL

20 October, 2021

trustpilot-stars

Surprisingly simple process

Very simple process and I was surprised at how quickly I was able to get approved!


JOAN

20 October, 2021

trustpilot-stars

The loan process was quick

The loan process was quick. I had an approval in less than five minutes. Money should be in my account within 24 hours


KIMMO

20 October, 2021

trustpilot-stars

Easiest Personal Loan Qualification

The process was extremely easy. I really appreciated the various options for how to pay my loan back. This service is coming in extremely handy and I will definitely recommend Upstart in the future!


HASHIM

20 October, 2021

trustpilot-stars

easy process

easy process, great service. no prepayment penalties which is amazing.


ERIC

20 October, 2021

trustpilot-stars

The application process was seamless…

The application process was seamless and they asked for just the usual amount of questions in the loan process. And I was approved instantly and the funds were deposited the next day. Thank You, Upstart


JUJU

20 October, 2021

trustpilot-stars

Excellent Customer Service

I was shopping around for a personal loan and received an offer in the mail. It only took a few days to get my application approved. It was a great experience.


A HAPPY CUSTOMER

19 October, 2021

trustpilot-stars

This was a quick and easy process

This was a quick and easy process, Thank you Upstart


KYLE

19 October, 2021

trustpilot-stars

Great experience!

Great experience! I was provided an offer though Mint and it ended up being through FNBO. Super easy to apply and offered excellent rates!


PHEPHE

19 October, 2021

trustpilot-stars

Easy process

Easy process. Fast approval


JENNIFER

19 October, 2021

trustpilot-stars

The process to apply and approval was…

The process to apply and approval was easy and fast.


DENISE

19 October, 2021

trustpilot-stars

Love this company

Love this company! Fast, easy approval. Very professional. Deserves more than 5 Stars ⭐️ ⭐️⭐️⭐️⭐️


STEVEN

19 October, 2021

trustpilot-stars

very easy process

very easy process. wow!


DEBRA

19 October, 2021

trustpilot-stars

What a great experience

What a great experience. Very easy and very quick. Great payment options which makes it affordable to repay


JENNY

19 October, 2021

trustpilot-stars

This was fast and easy

This was fast and easy. Great interest rate and low monthly payment..


THOMAS

19 October, 2021

trustpilot-stars

Upstart made very easy and simple to…

Upstart made very easy and simple to achieve my financial goals. Thank you


KAREN

19 October, 2021

trustpilot-stars

Easy to apply

Fairly simple, but complete application process. Quick.


STACEY

19 October, 2021

trustpilot-stars

Extremely easy and transparent process!

Extremely easy and transparent process!


PM

19 October, 2021

trustpilot-stars

Finally

Finally, a loan system that actually contours the amount to your available amount instead of rejecting the customer with no recourse! Great experience overall.


JONATHON

19 October, 2021

trustpilot-stars

This is the smoothest business site I…

This is the smoothest business site I have ever used.


ALEXANDRA

19 October, 2021

trustpilot-stars

Impressed

Impressed - It took literally 8 minutes to get approved and everything completed! Super easy and convenient!


EILEEN

19 October, 2021

trustpilot-stars

Very helpful and the process was fast…

Very helpful and the process was fast and easy.


CHRISTOPHER

19 October, 2021

trustpilot-stars

Quick and easy

Quick and easy! Took 5 minutes or less. Great APR rates which made an easy decision for paying off high interest credit cards.


JARRAD

19 October, 2021

trustpilot-stars

Quick and simple

Quick and simple


EDWIN

19 October, 2021

trustpilot-stars

Low rate great service.

Low rate great service.


KARINA

19 October, 2021

trustpilot-stars

Had a great experience

Had a great experience, very quick approval and customer service agent I spoke to was friendly and helpful.


MARIO

19 October, 2021

trustpilot-stars

Quick and easy

Quick and easy, did my research and this place did not disappoint. thank you.


JACKIE

19 October, 2021

trustpilot-stars

Best option for debt consolidation loan

After over a month of researching and looking at many different options (including credit cards, personal loans, and refinancing my home and car loans), Upstart gave me the lowest rate that I've been able to find anywhere for a debt consolidation loan, even with my less than stellar credit score. I crunched the numbers and this loan will only cost me ~10K in interest over the life of the loan, whereas the other options I considered would cost me 2x to 10x as much in total interest over time. Completed the loan application and approval process in about 15min, it was unbelievably easy. So glad that I gave Upstart a try!


SHARNELL

19 October, 2021

trustpilot-stars

It was very easy

It was very easy. Thank you so much in allowing me to better my financial situation.


ARLENE

19 October, 2021

trustpilot-stars

I had a positive experience with how…

I had a positive experience with how quickly UPstart has worked.


PHIL TISCHER

19 October, 2021

trustpilot-stars

Excellant experience!!!

Excellant experience!!!


J.P.

19 October, 2021

trustpilot-stars

Very fast and easy

Very fast and easy The application process was very easy and fast. I am pleased with the process and excited to get my debt paid off! The only thing I wish I knew was that the origination fee comes out of the amount requested, but other than that this was great and will get me out of debit and pay it off much quicker than if I did it on my own. Highly recommend.


DANIEL-MAIDEN,NC

19 October, 2021

trustpilot-stars

Easy and great to work with would…

Easy and great to work with would recommend


STEPHEN

19 October, 2021

trustpilot-stars

Great option for personal loans to consolidate date and make repayment easy.

I've had a personal loan through Upstart (specifically Customer's Bank) for two years now and had ZERO issues. It was a simple interest loan, the origination fees were clear and transparent upfront. I've never had any issues. The login portal has been simple and easy to use. I recently wanted to refinance the existing amount I have left on the loan. I was able to call Customer's Bank and speak to a knowledgeable and helpful agent who helped me navigate my options. I filled out a form on their website and was granted a new loan with a lower interest rate and a longer payback term, lowering my monthly payments and giving me more flexibility on the repayment schedule. Super easy to work with, great competative rates. I'm happy.


LINDA WEPPELMAN

19 October, 2021

trustpilot-stars

Upstart was very easy to apply for a…

Upstart was very easy to apply for a loan. I highly recommend Upstart for all your loan needs. Thanks so much!


REGINALD

19 October, 2021

trustpilot-stars

This was a big help to me

This was a big help to me


LINDSAY

19 October, 2021

trustpilot-stars

Loan was approved and funded quickly!

Loan was approved and funded quickly!


FAYE DAVIS

19 October, 2021

trustpilot-stars

APPROVAL YEAH

the process was easier than I thought got an answer in no time


ASITHA

19 October, 2021

trustpilot-stars

It was very quick ....

It was very quick ..... Highly reccomend


LORI

19 October, 2021

trustpilot-stars

Quick and through

Quick and through, conditions were fair and gave options to decline thruout the process. I appreciated the fact they give numerous options for loans... Thank You!

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