Upstart: Personal Loans Review

  14,083 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   14,083 Reviews

trustpilot-stars

GREG

2 hours ago

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Financial Freedom

The very best at lending loans and getting a restart to financial freedom


SOME

3 hours ago

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Fast and hassle-free personal loan.

Fast and hassle-free personal loan.


VICTOR

3 hours ago

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I am so appreciative to Upstart for…

I am so appreciative to Upstart for helping me during a troubling time.


TOMARCIO

4 hours ago

trustpilot-stars

Very easy and quick to respond

Very easy and quick to respond


MICHAEL

4 hours ago

trustpilot-stars

This has been the easiest process by…

This has been the easiest process by far! I would recommend Upstart to everyone!


IVAN

5 hours ago

trustpilot-stars

This my first time to apply for a loan…

This my first time to apply for a loan and I can confidently say you made it simple and honestly professional and the process easy to follow and easy to understand. It was also user friendly in terms of approval. Thank you so much


JOHN

5 hours ago

trustpilot-stars

Peace of mind

Really easy to use a few quick steps I got approved I would highly recommend this to friends and family specially if you’re in a pinch thank you upstart it’s been a pleasure


ROBERT C MEYERS

5 hours ago

trustpilot-stars

GREAT ,EASY APPLICATION NO STRESS

GREAT ,EASY APPLICATION NO STRESS


DEBBIE

5 hours ago

trustpilot-stars

Simple and easy to obtain a loan

Simple and easy to obtain a loan! No submitting multiple forms, documents or waiting for days to get approved! Basic information submitted, completed and approved in less than a hour :) Definitely recommend Upstart!


VINCENT

6 hours ago

trustpilot-stars

Great experience from start to finish

Great experience from start to finish. I would highly recommend for anyone in the marketplace for their products.


MONICA

7 hours ago

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New customer

Fast and easy to navigate through website. Offers seem reasonable. Application process was simple. looking forward to a good partnership!


ROBERTA BEATON

8 hours ago

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It was very easy

It was very easy, fast and reliable.


FERNANDO

8 hours ago

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The service was great

The service was great, it was easy to apply, it didn’t take long to get the loan approved it was a good experience working with this bank. Thanks.


SAMANTHA

8 hours ago

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Amazing

Upstart is giving me my chance to help improve my score! So grateful!


CHANDRA

8 hours ago

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Very quick and easy process

Very quick and easy process. Nice to be completed from start to finish without any hassle. I highly recommend using Upstart for your financing needs. Thank you


F R WALKER

9 hours ago

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Upstart was extremely and easy to…

Upstart was extremely and easy to complete the application process; they kept me informed of any additional information required and approval time. Finalizing the loan took less than 5 minutes (after reviewing the documentation). Great service!!!


LUKE

9 hours ago

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Fast

Fast, easy and bam! A loan!


PAUL VICTORIAN

9 hours ago

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I should’ve did this a long time ago!

I should’ve did this a long time ago, but I’m glad I found this company. It could not have been much easier or faster. Thank you for you service!


BARBARA GABLE

10 hours ago

trustpilot-stars

We thought this company was going to be…

We thought this company was going to be grate but every time we call about our account they give us the run around and we email and fill out paper work and still get the same run around wished we would have went with another company...


REX

10 hours ago

trustpilot-stars

Very fast and easy process

Very fast and easy process, no drama no hassle and best interest rate of all the menders i looked at


STEVEN DUNCAN

10 hours ago

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Very fast

Very fast, easy to use program to help get things going in your life.


JIMMY DODDS

10 hours ago

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I needed help because I was in dept…

I needed help because I was in dept with credit cards and they helped me figure out how to get my money to pay off all my high interest cards. It was fast and easy and I would definitely recommend this bank if anyone needs help financially. James Dodds


ROCHELLE

10 hours ago

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Easy application

Easy application, great response time and they make the payments easy to make.


CUSTOMER

10 hours ago

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Great process

Great process


JAY

11 hours ago

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Fast and easy

Process was super easy


JP

11 hours ago

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Thank you

Thank you !!!!


KAREN

11 hours ago

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Great service and fast loan

Great service and fast loan


JESSE

11 hours ago

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Process was easy had an issue called…

Process was easy had an issue called agent fixed it instantly thank you


GRACIE

11 hours ago

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Easy company to talk with

Easy company to talk with. You actually get a live person when you call! Quick and easy application.


DISA

12 hours ago

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Great Approval Time

This was very quick and painless. The loan would have been approved much faster if I would have entered my checking account information correctly the first time. Thank you for the final approval.


GLENN

12 hours ago

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Satisfied Customer

I am currently a customer and they are great. They help folks who in these hard times are struggling. I recommend them highly


GREG

12 hours ago

trustpilot-stars

Quick and easy loan process.

Quick and easy loan process.


KRIS

13 hours ago

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Great easy process for approval

Great easy process for approval! Fast and relatable terms for the loan.


MARK

13 hours ago

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Quick and Easy

Quick and Easy. fastest loan ever. Thanks


MICHELLE

13 hours ago

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Easy peasy!

The process was easy, customer service was kind & informative!


LATRINA

13 hours ago

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Quick and Easy!

This was a quick and easy process. I applied for a much needed loan for a sudden emergency and I was approved with no hassle!!!!


AGNES

13 hours ago

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Process was easy

Process was easy, quick and painless! Highly recommend!


PHILLIP

13 hours ago

trustpilot-stars

Upstart was easily the best rate I…

Upstart was easily the best rate I could find for a personal loan. I got many other rates all of which were higher than the one I was offered by Upstart. I would highly recommend them.


CLAY

13 hours ago

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Thank you

I really appreciate how easy and hassle few the approval process was.


LEXY

13 hours ago

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Extremely happy right now

Extremely happy right now! Loan interest rates are great for me since it is lower than my current line of credit. Now I can have everything in one payment. Very fast approval and will receive funds same day in most instances. Thank You!


KAREN

13 hours ago

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Approval process was very simple and…

Approval process was very simple and timely.


SHARIF

14 hours ago

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I am amazed on how things went smooth…

I am amazed on how things went smooth for me, this is an unbelievable experience! Where others take days, even weeks; it was very fast from start to the end including pre-approval, income check, credit pull, signing and receiving the loan. A friend in need is a friend indeed! Upstart is my great friend in need!


IDONGESIT

14 hours ago

trustpilot-stars

The process was seamless.The process is…

The process was seamless.The process is out of this world...we are so greatful. Thank yuo so much!


COQUI

14 hours ago

trustpilot-stars

The loan Process was super easy to…

The loan Process was super easy to follow. Quick approval decision.


DWAYNE

14 hours ago

trustpilot-stars

This site was very easy to navigate…

This site was very easy to navigate probably one of the easiest that I've done yet I recommend this to everybody who needs help thank you


CONV

14 hours ago

trustpilot-stars

The process was quick and easy!

The process was quick and easy! Looked at multiple options and Upstart had the best offers and best interest rates. I would highly recommend Upstart!


DANIELLE

14 hours ago

trustpilot-stars

The process was the easiest loan I've…

The process was the easiest loan I've ever gotten I'll definitely be using this in the future. Thank you so much!!!


DAVID

14 hours ago

trustpilot-stars

Very Simple and quick

Very Simple and quick. Not a lot of questions, took ten minutes to get a loan to repair home damage not covered under insurance.


NATASHA SCOTT FRANKLIN

15 hours ago

trustpilot-stars

Great experience with real people to help!

The application process was very fast and easy. As a senior, I don't always feel comfortable with doing business online but I found this to be very simple. When I had a question, I sent an email and got an answer from a real person in just a few hours instead of a form letter. The verification call was really easy and the representative explained everything in a way that I could understand. I would recommend them to anyone who needs access to a loan. I am updating my bathroom with this loan and I am so excited. Thank you Upstart!


BETTY

15 hours ago

trustpilot-stars

Thankful.

I couldn’t get a loan to pay off my credit cards debt anywhere! Until I found upstart. This will help me pay off my debts and boost my credit score so I can finally plan on buying a home in 2022.

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