Upstart: Personal Loans Review

  16,542 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   16,542 Reviews

trustpilot-stars

FIDELIA

8 hours ago

trustpilot-stars

I gave Upstart a 5 star rating because…

I gave Upstart a 5 star rating because their website is user friendly. The directions were easy to follow that make it easy for most applicants to follow. After I had applied, I got a prompt message back that my application is in process. I didn't have to wait long to get an answer back that I had been approved for the loan that I needed. Thanks so much!


TAMMI

8 hours ago

trustpilot-stars

Upstart is a game changer

Upstart is a game changer! Easy use interface and a very straight forward and efficient application process. Fingers crossed this chance to consolidate my debt and pay a lower interest fee will eventually pay off, no pun intended. I would recommend Upstart and Cross Bank to my friends.


JAMES

9 hours ago

trustpilot-stars

Perfect way to borrow quick and easy

Perfect way to borrow quick and easy


TINA

9 hours ago

trustpilot-stars

Process was quick and easy and I…

Process was quick and easy and I appreciate the help. This is a life changer and will help me boost my credit and get things situated


RACHEL

10 hours ago

trustpilot-stars

Wonderful service

Wonderful service I love that they took into consideration more than just my credit score. As many people I have had a really rough two years and have had to use my credit cards much more than I would have liked. I'm on my feet and will be paying off my debts years faster and for far less money than I would have otherwise. Also, not having to close the cards means that in the event of an emergency I still have access to credit.


WILLIAM H

10 hours ago

trustpilot-stars

The easiest and quickest loan…

The easiest and quickest loan approval...


BOBBY WHITE

10 hours ago

trustpilot-stars

"Not a lot of red tape"

As a U.S. Army Veteran and professional teacher I would like to highly recommend the services of this company. In the past I have received many request from this company to try their financial services,but I put it off because I assumed that it would be a lot of red tape. I was totally wrong the process was very smooth,simple,and to the point. I finally met a company that gets to the point without a parade of red tape. Bobby R White


JENNIFER

10 hours ago

trustpilot-stars

Check here first!!

This place is wonderful. They approve you when others will not. They base it on your occupation and education. You are more than a credit score and they they are WONDERFUL!


CAAN

11 hours ago

trustpilot-stars

Very simple and user friendly process.

Very simple and user friendly process.


DANE

12 hours ago

trustpilot-stars

Great Rate, Easy To use.

Upstart's rate was much better than others I was offered and loan application process was super easy.


RALPH

12 hours ago

trustpilot-stars

Awesome experience on a user friendly…

Awesome experience on a user friendly site! Thank you.


TERRY

13 hours ago

trustpilot-stars

The best experience I ever had dealing a Financial Institution--Very simple!

It was a very simple; to the point; easy process. Interest rates were even better than I had hoped for. It took me about 15 minutes to answer questions and sign forms. Immediately approval was given and funds were released. It was without a doubt the best experience, I ever had with a financial institution. I would definitely recommend them!


ELIZABETH

13 hours ago

trustpilot-stars

Very good and fast service.......

Very good and fast service.......


CALVIN

14 hours ago

trustpilot-stars

Upstart makes the process really easy…

Upstart makes the process really easy to get a loan! I needed to consolidate credit card debt and I was happy with the rates and the simplicity of paying the loan back. I was finally able to get ahead of my bills and I paid my loan off early just a few weeks ago. As soon as I did, my credit score skyrocketed! I just got another loan with Upstart because I am moving across the country and every dollar helps! Thanks Upstart for making it simple for the everyman to access cash and live comfortably!!


LEMAPU FUIMAONO

14 hours ago

trustpilot-stars

Quick response and service for anyone…

Quick response and service for anyone that is looking for a loan, good or bad credit they will work with you, to help what you might be looking for!! Try them it might be a good fit for you!!


JOAQUINN WILLIAMS

14 hours ago

trustpilot-stars

This by far one of the best companies…

This by far one of the best companies to work with if you find yourself in a pinch financially. The loan terms are flexible and monthly, the length and terms of the loan are specified to your needs financially. I highly recommend!


BARBARAANNE

14 hours ago

trustpilot-stars

Fast and easy

Fast and easy


FRANCINE

15 hours ago

trustpilot-stars

UpStart is amazing

UpStart is amazing, the entire process was fast and easy, and the feeling of security throughout the process was comforting, my loan was funded quickly. I highly recommend UpStart for any personal loan needs.


JUDY

15 hours ago

trustpilot-stars

Application process was quick and easy

Application process was quick and easy, with approval taking only minutes.


ERIC

15 hours ago

trustpilot-stars

It was quick fast and easy

It was quick fast and easy. I love it!


BRYAN

15 hours ago

trustpilot-stars

I needed to consolidate my bills

I needed to consolidate my bills Upstart took me in as a customer and approved me now I am paying and paying less interest Thank you


ANGIE

15 hours ago

trustpilot-stars

Process was quick and easy

Process was quick and easy! They were able to work with my credit and payments are low.


FELICIA

16 hours ago

trustpilot-stars

Got approved in minutes!!

Got approved in minutes!!! Would recommend if you need a loan


KAREN MAYVENE

16 hours ago

trustpilot-stars

I think upstart is amazing

I think upstart is amazing! They are trust worthy and they stick to there word. You can depend on them.


SABRINA

16 hours ago

trustpilot-stars

Easy and Convenient

I have been trying to obtain a loan to consolidate my debt for a little bit now. I am trying to get my finances in order and my credit back on track, but it's difficult finding someone to give you that chance to prove yourself. Someone reputable, as well! Upstart did just that!


VANESSA

16 hours ago

trustpilot-stars

What an awesome experience Upstart has…

What an awesome experience Upstart has been! Can't thank you enough!!


MICHAEL

16 hours ago

trustpilot-stars

Quick and Easy

The process was very seamless. In minutes I had an offer which I reviewed, and once I accepted was approved just as quickly. Very reasonable rates, and happy with the overall process.


RON GARRISON

17 hours ago

trustpilot-stars

The process was seamless and…

The process was seamless and straightforward. Direct.


LIZABETH

17 hours ago

trustpilot-stars

I've been working really hard on…

I've been working really hard on repairing my credit. This Upstart loan made me feel confident that the Work I'm putting in is worth it! Super Fast, Super Easy. I'm very satisfied and will definitely be a repeat customer. This is another great step in the right direction for me.


JENNIFER

17 hours ago

trustpilot-stars

So easy and fast!!!

So easy and fast!!!


RYANS

17 hours ago

trustpilot-stars

Extremely easy and fast application and…

Extremely easy and fast application and approval process. Start to finish took less than 10 minutes, and the funds are deposited every quickly.


NORDVPN CUSTOMER

17 hours ago

trustpilot-stars

best experience

Got a really best experience, easy process application.. thank you


CHRISTOPHER

17 hours ago

trustpilot-stars

Easy process to get a fresh start in…

Easy process to get a fresh start in order to get out of debt and stay out of debt!


DAVID

17 hours ago

trustpilot-stars

Outstanding

Outstanding, easy and hassle free. Thanks you so much


IDA

17 hours ago

trustpilot-stars

Great fast and wonderful

Great fast and wonderful


LISA POWELL

17 hours ago

trustpilot-stars

Upstart Is Awesome!

The process to get a loan with Upstart was easy. I would recommend their services to friends and family!


PRUDENCE BERNRITTER

17 hours ago

trustpilot-stars

This loan was able to be approved…

This loan was able to be approved quickly so I can pay off some other credit cards


COMPLETELY SATISFIED CONSUMER

18 hours ago

trustpilot-stars

This was one of the easiest processes I…

This was one of the easiest processes I have ever undertaken. They had one question on my application, I responded and that was that. My interest rate seemed reasonable and I was approved within 3 hours of application. I highly recommend them!


JEAN

18 hours ago

trustpilot-stars

Customer Service A1

Customer Service A1, very helpful! Very kind and applying was very smooth.


JOHN

18 hours ago

trustpilot-stars

The process was very fluid and was…

The process was very fluid and was completed very quickly. Nice to see.


KELLI-TEMPE,AZ

18 hours ago

trustpilot-stars

So far so good!

So far so good!


ROBIN

18 hours ago

trustpilot-stars

So fast and easy!

Wow! So fast and easy to follow instructions. Quick reply.


CYNTHIA

19 hours ago

trustpilot-stars

I needed this loan

I needed this loan, fast easy!!


JOHN KRUPP

19 hours ago

trustpilot-stars

Quick and easy!

Quick and easy!


JOAN

19 hours ago

trustpilot-stars

Loan Application Process

The ease of navigating through the Upstart website, and the timeliness for processing my loan application was amazing! Everything was explained and simplified. Even though everything was done on-line, the communication was great. It made me feel as though Upstart truly cares about it's potential and active clients.


RANDALL

19 hours ago

trustpilot-stars

Balancing the books..

I had been struggling to make ends meet and they offered me a very reasonable solution to help balance me out.


ROB STEWART

20 hours ago

trustpilot-stars

Was fast and great service with no…

Was fast and great service with no problem I would recommend to anyone that looking for a loan.


MAURICE

20 hours ago

trustpilot-stars

Very easy process and excellent…

Very easy process and excellent customer service.


DERRICK

20 hours ago

trustpilot-stars

Excellent customer service

Excellent customer service. Fast decision. Easy process. Great company


TODD

20 hours ago

trustpilot-stars

Very easy

Very easy, streamlined and quick...Thank You !!

1

2

3

4

5