Upstart: Personal Loans Review

  15,917 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   15,917 Reviews

trustpilot-stars

JORGE

15 hours ago

trustpilot-stars

I being making my payments on time to…

I being making my payments on time to Upstart so when i need it help again. I apply for another loan an i was approved faster than the first time i apply i am really happy very easy process very happy for the opportunity i recommend it to anyone that try to get back on track building the credit.


COURTNEY

15 hours ago

trustpilot-stars

Fast & easy process

Fast & easy process, with affordable monthly payments


SILVIO

16 hours ago

trustpilot-stars

I just started a new job at the US Post…

I just started a new job at the US Post Office and just needed a small loan to hold me over and catch up some bills. I shopped around and found Upstart who gave me some much needed assistance. I don't even plan on using it all just small chunk and plan to pay it back before the end of the year. There is no prepayment penalties which I very much like. Thank you Upstart I am very grateful for your aid and will probably use again in the future.


CHRISTOPHER

17 hours ago

trustpilot-stars

Everything was easy to do and very fast.

Everything was easy to do and very fast.


ROSALBA

18 hours ago

trustpilot-stars

quick and easy

quick and easy


GG

18 hours ago

trustpilot-stars

Easy to understand and fast approval

Easy to understand and fast approval


RAYMOND

19 hours ago

trustpilot-stars

Quick and easy to do

Quick and easy to do. Much easier then Lending Club. I got tired of the questions from them and stopped. Also had a better rate from Upstart


WILLIAM

19 hours ago

trustpilot-stars

This was the second loan

This was the second credit card consolidation loan I have done. This was so much easier then the last one with $#$#@


JENNIFER

19 hours ago

trustpilot-stars

Upstart was simple

Upstart was simple, straight forward with no hidden sales lies. I completed my loan within 15 minutes.


RANDOLPH HAMILTON

19 hours ago

trustpilot-stars

the process was very smooth..very fast…

the process was very smooth..very fast service!!! Highly recommened!!


ROBERT

20 hours ago

trustpilot-stars

Piece of mind

I wanted to consolidate my credit card debt and Upstart was there for me. I will now have my debt paid off and even have a lower monthly payment than I had paying on each card. The process was pleasant and quick and would recommend Upstart without hesitation. Thank you Upstart!!


ROBERT

20 hours ago

trustpilot-stars

Fast and easy

Fast and easy


DASIA

21 hours ago

trustpilot-stars

Easy and user friendly

Easy and user friendly! This is my second time getting a loan and I hate the idea of a loan but Upstart makes it easy and a site I can trust.


JAIME

21 hours ago

trustpilot-stars

The loan process was quick and easy

The loan process was quick and easy. The rates were comparable to other lenders.


DAVID

21 hours ago

trustpilot-stars

It was nice to not go to bank to get a…upstart made it easy

It was nice to not go to bank to get a loan


AMY

21 hours ago

trustpilot-stars

Smooth

I was pleasantly surprised with the ease of applying for a loan. I had many different options to choose from that would work for me. This was a stress free application, no high pressure sales pitch. What you see is what you get. Another high selling point for me was that I was able to do it all from the comfort of my home.


JOSHUA

21 hours ago

trustpilot-stars

Quick and easy way to fix credit card…

Quick and easy way to fix credit card issues. Easy way to get approved.


YAMILA

21 hours ago

trustpilot-stars

Fast and convenient way to process a…

Fast and convenient way to process a personal loan


SARAH

21 hours ago

trustpilot-stars

The whole process was very efficient…

The whole process was very efficient had my approval within minutes


PJ M.

22 hours ago

trustpilot-stars

Debt Consolidation Loan

I needed to consolidate my debt. Credit Karma recommended Upstart for that type of loan. I went ahead and applied and was approved almost instantly. Although Upstart did not agree to the original loan amount I requested, the amount they approved for me will help lift some of this debt off my shoulders a bit. The application process was very straightforward and super easy. I couldn't have asked for a more effortless experience. I highly recommend Upstart!!!


HARRIS

22 hours ago

trustpilot-stars

Very quick and easy loan app

Very quick and easy loan app. was done in minutes, well worth usary fee


SAM

22 hours ago

trustpilot-stars

Looking for quick loan this is a great…

Looking for quick loan this is a great company low payment options that make this affordable.


PAUL JESSE

22 hours ago

trustpilot-stars

Great they give EVERYONE a chance!

Great they give EVERYONE a chance!


RGB

23 hours ago

trustpilot-stars

This was a very painless process

This was a very painless process. Thank you for making it so easy.


KENNISHA

23 hours ago

trustpilot-stars

The loan process was fast and easy and…

The loan process was fast and easy and I appreciate them being able to help me when I needed it despite my credit score/history.


PB

23 hours ago

trustpilot-stars

Easiest and fastest way to get a Personal Loan

Easiest and fastest way to get a personal loan regarding your situation! Step by step, takes you to the finish without being lost!


JENNIFER

23 hours ago

trustpilot-stars

Happy about easy process.

Well Iam very happy at this point that Upstart was able to offer me a personal loan with reasonable payments and was reviewed and process in a few days.. I'm hoping with good faith that my process will continue in a positive way. The online system was very simple and easy to follow. Also employees that I spoke with on the phone were very professional and helpful as well.


ERIC

23 hours ago

trustpilot-stars

It was very efficient professionally…

It was very efficient professionally handled the person that help me was Jordan is her questions and just made it very easy and no stress. I would recommend Upstart for anybody in my situation.


TONY

23 hours ago

trustpilot-stars

Worth the time and courage to apply!

Very easy to follow the instructions, all employees I had direct communications with were very understanding and knowledgeable on the subjects discussed (i.e Principle, term length, fees, etc). I happened to get a letter in the mail and almost threw it away until I realized that I won't get out from my debt without some help. It is hard to have the discipline and courage to ask someone for help, especially a stranger or a bank nonetheless. However, after experiencing this company and team I have come to appreciate their willingness to help folks like us.


DAVID

18 October, 2021

trustpilot-stars

The loan process was simple and easy

The loan process was simple and easy. everything explained to me easily.


JEFFREY

18 October, 2021

trustpilot-stars

A business that give you money when you…

A business that give you money when you need it. I give them a 5 stars plus you can pay monthly.


MISSI ESTELLE

18 October, 2021

trustpilot-stars

I had a bit of an emergency situation…

I had a bit of an emergency situation come up, and needed cash to pay for it now! I went to my Credit Karma app, and through Upstart, I was able to take care of my emergency within the hour! Thank you!!!


TERESA GOLDEN

18 October, 2021

trustpilot-stars

Super easy

Super easy, quick


ADAM

18 October, 2021

trustpilot-stars

upstart made it simple in every way

upstart made it simple in every way. Will definitely use them again.


H FERNANDEZ

18 October, 2021

trustpilot-stars

Very easy to set up.

Very easy to set up. Friendly customer service. Great experience with upstart so far


CHRISTOPHER

18 October, 2021

trustpilot-stars

Most transparent Lender out there

I have used a couple of loan companies over the last few years. Upstart has been the easiest to deal with and no hidden costs or fine print. Their APRs have consistently been a bit below their competitors. Their interface when paying is very good too. I recommend Upstart over their competitors.


MARTIN

18 October, 2021

trustpilot-stars

approval process was crazy fast

approval process was crazy fast. was expecting an insane monthly payment like most personal loans, but this wasn't nearly as bad as I thought.


BRITTANY

18 October, 2021

trustpilot-stars

Fast and hassle free

Fast and hassle free. Thank you for helping my family out!


JW

18 October, 2021

trustpilot-stars

Quick

Quick, easy, and informative.


PAULINE

18 October, 2021

trustpilot-stars

Easy and Swift

Thank you for an easy transition from application for a loan to final agreement accepting the loan.


TARA

18 October, 2021

trustpilot-stars

It was extremely easy and did not need…

It was extremely easy and did not need to jump thru hoops! So happy a company finally looks at more than just your credit score to evaluate your credit worthiness! I would recommend Upstart to anyone.


CHRIS

18 October, 2021

trustpilot-stars

The loan process was quick

The loan process was quick. I was able to get the lowest rate and payment compare to the other loan companies.


PATSY,CUSTOMER

18 October, 2021

trustpilot-stars

All information was clear and precise

All information was clear and precise. Easily understandable. Thank you.


ANONYMOUS

18 October, 2021

trustpilot-stars

Great service

Great service , easy and quick to get set up


LYNETTE

18 October, 2021

trustpilot-stars

There when you need them most!

Process was quick and easy! When you need them they are there. Got 2 loans through them, they are awesome. Fast process not many documents requested either!


JOE

18 October, 2021

trustpilot-stars

Two thumbs up...way up!

Two thumbs up...way up! Upstart is an outstanding lender. They credit you for education levels. NO ONE else does that.


WAYNE BUSH

18 October, 2021

trustpilot-stars

I was looking for a debt consolidation…

I was looking for a debt consolidation loan. i found the rates acceptable and the speed of the application process was fantastic. I was unable to obtain the amount desired (this was understandable), however was able to acquire an amount that will allow some "elbow room" in my monthly budget.


ALAN SHELTON

18 October, 2021

trustpilot-stars

Quick and easy

Quick and easy. Fair rates.


EVELYN

18 October, 2021

trustpilot-stars

Upstart is super easy to use and…

Upstart is super easy to use and understand. The whole process from applying for a loan to receiving your funds is simple and easy to do even from a phone!


HANNAHBALXO

18 October, 2021

trustpilot-stars

Thankful Podcast Listener

I am thankful that many of my favorite podcasts were sponsored by Upstart, as that is how I found them! I am new to personal loans, and they made the process extremely easy and as comfortable as personal finance can be. An important note is that they also provide links to helpful articles and remind the potential borrower how important it is to be financially educated before making any decisions. I certainly feel like a real adult now, doing big person things like taking out and managing a loan! Thanks, Upstart.

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