Upstart: Personal Loans Review

  19,882 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   19,882 Reviews

trustpilot-stars

TODD

01 December, 2021

trustpilot-stars

The process of getting my loan funded…

The process of getting my loan funded was painless ! I never imagined this being so fast and easy. I will most certainly tell others about my experience with Upstart. I am very pleased. Thank you Upstart for being there ! TSKrafve


DAN

01 December, 2021

trustpilot-stars

Very easy to deal with

Very easy to deal with. Well explained and forms were easy to fill out. Impressive.


MICHELLE

01 December, 2021

trustpilot-stars

Quick and painless

Love working with upstarts quick fast and painless !


PEDRO

01 December, 2021

trustpilot-stars

Muchas Gracias

Les doy 5 estrellas porque literalmente me han sacado de un gran aprieto,practicamente asfixiado con mis deudas de targetas de crédito y gracias a ustedes podré empezar de cero.Pensé que me costaría trabajo y que no tenía muchas posibilidades pues mi puntaje crediticio es de menos de 600 y aún así fui aprobado por 9000 con pagos mensuales razonables...sinceramente "Muchas Gracias"


BETTY

01 December, 2021

trustpilot-stars

The experience of filling out the…

The experience of filling out the application was simple and convenient,id recommended Upstart to all.


KIM PETERS

01 December, 2021

trustpilot-stars

I have had nothing but a great…

I have had nothing but a great relationship with Upstart! The whole process was very easy unlike some places not to say they aren’t being thorough but they make the process maneuver friendly!! I have had prep loans and filling out the forms was a complete turn off!! I didn’t even follow through because it! I would definitely recommend Upstart to friends and family and I have!! Hands down!!


OTIS

01 December, 2021

trustpilot-stars

Extremely easy application process and…

Extremely easy application process and decent qualifying experience. If you are in need of a loan, Upstart is a great option 👍.


REANNE

01 December, 2021

trustpilot-stars

Easy application process and approvals

Easy application process and approvals. Second loan I’ve used from upstart. I will use them for all future needs!


CHRISTOPHER

01 December, 2021

trustpilot-stars

This process has been very easy and I…

This process has been very easy and I felt comfortable throughout. I am looking forward to continuing to do business!


HELMER

01 December, 2021

trustpilot-stars

Paying an expense

I had an expense come up and looked to get a small loan. I had received offers through the mail, with a live check, that seemed good until I saw the interest rate they would apply. It was over 30%. Upstart looked at my credit report and gave me a very good rate. I can recommend to at least look into Upstart for a loan.


KEVIN

01 December, 2021

trustpilot-stars

Excellent and quick!

Excellent and quick!! Approved within 15 minutes!! I'm soooo pleased


MARIA

01 December, 2021

trustpilot-stars

Thorough Process

It was a very thorough process, but worth it. The entire application was easy, yet intentional. Upstart took into consideration other factors for my credit worthiness, such as education. I'm thankful for this opportunity to finally consolidate the credit cards that I relied on heavily while in grad school.


HARPDADDY

01 December, 2021

trustpilot-stars

Quick and easy to work with

Quick and easy to work with. No leaving th3 house.


AMY

01 December, 2021

trustpilot-stars

Simple and easy

Simple and easy. Funds quickly deposited.


SHANON

01 December, 2021

trustpilot-stars

Upstart is great!!

Upstart is great!!! Just when you think you can't get a loan, Upstart saves the day. I had been trying to get a loan, but have been denied several times due to credit. I'm currently in the process of rebuilding my credit. Payday services have ridiculous APRs' and you pay back just as much as the loan. When I saw the odds of me getting approve by Upstart, I took my chances and submitted my application. In just TWO days I was approved, with a great monthly payment. Grateful for Upstart!!!!


AB

01 December, 2021

trustpilot-stars

Such a wonderfully easy process

Such a wonderfully easy process. Also lower interest rates that every other place I looked at. If you are in a bind Upstart is the way to go.


SHARON

01 December, 2021

trustpilot-stars

Quickest and easiest approval

Quickest and easiest approval, will help in debt consolidation.


MICHELLE

01 December, 2021

trustpilot-stars

Quick

Quick! Easy! And really helped me out! Thank you so much


BARBARI

01 December, 2021

trustpilot-stars

I had to call about my application the…

I had to call about my application the person on the phone was really helpful, it was a easy process


JOE

01 December, 2021

trustpilot-stars

quick an easy loan process

quick an easy loan process


JERMAINE

01 December, 2021

trustpilot-stars

Process was easy

Process was easy


TAHRA

01 December, 2021

trustpilot-stars

Upstart is easy to use and understand

Upstart is easy to use and understand. Quick and easy process!


GILMORE, BOBBY

01 December, 2021

trustpilot-stars

When your trying to get back on your…

When your trying to get back on your feet. You do you call an outstanding company. Roof leaked deck fell in bathroom ceiling leaking!!! Panic time no upstart time


SOBIN

01 December, 2021

trustpilot-stars

quick and easy.

quick and easy.


MARIA

01 December, 2021

trustpilot-stars

I am floored!

I am floored!! From start to finish was 10 mins. The process was smooth and effortless. I would give them 10 stars if I could.


IESHA

01 December, 2021

trustpilot-stars

I am well pleased with the services I…

I am well pleased with the services I received with upstart. The process was very detailed. I will refer all of my friends to use upstart.


PRISS

01 December, 2021

trustpilot-stars

Quick and Easy

Upstart was easy to use and had a quick turn-around. I am very pleased with the service that I received.


MIGUEL

01 December, 2021

trustpilot-stars

Quick and Easy

Quick and Easy. 1000% recommended. The features to connect your checking account as well as the docusign make all the difference!


KELLY

01 December, 2021

trustpilot-stars

It was very easy to apply

It was very easy to apply. Took a little time but I got through it 😁😁😁


IVETTE MUNOZ

01 December, 2021

trustpilot-stars

Wow got approved in minutes

Wow got approved in minutes. Definitely keep using upstart. Not hassle in applying and no hassle on online


JASON

01 December, 2021

trustpilot-stars

Quick and Easy

Quick and Easy. Was approved fast and it was all so painless. I am so thankful!


D.R

01 December, 2021

trustpilot-stars

Fast and easy!!!

Fast and easy!!!


OMAR

30 November, 2021

trustpilot-stars

Quick easy to use

Quick easy to use


TROY

30 November, 2021

trustpilot-stars

Fast and reliable!

Fast and reliable!


WOODSON DUDLEY

30 November, 2021

trustpilot-stars

Painless

This process is very quick and easy and not painful at all if you don't look at the interest paid over schedule payments other than that though it was great.


DALE

30 November, 2021

trustpilot-stars

Fast

Fast, easy, great rates, recommend this company, to anyone thats needs to, pay off any outstanding loans, credit cards etc, thanks upstart awesome service


DOOMMEGA

30 November, 2021

trustpilot-stars

I was extremely hesitant on going thru…

I was extremely hesitant on going thru with this process but upstart was excellent and help me thru with this process very easy and safely. now i am able to get to consolidate these cards a Lil quicker and easier - thanks a lot!


CLIENTE

30 November, 2021

trustpilot-stars

It has been easy to do it

It has been easy to do it, the process is safe.


SANDRA

30 November, 2021

trustpilot-stars

Very fast and easy

Very fast and easy! I was unsure whether I’d be able to get a personal loan or not, but Upstart gave me several options and approved me. Would definitely recommend them and will definitely consider using them in the future. Thank You Upstart.


HEATHER

30 November, 2021

trustpilot-stars

I needed to get ahold of my finances…

I needed to get ahold of my finances and was able to with Trustpilot made it easy for do what was needed to get the loan.


MICHELE ANN

30 November, 2021

trustpilot-stars

great experience even when I had…

great experience even when I had questions they got right back to me. My very first personal loan .


CULLEN

30 November, 2021

trustpilot-stars

Great Service

Great service and easy to use.


DANDREA

30 November, 2021

trustpilot-stars

The process was kind of hard uploading…

The process was kind of hard uploading papers. For us older people it took a moment but otherwise the process was easy. Thank you


LOVEY

30 November, 2021

trustpilot-stars

It's fast and easy to apply

It's fast and easy to apply. Very comfortable and they're dependable.


CRYSTAL

30 November, 2021

trustpilot-stars

Excellent experience

Excellent experience! No hassle !


PAULINE

30 November, 2021

trustpilot-stars

The application process was pretty easy…

The application process was pretty easy and straightforward. The website also had detailed information on most of my questions that I didn't have to call in to get what I wanted. I got the results of my application almost instantly which was great


BEATRIZ

30 November, 2021

trustpilot-stars

My experience was fantastic

My experience was fantastic! I was a little skeptical about applying online. I have never applied for a loan before. I have some credit cards that I wanted to consolidate. But I do not have good credit. I was approved in a matter of minutes. I called customer service for help, even though I waited a while it was worth it. Now I can build my credit. It will be easier having just one payment to make instead of multiple credit card payments. I will definitely reach out to Upstart again if I need more loans in the future.


JONATHAN

30 November, 2021

trustpilot-stars

The ease of applying and process was…

The ease of applying and process was smooth. Plus, agent was very helpful and absolutely friendly! Thank you very much!


ROSALINDA

30 November, 2021

trustpilot-stars

I needed a loan to get my credit card…

I needed a loan to get my credit card debt out of the way, and I was approved quickly. Thank you so much


SIMONE

30 November, 2021

trustpilot-stars

I highly recommend using Upstart

I highly recommend using Upstart! The loan application was fast!

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