Upstart: Personal Loans Review

  20,451 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   20,451 Reviews

trustpilot-stars

CYNTHIA

23 hours ago

trustpilot-stars

During this stressful year

During this stressful year, my family and I were in need of financial assistance. I was told about Upstart and applied. The application process was simple and to the point, user friendly. Within the next 24 hours I was informed of my status, and approval rates if accepted. I am so grateful to Upstart for allowing me the opportunity for a loan. Thank you


COREY RODGERS

06 December, 2021

trustpilot-stars

Such a quick and easy experience!

Such a quick and easy experience. I needed a personal loan to pay off some debt and Upstart provided a way.


EARL M YATES II

06 December, 2021

trustpilot-stars

Very Quick Approval

I applied yesterday and thought overnight about it and finished the application today. Within seconds of applying, I got the approval along with the deposit date to my checking account. I also like that my college degree was used as well. As long as you have your information at hand, the approval is pretty quick. Even with subpar credit as I have.


MILLIE

06 December, 2021

trustpilot-stars

I spoke with a very nice agent on Friday…

I spoke with a very nice aget on Friday and she was very knowledgeable and helpful. There was no pressure.


KEVIN MATHENY

06 December, 2021

trustpilot-stars

I was hesitant to apply

I was hesitant to apply. But I'm so glad I did. I was approved. This will help get alot of payments into one payment


JOSE C

06 December, 2021

trustpilot-stars

Quick, Simple & Easy to Follow

Upstart made acquiring a personal loan quick, simple & easy to follow. No matter what type of loan you're looking for or what you'll use it for, Upstart will find a way to help you get there. Thank you Upstart for helping me re-start my financial journey on the right foot!


JEN

06 December, 2021

trustpilot-stars

Highly recommend

I received a personal loan offer in the mail and usually I throw those type of mail away, but this time I decided to open the mail today and gave it a try and I instantly was approved. I would so recommend. Especially with me not having good credit.


RUBEN

06 December, 2021

trustpilot-stars

Very quick and easy to do

Very quick and easy to do. No hassle or issues. Very low Apr which is a plus. Thank you.


MAX

06 December, 2021

trustpilot-stars

Fast 100%

Fast 100% i recommended


DEBBIE SHENEMAN

06 December, 2021

trustpilot-stars

`Need a Loan go to Upstart now

`Need a Loan go to Upstart now. Its fast and easy.


JC

06 December, 2021

trustpilot-stars

Very simple easy to use!

Very simple easy to use!


NELLIE MORALES

06 December, 2021

trustpilot-stars

It was an absolute pleasure to obtain my loan with Upstart. Professional and courteous at every step. I would highly recommend them for anyone seeking financial assistance.

It was an absolute pleasure


MARK

06 December, 2021

trustpilot-stars

It was a pleasure working with upstart

It was a pleasure working with upstart, it was a easy process, and very safe on my part, it was quick and satisfying to say the least, thank you upsart, now I can make my credit cards all one payment, thank you again, I was referred to from a Freind, and I will definitely pass on your website as well, good day! And thanks again


EMMA

06 December, 2021

trustpilot-stars

The site was easy to navigate

The site was easy to navigate. Very quick responses.


KAREN M ANDREOZZI

06 December, 2021

trustpilot-stars

I was very skeptical but it was easy…

I was very skeptical but it was easy and really made my Christmas!


SHARON

06 December, 2021

trustpilot-stars

Easy and Quick

Omg! So easy and happened when I needed this most. It was nice to be able to be approved for a traditional loan. Thank you!


NEW CUSTOMER

06 December, 2021

trustpilot-stars

Fast and easy online approval.

Fast and easy online approval.


EDWIN

06 December, 2021

trustpilot-stars

I found them them through credit karma…

I found them them through credit karma and it was a fast easy process and easy to understand.


ETHAN

06 December, 2021

trustpilot-stars

Really appreciative of upstart for…

Really appreciative of upstart for giving me a chance and helping me breathe financially


CAROLYN

06 December, 2021

trustpilot-stars

FAST AN EASY QUICK APPROVAL

FAST AN EASY QUICK APPROVAL


STEPHEN

06 December, 2021

trustpilot-stars

The loan that I got from upstart

The loan that I got from upstart was very easy to apply for. This was a very convenient service to use.


ANDREA DECKER

05 December, 2021

trustpilot-stars

Very easy to use

Very easy to use, fast approval, and funding. Would reccomend.


GERARD

05 December, 2021

trustpilot-stars

The process was super easy and I got…

The process was super easy and I got approved super fast.


KEW

05 December, 2021

trustpilot-stars

Upstart's process was simple and easy!

Upstart's process was simple and easy!


STEPHEN

05 December, 2021

trustpilot-stars

Quick and easy process

Helped me pay some things off quick and build credit


ROBBIE

05 December, 2021

trustpilot-stars

The process is very simple and they are…

The process is very simple and they are upfront on all cost associated with their loan.


MARK

05 December, 2021

trustpilot-stars

I'm very satisfied

I'm very satisfied. Upstart loan process was very quick.


STEVEN

05 December, 2021

trustpilot-stars

Fast and easy

Fast and easy


TIFFANY

05 December, 2021

trustpilot-stars

Simple and Easy

Everything was easy. Rates fair and comparable to other types of personal loans. Customer service was amazing. Thank you for helping me get things back on track.


JED

05 December, 2021

trustpilot-stars

Customer service gentalman was very…

Customer service gentalman was very helpful was fast any easy app thank u upstart


LYNN

05 December, 2021

trustpilot-stars

I can’t believe how easy it was to…

I can’t believe how easy it was to apply for this personal loan with Upstart! Highly recommended!


TIMOTHY

05 December, 2021

trustpilot-stars

I had a few financial hiccup

I had a few financial hiccup, requesting a loan was extremely easy with great term basic paper work to prove you income, everything was done online super simple it was literally less than 24hr for approval


DIANA DAVILA

05 December, 2021

trustpilot-stars

Fast and easy!

Fast and easy!


SEAN C

05 December, 2021

trustpilot-stars

Upstart for your next loan...

Got the money I needed approved in about 20 mins! A smooth, hassle free experience.


SMITH

05 December, 2021

trustpilot-stars

Quick easy and fast!

Quick easy and fast!


ANIKETH

05 December, 2021

trustpilot-stars

Excellent

Excellent service


JAMES

05 December, 2021

trustpilot-stars

The process was fast and easy to apply

The process was fast and easy to apply


JESUS PINA

05 December, 2021

trustpilot-stars

My first time using upstart so I'm…

My first time using upstart so I'm hoping that my complete experience with them is as good as the application process was. They make it very quick and easy to apply. I would recommend to my family and friends. The reason for the 4 stars and not 5 is only because i am at the beginning of the (relationship) so to speak.


JAC

05 December, 2021

trustpilot-stars

Quick

Quick, effecient and trustworthy of my personnal information.


PATRICIA CARNEY

05 December, 2021

trustpilot-stars

Quick and so easy

Quick and so easy


ROBBIE

05 December, 2021

trustpilot-stars

Amazingly easy!

Amazingly easy!


RHONDA JONES

05 December, 2021

trustpilot-stars

5 star review

This was the fastest & the easiest loan I’ve ever done. I will definitely recommend it to all my friends


ROBERT

05 December, 2021

trustpilot-stars

Just awesome!

Just awesome!


STETSON

05 December, 2021

trustpilot-stars

very professional quick andto the point…

very professional quick andto the point i will tell my friends about you thank you very much it help me out


JY

05 December, 2021

trustpilot-stars

Very easy process

Very easy process! Seems like a great company.


IZELL LENEAU

05 December, 2021

trustpilot-stars

Best experience ever

Best experience ever! Highly recommended and will use again


CLINTON

05 December, 2021

trustpilot-stars

great to do business with

great to do business with. easy process


CHRISTOPHER

05 December, 2021

trustpilot-stars

Application was pretty quick and was…

Application was pretty quick and was able to show you your approval status without much of a hiccup for myself.


TANNER

05 December, 2021

trustpilot-stars

These guys came through

These guys came through. It's no penalty, so I can pay off my credit cards, boost my credit, and have it repaid come tax season!


JOE

05 December, 2021

trustpilot-stars

Process was fast and easy

Process was fast and easy, customer service was great also..would definitely recommend to those who need a personal loan.

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