Upstart: Personal Loans Review

  24,703 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   24,703 Reviews

trustpilot-stars

ADAM

4 hours ago

trustpilot-stars

Very easy to apply and the approval…

Very easy to apply and the approval process is very fast and convenient!


PHILLIP

4 hours ago

trustpilot-stars

Offered a refinance on a loan almost…

Offered a refinance on a loan almost paid off at the perfect time! The process to get the refinance done was streamlined and took no effort and little time I thought about it longer than it took to do it.


DIANNA

6 hours ago

trustpilot-stars

Miraculous help

I completed my loan application online. It was concise and user friendly and I was so happy I was approved. Thank you Upstart


TONIA

6 hours ago

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I am sooo thankful i ran across this…

I am sooo thankful i ran across this loan comp. They we're great worked in a timely manner to get me approved ,with low payments i encourage anyone especially if you're in need give them a try! You will not be dissappointed💯


DAVENE

6 hours ago

trustpilot-stars

Upstart was a great alternative to…

Upstart was a great alternative to conventional lending for small needs, which I would have had to put off until a later time. With Upstart the process was simple and funds were in my bank account within hours. Give Upstart a try, a simple soft pull at first shows if you can budget the funding, if it makes sense then continue with the application and take care of what you were putting off!


JOANN HUTT

6 hours ago

trustpilot-stars

easy process great rate

easy process great rate


OMAR

6 hours ago

trustpilot-stars

Easy.

Easy.Made simple enough.


R. JOHNSON

6 hours ago

trustpilot-stars

Debt Consolidation loan following Divorce

I really needed a personal loan following my divorce to split the shared community debt between me and my X. Because our credit cards and vehicles were filed jointly, I was concerned as to how to go about separating the debt. I signed on via my link through Experian, and within the hour, I had an approved debt consolidation loan. Awesome!


VIRGINIA

7 hours ago

trustpilot-stars

The quickest and easiest piece of mind…Best ever

The quickest and easiest piece of mind ever acquired. Absolutely the best loan process ever. Thank you so much!


CALI_ENGR

7 hours ago

trustpilot-stars

Great Service

Great Service! Fast and smooth transactions! Will recommend this to my friends. Everything is digital! Thank you!


LANETTA

7 hours ago

trustpilot-stars

The loan process was super easy

The loan process was super easy, and am thankful to have had the opportunity to work with Upstart! Thanks!


DALTON

7 hours ago

trustpilot-stars

Great and Simple Service

Easy process and quick funding. No early payment penalties are always a relief. Great company.


JOANNA

8 hours ago

trustpilot-stars

Fast & extremely smooth!

Fast & extremely smooth!


JOHVANNA

8 hours ago

trustpilot-stars

I’m am very happy.It very easy to apply…

I’m am very happy.It very easy to apply for this loan.


T.L.

8 hours ago

trustpilot-stars

Upstart is extremely easy to apply…

Upstart is extremely easy to apply with, as well as fast and user friendly.


ANTHONY WILLIAMS

9 hours ago

trustpilot-stars

This was easiest and best experience I…

This was easiest and best experience I had for borrowing money online I love will do it again


TAR

9 hours ago

trustpilot-stars

Easy

Easy, straight forward process! Everything done online and virtually so it was very convenient and the terms were satisfactory. I just finished everything and am supposed to have my funds by tomorrow!


SEBASTIAN

9 hours ago

trustpilot-stars

Simple to get started and finish all…

Simple to get started and finish all throughout. Can’ complain


RODERICK

9 hours ago

trustpilot-stars

Quick and easy method to get funds to…

Quick and easy method to get funds to start our business!! Thanks!


VINCENT

9 hours ago

trustpilot-stars

My 50k Loan

My experience with the personal loan process to consolidate my debts was the easiest process I’ve ever experienced in my life time thank you.


LEO

10 hours ago

trustpilot-stars

Amazing simple and clear

Amazing simple and clear


IWONA

10 hours ago

trustpilot-stars

The Staff are very friendly and helpful…

The Staff are very friendly and helpful 15 minutes and I get my answer definitely recommend this bank


JESSICA CHATMAN

10 hours ago

trustpilot-stars

Feeling fortunate

Glad I found this loan for a nose surgery I’ve been needing done for a decade now.. I’m only 25 and I’m glad I actually found a loan that would approve and trust me. Quick and easy and now I don’t have to worry about the cost!


BOB K

10 hours ago

trustpilot-stars

These guys truly are awesome

These guys truly are awesome. My credit score is not the best yet they managed to get my loan funded very fast with a minimum of paperwork or hassle. The application process is simple and the majority can be done online. A quick verification call on completion which took all of 3 minutes and i was good to go. The approval came back very quickly and funds were in my account the following day. if you need a little financial assistance, please do yourself a favor and submit an application with Upstart. You'll be glad you did.


TRACEY

11 hours ago

trustpilot-stars

Upstart is great

Upstart is great , it was quick and easy , doing a home improvement and they gave me the funds I needed. Will definitely recommend!!!


ROBERTA

11 hours ago

trustpilot-stars

This company has been very helpful with…

This company has been very helpful with lending me money to pay off high interest credit cards highly recommend !


MICHAEL

11 hours ago

trustpilot-stars

Great company!

A very fast and secure financial option for debt consolidation, credit card refinancing or for a major unexpected purchase. Easy to navigate, step by step procedures make it easy to check your availability and loan amount in a matter of minutes. I would highly recommend Upstart for anyone looking for loan options.


GEORGE

11 hours ago

trustpilot-stars

Thank You..UpStart

Thank You..UpStart


GREGORY

11 hours ago

trustpilot-stars

So far the experience has been amazing.

So far the experience has been amazing. Literally got approval for $35k in less than 10 minutes and deposited funds in 24 hours. With a 7% rate over 60 months and no prepayment penalty I couldn't be happier!


JOESPH GENTILE

11 hours ago

trustpilot-stars

Wow awesome place to deal with instant…

Wow awesome place to deal with instant response , so glad they could help A +++++*


TOMMY

11 hours ago

trustpilot-stars

Very satisfied with the process and…

Very satisfied with the process and service of Upstart loans, it was fast and easy. I recommend it to anyone regardless of credit score.


JOHN

11 hours ago

trustpilot-stars

Been trying to build my credit up

Been trying to build my credit up and I have come a long way thus far. This loan will certainly help in doing so as well. The application was quick and easy and I thank you all for doing what you all did. Sincerely, John S.Jacob


RAMA

11 hours ago

trustpilot-stars

Superb

Hi thank you so much for the loan i can really use this for my family needs


SLEEPY

12 hours ago

trustpilot-stars

Great Service Great Rate

Customer support was needed twice during application process. Both times the people who helped me were outstanding! Received a much better rate than other lenders. Highly recommend.


ALLYAH

12 hours ago

trustpilot-stars

It was quick and easy!

It was quick and easy!


MARLON

12 hours ago

trustpilot-stars

This was and stress free.

This was and stress free.


ELOY

12 hours ago

trustpilot-stars

Upstart made the process so easy and…

Upstart made the process so easy and did not show selective decisions, just was willing to trust and help financially. Thank you.


STACEY

12 hours ago

trustpilot-stars

The loan process was quick and secure

The loan process was quick and secure. Very pleased with the recommendation.


RANDY

13 hours ago

trustpilot-stars

Very good and quick with approval and…

Very good and quick with approval and funds will recommended.


CARMEN

13 hours ago

trustpilot-stars

This is truly the BEST

This is truly the BEST! They made the loan process so easy & convenient. I definitely recommend!


JILL

13 hours ago

trustpilot-stars

This was one of the fastest easiest…

This was one of the fastest easiest loans I’ve ever done! 10 mins and I had everything done. Gonna pay off my credit cards, since most of them are 29-30% getting this loan at about 8% I am saving a huge amount!


ST

13 hours ago

trustpilot-stars

Such an easy process!

Such an easy process!


LESLIE

13 hours ago

trustpilot-stars

I applied for the loan and received my…

I applied for the loan and received my approval the same day. I was approved for the requested amount. I need the funds for an emergency and was happy when I received my approval amount instantly. The process was super easy. They offer bank draft which is what I prefer. If you would like to obtain a loan that is fast and the process is easy I would suggest upstart.


LESLIE G

13 hours ago

trustpilot-stars

Loan was so easy to get

Loan was so easy to get. I would totally recommend Upstart!


JAMES

13 hours ago

trustpilot-stars

Very efficient process.

Very efficient process.


ALMA

13 hours ago

trustpilot-stars

Quick and easy to do it

Quick and easy to do it


ANJALIQUE JESSUP

14 hours ago

trustpilot-stars

10/10 Thank you Upstart!

Needed a loan and they made it quick and easy to get approval!


KELVIN

14 hours ago

trustpilot-stars

I love the fact that the process was…

I love the fact that the process was quick and easy. The repayment amount was one of the real deciding factors. I will definitely recommend Upstart to my family and friends.


AYANA

14 hours ago

trustpilot-stars

Quick & Easy

I completed the application in the comfort of my own home. It was easy & quick...less than 10 mins and my funds were on the way!


SABRINA

14 hours ago

trustpilot-stars

After reviewing 4 other lenders Upstart…

After reviewing 4 other lenders Upstart had the best rates without origination fees. It was quick and easy. Feeling good about being on the road to being debt free. Thank you!

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