Upstart: Personal Loans Review

  36,710 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   36,710 Reviews

trustpilot-stars

NESTOR

14 hours ago

trustpilot-stars

Good and convenient

Good and convenient


ROSLYNN

14 hours ago

trustpilot-stars

this was a great experience

this was a great experience. very easy and super low interest compared to the local loan companies


ALYCIA

15 hours ago

trustpilot-stars

Fast and Easy!

Fast, easy process and much better than the traditional loan route!! Loved it!


JAY C.

15 hours ago

trustpilot-stars

Very easy

Very easy, quick approval to help me get out of high interest credit card debt.


PATRICIA

18 hours ago

trustpilot-stars

Very easy site to work & repay on.

Very easy site to work & repay on.


PATRICIA VELASQUEZ

18 hours ago

trustpilot-stars

The processor was very helpful and…

The processor was very helpful and experienced, which made the process very helpful and easy.


MAL

18 hours ago

trustpilot-stars

Shocking!!! Very Easy!

This was the easiest process and the fastest that I have experienced when applying for a personal loan! I was shocked to see the amount I was able to obtain at the offered rate! I am very happy with the process - it was seamless! If you need assistance, reach out to Upstart to get started!


RANDELL

19 hours ago

trustpilot-stars

Easy application and approval process.

Easy application and approval process.


KENNETH

20 hours ago

trustpilot-stars

Quick and Efficient

Quick and Efficient


LOUIS

20 hours ago

trustpilot-stars

Easy

Got a loan in 15 min. Just gotta know exactly what you need. Shop around a little, Upstart still the best option in terms of convenience and competitive interest rate.


ELISHA

21 hours ago

trustpilot-stars

Upstart was fast

Upstart was fast, easy and very helpful.


JOANN

21 hours ago

trustpilot-stars

Helped out in such a bind

Helped out in such a bind. I had an unexpected medical expense and didn't know where to turn. The upstart process was quick and painless and took a huge weight off of my shoulders.


THOMAS

22 hours ago

trustpilot-stars

satisfied customer

fast, simple, and a reasonable rate.


ANDREA

22 hours ago

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AMAZING

AMAZING ! IT WAS SO SIMPLE AND NOW MY DEBT IS CONSOLIDATED


A. LYNN

22 hours ago

trustpilot-stars

Upstart's process was so fast and…

Upstart's process was so fast and simple and they issued my funds the next day! If you are needing a loan I would definitely suggest using Upstart!


CHRISTOPHER

23 hours ago

trustpilot-stars

Very convenient and easy approvalVery convenient and easy approval system money transferred very quickly…

Very convenient and easy approval system money transferred very quickly


JOSHUA

23 hours ago

trustpilot-stars

Very reliable

Very reliable, dependable, the entire team from start to finish was pleasant. Thank you!


ROBH

09 August, 2022

trustpilot-stars

Truly fast

Truly fast, easy, and one of the most painless transactions I’ve done. Appreciate the ease and quality of this program!


RYAN

09 August, 2022

trustpilot-stars

It’s Elementary

It’s elementary, in tough financial times we all want to hold our pride and pay our debts, but when the going gets too tough, upstart is there to help. With many expenses involved in my work, it was hard to keep up with my credit cards. In 10 minutes I applied and was approved for a reasonable loan to consolidate my debts, and now I feel a massive weight has been lifted off my shoulders. Upstart has given me a second chance when other creditors wouldn’t, and I will forever be appreciative of this opportunity. From an easy process, to a fair interest rate, it was simply elementary to take this offer, and I would recommend to any one else in a similar situation to follow suit. THANK YOU UPSTART!


RHONDA

09 August, 2022

trustpilot-stars

very easy to use and convienient

very easy to use and convienient


MIRIAM

09 August, 2022

trustpilot-stars

wow I would recommend this to anybody…

wow I would recommend this to anybody it took like 5 minutes to get approve. thank you


JEFFREY

09 August, 2022

trustpilot-stars

Smoothest Transaction Ever

Great rate options. Quick and easy process. Very satisfied.


BRENDA ROBERTS

09 August, 2022

trustpilot-stars

So easy and helpful.

So easy and helpful.


FOURTEENKDIVA

09 August, 2022

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Super easy and a good rate

Super easy and a good rate. Thanks


SCOTT D

09 August, 2022

trustpilot-stars

Quick and Easy

Quick and Easy, my transmission went out and I wouldn’t be able to repair it otherwise. I am on disability and money is very tight.


MATT

09 August, 2022

trustpilot-stars

So easy and so helpful!

So easy and so helpful!


SAMANTHA

09 August, 2022

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Upstart is a super quick and easy way…

Upstart is a super quick and easy way to get an affordable loan, and get it fast!


FRANKLIN

09 August, 2022

trustpilot-stars

The analyst was friendly and…

The analyst was friendly and knowledgeable. Process took less than five minutes.


TIM

09 August, 2022

trustpilot-stars

Awesome Company

have used Upstart several times. Fast and easy approval.Highly recommend them


TAMARA

09 August, 2022

trustpilot-stars

Easy Process

This is the easiest, best loan I have ever taken!


ANGELIQUE

09 August, 2022

trustpilot-stars

Quick and excellent turn around time

Quick and excellent turn around time. Called and talked with rep after approval, very friendly and answered all my questions.


KIMBERLEE

09 August, 2022

trustpilot-stars

Easy

Easy, confidential and secure.


AMY

09 August, 2022

trustpilot-stars

Quick process

Very quick and easy process for a small loan!


AMANDA

09 August, 2022

trustpilot-stars

Super easy to do!

Super easy to do! And fast! Lower rates than other banks


JANE

09 August, 2022

trustpilot-stars

Better rates!

Upstart offered just what I needed to help pay off debt at a lower interest rate and take out a little extra for some home repairs.


MONA

09 August, 2022

trustpilot-stars

Fast easy approval

Fast easy approval. Thank you for your help.


ERICA

09 August, 2022

trustpilot-stars

Very quick and fast!

Very quick and fast!! Got approved in minutes.¹¹ I was a little worried because my credit was not good. Said fund will be deposited tomorrow.


SHANE

09 August, 2022

trustpilot-stars

The process was easy and fast.

The process was easy and fast.


JORDAN

09 August, 2022

trustpilot-stars

The application process was quick

The application process was quick, concise, and painless. The overall experience was 5 minutes and the paperwork was done without any issues. The online application can’t be any easier.


ROLAND BRADFORD

09 August, 2022

trustpilot-stars

The Experian offer

I found your offer on the Experian website and the process was thorough but easily completed. The process was simple and not complicated. Thanks for your service and grateful for this opportunity.


MARI

09 August, 2022

trustpilot-stars

Fast, Easy, Simple

The process was fast, easy, and simple. I am truly surprised by how seamless it was. I would definitely recommend to friends and family to use for any lending needs.


MARIA K

09 August, 2022

trustpilot-stars

Very quick

Very quick, painless experience with reasonable rates


DONALD

08 August, 2022

trustpilot-stars

The application process was easy and I would recommend it to a friend.

The application process was easy and the gentleman that I spoke with was polite and explained the next steps that gave me confidence in the process. Thanks for the great experience.


HENRY BIBBS

08 August, 2022

trustpilot-stars

Helpful Process

Less that originally asked for but an extremely smooth transaction


CHRISTINA

08 August, 2022

trustpilot-stars

It was a very easy process

It was a very easy process, applying for this loan. I did have to call and needed some assistance and the gentleman on the phone was very helpful and walked me through the process. Thank you


CANDACE

08 August, 2022

trustpilot-stars

The approval process may have been the…

The approval process may have been the easiest and painless (& shame free) that I have ever experienced! Thank you so much Upstart!


HEATHER PARCHEM

08 August, 2022

trustpilot-stars

This loan service may have saved my…

This loan service may have saved my business!!


BEVM

08 August, 2022

trustpilot-stars

Very efficient

When I made a decision to go for a loan, I just simply answer all the questions and it only takes few minutes, they immediately process my loan and got an immediate approval. Very efficient!


JENNIFER

08 August, 2022

trustpilot-stars

Wow!

Wow, so incredibly easy, fast and by far the best rates I had seen!


LORI

08 August, 2022

trustpilot-stars

Low interest rate and had money in 24 hrs

I applied for funds to cover out of pocket medical expenses. I was very pleasantly surprised that the interest rate I got was half of what other health care funding options charge. The process was fast and I had the money I needed in my account in 24 hours

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