Upstart: Personal Loans Review

  25,444 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   25,444 Reviews

trustpilot-stars

PEGGIE

14 hours ago

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Unbelievable easy process

Unbelievable easy process. Great rates.


LUCAS

14 hours ago

trustpilot-stars

Upstart has easy terms

Upstart has easy terms, easy to navigate loan process on website, things are secure, and efficient. Quick decision no long delays. Would recommend to others as source of needed funding.


DAVID

15 hours ago

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An Easy Way to Get a Good Loan Fast

So far, this was the easiest loan I've ever taken out. While the interest rate is high, there were many lenders who were asking for more. Very convenient.


DEB

15 hours ago

trustpilot-stars

EASY APPLICATION PROCCESS

EASY APPLICATION PROCCESS


PATRICIA

17 hours ago

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This was a very easy and secure way to…

This was a very easy and secure way to obtain funds that you need in your time with me


MIRYAM

17 hours ago

trustpilot-stars

Very easy to apply and to make funds…

Very easy to apply and to make funds available. Provide different loan options that best fit your loan needs.


WILLIAM YOUNG

18 hours ago

trustpilot-stars

Very easy process

Very easy process. They were able to make a great offer in seconds!


JULIA

18 hours ago

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This was the most pain free loan that I…

This was the most pain free loan that I have ever made.


RICARDO

18 hours ago

trustpilot-stars

I was having a difficult time finding a…

I was having a difficult time finding a company to help me out get back on track with my Financials. Gave these guys a shot and it paid off, they will help get you started and on the right track.


JAVIER

18 hours ago

trustpilot-stars

My personal loans always in Upstart

My personal loans always in Upstart, easy and fast


KAREN

19 hours ago

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The process was quick and easy

The process was quick and easy. Not complicated at all! Great rate.


KEIFER EVERETT

19 hours ago

trustpilot-stars

Very flexible and easy to work with

Very flexible and easy to work with


BRIAN

19 hours ago

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Very easy and quick

Very easy and quick, a breeze


TORRES

19 hours ago

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easy to use

easy to use. and helpful


WILKES

19 hours ago

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The process was quick and easy.

The process was quick and easy.


DAWN

19 hours ago

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Very communicative and answered my…

Very communicative and answered my questions. Simply uploading of documents too.


NICOLE

20 hours ago

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Easiest loan process I've ever used

Fast and easy process to get a loan. I would defiantly recommend Upstart if your credit isn't the greatest.


MARK A.

20 hours ago

trustpilot-stars

Quick and easy approval process

Quick and easy approval process; very fast setup, verification, etc. Would highly recommend.


TASHA

20 hours ago

trustpilot-stars

Im super excited

Im super excited. I'm in the biggest jam of my life right now. And I have needs work credit and kinda balances on my credit cards so I was expecting a No. They said yes w in mins and I wanted to cry. I can pay for my deductible my rental and all the bills the ex ran out on after he wrecked my car. But it was super easy. Thank you for making my day.


SHANNON

20 hours ago

trustpilot-stars

Quick loan approval process

If you need money quick for an emergency try Upstart. The interest was a little higher but my loan was approved the same day. It can help you out in a jam!


ELAINE

20 hours ago

trustpilot-stars

Thank you for such an easy process and great rate!

I can't believe how easy this process was. And.....the interest rate that I received was lower than I expected! Thank you so much!


KEITH

20 hours ago

trustpilot-stars

The process was very easy.

The process was very easy.


EARL

20 hours ago

trustpilot-stars

Customer service is nonexistent

Customer service is nonexistent! I've had perfect payment history and on automatic payments. One payment (unknown to me) didn't go thru then I seen experian say I missed a payment. I immediately call and try to make it right and told them I wasn't aware payment didn't go thru and if I paid could they remove it from my credit and they said no. Not only that but monthly payments and interest is high your better off going thru your bank. Read reviews from other review places and you will see I'm not the only person this has happened too. Even tried to show bank statement showing my payment posted.


ADEBAYO

20 hours ago

trustpilot-stars

Upstart is a Godsend

Upstart is a Godsend! I was put on disability for part time and needed to catch up on bills until I go back to work fulltime, Upstart was the right lender for me! They are quick, accurate and very very helpful with there agents online for concerns. Upstart....thank you!!


R4R

21 hours ago

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They've helped me when others couldn't.

They've helped me when others couldn't.


CARLA

21 hours ago

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Upstart is fast efficient and great

Upstart is fast efficient and great! I was approved within 30 minutes! I would highly recommend.


ROSA M MATIAS-ALBELO

21 hours ago

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I was in deep need of a loan to pay a…

I was in deep need of a loan to pay a credit card that is killing my finances. It wasn't approved for the needed amount, but at least I can close other accounts in the mean time. It was easy peasy! Thank you!


GREGORY

21 hours ago

trustpilot-stars

very easy loan process and was able to…

very easy loan process and was able to work with people that does not have great credit.


BRITTNEY

21 hours ago

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The process was fast and easy!

The process was fast and easy!


RHONDA

21 hours ago

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Awesome and very supportive team

Awesome and very supportive team. One less thing to worry about. Thank You Upstart


SHER VANBROCKLIN

21 hours ago

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My loan was filled out & approved…

My loan was filled out & approved within a half hour. Got a great rate with low payments. Very satisfied.


EVAN N

21 hours ago

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Very quick

Very quick, easy and good terms.


ARTURO LEON

21 hours ago

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Fastest personal loan I’ve applied for

Fastest personal loan I’ve applied for. High ratings


TG

21 hours ago

trustpilot-stars

Super easy to use!

Super easy to use!


KEVIN

21 hours ago

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Fast turnaround service

Fast turnaround service. Easy to understand.


MATTHEW CONNERS

21 hours ago

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Very EASY and QUICK

Very EASY and QUICK! Glad for such a service.


IAN

22 hours ago

trustpilot-stars

Great customer service would really…

Great customer service would really recommend upstart to anyone out here I appreciate the efforts by the team


SHAWN

22 hours ago

trustpilot-stars

Process was fast and simple

Process was fast and simple. Got me the money I needed quickly.


KRISTIN

22 hours ago

trustpilot-stars

Quick and easy

Quick and easy. Low interest rate. Highly recommend


LIZ

22 hours ago

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This was simple fast and easy

This was simple fast and easy. I’m happy to have been approved for a loan. Look forward to continuing business with Upstart


TAMMY

22 hours ago

trustpilot-stars

The process was easy to understand

The process was easy to understand. I was able to make my decision knowing all the details in full. It made me feel at ease in accepting the offer I was given.


CARLOS FERNANDO

22 hours ago

trustpilot-stars

Wow!!

Wow!!! Best Lender Ever!!! Easy approval and great customer service, response in minutes!!! thanks!!


ANDY

22 hours ago

trustpilot-stars

Trustworthy and great experience.

Trustworthy and great experience.


LEON

22 hours ago

trustpilot-stars

thank you for low rates

thank you for low rates


JOHN

23 hours ago

trustpilot-stars

Easy to get a loan

Easy to get a loan. fast processing. little higher interest rate but half of that was my fault.


RHONDA

23 hours ago

trustpilot-stars

Fast application process

Fast application process


VALERIE

23 hours ago

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The process was smooth and hassle free

The process was smooth and hassle free


ROSA H

23 hours ago

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efficacy

Wow ! Iam so pleased with the efficacy and speed everything when true . Thanks you so much


HENRY

23 hours ago

trustpilot-stars

Great service

Great service


PATSY

23 hours ago

trustpilot-stars

I have never found it easier than to…

I have never found it easier than to use Upstart and am most pleased with the funding as well as the reasonable interest rates they offer

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