Upstart: Personal Loans Review

  25,215 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   25,215 Reviews

trustpilot-stars

JASON

19 hours ago

trustpilot-stars

Speechless 😶

Speechless 😶


RONALD

20 hours ago

trustpilot-stars

Fast and quick

Fast and quick, thanks for being there for us ...


CYNTHIA

20 hours ago

trustpilot-stars

Quick and easy

Quick and easy! Very informative and funds are on their way! Thank you!


JOHN DOE

21 hours ago

trustpilot-stars

Quick and easy!

Quick and easy will definitely use again!


PEGGY

22 hours ago

trustpilot-stars

Upstart was quick

Upstart was quick, secure and efficient. Such a Great help.


REBECCA VAN HOOSEN

22 hours ago

trustpilot-stars

I honestly didn't think that I would be…

I honestly didn't think that I would be approved. The loan I got helped me pay off other things that were costing me more in the long run. I turned two payments that were happening every two weeks into one monthly payment. And for less. It was really a load off.


JUN

22 hours ago

trustpilot-stars

Really appreciate your approval

Really appreciate upstart approve my loan, it’s really a fast process. God bless my family and appreciate your help , I am so stressful with this recent market crash margin calls and really appreciate your help


RANDY

22 hours ago

trustpilot-stars

This was a new experience for me but…

This was a new experience for me but after using trustpilot it was a very safe and pleasant one thank you so much.


EVA

22 hours ago

trustpilot-stars

Awesome

Awesome an quickly done


SHARON

22 hours ago

trustpilot-stars

Upstart was quick and easy to do literally

Upstart was quick and easy to do. I loved the part of how you are told how likely you will be approved for your loan- takes away the fear and disappointment of being rejected. This took no more than 3 minutes top


KAYLA

23 hours ago

trustpilot-stars

Unbelievably Helpful

I first started getting offers from Upstart by mail but they came when I didn't need them. When I was finally aligned with a goal and had determined to enter a search for Debt Consolidation, Upstart came through and was the only one who hit that expectation that I had for amount and timeline, while the APR in my case was a bit high, I'm one to pay loans off quickly, especially when they do not have a penalty for early payoff, so I'm unconcerned with the rate as it's helping me take care of things I have to take care of now. Thank you Upstart!


MARIO

23 hours ago

trustpilot-stars

Fast

Fast, and I quick and easy!


GRAYLING

23 hours ago

trustpilot-stars

Thanks for giving us a chance to prove…

Thanks for giving us a chance to prove that we are credit worthy.


GLORIA W.

22 January, 2022

trustpilot-stars

I thought there would not be any relief…

I thought there would not be any relief for the overwhelming debt I had accumulated, then credit Karma recommended applying to Upstart for a loan and was approved by First National Bank of Omaha. I couldn’t have asked for an easier, faster,and more thorough application and approval. Thank you so much First National Bank of Omaha. G. Washington


JACKI

22 January, 2022

trustpilot-stars

So Easy and So Fast!

This was so easy and fast!! So much better than sitting at a bank for hours. Less than 10 mins and I am paying off High Interest Credit Cards.


CHRISTOPHER SCHLATTER

22 January, 2022

trustpilot-stars

So quick and easy to get a loan

So quick and easy to get a loan without all the crazy forms to sign and the long wait times! very easy process and great rates! cant wait to save 100's a month from consolidating my credit card debt into one low easy payment! no more tracking each credit card and asking myself "did I pay this yet" no more worrying about and keeping track of several payments and due dates


STEPHEN

22 January, 2022

trustpilot-stars

The application was wicked easy

The application was wicked easy . Rates are lower than the bank I've been using 30 years . Thanks Upstart


ANTONIETTA

22 January, 2022

trustpilot-stars

Loan was approved in ten easy minutes.e

Loan was approved in ten easy minutes.


JENNIFER

22 January, 2022

trustpilot-stars

Quick and easy

Quick and easy! Decent rate.


ROBERT

22 January, 2022

trustpilot-stars

Quick

Quick, eas,y and to the point, customer service is top notch.


JOLEIA MINAHAN

22 January, 2022

trustpilot-stars

Chester in the Auto Refinance Department

I spoke with Chester in the Auto Refinance Department, and he was incredibly helpful. I had a few questions about the loan and the loan process itself and he was able to give me clear, concise answers that I could understand and utilize during this process. Not only that, but based on the things that Chester explained to me, it was very clear that he believes in Upstart as a company and is enthusiastic in the loans and services that this company provides. It really helped me in making a decision about working with Upstart because hearing his enthusiasm and honesty made me feel like I could trust this company, in a world where it can be very hard to trust. Thank you for your help Chester!


MH

22 January, 2022

trustpilot-stars

Upstart - Customers Bank - Great Experience

Quickest, easiest loan process and approval ever. Highly recommend.


JERRI

22 January, 2022

trustpilot-stars

Quick

Quick! Easy! Reasonable! Although I wasn't approved for the amount I requested, the amount I offered came very close. I was reluctant to take out a personal loan outside of my bank but I am glad I did. It literally takes less than 15 minutes for everything, including the 5 minute approval. Once you upload necessary documents, its on! Thanks Upstart!


NICHOLAS

22 January, 2022

trustpilot-stars

Quick and Easy

Quick, easy, straight-forward process. Thank you!


PAUL

21 January, 2022

trustpilot-stars

This is the first company to offer me…

This is the first company to offer me an interest rate that was not insulting. They understand there is no point in consolidating Debt into a similar interest rate and offered me a very competitive rate.


MARCUS

21 January, 2022

trustpilot-stars

Quick and Easy

My experiences with Upstart have been very positive. I have used them on more than one occasion to consolidate debt. The process is simple and their rates are competitive.


JOHN

21 January, 2022

trustpilot-stars

fast and user-friendly

fast and user-friendly


BERTHA

21 January, 2022

trustpilot-stars

This was the easiest loan application…

This was the easiest loan application and best rate out there. Will consider here first if I ever need a load again.


STEVE

21 January, 2022

trustpilot-stars

The application process was very straight forward.

The application process was very straight forwards, I was able to see how much I would be borrowing and where my payments would be going. I was nervous about this process but I feel a little more at ease.


SCOTT

21 January, 2022

trustpilot-stars

Upstart was quick and easy

Upstart was quick and easy. No hassle and all costs were upfront and simple. Thanks upstart


ROSCOE

21 January, 2022

trustpilot-stars

great company to work with

great company to work with, great rates


DERICK MERCADEL

21 January, 2022

trustpilot-stars

Very easy to do business with

Very easy to do business with. A great company when in time of need. I’m a customer for life!


HERMA

21 January, 2022

trustpilot-stars

Excellent Service

Excellent Service


MARY BETH

21 January, 2022

trustpilot-stars

Very happy with Upstart and the process…

Very happy with Upstart and the process of getting a loan. The customer service is top notch!


ASHLEY

21 January, 2022

trustpilot-stars

Highly recommended

This really came in handy during my emergency need for funding. The application and approval process was seamless. Signing of documents and approval was quick and really took a huge stress off my shoulders. I would highly recommend!


YVONNE

21 January, 2022

trustpilot-stars

What can i say

What can i say? I received several invitations to apply and i ignored and threw the letters away. I decided to try because i needed a loan. The representatives were very helpful. It was easy and quick. Just be honest and send requested documents. I have no regrets.


DOUGLAS

21 January, 2022

trustpilot-stars

Exceptional service…

Exceptional service… I applied for a loan on Friday, process took ten minutes. Money was in my back account the following Monday.. Thank you Upstart


CAROLYN

21 January, 2022

trustpilot-stars

This was a great experience and I great…

This was a great experience and I great way to apply.


SHERRI

21 January, 2022

trustpilot-stars

WOW!!!!

This process was so simple and easy that I was completely shocked when the process was over,


JOANNA

21 January, 2022

trustpilot-stars

Very easy process to get a loan

Very easy process to get a loan and they are reasonable with their costs. Staff are very knowledge and work to help you find the loan that is best for you!


KEM

21 January, 2022

trustpilot-stars

Upstart was such an easy process

Upstart was such an easy process! They guide you through the whole process and are transparent with what they are able to offer you upfront.


JUDITH

21 January, 2022

trustpilot-stars

Quick and easy.

Quick and easy.


MEL

21 January, 2022

trustpilot-stars

Simple, quick, and fair

Simple to use, with rates lower than competitors. I consolidated some debt last year through Upstart, and have been happy with their service and the savings on interest. I'd do it again, and would recommend Upstart to anyone needing a personal loan.


STEPH

21 January, 2022

trustpilot-stars

Very fast and reliable

Very fast and reliable


JOHN

21 January, 2022

trustpilot-stars

Quick and fair

Company was quick, efficient and offered me a good rate.


JAMES R

21 January, 2022

trustpilot-stars

Quick and easy online process

Quick and easy online process! Terms are to understand and accept.


JULIO

21 January, 2022

trustpilot-stars

Quick response

This is the kind of process I like, what is offer is what you get. Straight forward and quick


ANDREA

21 January, 2022

trustpilot-stars

Wow super easy.

Wow super easy.


ATTORNEY

21 January, 2022

trustpilot-stars

Best and efficient

Fast, convenient, and educational services. I didn't think I would have been approved but they are thorough with their questions in order to find best opportunity.


JOHN

21 January, 2022

trustpilot-stars

Upstart is a fantastic company

Upstart is a fantastic company. Their quick response is beyond belief!

1

2

3

4

5