Upstart: Personal Loans Review

  10,987 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   10,987 Reviews

trustpilot-stars

MARLA

17 hours ago

trustpilot-stars

Fast

Fast, easy and very helpful


VICTORIA

19 hours ago

trustpilot-stars

Upstart is Saving my Financial Life!

I am very grateful for Upstart. Not only was the process painless, I received a quick instant decision after business hours without any complication. After the pandemic I had fallen into debt and I am grateful that upstart was able to approve me to help me get back on track with my financial life. I will definitely recommend to family and friends.


BAHAA MUHSEN

19 hours ago

trustpilot-stars

I got the loan the next day

The process was very easy and I got more that what I have in mind, rates are very good.


BARBARA

19 hours ago

trustpilot-stars

Upstart came through for me when I…

Upstart came through for me when I needed a loan. It was easy and fast to both apply and get my funds.


PK

19 hours ago

trustpilot-stars

It took literally seconds and…

It took literally seconds and everything looks great!


DAVID

20 hours ago

trustpilot-stars

The loan process was quick and easy.

The loan process was quick and easy.


BILLIE

20 hours ago

trustpilot-stars

Quick easy and painless!!!

Quick easy and painless!!!


BRITTNEE

20 hours ago

trustpilot-stars

Fast and easy application and approval.

Fast and easy application and approval.


RADINELO

20 hours ago

trustpilot-stars

Easy Process

Customer service rep was very informative and helpful. Filling out the application online was quick and easy.


EMMA

20 hours ago

trustpilot-stars

Quick and easy application!

Quick and easy application!


COURTNEY

20 hours ago

trustpilot-stars

Such a fast and easy process

Such a fast and easy process! I was blown away by the ease if it!!


SHEREE

20 hours ago

trustpilot-stars

Very fast service and professional

Very fast service and professional. My interest rate and payments each month are not bad.


BRIAN M. HAYASHIDA

21 hours ago

trustpilot-stars

I have previously been approved for and…

I have previously been approved for and received personal loans from loanDepot as well as Avant (already Paid In Full) but I must say the loan application, approval & funding process with TrustPilot was way better and much more seamless than loanDepot's & Avant's!


PRISCILA

21 hours ago

trustpilot-stars

So quick and easy !!!

So quick and easy !!!! The interest is pretty low compared to my credit cards.


LANCE

22 hours ago

trustpilot-stars

Needed a simple process loan.

Was looking for an easy process to get a small loan and this was the easiest thing I've ever done. I really appreciate you guys.


JULIAN

22 hours ago

trustpilot-stars

It only took a couple of minutes and…

It only took a couple of minutes and the funds were approved great rate will definitely use them again


JUNE

22 hours ago

trustpilot-stars

Fash and easy to use

Fash and easy to use. Good customer service, either by e-mail or phone.


ROBYN PANSULLA

23 hours ago

trustpilot-stars

Thank you so much for the ease at piece…

Thank you so much for the ease at piece of mind knowing I can pay off my debt! The process was very simple and took less than 10 minutes! I would highly recommend to anyone trying to get a fresh start on life with debt!


SIG GIRL LEGION

23 hours ago

trustpilot-stars

Very fast application and user friendly…

Very fast application and user friendly program. Rate was ok but it was super easy to consolidate my credit cards to get out of debt faster without high interest rates from credit card companies.


CHRISTOPHER CAMPBELL

23 hours ago

trustpilot-stars

Upstart found me a better interest rate…

Upstart found me a better interest rate and a smaller finders fee, compared to the competitors. Glad to finally get some help when needed, in order to consolidate my credit cards. Thank you Upstart and Cross River Bank!!


TANIA

03 August, 2021

trustpilot-stars

This is the best for your loan…

This is the best for your loan application 👏. Trust me they really good 👍


MONICA

03 August, 2021

trustpilot-stars

Very fast and convenient

Very fast and convenient. Fingers cross my life will get better after this!


JEFF

03 August, 2021

trustpilot-stars

Upstart is very user-friendly

Upstart is very user-friendly. It makes comparing different loan amounts at different amounts of time very easy. I also appreciate that the initial fee is automatically taken directly from the loan, instead of being required from a separate source.


KAREN

03 August, 2021

trustpilot-stars

I needed a loan (unsecured) to help pay…

I needed a loan (unsecured) to help pay for a new roof on my condo. The process for this took like a total of 10 minutes and done. It was very easy, interest rate was fair and everything went smoothly. I highly recommend Upstart to others.


ALICE

03 August, 2021

trustpilot-stars

Fast and easy!

Fast and easy!! Apply on line, everything was done by email. No need to leave your house. I used them before and I’ll use them again


CARMEN APONTE RIVERA

03 August, 2021

trustpilot-stars

Very simple and fast

Very simple and fast. This loan will help me payoff higher rate loans and get my credit score up. Very impress with the outcome. Highly recommended. Thank you again.


MICHAEL

03 August, 2021

trustpilot-stars

Needed a loan to consolidate debt

Needed a loan to consolidate debt the loan process was quick and easy got a reply within hours.


QMJ

03 August, 2021

trustpilot-stars

Just in the nick of time

Just in the nick of time! I was in trouble… Got the help I needed and will pay them off so ahead of time that i won’t have to pay the full interest for the total amount, due to my early payoff! Perfect!


STECJO1966

03 August, 2021

trustpilot-stars

Easy application and approval process

Easy application and approval process. Amazing experience.


RYAN

03 August, 2021

trustpilot-stars

This was the easiest loan application…

This was the easiest loan application process that I have every experienced. The interest rate and terms matched the original offer and the process took less than 15 minutes. I couldn't be happier with my loan


NAZIRA

03 August, 2021

trustpilot-stars

Easy user-friendly process.

Easy user-friendly process.


NELLY!!

03 August, 2021

trustpilot-stars

Awesome Service!!

Awesome Service!!! I was able to get my loan in just minutes!! Thank you Upstart.


DAVID

03 August, 2021

trustpilot-stars

Easy

Easy, hassle free process to get a loan


LYNN

03 August, 2021

trustpilot-stars

They were very helpful quick and…

They were very helpful quick and responded to my questions highly recommend


MOULAY B

03 August, 2021

trustpilot-stars

Very fast and professional team

Very fast and professional team, I applied for personal loan. Thank u guys


SANDRA

03 August, 2021

trustpilot-stars

Loan process was fast and easy.

Loan process was fast and easy.


GELMIN

03 August, 2021

trustpilot-stars

Excellent

Excellent! Fast and easy! Thank you!!!


ROB BOWMAN

03 August, 2021

trustpilot-stars

The loan offer had very reasonable…

The loan offer had very reasonable rates. Fast approval and helpful service.


DAN MCHUGH

03 August, 2021

trustpilot-stars

Excellent

Excellent. Fast and Easy process. Definitely Recommend!


JOHANNA

03 August, 2021

trustpilot-stars

Easy

Easy, fast process. Money in account as promised. A little expensive to pay back but I plan to pay off early to reduce some fees!


CHRIS

03 August, 2021

trustpilot-stars

This is the second time I have borrowed…

This is the second time I have borrowed from Upstart. It is easy and I have not had an issue at anytime. I was approved both time within a couple of days and their rates are fair. I would recommend Upstart.


TOLEDO

03 August, 2021

trustpilot-stars

Great company

Great company, easy process, wonderful to help build your credit


KERIN

03 August, 2021

trustpilot-stars

Easy application

Easy application, no big hoops to jump through and consolidation of my bills to one monthly payment will make things so much easier!!!


TIERRA

03 August, 2021

trustpilot-stars

Extremely helpful and quick

Extremely helpful and quick! Answered all of my questions in a very informative and professional manner. Easy to use!


KAREN

03 August, 2021

trustpilot-stars

Happy and blessed

I have had a lot of pitfalls from the COVID-19 and this was a wonderful blessing for me when I got this chance to apply. I’m so happy and it was a simple process and I would recommend this to anyone who needs assistance. Thank you so much.


LESLY

03 August, 2021

trustpilot-stars

This process was soo simple and the…

This process was soo simple and the Website was very easy to read and follow through without so much being thrown at you


KEN LAFOGG

03 August, 2021

trustpilot-stars

Fell on hard times .Car repAuto Repair Is Very $$$$$$$$air was…

Fell on hard times .Car repair was needed very expensive.The Garages dont want to hear your story they just want their money.Upstart came to my rescue


MITCHELL WOHLGEMUTH

03 August, 2021

trustpilot-stars

Fast

Fast, easy.... would recommend and would use again!


MICHELLE

03 August, 2021

trustpilot-stars

So far I like how easy it was to get…

So far I like how easy it was to get approved for the loan I needed. It said I should have the money same day as approval. Now to wait and see if it gets deposited today or tomorrow. I am happy with them


MARIAH

03 August, 2021

trustpilot-stars

Quick and easy process....LOVE upstart!

Quick and easy process....LOVE upstart!

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