Upstart review (2025)

Upstart partners with banks to provide personal loans to customers ranging from $1,000 to $50,000. The company offers a range of loans including personal loans, debt consolidation loans, and credit card refinancing.

As the world’s largest lending platform, qualifying for a loan doesn’t damage your credit score and APRs start as low as 6.70%.

Note: Upstart offers its service in most U.S. states except West Virginia or Iowa.

The Upstart model accepts 27% more borrows than traditional models and on average they claim to yield 16% lower APRs for their approved loans.

How We Rate Upstart

At Financer.com, all companies go through a thorough research and review process. Here’s how we rate Upstart:

Upstart Overview

Upstart was created by ex-Googlers and boasts the AI platforms’ ability to provide fair and fast personal loans.

The company offers loans to borrowers with fair credit from $1,000 to $50,000 and APRs starting at 6.70%. They offer a range of personal loans as well as auto refinancing.

Borrowers have 36 or 60 months to pay and the approval process is very fast.

Here’s a quick summary of Upstart:

Upstart has a transparent application process and you can check your rate without affecting your credit score.

Upstart has a unique AI system. As a lot of Americans are blocked from accessing credit, even with a stable payment history, Upstart implements a smarter credit model for lenders.

Fees

Upstart’s fees are as follows:

• Origination fees: One-time origination fee between 0% – 12%
• Prepayment fees: None
• Late fees: 5% of the amount or $15, whichever is greater
• Failed payment fees: $15 for each unsuccessful payment
• APRs: Range from 6.70% to 35.99%

Repayment Terms

Upstart’s loan terms are either three or five years, i.e., 36 or 60 months. This is ideal for borrowers who want a longer repayment term.

You may repay your loan earlier and there are no prepayment penalties.

Upstart Pros and Cons

Who Is Upstart For?

Upstart is ideal for borrowers with fair credit who are looking for a low-APR loan
from $1K-$50K. Upstart is available in most US states.

Eligibility Requirements

Here are the loan requirements when applying through Upstart:

• Be of legal age to contract in your state of residence 18 or 19 years
• Be a US citizen or a Permanent Resident
• Have an annual income of higher than $12,000 or a signed contract to start within six months
• Cannot have a current or recent bankruptcy
• Cannot be a resident of West Virginia or Iowa

Tip: Our online loan calculator can help you find a loan if you live in a state that Upstart does not service.

Who It’s For

Upstart is for you if:

• You have a good credit history
• Need funds fast
• Don’t have collateral
• Want to complete an online application

Who It’s Not For

Upstart may not be a good option for you if:

• You want no origination fees
• Need a loan of more than $50,000
• Want to take out a secure loan
• Live in these states: WV or IA

How To Apply for a Loan Through Upstart

How Financer.com Rates Upstart

Our review of Upstart is that it is a good option for borrowers who have fair credit and need good rates.

They have a relatively streamlined approach to their approval system and do accept more borrowers than traditional models.

Their rate-determining factors are not just based on your credit score but also on other factors such as your education, the length of your credit history, your areas of study, and your job history.

This enables them to accept borrowers straight out of university that are yet to build their credit history.

Compare personal loan rates here

Reputation

Upstart has a good reputation across the board. It is the world’s largest lending platform. Their fast application process takes only a few minutes.

The results are shown quickly. Their reputation holds due to their ability to accept more customers than traditional methods.

Upstart provides loans that are generally paid into the borrower’s account the next day. Those take three days to be approved by law.

Website and Functionality

Our experience with the Upstart website and customer feedback we have received is that it is very straightforward and simple to navigate.

The site having simplicity allows the borrower to find information quickly that is relevant to their individual needs.

Does Financer.com recommend Upstart?

Yes, we do recommend Upstart to customers that have a short credit history and have a guaranteed future income.

Compare personal loan rates here

More Upstart Reviews

What Users On the Web Are Saying

Upstart gets 4.9 out of 5 stars on Trustpilot, with users generally giving positive feedback:

On Quora, Upstart also gets generally positive user feedback:

More User Reviews – Add Your Rating

Read more reviews on Financer.com from verified users below.

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Disclosures

1. Your loan amount will be determined based on your credit, income, and certain other
information provided in your loan application. Not all applicants will qualify for the full
amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).

2. Although educational information is collected as part of Upstart’s rate check process,
neither Upstart nor its bank partners have a minimum educational attainment
requirement in order to be eligible for a loan

3. The full range of available rates varies by state. A representative example of payment
terms for an unsecured Personal Loan is as follows: a borrower receives a loan of
$10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51%
origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive
$9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year
rates offered in December 2024. There is no downpayment and no prepayment penalty.
Your APR will be determined based on your credit, income, and certain other
information provided in your loan application. Not all applicants will be approved.

4. If you accept your loan by 5pm EST (not including weekends or holidays), you will
receive your funds the next business day. When the funds will be available to you will
depend on your bank’s transaction processing time and policies.

5. While most loans through Upstart are unsecured, certain lenders may place a lien on
other accounts you hold with the same institution. There may be an option to secure
your personal loan through Upstart with your vehicle, which will require a lien to be
placed on the vehicle.It is important to review your promissory note for these details
before accepting your loan.

6. When you check your rate, we check your credit report. This initial (soft) inquiry will not
affect your credit score. If you accept your rate and proceed with your application, we
do another (hard) credit inquiry that will impact your credit score. If you take out a loan,
repayment information may be reported to the credit bureaus.