Upstart partners with banks to provide personal loans ranging from $1,000 to $75,000. The company offers a range of loans including personal loans, debt consolidation loans, and credit card refinancing.
As a leading AI-powered lending marketplace, qualifying for a loan doesn't damage your credit score and APRs start as low as 6.2%.
Note: Upstart offers its service in most U.S. states except West Virginia or Iowa.
The Upstart model accepts 43% more borrowers than traditional models and uses over 1,500 data variables from 4.4 million repaid loans to assess creditworthiness beyond just your credit score.
How We Rate Upstart
At Financer, all companies go through a thorough research and review process. Here's how we rate Upstart:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Upstart?
Yes, we recommend Upstart as a reliable lending marketplace. Is Upstart worth it? For most borrowers with fair credit looking for fast funding, it is. Skip to our full review below to see our detailed rating.
Upstart Overview
Upstart was created by ex-Googlers and uses AI to provide fair and fast personal loans.
The company offers loans to borrowers with fair credit from $1,000 to $75,000 with APRs starting at 6.2%. They offer a range of personal loans as well as auto refinancing and debt consolidation.
Borrowers have 36 or 60 months to pay and the approval process is very fast, with funds often available the next business day.
Here's a quick summary of Upstart:
| Overview | Features |
|---|---|
| Loan type: | Unsecured personal loans |
| Loan amount: | $1,000 - $75,000 |
| Loan term: | 36 or 60 months |
| APR: | From 6.2% to 35.99% |
| Min. credit score: | 300 |
| Monthly fees: | None |
| Payout time: | One business day |
| Weekend payout: | No |
| Requirements: | Minimum age: 18. U.S. resident with valid SSN. Minimum credit score of 300 in most states. No bankruptcies in last 12 months. No current delinquent accounts. Fewer than 6 credit inquiries in last 6 months. Minimum annual income of $12,000. |
Upstart has a transparent application process and you can check your rate without affecting your credit score.
Upstart uses a unique AI system that analyzes over 1,500 variables to assess borrower risk. This approach helps Americans who might be blocked from accessing credit through traditional models, even those with a stable payment history.
Fees
Upstart's fees are as follows:
Origination fees: One-time origination fee between 0% - 12%
Prepayment fees: None
Late fees: 5% of the past-due amount or $15, whichever is greater
Failed payment fees: $15 for each unsuccessful payment
APRs: Range from 6.2% to 35.99% (fixed)
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.
Who Is Upstart For?
Upstart is ideal for borrowers with fair credit who are looking for a personal loan from $1,000 to $75,000. Upstart is available in most U.S. states.
Eligibility Requirements
Here are the loan requirements when applying through Upstart:
Be at least 18 years old (19 in some states)
Be a U.S. resident with a valid Social Security number
Have a minimum annual income of $12,000
Have no bankruptcies in the last 12 months
Have no current delinquent accounts
Fewer than 6 credit inquiries in the last 6 months
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 $75,000
Want to take out a secured loan
Live in West Virginia or Iowa
How To Apply for a Loan Through Upstart
Visit Upstart online
Visit Upstart online and choose the type of loan you need.
Choose the amount
Choose the amount you want to borrow.
View your terms
Get an estimate on your rates and terms to get an idea of the affordability.
Confirmation
If you want to go ahead with the loan, you'll see a confirmation of your details.
Get your funds
Once you accept, your fund will be deposited into your bank account as soon as the next day.
How Financer Rates Upstart
Our review of Upstart is that it is a good option for borrowers who have fair credit and need competitive rates with fast funding.
They have a streamlined, AI-powered approach to their approval system that accepts 43% more borrowers than traditional models.
Their rate-determining factors go beyond your credit score. Upstart's AI analyzes over 1,500 variables, including your education, employment history, areas of study, and income stability.
This enables them to accept borrowers who are building their credit history or have limited traditional credit records.
Compare personal loan rates here
Reputation
Upstart has a strong reputation with an A+ rating from the Better Business Bureau. Their fast application process takes only a few minutes, and most borrowers receive a decision almost instantly.
The platform partners with banks including Cross River Bank and FinWise Bank to originate loans. Approved funds are typically deposited into borrowers' accounts the next business day.
Website and Functionality
Our experience with the Upstart website is that it is very straightforward and simple to navigate.
The clean interface allows borrowers to check rates, explore loan options, and complete applications without unnecessary complexity. The pre-qualification process uses a soft credit check, so browsing rates won't affect your credit score.
Does Financer recommend Upstart?
Yes, we recommend Upstart for borrowers who need a personal loan and may not qualify with traditional lenders. Their AI-driven model is especially valuable for borrowers with fair credit or limited credit history.
More Upstart Reviews
What Users On the Web Are Saying
Upstart gets 4.9 out of 5 stars on Trustpilot with over 62,000 reviews, 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 from verified users below.
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Frequently Asked Questions About Upstart
Is Upstart a legit company?
Yes, Upstart is a legitimate lending marketplace founded in 2012 by ex-Google employees. The company has an A+ rating from the Better Business Bureau and 4.9 out of 5 stars on Trustpilot with over 62,000 reviews. Upstart partners with FDIC-insured banks like Cross River Bank and FinWise Bank to originate loans.
What are the risks of using Upstart?
The main risks include potentially high APRs (up to 35.99%) for borrowers with lower credit profiles, origination fees of up to 12% that are deducted from your loan proceeds before disbursement, and limited repayment term options (only 36 or 60 months). If you qualify for a high APR, the total cost of the loan can be significant.
Is Upstart hard to get approved for?
Upstart is generally easier to get approved for than traditional lenders. Their AI model considers factors beyond your credit score, including education, employment, and income. They accept credit scores as low as 300 in most states and report a 43% higher approval rate compared to traditional lending models. You can check your rate with a soft credit pull that won't affect your score.
Does Upstart affect your credit score?
Checking your rate on Upstart uses a soft credit inquiry, which does not affect your credit score. If you accept a loan offer and proceed with a full application, Upstart will perform a hard credit inquiry, which may temporarily lower your score by a few points. Making on-time payments on your Upstart loan can help build your credit over time.
What is the maximum loan amount from Upstart?
Upstart offers personal loans from $1,000 to $75,000. The exact amount you qualify for depends on your creditworthiness, income, and other factors evaluated by their AI model. Some states may have different minimum loan amounts (for example, $3,100 in Georgia, $2,100 in Hawaii, and $7,000 in Massachusetts).
How fast does Upstart fund loans?
Upstart can fund approved loans as quickly as the next business day. If you accept your loan terms by 5 PM EST on a business day, funds are typically deposited into your bank account the following business day. The entire process from application to funding can take as little as 24 hours.
