3 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

  • Fast Funding
  • APRs from 4.6%
  • High Acceptance Rate
  • No Repayment Penalty Fees
Pros & Cons
  • Loans up to $50,000
  • Fast online application process
  • Uses AI and machine learning for better matching
  • Not available in all states
Author  Joe Chappius
Last updated: October 26, 2023
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Upstart Review

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, student 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 4.6%.

Note: Upstart loans are available 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 Loans

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

Application process⭐⭐⭐⭐
Loan terms⭐⭐⭐⭐
Customer support⭐⭐⭐

Do We Recommend Upstart?

Yes, we recommend Upstart as a reliable lender marketplace. Skip to our full review below and see how we rate Upstart.

Here’s what we’ll cover in this review:

Want to skip the details? Jump to our final verdict here.

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 4.60%. They offer a range of personal loans as well as auto refinancing.

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

Here’s a quick summary of Upstart:

Loan type:Personal loans
Loan amount:$1,000 – $50,000
Loan term:Up to 60 months
APR:From 4.60%
Min. credit score:600
Monthly fees:None
Payout time:One business day
Weekend payout:No
Requirements:At least 18 years old
U.S. citizen
Active bank account
Regular income
Min. credit score of 600

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

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

Compare personal loan rates here


Upstart’s fees are as follows:

  • Origination fees: One-time origination fee between 0% – 8%
  • 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 4.60% 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

One of the best features of Upstart is that they combine AI and machine learning which leads to a smarter credit model for loan approvals and borrower matches.

Upstart offers higher loan amounts of up to $50,000 compared to some other US lenders and APRs start relatively low at 4.60%. This makes them a very competitive lender marketplace for fair credit borrowers.


  • An origination fee of up to 8%

  • No cosigner option

  • Only longer-term loans available between 3 and 5 years

  • Not available in all US states

Upstart may charge origination fees which makes some loans more expensive to get. There is no cosigner or secured option, which may lead to higher APRs.

Who Is Upstart For?

Upstart is ideal for borrowers with fair credit who are looking for a low-APR loan up to $50,000. Upstart is available in most US states.

Eligibility Requirements

Here are the loan requirements when applying for an Upstart loan:

  • Be of legal age to contract in your state of residence 18 or 19 years
  • Be a US citizen or a Permanent Resident
  • A minimum credit score of 600
  • 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 An Upstart Loan

Step 1

Visit Upstart online

Visit Upstart online and choose the type of loan you need.

Step 2

Choose the amount you want to borrow.

Step 3

View your terms

Get an estimate on your rates and terms to get an idea of the affordability.

Step 4


If you want to go ahead with the loan, you’ll see a confirmation of your details.

Step 5

Get your funds

Once you accept, your fund will be deposited into your bank account as soon as the next day.

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 your education, your years of credit, 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.

Upgrades APRs are not the cheapest around but it’s among the lower-end when compared to other online lenders.

Compare personal loan rates here

Unique Data for Better Rates

Most lenders will only focus on the credit score of a lender to determine their eligibility. At Upstart, there is better data to determine a person’s probability of default.

Education and job history help better understand the borrower’s potential. Thus, it could lead to a lower rate.


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, with the exclusion of student loan applications. 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.

They are not the cheapest lender available with indicative APRs starting at 4.6%. Financer.com highly recommends comparing other lenders before you apply.

Compare personal loan rates here

More Upstart Loan 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:

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Reviews of Upstart

Upstart is rated 51 out of 316 companies in total rating and got an average review score of 5 based on 3 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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Amber Morrow 1 review | May 27, 2023
General Review
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John 1 review | February 8, 2021
General Review
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jfhslgas 1 review | August 5, 2017
Personal Loan Review
Reasonable costs and excellent customer service. I can highly recommend Upstart for anyone looking to get a personal loan.
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