Upstart Personal Loans

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About Upstart Personal Loans

Upstart uses artificial intelligence to help you find personal loans, auto loan refinancing or debt consolidation loans of $1,000 to $50,000 (minimum amounts vary by state). Rates are fixed and range from 5.22% to 35.99% for personal loans at the time of publishing, with terms of three or five years. Upstart has no prepayment penalties and a quick funding period. Borrowers with poor or no credit history are eligible to apply.

    Pros & Cons


    • Accepts applicants with poor credit
    • Check your rate with no credit hit
    • Funds as soon as next business day
    • No prepayment penalty


    • High maximum origination fee (8%)
    • No co-signers allowed

    Bottom Line

    Upstart uses an online AI lending platform designed to provide credit to more applicants. You can check your rate quickly with no effect on your credit score and, with approval, get funding as soon as the next business day.

    What is Upstart?

    Upstart is an online platform that specializes in fixed-rate personal loans with quick funding. It uses artificial intelligence (AI) to provide access to affordable credit; 70% of its loans are fully automated, meaning there is no human involvement from the time you make your initial rate request to when you finally get your funds.

    Upstart was founded by former Google employees, and to date, it has originated over $20 billion in loans.

    Upstart loan requirements

    To see available loan rates, fill out a form on Upstart’s website (this will not affect your credit score). You will need to provide your name, date of birth and address. Upstart also asks how you plan to use the funds.

    If you decide to proceed with an application, Upstart does a hard credit check, which may slightly affect your credit score. It also asks for bank account information and supporting documentation.

    To borrow with Upstart, you must:

    • Be at least 18 years old
    • Be a U.S. citizen or permanent resident
    • Not live in West Virginia or Iowa
    • Provide a Social Security number
    • Have a valid email address
    • Have a personal bank account
    • Have a full-time job, a current job offer or another source of regular income

    Upstart doesn’t require a down payment; the loan amount you qualify for depends on your credit, income and other personal information.

    Upstart loans are funded as soon as the next business day following signing, though loans for education-related expenses are subject to a three-day waiting period. Upstart doesn’t charge a prepayment penalty for users who pay off loans early.

    Upstart rates

    Upstart advertises personal loan APRs between 5.22% and 35.99% as of the time of publishing. Rates vary based on your credit and income; you can get a rate quote by filling out a form on the company's website.

    When you borrow using Upstart, you may have to pay certain fees. These fees can have a major impact on what your personal loan will cost you.

    Upstart doesn’t charge a prepayment penalty for its loans.

    Is Upstart good?

    Upstart has more lenient eligibility requirements than many personal loan lenders, making it a good option if you don’t have great credit. It also has a relatively low minimum APR compared to other personal loan lenders, and its maximum loan amount is reasonably high at $50,000.

    However, it only has two options for your loan term — three years or five years. Some lenders provide a variety of term lengths ranging up to 84 months or sometimes even longer.

    Loan amounts$1,000 to $50,000
    Term lengths36 or 60 months
    APR range5.22% to 35.99%
    Origination fee0% to 8%
    Prepayment feeNone
    Minimum credit score300

    Upstart also made it onto our lists for the best small personal loans and the best peer-to-peer lenders.

    As you shop around for a personal loan, make sure you check your rates with different lenders and compare their terms and fees so that you’re making an informed decision.

    Upstart FAQ

    What’s the minimum credit requirement for Upstart?

    Upstart states that applicants must have a minimum credit score of 300, but it also accepts applicants without enough of a credit history to produce a score.

    If you don’t qualify for a loan from Upstart, there may still be ways to get a personal loan with bad credit.

    Will Upstart hurt my credit?

    Checking rates on Upstart’s website requires only a soft credit inquiry, which doesn’t hurt your credit. When you apply for a loan, the lender performs a hard credit inquiry, which can affect your score.

    If you accept a loan offer, it affects your credit utilization, which can lower your score. However, if you make on-time payments over the entire term length, you can improve your score in the long run.

    How long does it take for Upstart to deposit money?

    Upstart loan funds are typically deposited the next business day as long as applicants accept the loan terms and complete all steps before 5 p.m. EST on a weekday. Otherwise, it often takes two business days. Loan funds for education purposes are subject to a three-business-day waiting period.

    Can you pay off an Upstart loan early?

    You can pay off an Upstart loan early without a prepayment penalty. Just make sure you know what to consider before paying off a loan early.

    Is Upstart legit?

    Upstart is a legitimate lender that has helped many people get the funds they need. It works with lawmakers to ensure its AI-based model stays unbiased, and the Consumer Financial Protection Bureau (CFPB) has evaluated Upstart’s process twice at the company’s request and issued no action letters (NALs) both times.

    Upstart’s AI model is designed to approve more applications and streamline the loan process for applicants and lenders. In most cases, the online process is fully automated. For borrowers who want a fast loan with no frills, Upstart is a good option to consider, and the company does accept some applicants with no credit history who meet other eligibility criteria.

    » MORE: Is Upstart legit?

    Upstart Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: April 13, 2023

    Worst customer service. They verify you which takes a few minutes, then transfer you because they say you're in the wrong department. Then that person ask what you need, and doesn't respond but immediately transfers you. The people who answer the phones have no answers or knowledge of the loan process or loan offerings. If you need a professional and knowledgeable loan company, then stay away from them.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 14, 2022

    After being approved via online and through my bank account. I then was asked to send supporting documents proving my account was my account. After calling the credit union, getting documents and sending proof over to them multiple times. While still in process of gathering documents they denied me for not verifying me before process was complete. I'm pretty sure this Violates Consumer protection laws! Stay Away from this lender!

    3 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 12, 2022

      After initially accepting the loan from Upstart I decided not to accept the loan due to the extreme interest rate. After contacting them I explain to a supervisor my situation. He reviewed the call log and informed me that I had called before the deadline to cancel the loan. He informed me that an investigation had to be done then they would not hold me liable for the processing fee and wait 5 to 7 days for an email update. The end result was that I was charged the processing fee $3,617.60 anyway after I was told I wouldn't be charged. Upstart is only good as long as you don't want to cancel the loan. A total rip off to someone who is already trying to get out of debt.

      12 people found this review helpful

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