Upstart Personal Loans

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.

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 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.

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.

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 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?