Is Upstart legit?

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Founded in 2012, Upstart is an online personal loan lender that uses artificial intelligence (AI) to help people, even those with bad credit, obtain loans. Loans are available for a variety of purposes, including debt consolidation.

  • 797 Reviews analyzed
  • 3/2/23 Verified not a scam

What is Upstart?

Upstart is an online lending platform offering personal loans, auto loan refinancing and debt consolidation loans. It uses AI to inform its loan decisions, evaluating more factors than just credit score, opening up its loans to those with poor credit. Personal loan amounts range from $1,000 to $50,000. Upstart has no prepayment penalty and can provide fast funding.

What consumers say about Upstart

Customers praised factors including the ease and speed of the loan process, customer service and competitive rates.

ConsumerAffairs currently has a limited number of reviews from its readers for Upstart.

» MORE: Verified Upstart reviews

Review aboutLoan processCustomer serviceSpeed of process
Positive experience 365 88 247
Negative experience 43 31 4

Is Upstart a scam?

Upstart is an AI-assisted online lending platform offering personal loans to borrowers with all credit scores and has overall favorable reviews from customers. Before taking out a loan with Upstart, make sure you carefully and thoroughly review all loan terms and conditions.

Although Upstart is not reported to be a scam, the Consumer Finance Protection Bureau (CFPB) issued two no-action letters, one in 2017 and one in 2020. No-action letters give companies special regulatory privileges related to specific matters and the issuing agency agrees not to take legal action for violations. These no-action letters were in regard to Upstart’s AI lending practices and were terminated in 2022.

Additionally, in March 2023, Upstart’s primary banking partner, Silicon Valley Bank, failed. However, its personal loan lending did not appear to be affected.

Upstart information

Age of business 11 years
Year founded 2012
Headquarters Upstart Operations Dept., P.O. Box 1503, San Carlos, CA 94070
Phone Number(s) (650) 204-1000 (local) or 1-855-438-8778 (toll-free)
Email support@upstart.com
Website https://www.upstart.com/
Is website secure Yes
Forms of contact available Phone, email, mail
Trade organization membership
States of operation 46 states and Washington D.C.

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