Upstart HELOC 2025: Clear Fees, Fixed Rates, But Short Draw Period and Limited Availability

4.0 _/5

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HELOC

• No hidden fees
• Fixed rate draws
• Quick closing with no appraisal

• High minimum initial draw
• Limited state availability
• Short draw period

Rates (APR)	3.99% – 18.00%
Loan amounts	$26,000 – $250,000
Repayment terms	Draw: 3 years / Repayment: 10 or 15 years
Min. credit score	600

Upstart is a solid online HELOC lender with a quick closing timeline, no appraisal requirement, and fixed rate draws. It’s a strong option for borrowers who need money fast and plan to borrow at least 80% of the loan during the draw period. Plus, customer service representatives are available five days a week and answer on the first ring, which isn’t usually true with online lenders. 

But the draw period is short—three years—and loans are only available in some states. So unless you know exactly how much you need to borrow, you might be better off with a different lender. Here’s how to figure out whether Upstart is the right pick for you.

Table of Contents

1. About Upstart home equity line of credit 
2. Upstart HELOC requirements
3. How long does it take to get a HELOC from Upstart? 
4. Pros and cons 
5. Alternatives 
6. FAQ 

About Upstart home equity line of credit 

Home equity lines of credit (HELOCs) can help finance home repairs and other large expenses. But it’s important to find the right lender. Upstart is transparent about its fees and has fewer charges than most lenders. You only need to pay a one-time origination fee of 1.00% – 4.99%. Plus, rates are fixed once you draw, making it easier to budget.

The biggest issue with Upstart is its lack of flexibility compared to similar lenders.  During the first draw, you must borrow at least 80% of your maximum credit limit. Some lenders, like Figure, have higher minimum draws, but Upstart’s is higher than most. (Several lenders, including TD Bank, don’t require a minimum draw at all.)

The company also has a shorter-than-average draw period—the time during which you can draw from your credit line. While most lenders, including Aven, have at least a five-year draw, with Upstart, you have three years to borrow from your credit line before your repayment period begins. You also only have a choice of two repayment terms compared to other lenders with at least five different terms. 

We’ve broken down Upstart’s HELOC terms in the table below.

Term	Detail
Rates (APR)	3.99% – 18.00%
Loan amounts	$26,000 – $250,000
Repayment period	Draw: 3 years / Repayment: 10 or 15 years
Fees	Origination fee of 1.00% – 4.99%
Discounts	None

Upstart HELOC requirements

Upstart’s HELOC eligibility requirements are hard to find. You must call the company for answers about minimum credit score, income, and debt-to-income ratio. But we found that once you call, the representatives are helpful and forthcoming about exact numbers.

The lending requirements are similar to those of other lenders. You need a solid credit score to get a competitive rate. Upstart’s max allowed loan-to-value ratio (LTV) is higher than average, at up to 97%. 

You can get a HELOC for almost any type of property, including single-family homes, condos, and townhomes, making it accessible to nearly every homeowner. However, depending on where you live, you might not qualify because of your location. Upstart HELOCs are only available in 27 states (and Washington, D.C.) as of April 2025. 

Requirement	Details
Min. credit score	600
Min. income	None
Max. LTV	Up to 97%
Max. DTI	Up to 57%
State eligibility	Listed below
Home types	Must be the primary residence—single-family home, condo, or townhome

How long does it take to get a HELOC from Upstart? 

It can take as little as six days to close the loan and 11 days to get the funds in your bank account. However, according to Upstart, only 10% of its HELOCs achieved such a short timeline, so it’s likely you won’t get your funds as fast. 

Let’s take a look at how the funding process works. 

1. Complete the questionnaire: Click “Check Your Rate” on the Upstart Mortgage website. Answer the questions about your address, loan amount, and purpose. 

2. Create an account: After you provide your address, you must create an account with your email address. You can’t view your rate until you complete this step.
3. Review your rate: Upstart completes a soft credit check, which doesn’t affect your credit, and provides a sample rate based on the information. The rate is variable until you complete a draw, which can’t happen until you close the loan—it might increase or decrease before then.
4. Verify your information: The next step is an identity verification process. The company verifies your name, address, and other personal information to confirm it’s true. You might need to provide education transcripts and proof of income. 
5. Complete the closing: If you live in a county that allows a Remote Online Notary (RON), you can sign your closing documents online. If you don’t, Upstart helps you schedule a mobile notary who can meet at your chosen location. 
6. Finish the waiting period: Federal law requires lenders to wait three days before finalizing a HELOC. During that time, you can cancel the loan without penalty as long it’s for your primary residence.    
7. Receive your funds: After the waiting period ends, you’ll get your funds. The company deposits the money in your personal bank account. 

Upstart home equity customer reviews 

Upstart has mixed customer reviews. Although borrowers appreciate the company’s fast funding, the application process is confusing for some people. 

Borrowers appreciate how easy it is to apply for a HELOC with Upstart. After checking out other lenders and the extensive application processes, customers report that Upstart’s process is less hassle. 

However, other customers are confused about the preapproval process. Some people receive a preapproval offer but then get denied later in the process. Even though it doesn’t affect your credit score to view sample rates, it might harm your score if you’re rejected or receive an offer you don’t want after a hard credit check. 

Platform	Rating	Number of reviews
Trustpilot	4.9/5	50,812
Better Business Bureau	1.28/5	178
Google	4.1/5	165

Upstart HELOC pros and cons 

Upstart offers solid loans with minimal fees and fast funding, but the draw period is short and requires a high minimum draw. Here’s what to consider. 

Pros

• No hidden fees

  Upstart is transparent about fees. The company’s only fee—an origination fee between 1.00% and 4.99%—is at the bottom of the homepage. This transparency is a welcome change from other lenders that charge higher fees and aren’t forthcoming about it. 

• Fixed draw rates

  The HELOC’s annual percentage rate (APR) won’t change once you get an advance. Rates can fluctuate for future draws, but that won’t change your monthly payments unless you get another advance. 

• Fast closing with no appraisal 

  Upstart’s closing is entirely digital, and you don’t need an appraisal. It’s a quick and more streamlined process than other options. 

Cons

• High minimum draw

  You must initially draw at least 80% of the loan value. Upstart isn’t the best fit if you prefer to draw less and redraw as needed. 

• Limited state availability

  Upstart is available in 27 states and Washington, D.C. 

• Short draw period

  Upstart has a three-year draw period. Most lenders offer five- or 10-year draw periods, making Upstart’s much shorter. Upstart’s short draw period might be a dealbreaker if you need more flexibility as you use the loan. 

Upstart alternatives 

The best HELOC lenders offer competitive rates, flexible draw periods, and minimal fees. Although Upstart meets some of these criteria, it falls short in others. 

For example, if you need a draw period longer than three years, Figure offers five years, and FourLeaf provides a 10-year draw. If you want to avoid an origination fee, FourLeaf charges zero fees. On the other hand, Aven stands out with its Lowest Rate Guarantee and an optional protection program through Securian.

With LendingTree, you can shop around and see your prequalified rates and terms with several lenders.

The following companies stand out as the best HELOC lenders, according to our research. 

FAQ 

Is it hard to get a HELOC from Upstart?

Upstart has standard eligibility requirements for HELOCs. You must have a credit score of 600 and a maximum debt-to-income ratio of 57%. These requirements are comparable to those of other top HELOC lenders, such as FourLeaf, Aven, and Figure.  

How much equity do I need to qualify for an Upstart HELOC?

To qualify for an Upstart HELOC, you need at least 15% equity in your home. See how to calculate your equity. 

Does Upstart offer fixed-rate options for HELOCs?

Upstart has fixed-rate HELOCs—sort of. Before you draw from the loan, the rate is variable. But as soon as you draw, the rate is fixed. If you make another draw, your fixed rate might change.

How we rated Upstart

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Upstart to several home equity lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
Upstart HELOC	4.0/5