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Personal Loans

Upstart Loans Review

Updated Nov 30, 2023   |   5-min read

at Upstart’s secure website
Editorial Rating

Editorial Rating

What we like:

Availability of customer support

Rates (APR)7.46% – 35.99%
Loan Terms3 or 5 years
Loan Amounts$1,000$50,000
FeesOrigination fee: 0.0% – 8.0%

Prepayment penalty: None
See how Upstart’s personal loan product stacks up with other options

Upstart was founded in 2012, focusing on leveraging AI and machine learning to automate the borrowing process. It aims to price credit appropriately by looking beyond credit scores to consider your employment, income, education, and other key factors.

Upstart has a direct-to-consumer lending platform where borrowers can get personal loans online, and it provides its technology to other financial institutions, including banks and credit unions.

Upstart has benefits and downsides to consider. This Upstart personal loans review will help you decide whether it’s the right lender for you.

In this review:

Upstart Personal Loans Overview

Upstart Personal Loan
Loan amount$1,000$50,000
Term lengths36 months or 60 months
APRs7.00% – 35.99%
Origination fee0% – 10%
Prepayment penalty$0
Minimum credit scoreNo minimum credit score in most states
Visit websiteView rates

If you’re looking for a personal loan, there are many reasons to consider Upstart. Interest rates are in line with most competitors, although the exact rate you’ll pay will be determined by your credit score, academic history, career, and other factors.3

You can use an Upstart personal loan for just about everything: as a home improvement loan, to pay for a wedding, or as a debt consolidation loan. It’s up to you what you do with the loan proceeds once approved.

However, it’s worth pointing out that Upstart is best suited for people seeking a personal loan for fair credit or bad credit. Upstart doesn’t have a minimum credit score in most states.

Pros & Cons of Upstart Personal Loans


  • Borrow a low loan amount if you want to.

    Upstart allows you to borrow as little as $1,000. Many other competitors have larger minimum loan limits.

  • Get your money quickly.

    Accessing your money as fast as within one business day is a huge advantage if you need fast access to cash.

  • Qualify without a high credit score.

    When you’re still building credit, it can be frustrating when you’re not able to borrow when you need to. Upstart makes qualifying easier by considering several additional factors, such as your study area.

  • Get a 15-day grace period on late payments.

    If your payment falls outside the grace period, Upstart will charge you a late fee of 5% of the unpaid amount, or $15, whichever is greater.


  • Maximum loan amount is lower than some competitors.

    You can borrow a maximum of $50,000 from Upstart. If you have a lot of debt to consolidate or need to make a major purchase, Upstart may not provide all the funding you need.

  • High origination fee.

    Many lenders have done away with origination fees altogether. However, the fee to get a loan from Upstart can run from 0% – 10%. This will eat away at your total loan amount before you even get funding, requiring you to borrow more and pay more in interest.

>> Read More: What Credit Score Is Needed for a Personal Loan?

Eligibility & Application Process

Applying for an Upstart personal loan is quick and easy, and the entire loan application process can be completed online. When you first visit the Upstart website, you can get an estimated interest rate and your chances of loan approval without having a hard inquiry entered on your credit report.

This is important because each hard inquiry recorded on your credit history remains for two years, and too many hard inquiries cause your FICO score to drop.

To find out what rate you might receive, you’ll need to submit some basic personal information such as your:

  • Full name and address
  • Social Security number
  • Current income

If you decide to move forward with your loan application, Upstart does a hard inquiry into your credit history to determine your full financial status, including your job history, debt-to-income ratio, and the types of debt you carry, such as risky credit card debt or more reasonable student loans.

The interest rate you’re offered is based in part on your credit score, but Upstart also looks beyond just this to get an idea of the type of borrower you are.

For example, Upstart will consider your career, whether you have a college degree, and other details about your finances and professional life. Since the lender doesn’t focus solely on FICO credit ratings, it’s an especially great choice for young people who are still working on building their credit.

Choosing your loan term

Upstart will also give you an option for how long you want your loan term to be. You can choose a repayment term of three-year repayment term or a five-year.

Longer loans can have higher rates and cost more in the long run because you pay interest over more time. However, monthly payments will be lower than on loans with shorter repayment timelines, since you have more time to repay the loan.

Accepting your offer

Upstart typically provides you with an initial rate proposal and loan offer right away. Once you accept, you submit your full application.

Sometimes you may have to submit additional documents, which can delay the application process. When your final application for your loan is approved, you’ll receive your funds right away.

Ninety-nine percent of Upstart borrowers have the money in their bank account by the next business day after their loan is approved.

Where to Find Upstart Alternatives

Upstart is a decent choice for borrowers with fair credit who are looking to borrow just a small amount. If you’re able to qualify for an Upstart personal loan with a low origination fee, it may be a great lender for you.

But if you have good or excellent credit and you want to borrow a larger amount, you should look elsewhere.

Compare your offer from Upstart with quotes from a couple of lenders from our list of the best personal loans. That way you can know you’re getting the best deal for your situation.

You might also be interested in these other guides:

To learn more about Upstart, check out our interview with its CEO, Dave Girouard.

Ready to apply for a loan through Upstart? Check out its website.

  • Rates (APR): 6.12% – 35.99%
  • Loan amounts: $1,000 – $50,000
  • Term lengths: 36 or 60 months