Features

Upstart is an online lending marketplace that specializes in offering loans to recent college grads with fair to excellent credit. Instead of focusing exclusively on credit scores, credit history, and income, Upstart looks at the education and job history of loan applicants when assessing eligibility.

How Does It Work?

Upstart has developed its own algorithm to calculate the likelihood a borrower will default on a loan. The algorithm includes factors other lenders don't look at so closely, such as area of study and their grades on standardized tests.

The company provides young adults with promising futures but without a lengthy credit history the chance to pay off their debt at lower rates. Even borrowers with less than 10 years of credit history can qualify for low rates, particularly when they have a college-level education. Having a job is not a requirement for borrowers who are attending an Upstart partner bootcamp.

What Are The Rates And Terms?

- Rates range from 6% APR to 29.99% APR depending on how you score with Upstart's creditworthiness algorithm.

- Borrowers can choose loan terms of three or five years.

How Much Money Can I Borrow?

Loan amounts range from $1,000 to $50,000. A total of $902.96 in interest. 

Which States Do They Operate In?

Upstart operates in all states except West Virginia.

What Is the Application Process Like?

It only takes a few minutes to complete the online application and Upstart performs a soft pull on your credit so that applying won't affect your credit score. As well as the usual credit related questions, the application questionnaire looks into your level of education, what you majored in, your salary and your field of work. After a couple of minutes, you will receive a preliminary rate based on the information you provided.

The minimum FICO score to qualify for a loan is 620. Upstart doesn't have a minimum income to qualify but does require that you have a source of regular income. 

How Is It Better Than Other Lenders?

Upstart allows college graduates with limited credit history to qualify for competitive rates by using a new data-driven method of identifying creditworthy clients. This creates a more comprehensive view of borrowers' likelihood to default. It also gives a chance to recent graduates loaded down with debt or who need start-up cash to get their careers going. The application process is simple; there is no prepayment penalty, and rates are fixed.

  • Loan Amount
    $1000 - $50000
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    6% - 29.99%
  • Max Loan Term (Months)
    60
  • Checking Account Required?
  • Credit Score Range
    620 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military and Dependents
    • Non-Military
  • Minimum Age
    18
  • Minimum Income
    $12000
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Approval Speed (Hours)
    24
  • Customizable Payment Dates
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Late Fee Amount
    $15
  • No Prepayment Fee
  • Origination Fee
    Up to 8%
  • Institution Type
    Marketplace Lender
This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Duplicate offers received as a result of multiple injuries by the same person are void. This offer may be accepted only by the person identified in this offer and legally able to enter into a contract for the extension of credit and a U.S. citizen or permanent resident and currently a resident in the US. You may be eligible for loan amounts from $1,000 to $50,000, subject to final loan approval. The minimum loan amount is $6,000 for borrowers in Ohio and $7,000 for borrowers in Massachusetts. APRs range from 5.67% - 29.99%. Not all applicants will qualify. Loan approval, APR and loan amount will be determined based on your credit, income and other information provided in the application. Closing your loan is contingent upon you meeting our eligibility requirements, our verification of your information and your agreement to all of the terms and conditions on the www.upstart.com website. If you accept your loan by 5 PM ET (except weekends and holidays) you will receive your funds the next business day. Education-related loans are subject to a mandatory 3 business day waiting period, following the applicant’s acceptance of the loan terms.
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

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0 votes

I applied for a loan with a good credit score and debt usage at 64%. It took them a week to contact me wanting my babk statement and color copy of my drivers license. The site only asked for my utility bill and it was another 4 days before i heard anything back. Finally today i got an email telling me i was approved and just needed to accept the loan. Once i took care of that i get an email telling me i was denied because an inquiry showed ... up on my record between the day i filled out the app and today. Not thrilled that i got denied just because i got a promotion and had to have my credit ran because my new title requires me to have a toolbox. Such a waste of time! More Less

0 votes

Well, It started out promising, but things just got weird! I chose to withdraw my application because they waited until the 11th hour to bombard me with some strange requests/requirements. I got cold feet and felt that I was being taken for a ride, and yes, even demoralized. I began this process by submitting my credit report/FICO, check stubs, bank statements, state issued ID, but that wasn't even close to what they needed. They said I'd hear something in 3-5 days. ... Fast forward to day 14 (this is also known as the 11th hour) the day before my "quoted" interest rate was to expire. All of a sudden, they needed a bazaar video of myself, stating my name, D.O.B all while holding my ID up to my chin (think of a mug shot) and then I have to explain why I needed this loan and that I promise to pay it back in full. ( very strange and demoralizing) What happened to an old fashioned sign here on the dotted line, contract? Anyway, the video felt very wrong.... and then I got two more emails requesting a certificate of something I've never heard of, and finally, they requested/required that I had to create a brand new email account using my "Unique" name. Apparently, I wasn't permitted to use my existing email on file- So I had to open/create a new one. I didn't stick around to see what other weird stuff they needed from me, so I sent them a "Withdraw my application" email, and then replaced all the files I uploaded with blank documents. Please don't believe the "rave"reviews on Credit Karma. They're fake, and my (1 star) critical review has already been removed. More Less

0 votes

They denied a loan because I have too much debt! Umm ok if I didn't have a lot of debt I wouldn't have been applying for a consolidation loan!!!


0 votes

Quick response and not bad intrest rate would recommend, hope I don't have to take a loan again


0 votes

Upstart has terrible interest rates and there whole spiel is that they can let you know if you are approved without affecting your credit score. However, even if you provide accurate proof of all the information you provided in the pre-approval process they can still reject you in the final step. And this rejection is AFTER they have strung you along saying you are approved and they have already negatively affected your credit score. The whole thing is a sham and just poor form.


0 votes

I qualified for a great rate, but once they discovered I was deployed overseas in the military (disclosed by me) but still with a home in the U.S., they stopped the proccess and revoked their approval. Wonderful thanks for keeping them safe.


0 votes

The time and personal amount of personal information you have to divulge in order to apply for a, so called, pre-approved loan is too much. I gave the ALL the info they asked for only to be turned down because, and I'll copy and paste from the email here;

I wanted to let you know about the status of your application. I updated the following components:

- Adjusted your use of funds based on your responses on the verification call

Unfortunately, these changes caused you to be disqualified because insufficient expected ... income to debt ratio. You will receive an additional email that explains the reason for being ineligible.



What? I never stated prior to the verification call what I would be using the funds for. As a matter of fact, they're website states that you can use the funds for whatever you want. So, needless to say, I'm confused...and how does that effect my income to debt ratio...I told them I would buy inventory and pay off credit cards. Again, totally confused. Anyway, here's my experiecne with UpStart, do with it as you will. Good luck!
More Less


0 votes

I received a letter in the mail saying I was prequalified for a loan, but after I applied, I got rejected for a loan. This is false advertising and a waste of my time! Don't send me a letter saying I'm prequalified if I am not.


0 votes

THIS IS THE WORST LOAN COMPANY EVER. CUSTOMER SERVICE AND PROCESS IS TERRIBLE.


0 votes

Don't waste your time with this company..my credit score is more than they're required limit..I apply for 3K got approved initially got an email need supporting documents..got a phone call for verifying process the rep said everything ok just need the supporting document after I hung up got an email I was denied because of income debt ratio..they didn't wait for me to submit my supporting document and they denied you just like that after I submit all my bank information and everything. I work on the highly first class ... restaurant making 35K plus cash tips a year..I applied 3k for3years they approved me for15% 105 a month.. If you add the math I can easily pay this loan coz I only owe less than1600 on my store and credit card..I just got my green card and want to establish credit history..I called and I ask why I got denied and they say because of income debt ratio..how can you factor that when I didn't submit my supporting document you originally asked..totally bias and unprofessional..very bad experience.. More Less

0 votes

I was really skeptical and fine combed thru the details and eventually decided to give it a shot. I'm glad I did because I got a really great interest rate to consolidate my credit card debt. Also, my credit score is "good" in the low 700.

I got a call from a credit analyst a few hours after applying online and was shortly approved thereafter. The credit analyst was extremely transparent throughout the whole process.

Also, one thing to note is that the origination fee is taken out of ... the original loan amount, so you'll get the total approved about minus the loan origination fee. More Less


0 votes

Just awful, been round and round with them over a month. They request one document at a time, then take three days to get back to you to let you know they need something else. I have gone through mortgages on homes that asked for less information. They have no idea what they are doing. Avoid.


0 votes

I was denied a loan with a credit score of 728, which I don't consider bad. I think it's nice that they look at things other than a credit score, however that credit score shows that I am responsible. I changed jobs in the last 6 months and I'm pretty sure that was the reasoning behind not being approved for the loan.


0 votes

I was extremely skeptical at first because the rates just seemed to be too good to be true. Throughout the entire process I questioned everything, but when all was said and done I got the money I needed and I am a very happy customer.


0 votes

I have just read an article in a magazine about upstart that talked about what a great company they were. I figured I would try it for myself and and I couldn't agree more. Their customer service reps helped me every step of the way.


0 votes

Lame, I have a good credit score and was not approved. Not sure if it's because my educational background or what. I guess you need to go to an ivy league school in order to get approved or something. Is that even legal? Thanks for wasting my time Upstart loans.


0 votes

What's to complain about? After filling out the application in 30 minutes and talking on the phone for another five, I got a loan at a terrific interest rate. They do have a loan orgination fee, but it still is much less expensive than paying some out of this world interest rate at another company. I also like how their customer service is superb. They've got my vote!


0 votes

I totally overspent on Christmas and really got myself into a financial bind. Rather than put it on a credit card that I'd have to pay off in a month, I decided to try my first loan. It looks like I chose the right company. They gave me a good interest rate, and the application process wasn't very time consuming. Be careful about the loan origination fees, though, as they can get you if you don't add things up.


0 votes

Upstart seems to really know what they are doing when it comes to loans.I like how they are looking at more than just your credit history and credit score. Of course, I can say that because I have a college degree, but they also look at your work history. So if you have at least a 640 credit score and have a college degree and a job, you can get a really good interest rate with them. I was happy with 12%. It's a lot lower than the credit card ... that I'm paying off with the money I got from Upstart. More Less


0 votes

Finally, a company that understands that having good customer service is the ONLY way to do business anymore. My entire experience with this company--from applying, to getting my money, and even my Amazon gift card went really quickly and smoothly. I got a great interest rate, and the payoff options were clear and well spelled out. I can see myself getting another loan from them in the future.


0 votes

My first time ever trying to get so alone and my experience here was good as far as I know from personal loans. I don't know whole lot about personal loan companies or how they work or how long the loan is supposed to take but my experience was fairly painless.I got my loan within a week with hardly any credit history and the process was pretty easy.


0 votes

I've had loans for longer than 3 years and I didn't like it, because it really draws things out. I was happy to see that this company's loans are 3 years max. Yeah, it's going to be hard to get the thing paid off in time, but I would prefer to do it that way. I also like that there is no prepayment penalty, because I think I can get it paid off in 2 years if I really try. Good experience.


0 votes

So not worth the trouble I have someone good credit and couldn't even get approved for a damn loan. Went round and round with customer service ever emails and trying to get a hold over the phone with no response in a timely manner. Don't waste your time with this company they are not what they advertise


0 votes

My biggest pet peeve with many loan companies is that when you want an answer to a question you can't find anyone to help you. Emailing is like shouting into the wind, and it's often impossible to find a phone number on the site. Upstart makes it super easy and fast to contact someone. Although I do have to say that I haven't had much to ask them, because the loan process went so well, it makes me feel good to know that when I do have questions, they'lll answer ... them. More Less


0 votes

After getting loans last year with really, really, really high interest rates. Did I say really? I'm glad that I found this company. I am so relieved to have gotten a loan with an interest rate that won't make me regret having taken out the loan. The app process is pretty good--little bit of a hassle with the whole education thing, but still worth the price of the good interest rate. I'll be back!


0 votes

I was a little nervous when they said that you needed a degree to get one of these loans, because I only have my AA so far, but that was good enough. I was happy that it worked out, because my interest rate that I got of 15% wasn't the lowest around, but it sure is nowhere near the highest. If you have a good credit score and at least an AA degree, I would recommend them.


1 votes

Quick and easy application process that can be completed in well under an hour, and loan processing within days, not weeks or months. Attentive staff places customer service as a priority, working with customers to help them obtain lowest possible APR. An Amazon gift card with approved loans is a nice bonus!


0 votes

My first impression was, what a great website. They have some cool tools on the website that walk you through how much you need for your financial goals. And the chat function seems to be almost always working. There's also a lot of other really useful info on the site. And then there's the great interest rates on loans. I'm happy!


0 votes

In all honesty, I decided to apply for a loan with this company because of their Amazon gift card, which was great to get. But I have to say that I'm really glad I got a loan with them. The interest rate is great--fortunately I just barely had a high enough credit score. And I'm happy that there is no prepayment penalty. Not sure if I'll be able to pay the loan off early, but I'm gonna try.


0 votes

Finally, my college degree is helping me financially! I was really excited when I found that this company requires that not only do you need a good credit score (640), but you also need a college degree. I got a loan at a really good interest rate, which was a pleasant surprise, because I was skeptical. Some of my college friends have gotten loans at horrible interest rates. Of course, now they're jealous! :) Anyway, the process was fairly easy and I got the money within 4 days. They do ... have some fees--otherwise I'd give them 5 stars. More Less


0 votes

Great companywith good interest rates and excellent customer service. My only complaint is that I couldn't get out enough money from them to cover my big bill I had to pay. I got the loan anyway, though, because the interest rate was good. I had to go to another company for the rest. Not bad choice if you don't want too big of a loan.


0 votes

This company means it when they say that you have to have a good credit score, and a college degree. I had to apply twice before I got a loan. I waited a few months until my credit score went up a little bit. Fortunately, I do have a degree with student loans to prove it. The customer service is pretty good, the interest rate was really good, but my loan origination fee was higher than I thought it would be. Still better than a lot of other loan companies ... with crazy interest rates. More Less


0 votes

Every once in a blue moon you find a company that actually seems to have it together. This is such a company. Their website is useful and understandable, as was the application process. They have real people to answer your questions, their interest rates are competitive, and you can even pay off your loan early.


0 votes

It was kind of different that they asked about my college major and grades, but I didn't mind, since I did well in school. Good to know that an education can be worth something nowadays. The loan process went great. I applied within an hour and I was approved a day later. Then the next day, cash in my account. Just in time to pay a big bill. Good stuff.


0 votes

This company says that on average their interest rates are 30% lower than other lenders, and I have to say that from my experience they are definitely right. I got a fabulous interest rate, and the money in an amazing 36 hours! You can't say that for many other companies. They do have a loan origination fee, so make sure you do the math on that.


0 votes

Not thrilled about having to get out a loan because I had a flood in my house, but this process was a lot easier than dealing with my insurance company, which ended up not paying enough to fix things properly. A friend told my about Upstart and said they were good, so I gave them a try. They were right. I got a reasonable interest rate and the money quickly.


0 votes

Still waiting for my Amazon gift card,. which they said I'd get for applying. I am also a little bummed about the loan origination fees, which have added up to more than I thought they would. I'm glad there is no early payoff penalty, as I'm planning to get it paid off as soon as possible. The loan process went smoothly, though, and I got a good interest rate.


0 votes

Everything went well with my loan, except that I never did get my Amazon gift card. It was a small thing, but it miffed me that they didn't follow through with getting it to me. I think it had something to do with how long it took me to accept my loan, which is dumb. If they say they are going to give you a gift card and they give you a loan, they should also give you a gift card.


0 votes

The best part about this company is the fact that they don't charge any prepayment penalities. If you've ever paid any of these fees with other companies, you'll know what a blessing this is. I was also happy with the fact that I got approved within a day and then saw my money in my account the following day. I'll use Upstart again.


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