Highlights
Community Rating	Strongly not recommended
APR (Fixed APR)	6.53% - 35.99%
Loan Amount	$1,000 - $50,000
Loan Term (Months)	36 - 60 months
Number of Reviews	46

Upstart Personal Loans Review

Upstart Personal Loans is offered by Upstart, a marketplace lending platform founded in 2012 and based in San Carlos, CA. Upstart Personal Loans is available in 49 states (and Washington, DC).

Key Takeaways

APRs starting at 6.53%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Upstart Personal Loans are on the lower end of the spectrum.
Fast access to funds. In some cases you can get your money within 1 business day.
Large loan amounts. You can apply for loan amounts of up to $50,000 with Upstart Personal Loans.
Prequalified rate. You can check your prequalified rate at Upstart with a soft pull that will not affect your credit score.
Origination fees of up to 8%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
Minimum income of $12,000. You will need an annual income of at least $12,000 to apply for Upstart Personal Loans, which is below average for the lenders in our database

Upstart Personal Loans Pros & Cons

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. Considers applicants with fair credit.	APRs as high as 35.99%. Charges an origination fee of up to 8% of the loan amount. Charges a late fee of $15

Upstart Personal Loans FAQ

What rates and terms does Upstart Personal Loans offer?

Upstart Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does Upstart Personal Loans offer?

Upstart Personal Loans offers a fixed APR personal loan product that ranges from 6.53% APR up to 35.99% APR.

How much can you borrow via Upstart Personal Loans?

Loan amounts start at $1,000 and go up to $50,000

What is the maximum loan term you can get with Upstart Personal Loans?

Upstart Personal Loans offers personal loans with terms ranging from 36 to 60 months.

Upstart Personal Loans Rates & Terms
Loan Amount	$1000 - $50000
Loan Term	36 - 60 months
APR	6.53% - 35.99%

What fees does Upstart Personal Loans charge?

Does Upstart Personal Loans charge an origination fee?

Upstart Personal Loans may charge a loan origination fee of 0% to 8% of the loan amount. Upstart Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Upstart Personal Loans charge a late fee?

Yes, Upstart Personal Loans may charge borrowers a late payment fee of up to $15.

Does Upstart Personal Loans charge prepayment fees?

No, Upstart Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Upstart Personal Loans Fees
Origination Fee	0% - 8%
Prepayment Fee?	No
Late Payment Fee	$15

What do you need to qualify for Upstart Personal Loans?

Applicants with a credit score of at least 620 and up to 850 may be eligible for Upstart Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with Upstart Personal Loans, applicants need a minimum annual income of $12,000 or higher. Upstart Personal Loans only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Upstart Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Upstart Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

Applicants must have an active and valid personal checking account
Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

Upstart Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
Credit Score	620 - 850

What is the estimated funding time for a personal loan via Upstart Personal Loans?

Upstart Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.

Does Upstart Personal Loans report your account activity to credit bureaus?

Yes, Upstart Personal Loans reports your account activity to the following credit reporting agencies:

Equifax
Experian
Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Upstart Personal Loans Disclosure: 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 6.00% - 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 Disclosure: 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...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
2 Circle Star Way
San Carlos, CA 94070
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Other Services by Upstart

Investment

Refinance

Message From Upstart

This is Upstart. Our mission is to enable effortless credit based on true risk. Why? Because credit really matters. Money is a fundamental ingredient of life, and unless you’re one of the few percent of Americans with significant wealth, the price of borrowing affects you every day. Throughout history, affordable credit has been central to unlocking mobility and opportunity. Upstart is a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners. By leveraging Upstart's AI platform, Upstart-powered banks can offer higher approval rates and experience lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. Upstart is one of the first to apply AI to the multi-trillion dollar credit industry. Upstart goes beyond the FICO score, using non-conventional variables at scale to provide superior loan performance and improve consumers' access to credit.

You are more than your credit score. Fair and fast personal loans, next day funding, no prepayment penalty.

Message From Our Editor

What we love about Upstart

Upstart is a company that looks at more than just your credit score. For example, Upstart will look at things like your employment history, education, and future earnings potential when making a lending decision. That means that you may be able to qualify for a loan from Upstart, even if you have poor credit.

The company offers a quick and easy online application process and lets people borrow up to $50,000, which is sufficient to cover most expenses that people would need to use a personal loan for. If approved, Upstart can get the funds to your bank account as soon as the next business day.

Borrowers can work with Upstart from almost anywhere in the US. The only state where Upstart isn’t available is West Virginia.

What could Upstart do better?

Upstart does have some flaws to consider. One is that because it has an unusual process for determining creditworthiness, those with strong credit might get denied. If you have great credit but little education and work history, Upstart may not approve your application.

The company’s rates may also be higher than some of its competitors’ rates because of its unusual process.

Upstart’s backstory

Upstart is an online lending marketplace that matches lenders with borrowers using non-traditional methods to determine creditworthiness. The company was founded in 2012 and is headquartered in California.

The Verdict

If you need to borrow money but haven’t had time to build credit, Upstart can be a good choice of lender. If you have good education history and high earning potential, Upstart can offer strong loan options. If you have good credit, you’ll probably be able to get a loan from a more traditional lender, removing one of the main benefits of Upstart.

Availability

Available in 49 states and Washington, D.C.

Alaska
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
Washington, DC
Delaware
Florida
Georgia
Hawaii
Iowa
Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
North Carolina
North Dakota
Nebraska
New Hampshire
New Jersey
New Mexico
Nevada
New York
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount	$15
Origination Fee (%)	0% - 8%