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).

• 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 cash. In some cases you can get your money within 1 business day.
• Fair credit accepted. The credit score needed for Upstart Personal Loans is relatively low. Borrowers with a credit score as low as 620 may qualify for Upstart Personal Loans.
• Large loan amounts. You can apply for loan amounts of up to $50,000 with Upstart Personal Loans.
• 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

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 fees does Upstart Personal Loans charge?

What do you need to qualify for Upstart Personal Loans?

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

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?

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 can help improve your credit.