Upstart Personal LoansClaimed
in Personal Loans from Upstart
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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).
- 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
Upstart Personal Loans Pros and Cons:
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.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Upstart Personal Loans?
Loan amounts start at $1,000 and go up to $50,000.
What can a personal loan from Upstart Personal Loans be used for?
Personal loans from Upstart Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
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. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
|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.
|Origination Fee||0% - 8%|
|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 are 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 checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
|Bank Account Required?||Yes|
|Application Types Accepted||
|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?
Upstart Personal Loans reports your account activity to the following credit reporting agencies:
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 score.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee Amount||$15|
|Origination Fee (%)||0% - 8%|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||Individual Applications|
|Minimum Annual Income||$12,000|
|Supported Income Types||
|Verification Documents Required||
|Credit Score Range||
620 - 850
|Approval Speed||24 hours|
|Credit Bureau Reporting||
|Customizable Payment Dates|
|Funding Time Range||1 - 7 days|
|Pre-Approved Soft Credit Inquiry|
|Loan Amount||$1,000 - $50,000|
|APR (Fixed APR)||6.53% - 35.99%|
|Loan Term||36 - 60 months|