Upstart (2024)

FAQs

Is Upstart a legit loan company? ›

Upstart received an A+ rating from the Better Business Bureau (BBB), but unfortunately received an average of just 1.23 out of 5 stars over more than 200 consumer ratings on the BBB website.

Is Upstart hard to get approved for? A personal loan through Upstart is not hard to get approved for since there is no credit score requirement. However, you will need an annual income of at least $12,000, a valid bank account, and no bankruptcies or public records on your credit report to qualify.

Upstart (Nasdaq: UPST) 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.

The fact that Upstart is hugely exposed to broader macro factors, particularly interest rates, is its primary risk.

The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws.

A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.

Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application. To this end, you'll have to provide login credentials for the bank account listed on your application.

Does Upstart hurt credit score? ›

Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.

Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

Upstart recognizes independent contractor and sole proprietorship income by verifying your net profit or loss plus adding any depletion and depreciation. Been on this job for less than a full calendar year? Use the income present on your contract. No need to review your tax returns.

Upstart's underwriting model uses machine learning to consider factors like education, employment and credit score, if the applicant has one, to approve applicants. Even if you have a credit score as low as 300, you could still be approved.

You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.

If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus. This answer was first published on 01/06/22 and it was last updated on 12/14/23.

Funds are sent to the banking institution within 1 business day of your origination date. Timing of funds availability will vary based on your financial institution, if you have questions related to funds availability please reach out directly to your banking institution for more information.