Upstart is one of several lenders that offer loans for people with less-than-perfect credit. See more of the best personal loans for bad credit.
Pros Explained
- Can be used for education expenses: Most personal loan companies prohibit borrowers from using loan funds for education-related expenses, such as college tuition or student loan repayment. But Upstart explicitly states that those expenses are permissible uses for its loans.
- No credit score minimum:Upstart states that its credit score minimum is 300 (which is the lowest possible score), but it may also accept borrowers with no credit history at all, if they enrolled in or graduated from a degree program. Many lenders require scores that are good to excellent—a score between 670 and 850—so Upstart’s low minimum is a standout feature.
- Broad range of loan amounts: While some lenders have maximums of $25,000 or less, Upstart offers up to $50,000 in personal loans.
- Quick loan disbursem*nt: Some personal loan lenders can take days to disburse funds after approving your application. With Upstart, most loans are disbursed within one business day.
Cons Explained
- Potentially high origination fee: Upstart charges origination fees. Depending on the lender and the borrower’s profile, the fee can be as high as 12% of the loan amount. Not all lenders charge origination fees, so borrowers with strong credit profiles should shop around.
While $1,000 is Upstart’s minimum loan amount in most states, there are a few exceptions to this rule:
- Georgia: $3,100
- Hawaii: $2,100
- Massachusetts: $7,000
Types of Personal Loans Offered by Upstart
All of Upstart’s personal loans are unsecured, so there’s no collateral. Loans originated through Upstart can be used for a wide range of purposes, including:
- Financing a dream wedding
- Renovating your kitchen or bathroom
- Consolidating credit card debt
- Paying for elective medical procedures
- Moving to another state
Lenders usually prohibit borrowers from using personal loans for education expenses or student loan repayment. But Upstart allows borrowers to use its personal loans to pay for college tuition or certificate programs, and you can even use the loan to pay off your student loan debt.
However, loans cannot be used for education purposes in California, Connecticut, Illinois, Washington, or Washington, D.C.
Since personal loan rates are usually higher than student loan rates, it’s usually not a good idea to pay off student loans with personal loans. Learn more about student loan refinancing and see our best picks to see if you qualify for a lower interest rate.
Time to Receive Personal Loan Funds
Upstart boasts quick disbursem*nt times. It takes just a few minutes to apply online, and you usually receive a decision within minutes. Personal loan funds may be transferred the next business day as long as you accept the loan terms before 5 p.m. ET, Monday through Friday (loans used for educational purposes are subject to a three-day wait period).
According to the company, 99% of personal loan funds are sent within one business day after signing the loan agreement.
Borrower Requirements
To qualify for a loan from Upstart, you must meet the following criteria:
- You must have a valid U.S. address and Social Security number
- You must be at least 18 years old
- You must have a job, job offer with a start date within six months, or another verifiable source of regular income
- You must have a personal banking account at a U.S. financial institution
- You must have an email account
- You must have a credit score of at least 300 or insufficient credit history to generate a credit score
Upstart Personal Loan Features
Upstart uses AI-driven algorithms to review loan applications. Its AI platform considers other factors besides credit scores, such as education and employment, to determine borrowers’ eligibility for a loan. As a result, borrowers without established credit histories or less-than-perfect credit may be more likely to get a loan through Upstart than with other lenders.
Upstart also has educational tools and calculators customers can use to better manage their finances. And the company operates an affiliate program. Those with websites, blogs, or other social media platforms can promote Upstart and earn 1% of each funded loan.
Before taking out a personal loan, use our personal loan calculator to estimate your monthly payments and see how much you’ll pay in interest over time.
Co-Signers and Co-Applicants
While some lenders allow co-signed or joint applications, Upstart doesn’t offer that option; you must qualify for the loan on your own.
Can You Refinance a Personal Loan With Upstart?
If your credit or income has improved since you took out a loan, you may consider refinancing your debt to get a lower rate. Unlike some lenders that allow borrowers to refinance and adjust the terms of an existing loan, Upstart doesn’t have a specific option for personal loan refinancing.
However, borrowers can take out a second Upstart loan and use it to pay off existing debt.
You can qualify for a second loan through Upstart if:
- You've made on-time payments for the six previous consecutive months
- You have no past-due payments
- You have no more than one outstanding Upstart loan
- You have no more than $50,000 of outstanding principal
Customer Service
Customer support is available through phone or email seven days a week.
| Medium | Contact | When |
| Telephone | (650) 204-1000 (local) 1-855-438-8778 (toll-free) | General Support (M–Su): 9:00 a.m.–8:00 p.m. ET Payments: M–F: 9:00 a.m.–9:00 p.m. ET Sa: 10:00 a.m.–7:00 p.m. ET |
| support@upstart.com | Does not disclose |
Customer Satisfaction
Upstart has a mixed reputation among customers. On Trustpilot, it has a 4.9 (Excellent) TrustScore based on over 43,000 reviews. However, in the 2023 J.D. Power U.S. Consumer Lending Satisfaction Study, Upstart was ranked 15th out of 18 lenders, with a below-average score.
How to Qualify and Apply for an Upstart Personal Loan
Upstart has a pre-qualification tool you can use to check your eligibility and view available rates. The pre-qualification process takes just a few minutes, and it doesn’t impact your credit.
If you decide to proceed with applying for a loan, the following is a step-by-step explanation of how you can apply online:
- Pre-qualify: Click the "Check Your Rate" on the Upstart website to begin the pre-qualification process.
- Complete the pre-qualification form: You'll need to fill out some basic details about yourself, including your education information, total savings and investments, and contact information. From there, you'll get a custom quote.
- Complete loan application: If you decide to proceed, you can select your desired loan term and loan amount and complete an application online. The application will prompt you to enter your contact information, Social Security number, and income. Upstart will also ask you to consent to a hard credit check.
- Receive your loan funds: Once you've accepted your loan offer and completed your application, you should receive your funds the following business day, so long as you're approved before 5:00 p.m. ET, Monday through Friday.
While Upstart has a loan pre-qualification tool, your actual rate may be different based on your credit history and other factors. When you submit your application, Upstart will perform a hard credit inquiry, which can affect your credit.
Compare Upstart With Other Personal Loan Lenders
| Upstart | Upgrade | LightStream | |
|---|---|---|---|
| APR Range | 7.80%–35.99% | 8.49%–35.99% | 6.99%–25.49% |
| Loan Amounts | $1,000–$50,000 | $1,000–$50,000 | $5,000–$100,000 |
| Loan Terms | 36–60 months | 24–84 months | 24–144 months |
| Recommended Minimum Credit Score | 300 | 620 | 680 |
| Origination Fee | 12.00 | 9.99 | None |
| Time to Receive Funds | 1 day | 1 day | Same day |
Upstart can be a good option if you have poor (or no) credit, but borrowers with better credit scores may find better options elsewhere. Browse our top picks to check your rates with a few different lenders.
- Best Personal Loans
- Best Bad Credit Loans
- Best Loans for Excellent Credit
- Best Personal Loans for Fair Credit
- Best Personal Loans With a Co-Signer
- Best Small Personal Loans
The Bottom Line
Upstart stands out from other lenders with its AI-driven platform, low credit score requirements, and available loan amounts. Borrowers without established credit histories or lower credit scores who have struggled to find lenders willing to work with them may find that they have a better chance of getting a loan through Upstart.
However, Upstart’s APRs can be high, and origination fees can be as high as 12%. For borrowers that have good credit, Upstart’s loans may be too expensive, and they may be better off shopping around. You can get quotes from leading personal loan lenders that offer lower-than-average APRs, and some shopping around could save you some money.
Is Upstart a Credible Lender?
Upstart partners with nearly 100 banks and credit unions to connect borrowers with lending options. Loans are originated by Upstart's partners, and Upstart's role in the process is to use its AI-driven algorithm to evaluate applications.
Is It Hard to Get a Loan Through Upstart?
One of Upstart's objectives is to try and connect borrowers with less-than-perfect credit to lending opportunities. Its algorithm takes into account more than just an applicant's credit report or credit score to determine risk. In some ways, this alternative approach can make it easier for those with lower credit scores to get approved.
How Much Will Upstart Approve for Me?
Upstart approves loans for as much as $50,000, but the amount approved for any single individual is determined by risk factors. Applicants with the best credit are most likely to be approved for the full amount.
How Does Upstart Verify Income?
Upstart will require different documentation depending on your income type. All documents must include your name and the company name listed,be recent (i.e., no older than 30 days), and be clear and complete (i.e., all four corners must be visible and all parts of the document must be legible).
Methodology
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (Advertised APR, fees, and six other factors): 29.25%
- Loan terms (Loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (Credit score, membership requirement and six other factors): 28.5%
- Additional features (Online application, pre-qualification, and eight other factors): 20%
Read our fullpersonal loans methodologyto learn more.
