Upstart is a personal loan provider that offers financial solutions primarily for recent college graduates and young professionals. What separates Upstart from other personal loan providers is its unique approval process. For a recent college graduate, this means Upstart would look heavily at the applicant’s GPA, SAT scores, and areas of study instead of only credit history. Because this process is tailored to meet the individual applicant, Upstart states it is able to save its borrowers over 25% compared to high-interest credit card rates.

The Good

High Likelihood of Approval

Upstart is an excellent choice for applicants with little to no credit history and have a quality education or a high-paying job. Upstart personal loans are tailored to meet the needs of the individual applicant. This is especially helpful for young professionals or recent college graduates. There is a minimum credit score requirement of 640 but there is not a minimum lines of credit or years of credit history required in order to apply. Factors that go into determining eligibility include:

  • Education
  • Areas of Study
  • Job History
  • FICO Score
  • Years of Credit

Flexible Options, Fast Disbursement

With the application process being tailored to better meet the needs of the applicant, Upstart is able to pass on its savings directly to the borrower. This can be seen in its 4.99%-29.99% APR Range, low fees, and competitive max loan term (5 years).The process, from start to finish, is also incredibly fast. Most borrowers are able to receive their funds the day after they applied/were approved (it takes up to three days for education loans). This is at least a day faster than some other top personal loan companies.

Want to see which rates you qualify for? Click Here

The Bad

Not Ideal for Debt Consolidation

Although the approval process is tailored to meet the needs of the individual applicant, being approved can be challenging. The average Upstart personal loan borrower has the following credentials:

  • Credit Score of roughly 620
  • Debt-to-Income Ratio 18%
  • Mid-twenties to mid-thirties

Since most borrowers are looking to consolidate debt, the above credentials can be difficult to meet.

Fees Can Add Up

Upstart personal loans do have fees to consider. It enforces an Origination Fee of 1%-6%. This fee is taken out of the loan before the funds are disbursed to you, meaning 1% to 6% of the total amount of the loan is taken out. This percentage is determined by how qualified the borrower is, with higher rates going to less qualified applicants. Upstart also charges late fees at a standard 5% or $15 (whichever is greater). Unlike some of its competitors, Upstart does not charge a Check Processing Fee. There also is no Prepayment penalty, making these loans a solid choice for consolidating debt or paying off high-interest credit cards.

The Bottom Line

Upstart is a solid choice for young professionals with little to no credit. Its unique application process allows these individuals to receive competitive terms that are ideal for consolidating high-interest debt. Upstart personal loans are funded the day after an applicant has been approved, making them a solid choice for someone in need of cash quickly.

Wondering which rates and terms you qualify for? Click Here

*Chances for Approval: Star rating is determined by evaluating APR Range, Minimum Credit Score Requirement, Max Loan Length, and other related approval data.

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

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313 Upstart Reviews

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  1. User Score

    10

    March 10th, 2017

    John T is the reason for the 10 as well as the people that approve the loans. We’ll done Freedom PLus.We. started application Thursday and loan was funded Friday. Wow,, you people are amazing

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  2. User Score

    0

    February 13th, 2017 Mount Laurel, NJ

    Almost a bait and switch. I applied they asked for supporting documentation for which I provided. Then on the day they were supposed to review the application I was told that it would be another few days. 2 days before my rate was going to expire I get 2 emails. The 1st one was sent to me in error with someone else’s information. The 2nd email was asking for documentation for which I already provided. So I provided them with the requested information and submitted. I then get a text message saying congratulations, I was approved and to log in to finalize the details. When I then log in only to find out that I was declined. Overall their customer reps are very nice and helpful but the underwriting process is overall horrible. I would not suggest upstart based off of my own experience.

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    6

  3. User Score

    0

    August 16th, 2016 Houston, TX

    Throughout the application process I was quoted an interest rate of 15.51%, which was fairly decent for what I was trying to accomplish. I was told three times during the verification call that my rate was solely contingent upon me verification of my education by the 12th, which was a Friday. I asked that representative three different ways and was assured that my rate was guaranteed if I submitted my documentation on time. The following Monday I was advised that my loan had been approved but that my interest rate had “expired”. Not that anything hand changed or not been submitted on time, but “EXPIRED”. They wanted me to accept this loan at 22.3% lol. Not on your life. I placed a follow up call upon receipt of these new (entirely unacceptable) terms I was told that “I had been misinformed”, that they didn’t have enough time to review the information before it expired, and that it was because my credit report had changed blah blah blah. This guy I talked to today was so wishy washy and kept changing his story, and was probably helpless to remedy the situation regardless. (I monitor my credit report and no it actually hadn’t changed at all.) No they could not revert the interest rate back to the one I had been quoted through out. This is simply Bait and Switch. I am guessing that Upstart assumes people are desperate enough to take it at the 11th hour. Don’t fall for it.

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    20

  4. User Score

    0

    July 30th, 2016 Marlborough, MA

    Difficult, unreasonable application information and docs requested. In the end, I got denied with a 725 credit rating. Don’t bother not work it. I got a 20k lending club loan in one day with no docs and very little information provided. Easy peasy!!

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    16

  5. User Score

    0

    July 19th, 2016 Midvale, UT

    So I applied for a loan of $5000 and was pre-approved – even got all the emails saying I was pre-approved. It was at a rate of 14% or $161 a month… Which whatever. Fine. I send my documents that they requested and then they sent the official “you’re approved” we’ll deposit the $5000 in your bank as soon as tomorrow if you submit by 2pm pacific. So I do that. And then I had to sign the promissory sheet. Then the next screen says, sorry you’ve been denied as “since you’ve applied there was a credit hit”… Well yeah guess who hit it… You did! You approved me, hit my credit, then denied me. How freaking professional.

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    36

  6. User Score

    8

    June 22nd, 2016 Cleveland, OH

    Hello, I just went through the process of getting a loan through upstart. I have a decent credit score, but was denied at other places because of my debt to income ratio (student loans are my only debt, I don’t even have a car note). The process was easy, I got my money in a few days. They get an 8 because it says that there is no minimum amount, but I had to take out 6k instead of the 5k I wanted because apparently 6k is the minimum in my state. Also my interest rate is 17% with a credit score of 676 (that might be helpful to some of you). So I am paying $214.28 monthly for 3 years. I will be going through another source to basically refinance this loan for a lower interest rate, but the process for that is so much longer and I needed the money sooner. So all in all, it’s fast and convenient, but interest rates aren’t great and there may be a minimum amount required, also they take $360 from every loan they give so I got $5640 instead of $6,000 even.

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    16

  7. User Score

    1

    April 21st, 2016 Nashville, TN

    Poorly run. They advertise that they can approve you for a loan before affecting your credit. However even if you get preapproved and supply all the relevant accurate proof of information they can still deny you in the final step after they have already ruined your credit.

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    25

  8. User Score

    2

    April 9th, 2016

    I qualified for a great rate, found the proccess straightforward and simple, but once they discovered I was deployed overseas in the military (disclosed by me) but still with a home in the U.S., they stopped the proccess and revoked their approval. Wonderful thanks for keeping them safe.

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    20 1

  9. User Score

    0

    March 25th, 2016 Henderson, NV

    I originally applied for a loan with them last year for 6K and then I didn’t need it, so I just stopped the process because I thought it was a little bit odd that they were asking for my bank information right away. I did a little more research when I came into a situation a year later and needed the money. I actually received a pre-approval form in the mail from them and thought why not. I am beginning my job as a substitute teacher where I am able to work every single day of the week, but the school district requires a minimum 4 days a month which is what upstart took as what my salary would be. So they denied me after basically going back and forth with me for 2 months, while we was waiting for my letter from the school district. I feel this is very shady and then when I realized that Mark Cuban was part of this, I was absolutely disappointed and realized this is just a money-making scheme. They are dishonest and you never get the same rep twice, yet, it’s the same trail of email, just different reps names. They don’t know how to do their business and they don’t know how to calculate actual pay. Something tells me that their employees aren’t educated themselves. Shame on them.

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    19

  10. User Score

    0

    March 16th, 2016 Loris, SC

    After receiving several advertisements, I finally filled out the online rate quote form, since it said that they would only use the information I provided to determine a rate. Since it asked me for my credit score, and didn’t ask for my SSN, I assumed it would be a harmless rate quote based solely on the information I provided. They then proceeded to run a credit check on me without warning.

    I was asking for a loan to pay off credit card debt, which is what they were advertising. They denied the loan saying that I wouldn’t be able to make my obligations and pay their loan because my current obligations (the aforementioned credit card debt) were too high. So basically, before they would give me a loan to pay off my credit card debt, as advertised, I would have to first pay off my credit card debt.

    I would also like to point out that there is absolutely nothing negative, delinquent, late, or anything bad on my credit history. I have never made a late payment, or missed a payment. Their denial was based solely on the amount of credit card debt I have, which would have been completely paid off if they had given me the promised loan.

    I have no choice but to believe that this company is nothing more than a fraudulent front for a phishing scam.

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    28

  11. User Score

    1

    March 3rd, 2016 Morgan Hill, CA

    I am very surprised by all of the positive reviews about this company on this website. I have applied and received loans and had positive experiences at multiple peer lending sites now since they began and I have had very frustrating experiences with this company each time I have applied. On each occasion I’ve started out with an offer that was not quite as attractive as what was being offered on other peer lending sites but attractive enough to tempt me to explore it and on each occasion the offer has been switched and replaced with something completely unattractive and a waste of my time to pursue after believing that I was about to be approved up until the last minute for the offer I had applied for in all of my interactions with the company. Also, this company seems to have a particularly difficult time dealing with self-employed professionals in terms of verifying income, even when the income is easily verifiable. If they don’t want to write loans to the self-employed, it would be nice if they would respect our time and just say so up front instead of sending us on a wild good chase to provide more and more documentation and then telling us after preapproval and indicating by phone that our loan would be funded the next day that our credit is not good enough to write a loan after all. That is the type of experience that self-employed professionals run into applying for business loans with banks and the whole point of peer lending is to have a different experience. All in all, my personal experience with this company has been very negative and I am unlikely to give them another chance. I don’t know if my experience has been different from all these other reviews because I am self-employed, but I have succeeded always in the past in getting exactly what I needed when I needed it from another peer lending site since they started making loans available, so other companies find me attractive to lend to.

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    20

  12. User Score

    0

    February 11th, 2016 Union, NJ

    Don’t waste your time with this company..my credit score is more than they’re required limit..I apply for 3K got approved initially got an email need supporting documents..got a phone call for verifying process the rep said everything ok just need the supporting document after I hung up got an email I was denied because of income debt ratio..they didn’t wait for me to submit my supporting document and they denied you just like that after I submit all my bank information and everything. I work on the highly first class restaurant making 35K plus cash tips a year..I applied 3k for3years they approved me for15% 105 a month.. If you add the math I can easily pay this loan coz I only owe less than1600 on my store and credit card..I just got my green card and want to establish credit history..I called and I ask why I got denied and they say because of income debt ratio..how can you factor that when I didn’t submit my supporting document you originally asked..totally bias and unprofessional..very bad experience..

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    20 1

  13. User Score

    0

    January 2nd, 2016 Newburgh, NY

    Wow waste of time. I have a 70K salary, good credit score, stable employment and I was quoted an interest rate of 17%! Why would I bother???

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    26 1

  14. User Score

    0

    December 21st, 2015 Andover, MA

    DO NOT, FOR THE LOVE OF [WHOEVER] APPLY!!!

    They have your personal information, check your credit, and then tell you
    you can’t afford the debt consolidation loan EVEN THOUGH I HAVE A PRE APPROVAL.
    These people are information seekers.

    The #10 ratings are fake ratings. trust me. Look for the low ratings and know those are the true ones.

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    25

  15. User Score

    3

    November 25th, 2015 Houston, TX

    I just applied for a loan, score of 690 with a Masters degree, salary near 100k, with moderate amount of savings and assets–given an 18% rate for 35k to payoff a student loan at 6.5%. Why on earth would I agree to that? The point of applying for this type of loan is to lower the interest rate, not multiply it times three!!

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    34 1

  16. User Score

    2

    November 17th, 2015 Modesto, CA

    I found the personnel I dealt with to be ridiculously inept at what they were doing. They were unable to understand my pay period and paycheck date even tho this info is clearly indicated at the top of the paystub. I had to keep sending more and more information.
    I work for a major corporation (airline) and have for nearly 8years. I have not attended any school for at least 12 years yet after several days I was told that “unfortunately since they had to change my ‘consolidation’ request to a ‘school loan’ request my application could go no further”. I have no idea where this came from—maybe from the ‘phone verification’ person who contacted me and sounded like she had no idea what she should be doing.
    I, as others have written, wondered if this Company is legit. Others have had good experiences tho-maybe just the luck of the draw in who ends up working on your request.
    I would not want to deal with these people again, a very frustrating experience.

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    18

  17. User Score

    10

    October 31st, 2015 Philadelphia, PA

    it was absolutely a pleasure working with upstart. at fist, I thought it was too good to be true but it wasn’t. my loan was approved within 48 hours and the money was in my account within a few days. thanks to upstart, I’m free of all my credit card debts and will be relatively debt free in 3 years.

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    4 1

  18. User Score

    10

    October 29th, 2015 Van Nuys, CA

    They really take the time to understand your concerns and operate ethically. I had a need for an emergency loan and this company did everything in their power to get my loan approved same day, and it happened! My funds will be in my account by tomorrow and I couldn’t be more grateful!!!! The stress that has been lifted off me is incredible. When I didn’t know what to do – Upstart did… and they did it with joy and much compassion. I couldn’t recommend enough!!!

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    5 1

  19. User Score

    10

    October 16th, 2015 Montvale, NJ

    I had a really good experience with Upstart. I feel as long as you don’t lie on your application and have all the requirements, BA or MA, a good 3.5 or higher GPA, Permanent job, and a average credit score you should be good. I applied and the process took a day. Last year, i applied for Citibank and it was already 3 weeks and no answer. When they did answer it was 15% interest which i declined.

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    3 1

  20. User Score

    0

    September 29th, 2015 Beallsville, MD

    After dealing with an inept rep for a month, I finally gave up. They have all my personal info and I’m really worried about them being a legit company. Be wary of Identity Theft !!!!

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    Was this review helpful?
    15 1