Upstart is a peer-to-peer lending personal loan company that offers financial solutions primarily for recent college graduates and young professionals. Borrowers can obtain unsecured loans at fixed rates.

What separates Upstart from other personal loan online lenders is its unique approval process. For a recent college graduate, Upstart looks at other factors such as education and employment history 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 23 percent compared to high-interest credit card rates, and it does not require an excellent credit score. Read Upstart reviews below to see what consumers have to say about the online lending service.

The Good

  • High Likelihood of Approval
  • Flexible Options, Fast Disbursements 
  • Upstart Reviews
  • Upstart Loan Amount
  • Check Your Rate with No Credit Penalty
  • Three & Five Year Loans Terms

High Likelihood of Approval

Upstart is an excellent choice of lender for applicants who have little to no credit history and a quality education or a high-paying job. Upstart personal loans are tailored to meet the needs of the individual applicants. This is especially helpful for young professionals or recent college graduates. There is a minimum credit score requirement of 620, but there are no minimum lines of credit or years of credit required in order to borrow money. Factors that go into determining eligibility include:

  • Education 
  • Area of Study 
  • Job History 
  • Credit Score
  • Years of Credit 

Flexible Options, Fast Disbursement 

The loan application process is tailored to the needs of the applicant. This enables Upstart to pass on its savings directly to the borrower. This can be seen in its APR Range (lowest rate: 9.57 percent, highest rate: 29.99 percent), low fees, and competitive max loan terms (five years). 

The process is also incredibly fast. Most borrowers are able to receive their funds the day after they apply and are approved (it takes up to three days for education loans). It is at least a day faster than some top personal loan lenders.

Upstart Reviews

As of Early 2019, Upstart has a 4.5/5 star rating from consumers with hundreds of reviews. Upstart reviews highlight quick approval and fund transfer (money can be transferred to your bank account as soon as one business day after approval), quality customer service, and reasonable rates (9.57% - 29.99%).

Upstart Loan Amount

Upstart loans range from $1,000 to $50,000. Borrowers' qualified loan amounts are based on credit scores, income, and other determining factors provided on the loan application. Note that some states have minimum loan amounts that may affect your eligibility for smaller loans, depending on which state you are a permanent resident of. For example, Upstart states the minimum loan amount in Massachusetts is $7,000; the minimum loan amount in Ohio is $6,000; the minimum loan amount in New Mexico is $5,100; the minimum loan amount in Georgia is $3,100.

Check Your Rate with No Credit Penalty

To initially check your loan rate with Upstart, it will not affect your credit. Upstart checks your credit report with a soft inquiry, which does not negatively affect your credit as a hard inquiry does. Then, if you choose to accept the rate offer and continue through the loan process, Upstart will do a hard credit inquiry, which is common within the industry and will affect your credit. Having the rate check be a soft inquiry can give consumers peace of mind that it will not ding their credit if they decide not to accept the initial offer. 

Three & Five Year Loan Terms

Upstart offers three-year or five-year loans. Having this option allows you to select the option that works best for your financial situation, and because Upstart does not charge a prepayment fee, you can pay off your loan at any time, regardless of the loan term. 

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The Bad

  • May Not Be Ideal for Debt Consolidation
  • Fees Can Add Up

May Not Be 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 of 18%
  • Mid-twenties to Mid-thirties

The above credentials can be difficult to meet because most borrowers are looking to consolidate debt, like credit card debt or student loans.

Fees Can Add Up

Upstart unsecured personal loans do have fees to consider. It enforces a loan origination fee of one percent to six percent. The loan origination fee is taken out of the loan before the funds are disbursed to you, so the payment doesn't have to come out of your pocket. This percentage is determined by how qualified the borrower is. The higher rates go to less qualified applicants.

Upstart also charges a fee at a standard rate of five percent or $15 (whichever is greater) on late payments. It's a good idea to make sure your monthly payments arrive on time. However, this is quite common within the lending industry, and unlike some of its competitor lending companies, Upstart does not charge a check processing fee or a prepayment penalty. A prepayment penalty is an additional charge for paying off a loan early.

The Bottom Line

When choosing a lending company, Upstart is a solid lender to consider for young professionals with a good credit score, but little to no credit or credit history. Its unique application process allows these individuals to receive competitive terms.

Potential borrowers should be aware of the loan origination fee and late payment fees. However, this is common within the lending industry. There is also no prepayment penalty or check processing charges. Upstart unsecured personal loans are funded the day after an applicant has been approved, which makes them a great choice for someone in need of money quickly. Upstart has positive consumer reviews and a wide range of loan offerings, ranging from $1,000 to $50,000. 

With all Upstart has to offer, we suggest looking into the loan service provider. Especially since Upstart does not require a high credit rating and takes into account additional factors (such as education, job history, and income) to determine eligibility, it could be a great choice for your borrower needs. 


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User Reviews

Star Rating


333 Reviews

Review Breakdown

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August 6th, 2015 Parkville, MD

These guys are awesome. Where do I start? My loan application was approved in less than 6 hours! The customer service is superb!! Upstart considered my medical degree, and graduate degrees in approving my loan. In other words, rather than equate me to a number from an algorithm (and I don't discount the usefulness of credit scores when applied reasonably), they believed in my potentials. Thanks Upstart from the bottom of my heart.

Brenda Dvorachek
August 6th, 2015 Cedarburg, WI

Absolutely flawless transaction! Applied online around 2 and was approved and ready to go in about 3 hours. The short call with the rep was easy and friendly. I uploaded all the documents they needed. Excellent interest rate that will allow me to consolidate and bring me debt freedom in 3 years. Thank you for such a wonderful platform! Such a refreshing change of pace!

Charles Haselton
August 6th, 2015 Land O Lakes, FL

Amazing Service!!! Within 48 hours from the time I completed my application funds were deposited into my account. I will definitely recommend Upstart to anyone looking to consolidate their bills. Great Service, Great Rates & Professional Staff !!!!

August 6th, 2015 Lawrence, KS

Upstart is amazing! The application process was simple and took very little time. I was approved within seconds! I received my funds 36 hours after finalizing everything. I would recommend Upstart to anyone and everyone!

Michelle Malave
August 5th, 2015 Miami, FL

Great Service, fast, friendly, efficient. Very helpful!

August 5th, 2015 Sugar Grove, OH

Best rates around for debt consolidation and look at more than just a credit score. Very fast process for getting a loan. Awesome is all I can say! This is going to help me get back on track!

August 5th, 2015 Piscataway, NJ

A great company to get a loan from. Easy to upload all information needed and has low interest rates. I recommend for anyone who needs a loan.

August 5th, 2015 Goodyear, AZ

Really easy, quick process. Good rate compared with my credit cards. The loan-closing support team was friendly, fast, and genuinely engaged--you can tell that they cared that I had a good customer experience. Highly recommended!

Rob Risko
August 5th, 2015 Los Angeles, CA

The customer service was fantastic, the rates were better than my bank would offer me, and the speed and ease of the application process was stellar.

Stacey Katlain
August 5th, 2015 Eugene, OR

So far, I am extremely happy with Upstart. My rate and monthly payment are reasonable, the process of applying was incredibly straightforward and easy, and I should be having the funds deposited into my account by tomorrow. I would definitely use again or recommend to anyone, especially someone who has recently graduated.

Eddie T
August 5th, 2015 Brooklyn, NY

The process was very easy, straight forward and I would definitely recommend to anyone looking for a loan. Keep up the great job guys

Anthony Spinazza
August 5th, 2015 San Jose, CA

The process was fairly smooth. Super friendly reps. Drew was on the ball with his follow up. The girl I talked to 8/4 was super nice at first but seemed irritated as I asked to compare the difference in loan amounts vs the terms. Overall, good experience. Happy to have received the loan amount I did and impressed with turn around time.

August 5th, 2015 Durham, NC

Best rates out there plus super fast. From application to funding was 48 hours

August 5th, 2015 Beaverton, OR

I was skeptical--a link from Facebook for a loan with a great rate based on more than a credit score? The link lead me to an online application form that needed all my personal information. I exited the site and did a comprehensive search of the company and read all the reviews. Any hint of a scam and I was deleting the cookie! However, I found no hint of a scandal. What I did find was a company with excellent customer service--I was assigned a personal account service rep--who works efficiently over the internet, makes fast decisions and delivers on their promise. Don't fear the link!

Jenn McNeely
August 4th, 2015 Sumter, SC

I found the recommendation through a legitimate site and decided to try because I have student loans I need to pay down before my daughter starts college herself next year. First, I had to "apply" 3 times (starting completely over) and use 3 different email addresses. Each time I tried I received a denial saying it couldn't pull my report. I was advised it was a TransUnion issue and to call them. TransUnion verified that it was nothing to do with them which I already knew because of my credit tracker service. The final time, their representative even told me to put in a fake email address. I should have known then that this isn't real. So, it finally worked and then it was denied because there is 1 missed payment from months ago despite the years of perfect payment history for years and a current score of 700 shown on the denial letter. Bottom line - this company only accepts perfect credit despite advertising that it looks at the big picture. Now I'm worried that it's just a scam in general to get my personal information. Already put the fraud alert on TransUnion for this company and will add to the other two bureaus now. While they are very friendly - it just didn't add up to the advertising on their site.

August 4th, 2015 Valencia, CA

Upstart was one of the easiest and fastest companies I have worked with. The communication was very open and quick. I never had to chase them down for anything. Ally my representative was so helpful and always replied back to my emails with in a few minutes. I really love how easy it was to work with them. I would highly recommend anyone to give Upstart a call.

Voltaire Guira
August 3rd, 2015 Salinas, CA

The service is fast and very efficient. Staff responds quickly to correspondence. And all of them are very polite and respectful in talking to client. And they acted so quick to get my loan be approved. I am very impressed about their service.

Ryan McLaughlin
August 3rd, 2015 Los Angeles, CA

Great service. The application and approval process was quick and easy. Very helpful and got a good rate for a personal loan.

August 3rd, 2015 Mobile, AL

The Upstart team was so friendly, easy to work with and helped me make my loan application as easy as possible! I've worked with a lot of financial groups over the years and this group was by far the most customer-friendly. Thanks Upstart!

David Ahlborn
August 3rd, 2015 Providence, RI

Great product! I got approved very quickly, and everyone who contacted me about was courteous and professional. I love the disruptive nature of this company and their social mission to help get people out of debt. Upstart indeed! I hope BoA is fuming!

Mike Lubanski
August 3rd, 2015 Mahopac, NY

Provides individuals with the ability to access quick funding to support debt and other credit obligations in order to live a more affordable and comfortable lifestyle. Highly recommended!

August 3rd, 2015 New York, NY

It was a very straight forward process and the people I dealt with we great

Marco Bruno
August 3rd, 2015 New York, NY

Great and fast service.

Frankie Annor Jr.
August 3rd, 2015 New York, NY

The process was easy and quick. The staff was helpful and really made the goal to cut down debt a reality. I was confused about needing some extra documents I wasn't aware of, just because it would have slowed the process. But aside from that, all good.

July 31st, 2015 New York, NY

The process was very easy and I was approved!

Manuel A.
July 31st, 2015 Los Angeles, CA

The overall interface and general responsiveness is pretty stellar. They continue asking for documents endlessly. Eventually their requests became too intrusive and their reasoning for it being nonsense, ended up using another platform.

July 31st, 2015 Tuscaloosa, AL

I found Upstart because of a Facebook ad that looked intriguing, and since they were able to give me a preliminary rate without pulling a hard credit report I figured it was worth looking into. The process was extremely easy, and 72 hours later I had the loan in my bank account and had submitted my final credit card payments. Even better, the final rate was actually lower than what I was originally quoted. The one thing I'll mention is that the origination fee (5-6%) come out of the principal, so it's worth including that when planning how much you need to ask for. They're up front about it, but keep it in mind while planning.

July 31st, 2015 Seattle, WA

so smooth and painless!

Peter N
July 31st, 2015 Chicago, IL

Excellent customer service, quick to respond/process application, very friendly, down-to-earth folks. Aces!

July 31st, 2015 Roslindale, MA

I am very impressed with the fairness, speed and efficiency provided to me by Upstart!

Kumar Ghafoor
July 31st, 2015 Philadelphia, PA

Very efficient process. Enjoyed most that I could email back and forth with a rep

Matt Edwards
July 31st, 2015 Rocky Mount, NC

Service was fast and the service representatives were extremely helpful and very friendly.

July 31st, 2015 West Hartford, CT

The process was super easy, the people I spoke to were extremely helpful and friendly, and the rates were very reasonable. Honestly, Upstart has made manageable what previously felt like an unmanageable amount of debt. I'd highly recommend to anyone.

July 31st, 2015 Schenectady, NY

Very quick and easy...about 9 days total from start to finish...communication was great. Definitely would recommend!

July 31st, 2015 Orlando, FL

Easy to apply if you have all documents in order. Very upfront with what you owe back.

Ryan Belcher
July 31st, 2015 Kansas City, MO

Very easy to use. Very friendly & Informative.

Phillip Edwards
July 30th, 2015 Chapel Hill, NC

The approval process was relatively easy to complete, and being able to see how various loan amounts would translate into APRs and monthly repayments was very helpful for planning purposes. I do wish that it was a bit clearer that the origination fee is actually deducted from the loan principal (rather than added onto the amount of the loan requested).

July 30th, 2015 Philadelphia, PA

The website was extremely fast and easy to fill out. I received a call an hour after filling out and including all documentation need for the loan process. The phone call was basically a verification call about my information -- after that, I hung up and received another call 15 minutes later tell me that my loan application was approved. Cannot give more praise to this seemingly, easy company to deal with. HIGHLY RECOMMENDED!

Laurie Riley
July 29th, 2015 Boston, MA

I wanted to consolidate my credit cards in hopes of paying them down faster and saving for a down payment. The Upstart process could not have been any easier. I started the online application last night, and less than 24 hours later I've already rec'd my approval! And the loan rate I rec'd was also almost a half-point less than what was originally quoted. I highly recommend!

Nathan B
July 29th, 2015 Littleton, CO

My Upstart experience was great. The woman I spoke with during the verification call was very helpful. The approval process was very easy and intuitive.

July 29th, 2015 Phoenix, AZ

Easy and quick process!

Garrett Castellani
July 29th, 2015 Bronx, NY

This is one of the best experiences I've had dealing with any type of loan. Process was clear and quick and the people I dealt with were very nice and willing to answer questions. Well done.

July 29th, 2015 Bronx, NY

Fantastic Company! Thank You Upstart for helping me Jumpstart my FICO Score!

Brian Manley
July 29th, 2015 Albany, NY

Upstart provided me with excellent customer service throughout the loan process.

July 29th, 2015 San Antonio, TX

The upstart loan process and the staff involved we're fantastic. The website is beyond user friendly and I received prompt, first name basis, service from the employees. I would definitely recommend (actually I already have)!

Ramon Francois Baez
July 28th, 2015 Seattle, WA

The entire process for utilizing upstart was easy not to mention coached along the way if additional information was needed. I like the personal feeling the company gave especially with the phone call which was professional and courteous.

July 28th, 2015 New York, NY

Great service, fast results, and an all round pleasant experience.

Donell Bradley
July 28th, 2015 Hephzibah, GA

Quick response, easy process, take more into consideration than a number.

Amy Rich
July 28th, 2015

This company was fast, easy and got me the loan I requested with no trouble at all. I have a good credit score (720), but I was having trouble getting a loan because of my debt to credit ratio (which is exactly why I wanted the loan to consolidate debt). Upstart took into account what I wanted to do with the loan, that I graduated college and I have been with the same company for over 15 years, I was more than just a number to them. I would recommend them to anyone.

Jason Meade
July 28th, 2015 New York, NY

Great experience working with Upstart's customer service team to get my loans. Super helpful team and a speedy response overall.