Upstart is a peer-to-peer lending platform that offers financial solutions primarily for recent college graduates and young professionals. Borrowers can obtain unsecured fixed-rate loans.
What separates Upstart from other lending sites is its unique approval process. For a recent college graduate, Upstart looks at other factors such as education and employment history in addition to a traditional check of your credit history with the major credit bureaus. 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. Additionally, the lending platform doesn't require applicants to have an excellent credit rating, the way that other online lenders do.
Keep reading our Upstart personal loans review for pros and cons of borrowing from this lender. Read Upstart reviews below to see what consumers have to say about the online lending service.
Upstart is an excellent choice for applicants who have little to no credit history, but have a quality college degree or a high-paying job.
Upstart personal loans are tailored to meet the needs of individual applicants. This is especially helpful for young professionals and recent college graduates.
This lender has 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:
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: 5.69 percent, highest rate: 35.99 percent), low fees, and competitive max loan repayment term (five years).
The process is also incredibly fast. Most borrowers are able to qualify and 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, and can be a few days faster than other peer-to-peer lending sites.
As of late 2019, Upstart has a 4.4/5 star rating from consumers with hundreds of reviews. Upstart reviews highlight quick approval and funds transfer (money can be transferred to your bank account as soon as one business day after approval), quality customer service, and reasonable rates (5.69% – 35.99%).
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.
It will not affect your credit score to check what type of rate you qualify for with the Upstart network. Upstart checks your credit report with a soft inquiry, which does not negatively affect your credit, as a hard inquiry does. Unlike many other online lending platforms, this prequalification check does not require you to enter a driver's license or social security number.
Then, if you choose to accept the loan offer and continue through the loan process, Upstart will do a hard credit check. This process 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.
Upstart peer-to-peer loans offer three-year or five-year terms. Having a repayment term option allows you to select the term length 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.
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:
While 73.3% of Upstart borrowers state that they intend to use the loan for credit card refinancing, this might not be the best option for everyone, depending on the rates available to you. The above credentials can be difficult to meet because most borrowers are looking to consolidate debt, like credit card debt or student loans. That's why this personal loan lender may not be the best option for people that are looking for debt consolidation loans.
Upstart unsecured personal loans do have fees to consider. It enforces a loan origination fee of one percent to six percent. The 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 late payment fee at a standard rate of five percent or $15 (whichever is greater). It's a good idea to make sure your monthly payment arrives on time. However, late fees for monthly payments like this are pretty common within the lending industry, and unlike some competing online lenders, Upstart does not charge a check processing fee or a prepayment penalty (an additional charge for paying off a loan early).
The company was very helpful and the application process was easy with a great response time. I would recommend this company without hesitation.
Easy review process, prompt and courteous service.
Very easy process and verification steps. Felt very secure and positive. All parties very nice an supportive.
This was a very quick and short process!! Any questions were answered within 4 hours or less and didn't require repeat calls or emails. I would definitely recommend Upstart to others!
We went back and forth on a few things but I got a rate lower than initially quoted and I worked with Michael through the process. It was pretty easy. The rate is great and I love that it's fixed. Great company and great idea. Big Banks just don't get it. Upstart does.
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.
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!
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 !!!!
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!
Great Service, fast, friendly, efficient. Very helpful!
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!
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.
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!
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.
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.
The process was very easy, straight forward and I would definitely recommend to anyone looking for a loan. Keep up the great job guys
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.
Best rates out there plus super fast. From application to funding was 48 hours
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!
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.
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.
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.
Great service. The application and approval process was quick and easy. Very helpful and got a good rate for a personal loan.
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!
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!
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!
It was a very straight forward process and the people I dealt with we great
Great and fast service.
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.
The process was very easy and I was approved!
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.
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.
so smooth and painless!
Excellent customer service, quick to respond/process application, very friendly, down-to-earth folks. Aces!
I am very impressed with the fairness, speed and efficiency provided to me by Upstart!
Very efficient process. Enjoyed most that I could email back and forth with a rep
Service was fast and the service representatives were extremely helpful and very friendly.
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.
Very quick and easy...about 9 days total from start to finish...communication was great. Definitely would recommend!
Easy to apply if you have all documents in order. Very upfront with what you owe back.
Very easy to use. Very friendly & Informative.
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).
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!
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!
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.
Easy and quick process!
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.
Fantastic Company! Thank You Upstart for helping me Jumpstart my FICO Score!
Upstart provided me with excellent customer service throughout the loan process.
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)!