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Upstart

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Upstart

verified
$100 Guarantee
Rates determined based on education and work experience

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.

The Good

  • High Likelihood of Approval
  • Flexible Options, Fast Disbursements 

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 apply. Factors that go into determining eligibility include:

  • Education 
  • Areas 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.

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The Bad

  • Not Ideal for Debt Consolidation
  • Fees Can Add Up

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 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 one percent to six percent of the total amount of the loan is taken out. This percentage is determined by how qualified the borrower is. The higher rates go to less qualified applicants.

Upstart also charges late fees 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. 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 from the online lenders, 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 fees. The good news is that there is no prepayment penalty or a check processing charge. Upstart unsecured personal loans are funded the day after an applicant has been approved, which makes them a good choice for someone in need of cash quickly.

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User Reviews

4.4

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329 Reviews

Your trust is our top priority, so we check all reviews for accuracy and relevance. Additionally, we do not allow companies to alter or remove reviews. Learn more

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Moe
August 12th, 2015 San Jose, CA

Process was super easy, fast and smooth. Got my application approved within 48 hours and received load within 72 hours. I just paid off two very high-interest credit cards with loan from upstart at a substantially low interest rate. Simply awesome!Thank you upstart!-Moe, San Jose, CA

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John Blowers
August 12th, 2015 Las Cruces, NM

I was amazed when my bank turned me down for a loan, considering an income above 50k and having never been delinquent on any payments. Upstart took into account that I am only starting my credit journey and approved me for the loan I needed to consolidate some credit cards! Wonderful and fast service!

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Amber
August 12th, 2015 Brooklyn, NY

Great experience.

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Daniel
August 12th, 2015 Los Angeles, CA

Fantastic service! Perfect customer service!

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Ryan Nugent
August 12th, 2015 Chicago, IL

Amazing service and exceptional company. I would highly recommend them and will definitely let my friends know about this company. Very impressed!

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Marlon Morales
August 12th, 2015 Novato, CA

The reviews were all true! Everything was clear, well written, and simple. I will get to pay down my revolving balances and have a lower monthly payment, with a likely score increase. I was impressed with my rate. Great company!

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jennifer Vance
August 12th, 2015 Tampa, FL

fast process, wonderful customer service and a true blessing of a service you provide. I will be recommending you to friends and family!

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Danielle
August 11th, 2015 New York, NY

Fantastic, quick and friendly!

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f.
August 11th, 2015 New York, NY

Great customer service, comprehensive and fast. However, I was under the impression that there would be 'no hard inquiry' and there was one. f.

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Norkeith Smith
August 10th, 2015 Detroit, MI

I really appreciated the helpfulness of the loan officers. The turnaround process was very quick. They provide much lower interest rates to consolidate my debt relative to similar sites.

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Dominick Iaconis
August 10th, 2015 Mahwah, NJ

Took a little longer than my previous loan with UPSTART but all in all, easy transaction.

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Sheila
August 10th, 2015 Arlington, VA

Was easy, clear, and fast from beginning to end. Helpful hint! If you are going to use things like your education, financial portfolio, or other aspects to get a better interest rate - already have digital copies of everything ahead of time so you can just attach them during the application process. I used Upstart to pay off a high APR credit car at 12.8% and qualified for 6.34% due to my work tenure, good grades, and financial status - as opposed to my credit score. My support agent, Jeremy, was helpful and patient!

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Colin
August 10th, 2015 Knoxville, TN

Upstart is legit. There is no other way to say it. First of all, their branding and platform are simple, minimalist, and easy-to-use. Second, their ways and culture are so different than any other company out there. This was all backed up by their customer service, which was amazing - friendly, knowledge experts of their own company. That's all we ask for! I highly, highly, HIGHLY recommend this company to ANYONE and will endorse to anyone who will listen. Thanks!

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Neil Lider
August 7th, 2015 Lakewood, OH

Good. courteous service

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B. Johnson
August 7th, 2015 Chicago, IL

The process was fairly quick. I was able to upload all necessary documents either through the site or through a separate email. After the phone interview, I had an answer within a few hours. The loan was processed and the funds released directly to my account within 24 hours!

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Victoria V
August 7th, 2015 Austin, TX

I actually came across Upstart through a Facebook ad. Skeptical at first, I held off on clicking, even though the message was appealing. Eventually, curiosity got the best of me and I researched the company. They were number one on Credit Karma, only had 4 and 5 star reviews, and tons of them. It became clear that they were serious about their mission statement. I used their website to get a rate quote without any financial ding on my part. Once I saw how low it was compared to my credit card APR, I decided to go through the process. They have a nice tool that lets you see what your monthly payment would be at various loan amounts for your rate, that way you can choose what you can afford. From there, you just submit proof of certain financials and scholastic achievements. It's the only service I know of that takes into account your schooling. I heard back in mere hours. After a short and very pleasant verification call with the nicest customer service person, I was assigned an account manager. Once again, it was mere hours after this call that I got the final approval email. From submitting the final piece, all of this happened for me in the course of one day. The funds will be in my account one business day from now and my credit card balance will be instantly erased. If you're looking to consolidate your credit card debt into one monthly payment at a much lower rate, this is the simplest, most trustworthy service you can go with. It was so easy and SO quick!

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Tara
August 7th, 2015 Salisbury, MD

Quick and easy

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Raquel
August 7th, 2015 Atlanta, GA

Upstart was a complete joy to work with. I am still in shock at how easy and seamless the process has been. I have already recommended Upstart to friends and family.

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Lloyd Brown
August 7th, 2015 Elmont, NY

The application process was clear, easy and efficient. I was very pleased.

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Maggie
August 7th, 2015 Philadelphia, PA

The loan application process was very quick and easy. The customer service reps I spoke with were all very personable and helpful. However, the site asks you to schedule a verification call, so I scheduled one at a time that was convenient for me. Instead of calling at that time, Upstart called me three times while I was at work. Also, during my verification call, they took some of my information down incorrectly, so they had to call back and verify that again. Overall, the experience was still a good one and I'm very excited to finally be on the path to freedom from debt!

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Betsy
August 7th, 2015 Saint Petersburg, FL

Quick and easy!

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Jessica R.
August 7th, 2015 Boston, MA

The company was very helpful and the application process was easy with a great response time. I would recommend this company without hesitation.

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Matthew Conroy
August 7th, 2015 New York, NY

Easy review process, prompt and courteous service.

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Patrick Stonich
August 7th, 2015 Schnecksville, PA

Very easy process and verification steps. Felt very secure and positive. All parties very nice an supportive.

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Shaunda
August 7th, 2015 Louisville, KY

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!

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Daniel
August 7th, 2015 Lake Orion, MI

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.

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Vic
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.

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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!

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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 !!!!

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Don
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!

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Michelle Malave
August 5th, 2015 Miami, FL

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

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Evan
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!

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Ranko
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.

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renée
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!

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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.

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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.

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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

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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.

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waji
August 5th, 2015 Durham, NC

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

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Annette
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!

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