Upstart

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Upstart

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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, 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. 

Disclaimer

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User Reviews

Star Rating

4.4
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332 Reviews

Review Breakdown

5 star
65%
4 star
23%
3 star
2%
2 star
0%
1 star
10%

Sentiment Criteria

Value for your money
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Quality of product or service
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Customer Service
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Danielle
July 10th, 2015 Dumont, NJ

Amazing customer service. Answered all my questions and concerns. Would highly recommend!!

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Stacey Ruffolo
July 10th, 2015 Peoria, IL

Easy process, friendly representatives.

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barry
July 10th, 2015 San Jose, CA

Awesome to work with. Really appreciate a model that takes into account factors other than credit score.

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Thomas
July 10th, 2015 Brooklyn, NY

Very fast and efficient. After a short phone interview I was asked to upload documentation and was approved in 48 hours for a loan of $3000-8800. I haven't built a credit score yet, so other financial institutions wouldn't have been as helpful.

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David Lawnicki
July 10th, 2015 Port Orange, FL

After being declined by Prosper, and offered a ridiculous 30+ pct rate from LendingClub (both because of too high of balances carried on cards), I had almost given up on trying to consolidate my 18,000k card debt, and just put up with the extra thousands of dollars in interest fees. I then found Upstart and thought it couldn't hurt to try. I was approved for the 18k I asked for at an amazing 10% rate (coming from an average of 25%). The process was extremely simple and quick! I had the loan available in my account within 12 hours of my initial contact. With a payment of $610 over the next 3 years, I will be credit card debt free sooner than I expected. My payments are now lower than my credit card minimums and I see a light at the end of the tunnel of getting my credit under control. I couldn't be happier with Upstart!

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Jackie O
July 9th, 2015 Philadelphia, PA

The process was very easy and super quick, the reviews I read were good so I took a chance and did it and I'm happy I did. All of the Upstart Associates I communicated with via phone or email were great.

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Dora Stroud
July 9th, 2015

I am very pleased with the service provided me. I applied for a loan and once the application was completed, a professional representative was assigned to me. They explained everything to me and maintained constant contact with me throughout the application process. When I had to provide required verification documentation, I was notified upon receipt. EVERY PERSON that I interacted with were always courteous and professional. I started the process and to show you how dedicated they were in processing my application, they started on a Friday, Saturday was a holiday, then Sunday, they maintained contact with me during those three days. I was not mislead at no time and on Monday morning, the final steps were completed in order to finalize my loan request. Once I responded to certain requirements of me, my loan was approved. My check was deposited into my bank account on Wednesday during the day. Having read their website and decided to go with Upstart, everything they stated were in fact, TRUE. Their interest rate, based on my creditworthiness was far less than the Credit Union that I had borrowed from in the past. Thank you Upstart and I have already recommended others to visit Upstart.com and explore their lending practices and principles. ONE thing that I was most appreciative of was.that the hard inquiry was NOT on my credit file until AFTER my loan was approved, unlike many other companies, that will pull a credit report, whether you were approved or denied the loan. I HIGHLY RECOMMEND anyone to contact them for your personal lending needs. BRAVO Upstart. I am sure that should I have future lending needs, I will definitely contact your company. To JARED, you were a pleasure to work with. Normally when apply for credit, I am a bit nervous and tensed. I felt VERY RELAXED through my short process of obtaining a loan. He was FANTASTIC! !!! To the professionals that I interacted with when calling, you were so kind and friendly and too, was pleasurable to work with. Again, thanks to each and every one of you. Keep up the OUTSTANDING dedication and commitment. A job WELL DONE.

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Stephanie
July 8th, 2015 Glencoe, MN

Really please with the people I worked with that told me additional documents on investments to submit that lowered my rate to about 6.0%.

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katie
July 8th, 2015 Long Beach, NY

upstart was great! They made the loan process easy. The only thing I would change is if you don't get your paperwork in within a certain amount of time it will timeout. But the second loan when through in minutes !

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Chris
July 8th, 2015 Laguna Hills, CA

The experience with Upstart as been a very pleasant one from beginning to end. They were thorough and polite during the entire process. And funds were deposited very quickly once the verification process was complete. Thanks again to everyone at Upstart!

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kathleen
July 8th, 2015 Randolph, NJ

Very easy to apply and get approved. While the interest rate is moderate (but not too high), since i will be paying off high interest debts, i will be saving money in the long run! Everyone i dealt with was pleasant and professional!

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Anna
July 8th, 2015 Chicago, IL

Upstart application process was a breeze. UX on the website was impressive. Very prompt replies from CSRs.

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Mikael
July 8th, 2015 Los Angeles, CA

Upstart is awesome! It's like they read my mind when creating their company. Young, educated and career-oriented individuals can prove themselves as fiscally responsible adults, and Upstart is the only lender that gives us that chance. I started my application on Monday, was approved on Tuesday, and had the funds on Wednesday! It's crazy how easy and quick it was. You have to provide documentation supporting everything in your application - luckily everything is pretty easily accessible for me. But it's something to keep in mind - you'll need transcripts, pay stubs, paperwork explaining bonuses, two forms of ID, etc. The required phone call is very quick and the representative was courteous and professional. Overall just a great experience.

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LuAnne Peterson
July 7th, 2015 South Beloit, IL

Excellent service! Very quick approval. Representatives were very polite and informed.

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Steve F
July 6th, 2015

I am a first time customer of Upstart and cannot begin to say enough positive things about what a fantastic experience it has been with Upstart thus far. The loan process has been straightforward, smooth and gone exactly as it was described. I would highly recommend Upstart to anyone who is considering it for their own unique situation.

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Susan
July 6th, 2015 Abingdon, MD

I had a great experience with Upstart. Over the course of two days, my loan was reviewed, approved, and funds were in my account. I very much appreciate that their review process considers the whole picture of an applicant, including education and future potential earnings. I always knew I would pay off my debt but Upstart has made it much easier, and I appreciate their faith in me. Customer service was friendly and prompt. Overall, a great experience and I am so relieve to be a on track to financial stability because of them!

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Wade Davis
July 6th, 2015 Baltimore, MD

Fantastic customer experience!

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Dawn Sarnecky
July 6th, 2015 Austin, TX

Quick, friendly service. Answered my questions in a timely manner. Small glitch with technology after approval of loan re: confirming email address. Had to bs done manually. Would recommend to friends.

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Mallory
July 6th, 2015 Hicksville, NY

I have applied for personal loans in the past for credit card refinancing and due to my less than perfect credit history I have always had difficulty. In one day I applied, uploaded my supporting documents and had a brief, non-invasive 5 minute phone call with a representative. Within 24 hours, I had my funds! Upstart has been a lifesaver!

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Kimberlee Smith
July 6th, 2015 Satellite Beach, FL

Easy to do; excellent customer service; and fast! Thanks Upstart.

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stuart raphael
July 6th, 2015 Westbury, NY

Working with Upstart was a fairly easy process. I got my money quickly. I would definitely recommend them.

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David Rowell
July 6th, 2015 Fall City, WA

Upstart were amazing. Very quick at verifying all my details that I uploaded. Offered a lower rate than originally quoted and the money was in my bank account 2 days later. Great service, friendly staff. Could not be happier!

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Ronn Ford
July 6th, 2015 Dallas, TX

Good experience. Easy to operate and helpful customer service/support

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Heather Dratler
July 6th, 2015 Arlington, VA

Fast, easy, great customer service. My final APR ended up being slightly higher than my original quote, but the monthly payments were the same, and it was due to how I originally reported information. I recommend that people try to be as accurate as possible in the initial rate check to avoid surprises! I've already recommended Upstart to several friends and will continue to do so - huge money saver that will help me get out of credit card debt faster.

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Greg Tejes
July 6th, 2015 Roseville, CA

Getting this loan was very simply and quick. Working with the Upstart Employees was amazing. Very were all very courteous and professional. Thank you for the excellent service you provided! Greg Tejes

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ROBERT OUTLER
July 6th, 2015 Hollywood, FL

Great customer service. Fast approval.

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Emily
July 2nd, 2015 Washington, ME

The website was easy to use, response time was quick, terms were fair and much better than my credit card, and service was friendly and helpful. Would (have) recommend Upstart to my family and friends!

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Victor
July 2nd, 2015 Wolfforth, TX

Upstart has given me the opportunity to get out of those high interest credit cards and get a low rate that will help pay off this debt in 3 years instead of 6 years. Thank you Upstart!

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Gary
July 2nd, 2015 Fredericksburg, VA

I can't say enough about the Upstart loan process. It was smart, quick and painless. Great experience. I got my loan funded within a few days. It is quite clear that they look at the big picture, not just a number. Not only do they talk the talk, they walk the walk. Don't hesitate to give them a try.

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JPH
July 2nd, 2015 Alexandria, VA

I really could not find better than the Upstart Team Support. Amazing to work with and totally patient and helpful throughput the process. Long and Dean have been Phenomenal throughout. I would recommend Upstart in a heartbeat.

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Cassandra
July 2nd, 2015 Gilroy, CA

I had a pleasant experience with upstart. The process was very straight forward and easy to understand the application. Customer service was also very efficient. Thank you.

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Michelle
July 2nd, 2015 Redlands, CA

Great customer service! User friendly and a great product/service!

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Tara burton
July 1st, 2015 Memphis, TN

the process was quick and easy. I was impressed with the thoroughness especially in regards to identifying it was really me.

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PC
July 1st, 2015 Newark, CA

The most fastest and easiest loan transactions I've made. I received my funds literally in a few days. Thanks Upstart.

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Adam Wolenski
July 1st, 2015 Brooklyn, NY

Upstart was accommodating and probably the best people I have ever dealt with when getting a loan. Fast, responsive and courteous. I'd recommend them to anyone!

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Penny
July 1st, 2015 Jacksonville, FL

The process was quick and easy. I had my funds within two business days. I would definitely recommend upstart.

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Amanda Laverman
July 1st, 2015 Dodgeville, WI

Easy, simple process. Customer service reps were helpful and moved quickly.

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JORGE ACEVEDO
July 1st, 2015 Fort Myers, FL

Great service my loan was processs very quickly

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Dan
June 30th, 2015 Morristown, NJ

Excellent Experience. Future of small loans.

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Justin M
June 30th, 2015 Santa Monica, CA

Great, easy to work with. Nice to work with modern companies, not these corporate giants that only care about the bottom line.

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Tim Ford
June 30th, 2015 Walnut Creek, CA

What a great way to pay off credit cards! A+ service from UpStart!

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Katrice
June 30th, 2015 Memphis, TN

I found the process to secure a loan very straight forward. The language used in all the documentation was clear. The representatives that helped me through the process responded quickly and thoroughly. The emails that updated me throughout the process were clear and concise and lead me easily through each step of the process.

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Yvonne seidl
June 29th, 2015 Seattle, WA

From the beginning to the end, the process was seamless, respectful and easy. A new standard! Hope you will do home loans at some point !

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Ed Jackson
June 29th, 2015 Tampa, FL

Very easy application process and efficient underwriting process. Sharing with everyone I know.

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Brent Garrett
June 29th, 2015 Birmingham, AL

This had to be the easiest loan experience ever. Almost too easy to be true!!

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Josh 'Jmo' Moshier
June 29th, 2015 Huntsville, AL

This company is leading the way in innovating the p2p lending market. It's refreshing to know there is a company that understands future earning power is just as important as a credit score. And their customer service is amazing!

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Sue
June 29th, 2015 Roswell, GA

First, I love that Upstart is using more than just your credit score to determine eligibility and interest rates. Second, from my online application to uploading documents and talking to an Upstart representative, this was a great experience. I feel like a person to Upstart and not just a credit score or account number. I highly recommend this to everyone!

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Anite Coro
June 29th, 2015 Miami, FL

Really easy to apply and great customer service!

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Lucy Mason
June 29th, 2015 Philadelphia, PA

The system was fast, easy, and very comprehensive, and everyone was very easy to work with.

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Kevin Fisher
June 29th, 2015 Rockwall, TX

Quick and easy process. Frequent and professional communications to guide through the process. I inquired on a Monday and had cash in my account on Friday with good terms. Only drawback is that my APR increased about 0.75% from the initial offer but I did not get a clear answer why. Will use them again.