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.
Is Upstart legit?: Over 80% of the 300+ reviews for Upstart loan reviews are four and five stars. This speaks volumes to the customer satisfaction that many of it's clients feel.
Many commend Upstart as an that is fast, transparent and trustworthy. One of the reviews from a customer expresses:
"[I was so] happy to decrease my monthly and consolidate with half of my APR percentages on my cards. I was very hesitant but will definitely be recommending."
In addition, It should be noted that when it comes to the sentiment criteria listed out on Best Company, come in around two and a half stars for individual breakdowns. Make sure to read both the positive and negative reviews to see if Upstart loans is the right choice for you.
Overall, the majority of customers were very satisfied with their services from Upstart.
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 be aware of. Below you'll find the three most common fees that you are likely to face.
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 !
Very easy application process and efficient underwriting process. Sharing with everyone I know.
This had to be the easiest loan experience ever. Almost too easy to be true!!
Josh 'Jmo' Moshier
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!
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!
Really easy to apply and great customer service!
The system was fast, easy, and very comprehensive, and everyone was very easy to work with.
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.
Upstart was a quick, easy, and seamless experience with much better rates than local and national banks to help reduce and consolidate my debt. I'm so thankful to have found this!
Loved my experience with Upstart. Application process was quick and easy, and money was in my account day after approval. Love that they consider more than just a simple credit score, which is a terrible way to gauge someone's ability to pay. Thanks for helping me consolidate credit card debt by offering a great rate.
Awesome personal, friendly service and quick processing of my loan with no hassle.So much better than big banks with their impersonal rejections based solely on old credit history.
Overall easy process.
Very quick and easy. Would suggest to others.
Very easy process, friendly staff, intuitive product, and great rates! Thanks Upstart!
Incredibly efficient and wonderfully friendly "no bs" approach! Highly recommended!
There would actually categorize my experience as pre and post correspondence to the Executives at Upstart.After having been categorically declined, I wrote to Mr. Dave Girouard citing what I thought to be errors in the evaluation process.Afterwhich, the paperwork was re-reviewed and subsequently accepted....So I'd give a 0 on the initial part of the process, but then a 10 on the follow-up to my concerns.So overall, an 8 or 9 since the desired result was ultimately achieved.Very customer oriented at the end of the day.
Very quick and efficient way to secure a loan. Excellent response times from the support staff. Requested documentation was minimal and simple to upload. Funds were deposited the day after loan approval. Just an all around great experience!
I was caught in an almost monthly cycle of payday and installment loans with insanely high interest rates. Every time I would finish paying off a loan, I would realize I'd be short on my bills the next month unless I took out another loan. My credit cards were maxed out. Money was one of my huge financial stresses. My Upstart loan gave me the chance to pay off my existing installment loans and credit cards. My credit score has gone up and because of that, I'm able to lower the interest rate and monthly payments on my auto loan.
Friendly, Professional, efficient staff. A pleasure to do business with!
Easy, no hassle and fast! Pretty amazing!
Easy application, quick verification. Overall great and painless experience.
Pleased that the process went quickly.Too bad you do not accept PDF format on web upload, but PDF e-mail attachments worked.Laon proceeds ere in my account today, just as expected.Thanks
Everyone I spoke with was very informed and helpful and best part was I received my loan within 24 hrs :-)
Needed to reposition some credit card debt, and this process was quick, efficient, and the team was great to work with!
Everyone was incredibly helpful and kind. They made the process seem less intimidating.
Artie De Los Santos
Painless. Quick process and a very helpful staff to help smooth everything out. Can't say how great this company is enough!
The service was great, the website needs improvements.
Although my initial advisor stopped responding to emails, I was easily able to get through on the phone and speak with a person who said they would get someone to contact me within a couple hours and they did. Very smooth and personal experience.
From start to finish, the process could not have been better. The loan rate I received was far better than several others I had also checked. The website was very easy to use. It was also easy to upload my documents. I received an incredibly fast response. Customer service was fantastic. I had my loan in hand in about 2 days. All-in-all a fantastic experience. I would highly recommend UpStart.
Very easy to work with. Good procedure. The interest rate advertising is a little misleading, but overall very competitive.
Honest, straight forward, and competitive rates. Changes the way I think about banking products.
Very responsive - but sometimes a little too much contact. Requesting documents I had already submitted several times was a little frustrating as I was worried they hadn't been received. However, everyone I talked to was very nice and the process was incredibly quick.
The process was quick and simple. My communications with the company were polite and professional. Credit card debt can seem crushing and overwhelming. This changes people's lives. Thank you!!!
Easy application process. I had my loan in less than 24 hours. Nice team to work with!
I like that you look just more than the credit score to provide a credit, very easy to get the loan and efficient process.
Everything was clear and easy to understand. The process was so quick and the person I spoke with was very helpful!
Perfect! Just how a loan process should be! Fair, fast, and just an excellent overall experience.
Excellent customer service from everyone that was involved Would do business again in a hearbeat
Overall a great and easy experience. I would suggest being more clear about the up front interest charge, allowing the borrower to set a reoccurring payment that is above there minimum payment, and allowing a borrower to get a lower interest rate based off of there credit score if they have one.
Quick process and very friendly staff! Thank you!!!