Upstart Review

Upstart Loans Review Summary

Loans through Upstart typically have APRs of 6.4% - 35.99%, which is great for people with excellent credit as the minimum APR is on par with what most lenders offer. Borrowers can also take out loans of , the high end of which is great for debt consolidation, home renovations and more.

People with credit scores as low as 300 can qualify for loans through Upstart in most states. Additionally, most borrowers are instantly approved, and applicants may be able to get their funds in as little as one business day.

Below you’ll see how WalletHub rates loans through Upstart in our three major categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also find a comparison to other popular personal loan providers.

Upstart Rates, Fees & Other Terms

Category Rating: 66%  (3.3 out of 5)

• Typical APR range: Loans through Upstart have fixed rates with a typical APR range of 6.4% - 35.99%. These rates run high, relative to what many other lenders charge.
• How rates are determined: Upstart’s underwriting model uses machine learning and artificial intelligence techniques to consider applicants based on variables like credit score, education, income and employment, among other factors.
• Fees: Loans through Upstart come with an origination fee of 0% - 12%, depending on your creditworthiness.
• Loan amounts & timelines: Loans through Upstart have dollar amounts of $1,000 - $50,000 with repayment terms of 36, 60 months.

Upstart Requirements & Application Info

Category Rating: 70%  (3.5 out of 5)

• Minimum credit score: You will need a credit score of at least 300 (in most states) to qualify for a loan through Upstart. Many other lenders on the market require a credit score of 660 or higher.
• Citizenship: You must be residing in one of the 50 U.S. states (military personnel on active duty are exempt from this rule).
• Identification: You must have a Social Security number, a verifiable name and date of birth, and a valid email address.
• Pre-qualification: You can check what loan rates you’re eligible for online. This process will not affect your credit score, though if you decide to apply for a loan afterward, there will be a hard pull of your credit history.
• No joint loans: You cannot add a co-borrower or co-signer to your application.
• Ways to apply: If you decide to apply for a loan through Upstart, the only way to do it is online.

Upstart Reviews & Transparency

Category Rating: 66% (3.3 out of 5)

• Better Business Bureau: Upstart gets an A+ score from the Better Business Bureau. And they’ve been accredited with the bureau since 2015.

• Consumer Financial Protection Bureau: Customers have only filed around 204 complaints about loans through Upstart with the CFPB. Some complaints include a person having a fraudulent Upstart account opened in their name and people being approved for different rates than they were estimated to receive in the pre-qualification process. Upstart usually gives “timely” responses to the complaints filed against them.

• WalletHub: Upstart has an average user rating of 3.5/5.

• Transparency: Upstart discloses the terms and requirements of their personal loans, but some information is hard to find on their website.

Overall, Upstart gets a decent score in this category because they have a positive reputation and are generally clear about their terms and requirements.

Summary: Loans Through Upstart Score by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Minimum income: You will need an annual income of $12,000 or more from sources such as a job, a job offer, disability benefits or retirement funds, according to the company.
• Bank Verification: You must have a personal banking account at a U.S. financial institution with a routing transit number.
• Late Fee: 5% ($15 min.) of the payment amount, whichever is greater.
• Prepayment Fee: Upstart does not have any prepayment fee.

Upstart Personal Loans vs. Popular Competitors

Methodology

In order to provide the most accurate review of loans through Upstart, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where typical APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Terms for loans through Upstart do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the lending platform’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).

The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.