Upstart Personal Loans Reviews 2023-2024

Upstart is a platform that lends and also makes use of what you call “A. I” also known as Artificial Intelligence, which is to improve access to affordable credit.

It is in California and former Google employees founded it in 2012. Upstart also applies Artificial Intelligence to ensure a decrease in lending risks and costs for Upstart bank partners.

The lending intermediate ensures provision of unsecured personal loans that ranges from $1,000 to $50,000 to borrowers anywhere in the United States except West Virginia or Iowa.

You may not fully understand what the Upstart Personal Loans represent without having to do a review of its Best Features and Drawbacks:

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Upstart Personal Loans Best Features

Next-day Funding

Upstart states 99% of applicants literally choose to accept their loans by 5 p.m.

Eastern time Monday through to Friday definitely get their money on a single business day.

According to the Federal law, the exclusion is that loans meant for education expenses, which are clearly subject to three business days. 

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No credit history required

Upstart offers loans to borrowers without credit scores, which traditional lenders perhaps find difficult to do.

However, if you possess little or quite a poor credit history, your loan will most likely be of much higher cost.

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No Prepayment Penalty

You could choose to repay all or part of your loan whenever without being charged a fee.

Upstart Personal Loans Drawbacks

Origination Fees

Upstart will remove a onetime origination fee, which is about 8% from the proceeds of your loan prior to when you get them – which is not in any way refundable. 

No Co-signers

Upstart will not and doesn’t accept co-signers and can only take the borrower’s personal information into account right while the application process is going on.

Co-signers can support borrowers with finite or poor credit histories to get better or greater interest rates.

To better understand Upstart Personal Loans, the following questions will need answers:

  1. How can you use Upstart Personal Loans?
  2. How does Upstart work?
  3. What Are the Terms, Fees and Conditions of Upstart Personal Loans?
  4. How can you qualify for an Upstart loan?
  5. What credit score do you need for Upstart?
  6. Is Upstart reputable?
  7. How’s Upstart customer service?
  8. What are some of Upstart’s online features?

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How Can I Use Upstart Personal Loans?

You can use Upstart’s unprotected personal loans of $1,000 to $50,000 with stable rates from 7.86% to 35.99% for almost anything.

Rates and minimums differ by state, but Upstart’s average three-year loan has an APR of 25.42% and 36 per month payments of $37 each $1,000 borrowed.

Common Loan Uses include:

  1. To combine into a unit credit card and other debts.
  2. Making payment for moving expenses.
  3. To fund home improvements.
  4. Having to cover medical costs.
  5. Providing finance for a wedding.
  6. Beginning or enlarging a business.

Borrowers may not use loans to:

Make payments for education expenses in places like California, Connecticut, Illinois, Washington or Washington, D.C.

Do funding of illegal activities, such as buying drugs.

Personal Loan Finder

Choose your desired loan, amount and purpose of loan, range of your credit score, and your state to see a rough assessment of annual rates of percentage and loan terms.

How Does Upstart Work?

Before you choose to borrow, you can verify your rate on their website without having to hurt your credit score.

They will base your loan amount on your credit, income and every other information right on your application, such as your education, work experience and history of credit. 

If you are ready to fill in the application, know that the process will differ by lender. Partners of Upstart with banks match borrowers with offers of loans, and every lender has its requirements.

Most lenders will call for information like your name, address and Social Security number to do a credit check. Some lenders may have to ask for tax returns, pay stubs, transcripts for schools or SAT scores.

Once they accept your loan and you’ve gotten approval, you can now get your money in less than 24 hours.

Also, know that loans could take up to a month for it to be funded, and loans for education call for a waiting period of at least three business days before you fund, according to federal law.

What Are the Terms, Fees and Conditions of Upstart Personal Loans?

Upstart loans possess interest rates that start from 7.86% to 35.99%. The loans can also include the following fees:

  1. What you call an origination fee of up to 8%.
  2. For every occurrence, a late payment fee of about 5% of the overdue amount or $15, whichever is greater.
  3. A check given back or ACH return fee of $15.
  4. A onetime charge of about $10 to receive hard-copy rather than soft copies of your records.
  5. Upstart calls for borrowers to repay loans in 36, 60 or 84 monthly installments, depending on your loan terms. 

That said, you can prepay your loan without penalty.

How Can You Qualify for an Upstart Loan?

If you desire to qualify for an Upstart personal loan, you will have to:

  1. Live anywhere in the U.S. except West Virginia or Iowa.
  2. Be at least in position of 19 in Alabama and Nebraska and at least position of 18 elsewhere.
  3. Make provisions for a valid email address, a verifiable name and a Social Security number.
  4. Possess a regular source of income and a United States bank account.
  5. Borrowers must have credit scores of at least 580 but can also be legible without enough credit history to generate a FICO score.

A point to note is that your credit report can’t have defaulting or collection accounts, past-due amounts, collection accounts in the last 3 years, or charge-offs, except if they are below certain boundaries.

You shouldn’t have legally declared or recognized the condition of insolvencies of a person or organization or other public records on your credit report within the last one year. Except if they are paid civic judgments or paid tax tendon.

Also, you must have fewer than 6 credit inquiries, which doesn’t include those in the last 6 months for mortgages, student loans or auto loans.

Upstart will confirm your personal information and credit information while the application process is on by trying to get a credit report from at least a single credit bureau. You must also make provision for your academic history, work experience and what you intend using the funds for. 

The amount of loan you are eligible for is not dependent only on your credit, but also on where you live. Loans from Upstart range from $1,000 to $50,000, even though state minimums apply.

What Credit Score Do You Need?

A credit score as low as 580 can qualify for an Upstart loan, but the lower your credit score, the more expensive your loan.

However, credit score isn’t the only factor lenders examine. Every lender has its process to evaluate borrowers. Still, most look at credit history, from debt to income ratio–the percentage of your monthly income you choose to spend on debt payments–and expenses.

Where Does Upstart Operate?

They can find Upstart loans everywhere except West Virginia and Iowa.

Is Upstart Reputable?

The Better Business Bureau provides Upstart a top rating, but the company also gets a score of 1.63 out of 5 stars because of 41 customer reviews.

Upstart has earned an amazing rating of 4.9 out of 5 stars on Trustpilot because of over 7,600 reviews.

The Consumer Financial Protection Bureau recorded over 20 complaints in the year 2020 about Upstart personal loans, and all complaints received a timely reply except one.

The most usual complaints were about problems when trying to make payments, incorrect information appears on credit reports and when one’s being charged unexpected interest or fees.

How Is Upstart’s Customer Service?

Borrowers have various ways to reach Upstart: you can send a message by making use of the online contact form, call or email them.

If you would want to prefer to speak with someone by phone, Upstart makes provisions for general customer support right from 9 a.m. – 8 p.m. Eastern time, 7 days a week.

They make payment support available from 9 a.m. – 9 p.m. Monday through Friday and right from 10 a.m. – 7 p.m. on Saturday.

What Are Some of Upstart’s Online Features?

Upstart’s application process, from verifying your rate to approving the loan, you can also complete it online. But some applicants may now have to check information by phone as inclusion on security precaution.

You can literally make payments, you can replace your monthly payment, date, or schedule repetitive payments online through the borrower dashboard.

The online dashboard can also display your current duties, alongside instructions or clarifications on how you should apply for your payments.

You’ll also find out how much is in schedule and what to do if your account is past expected.

Frequently Asked Questions on Upstart Personal Loans?

Does Upstart charge a prepayment fee or penalty?

No, there is no fee or penalty for paying in advance. Through your Upstart dashboard, you can make early or additional payments.

Can Upstart make exceptions for unique situations?

Unfortunately, they cannot individually make exceptions to their qualifying or minimum credit requirements. You allow you to reapply if your circumstance changes in the future. You can do so by applying with a unique email address.

Did Upstart share my information with these lenders? If so, what information did Upstart share?

By utilizing the Upstart Compare services, you provided information to both Upstart and Guide to Lenders for them to match you with lenders who might help you. This section includes the information you provided on your rate check request.

What is the distinction between Upstart and Guide to Lenders loan offers?

Upstart’s underwriting process is used to make loan offers—the loan offers supplied by Guide to base Lenders on the underwriting model used by each lender.

I am only qualified for a loan with Upstart. Why did the other lenders deny me?

Other lenders’ credit and qualifying standards differ from Upstart’s. They have no ties to any of the other lenders. As a result, they won’t tell you why other lenders did not approve you.


It is a point worth noting that though Upstart’s loans don’t come with astounding attributes, they’re a fast-funding alternative for borrowers with lower limit credit scores and rates.

Therefore, you could try it if you’re looking forward to getting out of debt or fulfilling your several financial obligations.


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