Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Who is Upstart Best For?
Upstart is best for borrowers who may not qualify for a loan solely based on their credit score. The lender includes other pieces of information in its approval decisions, so if you need to get a loan with bad credit it's worth a look.
When you apply for a personal loan such as a home improvement loan, Upstart also considers employment history and education history, such as where you went to school and your area of study. While this could be an advantage for people with lots of college experience, it may work against borrowers without that experience.
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Upstart Personal Loan Features
- Regular annual percentage rate (APR):
Upstart Personal Loan - Regular APR - Minimum credit score: 300
- Loan amount range:
Upstart Personal Loan - Loan Amount Range - Loan term lengths are either three or five years
- Can have origination fees up to 8%
- Considers employment and education history when making loan approval decisions
- Loans made through one of several Upstart-powered bank partners
Upstart Personal Loans Pros and Cons
How to Apply for an Upstart Personal Loan
1. Prequalify for a loan on Upstart's website. Submit an online form to find out your interest rate and APR. You'll need to input your basic contact information, details about your education, income, savings, and past loans. The company will run a soft credit check, which won't impact your credit score. You'll get your rate quote within minutes.
2. Review different loan offers and pick one. The company will present you with multiple loan offers with different rates and term lengths. Change the loan amount to see different offers. Choose one you can afford to make monthly payments on.
3. Submit an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents. Upstart uses an AI-driven system that approves a majority of applications immediately.
4. Sign loan agreement and get your money. After you sign your loan agreement, you should get your funds within one to two days.
5. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
Upstart Frequently Asked Questions
Is Upstart a legit loan company?
Is it hard to get a loan from Upstart?
Relative to other companies in the personal loan space, it is relatively easy to qualify for an Upstart personal loan, as it has a low minimum credit score requirement of 300.
Does Upstart impact your credit?
Submitting a full application for a personal loan from Upstart or any other lender is likely to cause a slight dip in your credit score because it includes a hard credit inquiry. However, you can prequalify for a loan with Upstart before applying to get an idea of the rates and terms the company may offer you. Prequalification has no credit impact.
How can I contact Upstart customer service?
You can reach Upstart's customer service by phone at 855-438-8778 Monday to Friday from 6 a.m. to 5 p.m. PST.
How long does it take for Upstart to approve a loan?
Borrowers will get an instant approval decision after applying for an Upstart personal loan.
Upstart Competitors
Upstart vs. Avant
Both Avant and Upstart allow borrowers with poor credit to get approved. For borrowers who meet Upstart's minimum credit score requirement of 300, this lender could have an advantage with a wider range of interest rates and higher loan amounts.
Upstart vs. LendingClub
While Upstart has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements. Upstart has lower starting interest rates, but LendingClub has lower origination fees.
How We Rated Upstart
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>