Upstart Personal Loans Review: What You Need To Know

Quick take: Upstart loans stand out for people who have fair or limited credit. Upstart relies on more than 1,500 variables as part of its underwriting process, and much of the data is highly correlated.

Its process is different from traditional lending models, which use simple FICO-based models to provide a snapshot of a person's credit and are quite limited in their ability to assess the true lending risk of each consumer. Here's everything you need to know in this Upstart personal loans review.

MoneyLion

You apply for a few loans fast - would they count as one credit score inquiry?

Possibly, if they're the same typeNo, each one always counts separatelyOnly if you apply on the same dayYes, but only for mortgage apps

43

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Key Takeaways

• Upstart is a strong option for borrowers with fair or limited credit. Its AI-powered underwriting model evaluates more than 1,500 variables, including education and employment history, giving it a higher approval rate than lenders relying on credit scores alone.

• APRs range from 6.3% to 35.99%, and the rate you receive depends heavily on your credit profile. Borrowers with credit challenges should expect rates on the higher end of that range.

• Origination fees can reach 12% and are deducted from your loan proceeds before you receive funds, so factor this into how much you actually need to borrow.

• Upstart only offers two repayment terms — three and five years — and does not allow co-signers, which makes it a less flexible choice if you need a customizable term or want to apply jointly.

• Before applying, check your rate on Upstart's website using a soft credit pull, then compare it against other lenders to make sure you're getting the best APR and lowest total cost for your situation.

Summary generated by AI, verified by MoneyLion editors

Upstart Pros and Cons

Pros

• Competitive rates

• Loan amounts from $1,000 to $75,000

• Considers more than credit score for approval

• Check rate without affecting credit score

• Funding as fast as one business day

• Prepay without fees or penalties

Cons

• Only two repayment term options

• Co-signers are not allowed

• Up to 12% origination fee

Upstart was founded in 2012 in San Mateo, California, and has helped over 2.7 million customers with their lending needs through personal loans, consolidation loans and car loan refinance. It uses an AI-based lending model to improve access to affordable credit for consumers with lower credit scores due to challenges or limited credit profiles. Overall, 84% of Upstart’s loans are fully automated with no human interaction, from origination to final funding.

Key Features — Rates, Loan Amount, Terms, Fees, Funding

Here's what you need to know about the key features of Upstart loans.

Rates

Upstart claims it offers up to 33% lower rates than lenders using a credit score-only model to make lending decisions. Rates offered range from 6.3% to 35.99% APR. Although the starting rate is more competitive than many other lenders offering personal loans, the 35.99% APR is much higher. However, if you have challenged or limited credit and need a personal loan, Upstart might be able to approve you when other lenders won't. Just keep in mind that your rate could be quite high. Upstart allows you to check your potential rate before applying.

Loan Amount

Upstart issues personal loans in amounts from $1,000 to $75,000. This range is on par with personal loan amounts offered by other personal loan lenders, although some personal loan lenders do offer up to $100,000.

Note that Upstart has minimum loan amounts for the following states:

• Georgia: $3,100

• Hawaii: $1,500

• Massachusetts: $7,000

If you need to borrow less than $1,000, you might want to look at small-dollar lenders like Fig Loans and may even be another option if you don't want to get a payday loan.

Repayment Terms

Upstart offers personal loans with three or five-year terms. The APR ranges between 6.3% to 35.99% and that depends on the state where you live. There are no prepayment penalties and no down payment required.

Fees

• One-time origination fee of 0% to 12%. The origination fee is taken out of your loan amount before it's funded.

• Late payment fees may be assessed if you fail to pay within 15 calendar days of the payment due date.

• If your ACH or check payment is returned, you'll be charged $15 per occurrence for returned ACH or check payments.

• Paper copies of your loan documents have a $10 fee.

Funding

In most cases, Upstart funds personal loans on the next business day, as long as you accept the terms before 5 p.m. ET, Monday to Friday. If you accept the terms after 5 p.m. — or on a weekend or holiday, the funds will be transferred on the following business day unless you are using the funds to pay off credit cards. If the personal loan is for education purposes, it will take three additional business days to receive the funds.

Eligibility Criteria

Upstart doesn't state a minimum credit score required to get approved. Its AI-powered model looks at factors such as employment, income and even education, though, approval isn't guaranteed even if all of these are positive marks. To qualify for a loan with Upstart, you'll need:

• Show proof of employment, have a job offer that begins in the next six months or be able to show another form of income

• Meet Upstart's debt-to-income (DTI) requirements, along with education and employment history

• Be a resident in a state that Upstart serves

• Have a valid bank account, Social Security number and be at least 18 years old

So even if you don't have good credit or a solid credit history, these other factors can help your chances of approval.

Common Reasons Why You Got Denied for an Upstart Loan

According to Upstart, these are some of the reasons that you could get denied for a loan:

• High use of credit card installment and revolving accounts

• Limited credit history

• Charge-offs and closed checking accounts

• Carrying large balances on non-mortgage related accounts

• Incomplete verification

Upstart can revisit a denied application if something changes in your financial profile. Some of those changes include:

• Reduce your existing debt

• Check your credit report and address any errors

• Build or improve credit

If you’re trying to get approval before funding, don’t open new credit or add additional debt.

Mobile App

Upstart has a mobile app that is available on iOS devices. You can verify loan details, make payments, check your payment status, and apply for a small dollar personal loan. The app is rated 3.1 out of 5 stars on Google Play.

What You Can (and Can't) Use an Upstart Loan For

Upstart restricts certain personal loan uses. Find out what purposes are allowed and not allowed for your Upstart loan.

Who Upstart Is Not Best For

Upstart may not work for everyone. Here are some situations where Upstart isn’t ideal:

1. You have a good credit score. With a high credit score you may qualify for a lower APR and better terms elsewhere.

2. You need a co-signer. Upstart doesn’t allow co-signers on loans.

3. You want variety in term lengths. If you want a term length shorter than three years or longer than five years, Upstart won’t work for you.

4. You need funds under $1,000. Upstart doesn’t fund loans under this amount.

If any of these requirements apply, you may want to consider lenders like Upgrade or LendingPoint.

Upstart vs. Comparable Options

To help you decide if Upstart is the right personal loan lender for you, here's how other comparable lenders stack up. You can also check out the MoneyLion's breakdown of other personal loan reviews.

Avant

Avant offers loan amounts of $2,000 to $35,000 and charges a higher starting APR of 9.95% to 35.99%. Also, Avant has more choices in loan terms ranging from 24 to 60 months. Avant also charges a 9.99% administration fee.

LendingPoint

LendingPoint offers personal loans in amounts from $2,000 to $36,500, compared to Upstart's $1,000 to $75,000. It offers a 7.99% to 35.99% APR, with terms from 24 to 72 months.

Upstart's APR range is from 6.3% to 35.99%. However, Upstart only offers terms of three and five years. Additionally, LendingPoint's origination fee could be as high as 10%, whereas Upstart's could be as high as 12%.

Upgrade

Upgrade offers personal loans in amounts from $1,000 to $50,000 and charges a higher starting APR than Upstart does, 7.74% to 35.99% versus Upstart's 6.3% to 35.99%.

Plus, there's no chance of escaping the loan origination fee like there is with Upstart. Upgrade charges 1.85% to 9.99% on all of its personal loans.

👉 Best Emergency Loans for Bad Credit 👉 Best Peer-to-Peer Loans 👉 Best Personal Loans for Good Credit 👉 Best Hardship Loans for Bad Credit

Customer Reviews

With over 70,583 reviews, Upstart holds a 4.9 out of 5 stars rating on Trustpilot. Users talk about the process of applying being easy. People also comment that customer support is positive and the payment process is seamless.

A customer named Robyn left a review at the end of August 2026 saying that “This will be my second loan from Upstart; as always, it's an easy and straightforward process. Explanations of loan, APR and repayment agreement was presented in a way in which it was easy to understand. I have and will continue to tell others about Upstart.”

Contact and Support

If you have a question or concern, Upstart has two different departments you can contact, including loan application support and personal loans payment. The operating hours for loan application is from Monday through Sunday, 9 a.m. to 8 p.m. ET. For personal loans payment support, you can reach out Monday through Friday from 8 a.m. to 9 p.m. ET and Saturday through Sunday from 10 a.m. to 6:30 p.m. ET.

You can contact these departments via the following methods:

• Phone: (650) 204-1000 (local) or 1-855-438-8778 (toll-free)

• Email: [email protected]

How To Apply for an Upstart Loan

To apply for an Upstart loan, do the following:

1. Go to Upstart's website and click "Check your rate." This won't affect your credit.

2. Select the desired personal loan amount and loan terms.

3. Fill out the loan application. You'll be asked for information about your education and work experience as well as the loan's purpose. The lender will initiate a hard pull on your credit.

4. Wait for Upstart's decision on your loan application.

Who Upstart Is Best For

Upstart is best for consumers who have challenged or limited credit, which makes it difficult to get a personal loan through a traditional lender. Upstart uses an AI-powered lending model that examines over 1,500 variables, including education and employment, to determine consumer credit risks, which leads to greater approval rates than what traditional lenders can offer.

Final Take

When considering a personal loan, it pays to shop around. Take into consideration the fees and rates of each lender. And if you have a limited credit profile or other credit challenges, including fair credit instead of good or excellent ratings, Upstart is worth considering.

Keep in mind, however, that Upstart's personal loan origination fees can be up to 12% and are deducted from the total loan amount before you receive it. If you don’t qualify for an Upstart loan, need a co-signer or aren’t happy with the rate look to other options like Upgrade, Avant or LendingPoint.

FAQ

What are the downsides of Upstart loans?

The downsides to Upstart loans are their potential fees and interest rates for borrowers who have credit challenges. While the AI-based lender does offer personal loans to people with less-than-perfect or limited credit, the origination fee could be up to 12%, and the interest rate offered could be as high as 35.99%.

Does everyone get approved for an Upstart loan?

No, everyone doesn't get approved for an Upstart loan. Applicants must meet Upstart's minimum credit requirements.

Can I use an Upstart loan to pay off credit cards?

Paying off credit cards is a permitted use of an Upstart personal loan.

What happens if my Upstart loan application is denied?

You can reapply especially if your credit score has improved, your debt-to-income ratio has decreased and you’ve removed negative marks from your credit report.

Key Terms

• Annual percentage rate (APR): The yearly cost of borrowing money, expressed as a percentage. It includes the interest rate and certain lender fees — like an origination fee — giving you a more accurate picture of the loan's total cost than the interest rate alone.

• Origination fee: A one-time charge a lender deducts from your loan proceeds before disbursement. Upstart's origination fee ranges from 0% to 12% — on a $10,000 loan with a 12% fee, you'd receive $8,800 but still owe the full $10,000 plus interest.

• AI underwriting: An automated loan approval process that uses artificial intelligence and a broad data set — like education, employment and repayment behavior — to assess credit risk. Upstart uses this model to evaluate applicants beyond a standard credit score.

• Soft credit inquiry: A review of your credit file that doesn't affect your credit score. Upstart allows you to check your potential rate with a soft pull before you formally apply.

• Hard credit inquiry: A formal credit check that occurs when you submit a full loan application. It can temporarily lower your credit score and is visible to other creditors. Upstart initiates one when you complete your application.

• Debt-to-income (DTI) ratio: The percentage of your gross monthly income that goes toward debt payments. Lenders use it alongside credit score to assess whether a borrower can manage a new loan obligation.

Sources

• Consumer Financial Protection Bureau (CFPB). What is the difference between a loan interest rate and the APR?

• CFPB. What is an origination fee?

• CFPB. What is a credit inquiry?

• CFPB. What is a debt-to-income ratio?

• CFPB. What is a credit score?

Rudri Bhatt Patel contributed to the reporting for this article.

Summary generated by AI, verified by MoneyLion editors

Photo credit: Pixelfit / Getty Images