Upstart offers loans for credit card consolidation, auto refinance, and home improvement, among others. Upstart loan applicants must have a credit score of at least 300, though you may be able to get a loan with a lower credit score. It can be an accessible option for customers who would not otherwise be able to get a loan.
Types of Personal Loans Offered by Upstart
Upstart offers personal loans for a variety of reasons, ranging from debt consolidation to home improvement. There are very few prohibited uses for their personal loans, including some that vary by state.
Common loan uses
Credit card consolidation
Purchasing weapons or firearms
Educational purposes for borrowers in California, Illinois, Washington, or Washington, D.C.
Paying off (refinancing) student loans
Upstart Loan Features
Upstart offers fixed-rate personal loans between $1,000 and $50,000. However, there are state-specific minimums in Massachusetts ($7,000), Ohio ($6,000), New Mexico ($5,100), Georgia ($3,100), and Hawaii ($2,100).
Payment on an Upstart loan will begin 20 to 40 days after the loan origination date. You can pay the loan principal and any interest accrued back in 36, 60, or 84 monthly installments, depending on the terms of your loan. You can prepay without incurring any penalties.
Loan use limitations
Upstart Interest Rates and Fees
Upstart charges an origination fee of up to 10percent, which is a one-time fee that’s deducted from the loan proceeds before they are delivered to the borrower. Upstart doesn’t charge prepayment penalties, but they do charge late payment fees and a fee for insufficient funds. Borrowers can also incur a one-time $10 fee if they request physical copies of their records or withdraw eSign consent. Interest rates vary.
Late payment fees
5% of the past due amount or $15, whichever is greater.
$15 charge for failed bank transfers (ACH) or checks
$10 fee for physical copies of records
Upstart Qualification Requirements
Borrowers typically must have a minimum credit score of 300 to qualify for a personal loan from Upstart.Some applicants with lower credit scores may be accepted. In addition to credit scores, Upstart considers variables such as:
- College education
- Job history
- Debt-to-income ratio
- Number of credit report inquiries in the past six months
Minimum credit score
300, but some applicants with lower scores may be accepted
Debt-to-income (DTI) ratio, not including rent or mortgage
50% or less; 45% or less in Connecticut, Maryland, New York, and Vermont
Co-signer/joint application requirements
Note: Applicants with a lower credit score are often offered a higher interest rate because they are deemed a riskier borrower. Lenders also want to make sure that you have enough income to make loan payments. Your debt-to-income (DTI) ratio is how much debt you have compared to your gross monthly income. If you have an approximately 36% DTI ratio or less, you’re considered a good candidate for a personal loan by most lenders.
Upstart Application Process
Checking your rate on Upstart will not affect your credit score. When you check your rate, Upstart makes a "soft credit inquiry." Soft credit inquiries on your report do not lower your credit score, but you may see this type of inquiry when you view your credit report.
If you are offered a loan and proceed with the application, a "hard credit inquiry" will be completed to verify the accuracy of your application. This action will be recorded as an inquiry on your report, and it may impact your credit score.
All unsecured personal loans are originated by Upstart-powered bank partners. The bank partner will depend on the state.
To begin the application process for a personal loan, enter
how much you would like to borrow, between $1,000 and $50,000.
Next, select the loan purpose.
Fill out your name.
Fill out your birthday.
Then, complete your address.
Upstart will ask you for your email address.
Upstart will also ask you for your phone number.
Next, select the highest level of education that you have
Depending on your level of education, the next page will ask
you further questions about your education.
Then, select your salary type and answer further information
about your primary source of income.
Upstart also asks for information about your savings.
Upstart wants to know whether you have taken out any other loans in the past three months.
Next, create a password to access your account later.
Finally, you will need to agree to the terms and conditions
in order to check your loan rate.
Note: Unsecured personal loans in Maryland and Nevada are originated by Cross River Bank, Member FDIC. Car refinance loans are not available in Iowa, Maryland, Nevada, or West Virginia. Car refinance loans in Illinois and Missouri are originated by Cross River Bank or Midwest BankCentre. Car refinance loans in Colorado, Kansas, and Texas are originated by Cross River Bank or Rising Bank, Member FDIC. Car refinance loans in Florida, Georgia, and Alabama are originated by Cross River Bank or Drummond Bank, Member FDIC. All other car refinance loans are originated by Cross River Bank, Member FDIC.
Upstart Customer Support
Upstart offers a variety of ways to contact customer support, including:
- 650-204-1000 (local)
- 1-855-438-8778 (toll-free)
- Monday to Sunday 9 am to 8 pm EST
- Upstart Operations Dept., P.O. Box 1503, San Carlos, CA 94070
Online ticketing form
In general, people seem satisfied with the customer support from Upstart. Here is what a few customers said about their experience.
“This is the 2nd time I’ve used Upstart. It’s easy, safe, and their customer service is top notch. Upstart will always be my first preference when applying for a personal loan.”
“Loan application was quick and easy! Had to call support once during the application process to make sure documents I uploaded were received. The phone was answered right away by a representative and they confirmed it within a couple of minutes.”
“It’s nice to work with a lender that understands customer service. Upstart made the loan process simple and quick. I’ve actually enjoyed the application and approval process. I feel like I’ve found a partner in Upstart.”
However, there were a few customers who had a mixed experience with customer service.
“Customer service is nonexistent! I've had perfect payment history and on automatic payments. One payment (unknown to me) didn't go thru then I seen experian say I missed a payment. I immediately called and tried to make it right and told them I wasn't aware payment didn't go through and if I paid would they remove it from my credit and they said no. Not only that but monthly payments and interest is high. You're better off going through your bank. Read reviews from other review places and you will see I'm not the only person this has happened too. Even tried to show a bank statement showing my payment.”
“I had issues accessing the site. So I contacted customer service and they sent me more links to access their site. I sent them screenshots of what it looks like when accessing their account. They went ahead and sent me a link to their website again to read some qna or something. They clearly didn't read my message with the fact that I can't access the site. They just give cut copy answers to clients. They couldn't even be bothered to type out an original email. Either that or they are missing some firing actions upstairs. If you're looking for customer service, go somewhere else.”
Upstart Online Reviews
Overall, reviews of Upstart are mostly positive. Upstart received 97% “excellent” ratings on truspilot.com. People frequently comment on the quick and easy loan approval process. Many were happy with the experience and had no complaints. The negative reviews are mostly related to entering their information and having a hard pull on their credit, only to have been denied for a loan after. Others were offered a loan but were not happy with the terms and rates offered.
The positive reviews are related to
The negative reviews are related to
Quick and easy loan approval process
Hard credit inquiry only to get denied for a loan
Good customer service
Some not happy with the rates and terms offered
Upstart Perks and Bonuses
Upstart doesn’t offer much in terms of flexibility. The lender does not offer discounts. Borrowers cannot modify their loan terms. But Upstart may allow borrowers to access an alternative payment plan to avoid fees during times of hardship.
Upstart maintains a professional website that is informative, intuitive, and free of misleading advertising and sales gimmicks.
A February 2020 report from lending watchdog and advocate Student Borrower Protection Center suggests that some recent grads who attended minority-serving colleges may be assigned higher APRs than college graduates from non-minority-serving schools with similar applications. Upstart has denied this, noting that it regularly tests its model for bias and that its model generates higher approval rates at lower APRs for graduates of historically Black colleges and universities.
Upstart borrowers can make payments online. You have the option of signing up for automatic payments, but autopay does not come with any discounts. Upstart does not have a mobile app or loan management tools.
Upstart Compared to Other Lenders
There are a few other lender websites that you can compare to Upstart. Loan terms, loan amount, interest rates, minimum credit score, and co-signer requirement differ by lender.
3 or 5 years
2 to 7 years
2 to 5 years
2 to 7 years
$1,000 to $50,000
$5,000 to $100,000
$2,000 to $35,000
$1,000 to $50,000
5.40% to 35.99%
7.99% to 22.73%
9.95% to 35.99%
6.95% to 35.97%
Min Credit Score
Co-applicants and co-signers allowed
Co-applicants allowed but co-signers not allowed
Upstart is an accessible lending platform for borrowers with poor credit. Upstart offers loans for credit card consolidation, auto refinance, and home improvement, among others. To start the loan pre-approval application process for a personal loan, you must have a credit score of at least 300, though you may be able to get a loan with a lower credit score. Unlike some other lenders, Upstart doesn’t charge a prepayment penalty, though they may charge an origination fee. Upstart can be an accessible and quick option for customers looking for a loan.