Upstart Personal Loans Review

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Upstart features

Here’s a breakdown of some of the pros and cons of Upstart personal loans.

Avantage

Options for Low Credit Borrowers
Low minimum annual interest rate
fast financing

Désavantage

registration fee

Highest APR High

Founded by ex-Googlers and headquartered in San Mateo, California, Upstart has disbursed more than $16 billion in personal loans. If you’re consolidating debt, making a major purchase, or making some personal expenses, Upstart Personal Loan can help.

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You can borrow up to $50,000, and you may be eligible for a loan at any credit level. But be aware of the one-time processing fee, which can be up to 8% of your loan amount.

Upstart is best for borrowers with quick financing and bad credit

In most cases, you can make an approval decision within 24 hours. After accepting your offer, your money can be delivered within 1 business day.

Upstart won the 2022 Best Bad Credit Lender Award with no minimum credit rating. If you don’t have great credit, Upstart is a great way to get personal credit when you need it. However, if you have good credit, you may find cheaper options from other lenders.

Upstart snapshot

Loan amount	$1,000 – $50,000
APR	5.40% – 35.99%
Minimum credit score	None
Time to receive funds	As soon as one business day

Loan conditions

Upstart offers fixed-rate personal loans, typically ranging from $1,000 to $50,000. However, in some states, the minimum may be higher. States with higher minimum loan amounts are:

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Massachusetts: $7,000.
Georgia: $3,100.
Ohio: $6,000.
New Mexico: $5,100.

You can repay the loan in three or five years. APRs vary from 5.40% to 35.99%, depending on your credit history, education, work experience, and more. Unlike some other personal lenders, Upstart doesn’t offer interest rebates when you set up automatic payments.

Upstart has no minimum credit requirements, so if your credit history is too limited to receive a credit rating, you may be eligible. You also need a U.S. bank account and a regular source of income. However, there is no minimum income threshold for advertising.

Once you are approved and accept the loan terms, you can receive your payment the next business day.

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Fees and Penalties

One of the biggest fees Upstart charges is an origination fee — which can be as high as 8% of the loan amount. The handling fee will be deducted from your credit funds prior to your receipt. Therefore, it is important to borrow enough money to ensure you get the amount you need.

If you are more than 10 calendar days past due, Upstart will charge a late fee of 5% of the overdue amount or $15, whichever is greater. If funds are refunded from your bank account or check due to insufficient funds, there is also a $15 ACH return or check refund fee. Finally, if you request to switch from electronic records retrieval to paper copy retrieval, there is a $10 fee.

However, Upstart doesn’t charge a prepayment penalty, so you don’t have to worry about the extra cost of prepaying your loan.

How to apply for a loan with Upstart

The application process for Upstart is relatively simple. You start by providing some basic information about yourself and registering to receive quotes. The lender performs a soft credit check on this part of the process, which means that the request will not affect your credit score.

If you like what you see, review the information you shared, add your Social Security number and bank account information, and complete the application.

After submitting a formal application, Upstart conducts a rigorous credit check, which may lower your credit score by a few points.

However, before you apply, compare the rate quotes you receive with other personal loan rates from top lenders.

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