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Upstart Review

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Reviews 39,560

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Jacob Parker
Jacob Parker
Dec. 08, 20224 min read

Upstart summary

Upstart is a lending platform that uses Artificial Intelligence (AI) algorithms to provide loans to small businesses. The application process is simple and fast. Upstart offers rates and terms immediately, and typically transfers funds within one business day.² In addition to business loans, Upstart also offers personal loans that can be used for a wide variety of purposes including home improvements and debt consolidation, and car refinancing.

Pros

  • Easy application process
  • Fast funding
  • No hidden fees or prepayment penalties

Cons

  • Plaid connect required
  • Not available in NV, NH, MD, WV, IA
Upstartat a glance
4.2

Editorial score

Online experience

Good online resources, but no mobile app

4.0

Customer services and support

Multiple ways of reaching lender, wide range of hours

4.0

Variety of loan types

Offers most loan types

4.0

Loan amount range

Loan amount up to $200K

4.0

Eligibility

Loans available to most credit types, revenue levels, and businesses

5.0

Overview

Established in 2015, Upstart is a relatively new lending platform, and has been disrupting the loans industry in two important ways. Firstly, through its sophisticated AI—70% of its loans are fully automated without manual processing. Secondly, Upstart doesn't rely on a traditional credit score eligibility process but instead uses non-conventional variables such as employment, income, and education.³

In addition to its small business loans, Upstart offers personal and auto refinance loans.

To qualify for a business loan, your company must have been registered for at least 12 months and be an LLC, LLP, C-corp, or S-corp. If you have been a registered business for less than a year or are a sole proprietor, the Upstart application process will prompt you to apply for a personal loan instead.

Upstart has an impressively high customer satisfaction rating of 4.9 on Trustpilot. It has also been rated A+ by the Better Business Bureau (BBB).

Why Upstart Is Good For Your Business

Business loans from Upstart are best suited for small businesses that may not qualify for loans from banks or other traditional lenders. 

The loans are also a good choice for businesses that need a quick decision and for funds to be transferred quickly, as most loans with Upstart are approved and paid within one business day.² Upstart’s use of groundbreaking AI in its business loan underwriting process makes this lender a popular choice.

Loan Features

Upstart offers one kind of business loan—a fully amortized term loan with fixed monthly payments, aimed at small businesses.

  • Maximum APR of 50%

  • Origination fee of 4-6% (subject to change)

  • Plaid connect required (applicants must sign up for the Plaid open banking platform that provides third-party financial data-sharing technology)

Application Process

It’s easy to check your rate through Upstart’s website. Simply click the Check Your Rate button and enter details such as the loan amount required, business name, business type, industry, annual revenue, and the personal information of the individual applying for the loan. 

You will need to state what you plan to use the loan for. The options are: inventory, expansion, payroll, working capital, refinance debt, and other.

After a few minutes, Upstart will let you know its credit decision and, if approved, provide available rates. 

After selecting your chosen loan amount and terms, Upstart will verify your details. In most cases, this is done automatically through AI. It verifies your EIN/TIN and state registration. Funds are usually received in one business day.²

The initial rate check doesn’t affect your credit score. Once you decide to move forward with a loan offer, your credit score may be impacted.

How Much Can You Borrow? 

With Upstart, you can borrow between $5,000 and $200,000¹. However, the amount you can borrow depends on a variety of factors including your business history and how you plan to use your loan.

You’ll need a minimum credit score of 550.

Eligibility requirements are as follows: 

  • Business registered for a minimum of 12 months

  • Proof that your company is in good standing with the state

  • Must be registered as an LLC, LLP, S-Corp, or C-Corp (nonprofits, sole proprietorships, and unregistered businesses are not eligible)

  • Entity must be incorporated and possess an IRS EIN 

Repayment Terms

Loan lengths are one or two years, and the maximum APR is 50%.

Privacy and Security

Upstart uses security measures that include computer safeguards, encryption, and secured files and buildings. It maintains other physical and electronic safeguards and limits access to information to those employees for whom access is appropriate.

The full Privacy Policy is available on its website.

Help & Support

Customer Support can be contacted via phone or email.

Email: support@upstart.com

Telephone: (650) 204-1000 (local) or 1-855-438-8778 (toll-free), available from Monday to Friday, 9am-8pm ET.

Upstart does not support an online chat facility.

Summary

Upstart is an excellent option for small businesses that may not qualify for loans from banks or other traditional lenders. The company offers a range of loans and has an impressively high customer satisfaction rating. Upstart's use of groundbreaking AI in its business processes makes this lender a popular choice for tech companies.

Physical Address

Upstart Operations Dept.

P.O. Box 1503

San Carlos, CA 94070

Methodology

This review was compiled using the information from Upstart’s website and LinkedIn profile. Trustpilot and the BBB were also referenced.

Disclaimers

¹ Small business loan amounts range from $5,000 - $200,000. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Small business loans not available in NV, NH, MD, WV, IA.

² If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.

³ Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴ When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.

Jacob Parker
Written byJacob Parker

Jacob Parker is a financial and technology writer. With a background in climate science, he's deeply interested in the intersection of fintech and sustainability and has a passion for impact investing and ESG research. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

Upstart
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Trustpilot reviews

See what some costumers are saying about Upstart
Upstart
ExcellentReviews 39,560
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Excellent
97%
Great
2%
Average
0%
Poor
0%
Bad
1%
  • author
    Stacie
    15 hours ago
    Fast, easy and convenient

    Easiest process, fast and friendly system. funds within one day.

    ...

  • author
    Tom Huynh
    17 hours ago
    A* i love ir

    -just looking!! I have been steadily looking, I would to get into a nice quiet for me and something a him that I can afford and fall in love with it

    ...

  • author
    Ellen
    17 hours ago
    It was effortless experienced

    It was effortless experienced. No hassle and reliable with great interest offer to pay my high interest rate on credit cards in Citi card.

    ...

  • author
    RWilliams
    18 hours ago
    Amazingly quick, simple and thorough process

    The process was thorough and I felt totally secure with my online interactions with them. I received email responses promptly as well. I've been a family member of Sharonview for decades and this partnership with Upstart made getting a loan very simple and fast. I received approval the same day and the funds within two days. They are amazing! Thanks a bunch!

    ...

  • author
    Hector
    19 hours ago
    Quick and easy!

    The entire process was quick, easy and stress-free. The site is very user friendly and easy to navigate. I thought it would be a lot more difficult and complicated, but my experience was pretty great. Thanks!

    ...

  • author
    Juanita
    20 hours ago
    My experience was excellent

    My experience was excellent, quick, and no hassle. The information was clear and it was very simple. I felt confident all the way through the process.

    ...

  • author
    Carrie
    20 hours ago
    Fast approval

    Fast approval. Smooth process.

    ...

  • author
    Kemi Ademilola
    21 hours ago
    I had an excellent experience with…

    I had an excellent experience with upstart.

    ...

  • author
    Debra
    21 hours ago
    Easy

    This seemed to go very smoothly.

    ...

  • author
    Mark
    21 hours ago
    Very fast no problems

    Very fast no problems. Easy to navigate.

    ...

  • author
    Theresa
    21 hours ago
    This is my second loan with Upstart

    This is my second loan with Upstart. Easiest experience ever! so fast and understandable

    ...

  • author
    Darryl Natelli
    a day ago
    Easy and quick to use

    Easy and quick to use. No long approval process

    ...

  • author
    Kathleen
    a day ago
    Ease of use and explanations of forms.

    Ease of use and explanations of forms.

    ...

  • author
    Ken K1ken Wisell
    a day ago
    Very easy process from the beginning

    Very easy process from the beginning. I would recommend.

    ...

  • author
    Karen
    a day ago
    Easy to apply and quick response.

    Easy to apply and quick response.

    ...

  • author
    Pamela
    a day ago
    Good way to build credit

    Good way to build credit. Know within minutes of applying

    ...

  • author
    Michael
    a day ago
    Wanted to consolidate credit card debt…

    Wanted to consolidate credit card debt for me and my wife. Made it a very easy and efficient process.

    ...

  • author
    Christopher
    a day ago
    This was a very pleasant experience

    This was a very pleasant experience! Very easy application, and the ability to upload just a few documents. The ability to choose different terms and loan amounts made it very easy to navigate. I would recommend this to friends and families members

    ...

  • author
    Hector
    a day ago
    Seamless Procedure

    Seamless procedure, reasonable information gathering and speedy and accurate process. I always choose Credit Unions over banks, especially military ones.

    ...

  • author
    Cory
    a day ago
    Better than any other loan provider

    Upstart came through in a time of need for me and helped me survive when I needed it.

    ...

  • author
    Patrick
    a day ago
    Ease of the process

    Ease of the process

    ...

  • author
    Michelle
    a day ago
    it's real and easy

    easy process and auto funding in your account

    ...

  • author
    Daniel
    a day ago
    User friendly

    User friendly, easy to understand

    ...

  • author
    Emily
    a day ago
    A costumer service provider

    A costumer service provider, Joshua was truly amazing! He took the time to make sure everything on my application was correct and did whatever he could to help me!

    ...

  • author
    Terri
    a day ago
    Help desk representatives put the "help" in help desk!

    Very easy process-2nd loan with Upstart

    ...

  • author
    JLG
    a day ago
    Easiest loan process

    Easiest loan process.

    ...

  • author
    Angelica
    a day ago
    I needed money to relocate fast and I…

    I needed money to relocate fast and I literally got approved at a decent rate within minutes and with just a few clicks.

    ...

  • author
    Hannah
    a day ago
    Ease of use and transparency.

    Ease of use and transparency.

    ...

  • author
    Joshua
    a day ago
    Easy to apply and understand all the…

    Easy to apply and understand all the terms and conditions.

    ...

  • author
    KDH
    2 days ago
    I was nervous since this was my first…

    I was nervous since this was my first every loan. But I really needed to get my payments in order and I knew I wanted it through Upstart. The process was AMAZINGLY fast, safe and amazing.

    ...

  • author
    Brian
    2 days ago
    Easy to navigate

    Easy to navigate, and hh$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$!!!!!!!!$&&&&&&

    ...

  • author
    Marieange
    2 days ago
    This process was fast & easy

    This process was fast, and easy with the terms clearly outlined. Credit cards will be paid off in no time!

    ...

  • author
    Stephane E
    2 days ago
    Fast, Easy, Fair.

    Very user friendly interface! Got my loan the next day. Fair servicer. Thank you so much. As a recent college graduate, I needed this for consolidation.

    ...

  • author
    Mi Kyung
    2 days ago
    It's a terrible help to us

    It's a terrible help to us I apply $15,000.00 they saying They gonna take the money $1,500.00 from my financial amount Then I can get money $13,500.00 How to payment !! And Interest 36.56% with+ interest for 15000 Amount +26.75% payment 3 years So they gonna 1500 + interest +interest =8,441 And I gonna paying for I get the 13500 mean is 15000 So I have to pay 15000+5,484+1467=21,961+1,500 = So total I have to 652 36 times

    ...

  • author
    Julius
    2 days ago
    Fast

    Fast, professional and would recommend to my friends and family

    ...

  • author
    Michael
    2 days ago
    This was a very easy and great…

    This was a very easy and great experience. I will recommend to all my friends and family.

    ...

  • author
    customerManny
    2 days ago
    Very easy and quick process

    The process is very easy! Very quick!

    ...

  • author
    Charles Prinzivalli
    2 days ago
    Quick and easy experience.

    Quick and easy experience.

    ...

  • author
    Ginger Rice
    2 days ago
    Amazingly simple process & this is from…

    Amazingly simple process & this is from a person who doesn't really do internet well!

    ...

  • author
    Anon.
    2 days ago
    I applied for a loan online and I was…

    I applied for a loan online and I was approved in minutes. The process was very convenient and easy.

    ...

  • author
    Milagros
    2 days ago
    Easy to apply felt confident that the…

    Easy to apply felt confident that the information was being safeguarded. I had a positive experience.

    ...

  • author
    Jack
    2 days ago
    Seamless process and unmatched customer…

    Seamless process and unmatched customer service.

    ...

  • author
    Richard
    2 days ago
    Upstart was very easy and upfront about…

    Upstart was very easy and upfront about the loan process! Thank you for being there when I needed you!

    ...

  • author
    Stacy
    2 days ago
    Applying for a loan was quick and easy

    Applying for a loan was quick and easy, it really took all of the stress off of the current situation.

    ...

  • author
    Jodie G
    2 days ago
    Ease of use and ability to complete…

    Ease of use and ability to complete application and loan approval in less than 15 minutes

    ...

  • author
    Rachel
    2 days ago
    The application process is simple

    The application process is simple. The rates are fair. Time will tell if the overall customer service experience is as great as the rest of the process.

    ...

  • author
    Amada
    2 days ago
    Process was great

    Process was great! Fast and easy! Thank you!

    ...

  • author
    Tom B.
    2 days ago
    5 Star Experience

    Process was simple from start to finish! Loan details were clear, concise, customizable and easy to understand. Received a fair rate, considering the market conditions, and the portal to the partner financial institution worked without a hitch! Would recommend to anyone looking to consolidate high interest credit card debt, thanks!

    ...

  • author
    SHERIWANA SANFORD
    2 days ago
    It doesn't take long to get approval

    It doesn't take long to get approval, the process is very easy and the paperwork is very easy steps as well.

    ...

  • author
    Joe
    2 days ago
    Fantastic Service !

    This was truly an amazing, quick, PAINLESS service. Not only was it the best rate in town by a huge margin but the application and funding was quick and very easy,

    ...

  • author
    RJO
    2 days ago
    Very quick approval

    Very quick approval. Just make sure you read the fine print. But overall experience was great!

    ...

  • author
    Kimberly
    2 days ago
    So easy

    So easy ! Fast and I never had to talk to anyone! Thank you!!

    ...

  • author
    Andrew Kelley
    2 days ago
    The overall ease and convenience.

    The overall ease and convenience.

    ...

  • author
    Byron
    2 days ago
    real easy to navigate

    real easy to navigate. fast and upfront. all the information was online

    ...

  • author
    Jaymes
    2 days ago
    Reasonable rates for honest people

    Upstart has helped my family out with unexpected costs and needs at rates that maybe higher than a conventional loan but much cheaper than credit cards when you have less than perfect credit but have a history of payment and steady income. I can't thank them enough.

    ...

  • author
    Kevin
    2 days ago
    Easy application process!!

    Easy application process!!, rate interest rate, current rates considered....

    ...

  • author
    Joanne
    2 days ago
    Super easy to get the loan funded

    Super easy to get the loan funded. Very easy navigation.

    ...

  • author
    A2
    2 days ago
    Deciding to consolidate debt was a…Difficult decision with multiple options

    Deciding to consolidate debt was a decision that I did not make lightly. I started by comparing rates through lending tree and then evaluating responses. I chose Upstart because of the rate and the simplicity of the process. I appreciate the fact that everything was done electronically. Also, that Upstart did not contacted me by phone or text repeated as did other companies. If I find the need for financial assistance in the future Upstart will be my first contact. Thank you. Chad

    ...

  • author
    Joe
    2 days ago
    Great !!

    Great !!! Quick...Easy and informative.....

    ...

  • author
    Patrick
    2 days ago
    Very easy and convenient to work with Upstart

    Very easy and convenient to work with Upstart

    ...

  • author
    Patty
    2 days ago
    This was a quick and painless loan

    This was a quick and painless loan. I don't have bad credit, I just have too much of it. So I needed help getting a loan for home repairs. Upstart helped me with that. Thank you!!

    ...

  • author
    Rebecca
    2 days ago
    Upstart is amazing to work with

    Upstart is amazing to work with. They have helped me so much. So easy to apply. I will continue to do business with them in the future. I recommend Upstart to anyone.

    ...

  • author
    Tracy-Fordville,ND
    2 days ago
    They have just made it so easy to get…

    They have just made it so easy to get the money that is needed right away.

    ...

  • author
    Cristhian
    2 days ago
    Excellent service

    Excellent service. Very easy transition to go through the process.

    ...

  • author
    NA
    3 days ago
    Ghosted after interview

    I applied and did a phone interview, everything went great. I was told I would recieve a call back the next day and never did. I emailed the recruiter twice and never heard back, completely ghosted.

    ...

  • author
    LBarton
    3 days ago
    Loan was easy to obtain and quick

    Loan was easy to obtain and quick. Web site was easy to navigate and walked you through process. Emails were right on time. Great customer service. I liked the fact they gave me 3 offers to choose from.

    ...

  • author
    Erik
    3 days ago
    Quick and easy

    Quick and easy. Great user interface. Helpful resource.

    ...

  • author
    Lori
    3 days ago
    Very smooth process

    The interest rate is less than the charge cards I have so I am going to be able to consolidate my payments to one monthly payment!

    ...

  • author
    kevin McCray
    3 days ago
    Unfair practices

    Unfair practices

    ...

  • author
    Kelli
    3 days ago
    Upstart was so easy

    Upstart was so easy, they were quick and efficient with my request, their response, and the funding of my loan! I appreciate how simple it was to navigate this process and for their huge assist on giving me an assist on taking care of my finances. I'd recommend them to anyone.

    ...

  • author
    Denise
    3 days ago
    The process was seamless and quick

    The process was seamless and quick. Would most definitely recommend

    ...

  • author
    Barbara Campbell
    3 days ago
    Loans made easy

    This is the second time I have used upstart, and I have to say it was the easiest loan I’ve ever applied for on line. Everything was simple to understand. I will gladly recommend them to anyone.

    ...

  • author
    Ashley
    3 days ago
    Life-saver

    Upstart thoroughly checked through everything without damaging my credit score and gave me excellent loan options for my consolidation loan. This made an amazing start to my week! I feel so much better to know that I’ve lowered my monthly payments through such a simple, streamlined process. It took under ten minutes for me to go through it all. Incredible.

    ...

  • author
    William L Schwab
    3 days ago
    Quick and easy.

    They make the process simple and user-friendly.

    ...

  • author
    Brad
    3 days ago
    Easy, trouble free, simple

    This process could not have been anymore simple than what it was!

    ...

  • author
    Robin
    3 days ago
    The entire procedure was quick and…

    The entire procedure was quick and painless. Best rates too.

    ...

  • author
    Sun
    3 days ago
    Helpful during a quick major purchase

    Helpful during a quick major purchase

    ...

  • author
    Temiloluwa
    3 days ago
    the service was very quick and…

    the service was very quick and painless. I will be recommending this site to every one.

    ...

  • author
    Gabriel
    3 days ago
    Great customer service!

    Quick response and courtesy from the staff.

    ...

  • author
    Michael
    3 days ago
    Treating you as a customer…

    Very easy to navigate and when you have a question someone actually answer the phone when you call in. Excellent

    ...

  • author
    Matthew
    3 days ago
    Great experience

    Great rates, great customer service, and got my funds in approximately 24 hours. Would highly recommend and will likely use their services again!

    ...

  • author
    Erik
    3 days ago
    Easy and straight forward.

    Upstart makes the loan process extremely easy and straight forward. All of the details are right there for you to see including the total cost and interest and you don't have to take time out of your day to apply in person.

    ...

  • author
    George
    3 days ago
    Very awesome experience with Upstart!

    Very awesome experience with Upstart! The loan process was easy to understand and navigate. Upstart is up front with you from beginning to end. I recommend Upstart to anyone who wants a loan. You are treated well. Thank you Upstart!

    ...

  • author
    Alex
    3 days ago
    it was quick and productive

    it was quick and productive. No hassles and quick response

    ...

  • author
    Timothy
    3 days ago
    Fast and easy services.

    Fast and easy services.

    ...

  • author
    Mark
    3 days ago
    Easy quick easy moneyand efficient

    Easy quick and efficient

    ...

  • author
    Glenn Kahanek
    3 days ago
    Easy and straightforward

    Easy and straightforward

    ...

  • author
    Kathleen Drybrough
    3 days ago
    From the start

    From the start, each agent I talked with was friendly, patient, professional, and thorough, talking me through procedures when needed. I had probably the best experience with Upstart than with any other loan company.

    ...

  • author
    Taycat
    3 days ago
    Very easy experience! 5 Stars

    Very easy experience! Will recommend to anyone I know that needs a personal loan

    ...

  • author
    Zack
    3 days ago
    Super easy to get started and…

    Super easy to get started and trustworthy!

    ...

  • author
    Marcelo
    3 days ago
    Intuitive, friendly, helpful...

    Intuitive, user friendly, and would highly recommend to anyone looking for a trusted lender.

    ...

  • author
    Grace Thompson
    3 days ago
    Quick and easy!

    Quick and easy!! Stress less anytime, especially the holiday season!! Thank you for believing in me when lots of other's wouldn't.

    ...

  • author
    Max
    3 days ago
    The process was quick and easy.

    The process was quick and easy.

    ...

  • author
    Brenda
    3 days ago
    Very easy

    Very easy, fast and decent rates!

    ...

  • author
    customer
    3 days ago
    Completing application

    It was very easy to maneuver through the application process. Online and telephonic processing was not difficult at all.

    ...

  • author
    Carolyn Johnson
    3 days ago
    Upstart has the easiest borrowing…

    Upstart has the easiest borrowing process. They have really helped me resolve some of my financial issues. I recommeythem to anyone who needs a loan quickly. There payments are very reasonable.

    ...

  • author
    Omar
    3 days ago
    Quick easy simple

    Quick easy simple

    ...

  • author
    Farrellinea
    3 days ago
    Your user-friendly web application

    Your user-friendly web application. Fast, efficient and easy.

    ...

  • author
    Juan
    3 days ago
    The ease of applying and its…Fast and Simple

    The ease of applying and its simplicity. It was to the point and done. Thank you.

    ...

  • author
    Deborah
    3 days ago
    Fast processing!

    Fast processing!

    ...

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