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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).
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.
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)
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.
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
Loan lengths are one or two years, and the maximum APR is 50%.
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.
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.
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.
Upstart Operations Dept.
P.O. Box 1503
San Carlos, CA 94070
This review was compiled using the information from Upstart’s website and LinkedIn profile. Trustpilot and the BBB were also referenced.
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.
