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Upstart Review
Reviews 40,264
Upstart
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Upstart
Upstart
Excellent
Reviews 40,264
Jacob Parker
May. 17, 2021
3 min read
Jacob Parker
Upstart summary
Upstart is a lending marketplace that harnesses AI and advanced algorithms to provide consumers with affordable financing while reducing risks for lenders. In this Upstart review, we’ll take a close look at how well this system works for borrowers. As you’ll find out, the advanced tech underlying the platform means that Upstart might approve your application even if other lenders have turned you down.
Pros
  • Considers borrower’s education* during the approval process
  • Returns a potential rate in under 5 minutes
  • No prepayment penalties
Cons
  • Origination fees of up to 8%
  • Terms max out at five years
  • High APRs

Upstart Upstart View Rates

Suitable For?

College grads

Upstart is a unique lending marketplace because it uses the borrower’s level of education* to decide whether or not to approve them for a loan. If you have an advanced degree and a poor credit score, this might mean that Upstart will approve you even if other lenders turn you down. It’s worth noting that although no minimum degree is required to apply, some have alleged that Upstart’s consideration of education level may exacerbate existing inequalities in society. 

Anyone who earns through Airbnb, Lyft, or Uber

The lending industry has, in general, failed to keep up with the expansion of the gig economy. As a result, many lenders don’t take income from apps like Airbnb or Uber into account when approving loan applications. Upstart stands out because it regularly makes loan offers based on income reported from these platforms.

Poor credit holders who can’t get approved elsewhere

Due to its high origination fees and APRs, Upstart isn’t the cheapest place to borrow. Most customers will only begin considering this platform if they’ve already been turned down by fee-free lenders. 

Range of Loans on Offer

Upstart offers personal loans that can be used for a range of different purposes. For example, if you need refinancing for existing debts, you can use Upstart to consolidate your obligations into a single, manageable monthly payment. Besides this, Upstart offers loans for specific purposes such as medical costs, paying for home renovations, and starting a business.

  • Loans for everything from vacations to refinancing 
  • Detailed knowledge base
  • Get your cash within 24 hours of approval
  • No prepayment penalties
  • Approval rate 27% higher than traditional lending models
  • Qualification based on over 1,500 data points

Application Process & Requirements

To qualify for an Upstart loan, you’ll have to meet many requirements. For example, you’ll need to have a Vantage or FICO credit score of at least 580. You’ll also need to adhere to the following:

  • Be a US citizen
  • At least 18 years old 
  • Have a valid social security number
  • Be employed or hold an offer of employment
  • Have no delinquent loans or record of bankruptcies
  • Possess a financial account with a US-based institution

If you meet those minimum requirements, you’ll find that applying for an Upstart quote is a quick and painless process. To get started, simply head over to the Upstart application portal and enter how much you’d like to borrow. Next, add personal information such as your date of birth, education history, and salary.

After that, Upstart will propose a loan plan based on the data you’ve provided. To receive final approval, you’ll likely need to make further documents available for verification, such as a recent pay stub or, if you make income from a rental property, a copy of a lease. You must be able to show a consistent income for at least 6 months. If all goes well, your Upstart cash will be in your account within 24 hours of final approval.

APRs, Loan Amounts & Repayment Terms

Upstart doesn’t charge any application fees, but it does have an origination fee of up to 8% which will be deducted from your loan. APRs offered by this service range from 8.41% - 35.99%**. If your Upstart loan offer is towards the higher end of this range, the amount you pay back in interest could easily exceed the original value of your loan. Upstart states that the average borrower will pay an effective APR of 15%. 

Repayments begin between 20 and 40 days after you receive your loan. Conveniently, Upstart gives the option to change your monthly payment date to better accommodate your needs and never charges prepayment penalties.

Repayment schedules of 36 and 60-months are available (3 or 5 years)**, and repayments are always made at a fixed rate. You can pay by setting up recurring ACH payments directly from your bank account, mailing in a check, or sending a one-time ACH payment. If payment is declined or doesn’t process, there is a $15 fee. 

Privacy & Security

Upstart’s privacy policy makes it clear that the company is serious about maintaining confidentiality. That’s important, especially considering the volume of sensitive information that the service requests you submit when applying for a loan.

The privacy policy states that Upstarts uses electronic, administrative, and physical safeguards to protect your information. Additionally, the BBB (Better Business Bureau) has given Upstart an A+ rating. 

Help & Support

Besides maintaining an informative blog that answers questions about borrowing, the Upstart team provides direct customer support through multiple channels including mail, email, and a toll-free phone line.

Upstart personnel can be reached at 855 438 8778 and are available Monday through Friday, 6 am to 8 pm PT, and weekends from 9 am to 5 pm PT. Alternatively, you can email support@upstart.com. 

How Upstart Compares


UpstartLendingTree
APR8.41% - 35.99%3.49% - 35.95%
Minimum credit score580None
Loan amount$1,000-$5,000***$1,000 to $50,000
Loan term36 or 60 months3 to 180 months
Suitable forGraduates or gig economy workersComparing multipe loan options

Stacked up against competitors such as LendingTree and LightStream, Upstart could be a better service for graduates and people working through apps like Lyft. That’s because most services don’t approve loans based on educational achievement or gig economy income. 

Nevertheless, Upstart does perform poorly when it comes to the actual cost of taking out a loan. With a minimum APR rate of 8.41%**, Upstart’s cheapest loans are approximately twice as expensive as the most affordable financing options available through LendingTree. 

FAQs

Q. Can I appeal an Upstart Adverse Action Notice?

A. Yes, you can submit relevant documentation if you believe the notice was erroneous. 

Q. Can I get a loan without any credit score? 

A. You can. Upstart is known for lending to customers with no credit record. 

Q. How fast can I get my money?

A. You could have it within 24 hours of loan approval. 

Q.  Are Upstart repayment rates variable? 

A. No, Upstart only offers fixed-rate loans. 

Summary

Recent college graduates and gig workers without an established credit history can benefit from Upstart’s novel way of evaluating applications. All the same, if you’re looking for an affordable place to borrow, note that Upstart has higher APR rates and origination fees.

Physical Address

Upstart Operations Dept.

2950 S. Delaware St.

San Mateo, CA 94403

USA

Upstart Upstart View Rates

Disclaimers

*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

**The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

***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. (IF LOAN AMOUNT ISN'T VARIED BY STATE, CHOOSE CORRECT STATES DEPENDING ON MARKETING MEDIUM, STEP IN APPLICATION PROCESS, AND/OR PBU BANK PROGRAM TERMS:

The minimum loan amount in MA is $7,000.

The minimum loan amount in OH is $6,000.

The minimum loan amount in NM is $5,100.

The minimum loan amount in GA is $3,100.)

****If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Jacob Parker
Written by
Jacob 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.‎
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See what some costumers are saying about Upstart
Upstart
Excellent
Reviews 40,264
on
Excellent
97%
Great
2%
Bad
1%
M
mackdog
7 hours ago
Extreamly quick and responsive site
Extreamly quick and responsive site. Great place to go.
J
jared
9 hours ago
Thank you Upstart!
*This review is about using Upstart as a way to consolidate debt, NOT make new purchases/home improvements, etc* In January of 2022 we received some overwhelming news concerning a health condition. We turned to Upstart to fund a trip out of the country to seek treatment not yet available in the US. It was fast, easy, and secure, and the interest rate was very reasonable. Fast forward 6 months and we find ourselves drowning in CC debt due to additional unforeseen expenses. We received a pre-approval letter from Upstart stating that because of our great standing with the company, we were eligible for a 2nd loan. I couldn't believe the fortune that God blessed us with. There's no other explanation. A 2nd loan with a great company at a crucial time? We looked into the rate and played with the loan amounts to determine our best option. 24 hours later, we are CC debt free and our loan payment is over $100 LESS than our CC payments each month! We plan on paying off the remaining balance of our 2nd loan within 3 years instead of the 5 year term we signed because there are NO pay off fees! Upstart has truly saved us in more ways than one. Just make sure to set up auto draft and rest a little easier knowing your financial future is significantly brighter than it was yesterday.
J
james
9 hours ago
I have been a member of Sharonview for…
I have been a member of Sharonview for many years and they have always been one of the best credit unions I have ever dealt with. They are quick and professional
P
philip s.
12 hours ago
Fake 5 Star Reviews
I would like everyone to notice that all of the positive reviews are from people with ONE review. That screams b.s. They are just another predatory lender.
T
thomas
13 hours ago
They were straight forward.
They were straight forward, no nonsense and followed through on everything that was promised.
A
angela
13 hours ago
Right on Time!
I searched the internet for a loan and Upstart was the first result. I selected them for review and I was approved in less than ten minutes. I really needed this loan to pay off a high-interest credit card. I will be saving over $200 each month!
C
cheryl stpierre
14 hours ago
Excellent
Quick, easy and convenient
M
michael amundsen
15 hours ago
Fully Transparent Process
It was quick, transparent and easy to understand. They asked questions. I responded with the proper answer. They either asked more questions or accepted what I gave them. I never had to question my choice in seeking a loan with them.
L
lazaros
17 hours ago
Very simple process
Very simple process. extraordinary fast.
R
rashy
17 hours ago
Timely Response
Upstart efficient! The company responses to your needs in a timely manner. Great lending company.....
M
michael
19 hours ago
Loan and Approval Process
Very quick and simple process to apply for a loan. Was approved in less than 10 minutes. Will recommend to anyone looking for a loan.
M
michael
20 hours ago
Very easy to work with.
Very easy to work with.
D
david
21 hours ago
Very simple!
The process was very simple, could review portions, log out come back to same location I left off at. Very simple and convenient!
J
j bachez from ny
a day ago
I am extremely happy with Upstart
This is my second personal loan and Upstart has been great. I highly recommend it to all my friends and family members. The process is very simple and efficient, I am very happy with Upstart.
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richard
a day ago
Fast and easy process.
Fast and easy process.
J
jared
a day ago
5 start service all day
This was the easiest loan process that I have ever been through. Quick, easy, and the staff was very helpful and knowledgeable. Would recommend to anyone 10/10
S
susan
2 days ago
Online completion…
Very much appreciate that the entire process is completed online without phone calls.
L
lg
2 days ago
This is my second loan
This is my second loan. It was super easy and quick! Definitely would recommend!
D
daniel
2 days ago
Easy to use very helpful Great…
Easy to use very helpful Great opportunity
c
customer
2 days ago
Super easy and quick process.
Super easy and quick process.
J
james
2 days ago
The process was easy and fast
The process was easy and fast. The information was clear as well.
M
marie
2 days ago
Efficiency and non nonsense service
Efficiency and non nonsense service
C
christopher johnson
2 days ago
Frozen Roads in Metro Dallas - We are in the middle of a freeze in…
We are in the middle of a freeze in metro Dallas and I have been able to conduct this transaction safely without leaving my home. Quick, secure and totally satisfying transaction. I will never use another way of applying for a loan.
K
kelly
2 days ago
Fast and friendly
They were fast with all aspects of the process
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goa
2 days ago
Loan
I was very nervous I won’t be approved , however the process was simple and straightforward / I would recommend without any hesitation.
N
norm
2 days ago
It was quick and easy
It was quick and easy. Funding in a day.
J
jacquelyn
2 days ago
Great Experience
This was a very easy platform to navigate through and I felt a loss less anxiety being able to do this from the comfort of my own home then having to go to a bank. I was very stressed due to our home reno but this experience allowed me to take a deep breath during a really difficult time for our family.
A
azcharlie
2 days ago
Quick and efficient approve and finding.
Quick and efficient approve and finding.
D
david wetmore
2 days ago
Simple and easy
Simple, fast, easy are some of the ways I could describe the loan process. The process was thorough yet quick and the rate was excellent!
M
michele
2 days ago
I got my loan quickly and easily.
I got my loan quickly and easily.
A
al
2 days ago
It was fast and easy
It was fast and easy. Everything was straight forward
A
avraham
2 days ago
secure and helpful
secure and helpful
D
david pancoast
2 days ago
Very satisfied
Very fast, very easy, very satisfied.
L
lisa
2 days ago
Awesome
Simple, easy process - huge help to get rid of high interest rate credit cards.
S
shelley danelek
2 days ago
Twice they have helped me out of a jam!
Twice now Upstart has been the only company to give me a loan when I really needed one. It seems that the interest rises so fast that even if your making timely payments, even twice a month, that you can never get ahead. This is especially true with this inflation "hell" we've been going through. Thank you. I will be telling anyone that needs a loan about Upstart!
A
angela
2 days ago
Easy
Easy, quick and seamless experience.
D
dennis
3 days ago
Customer service from Patty was polite.
Customer service from Patty was great! she was polite constructive and detailed. i will recommend Upstart for personal loans.
V
vail
3 days ago
Easy to navigate through application
Easy to navigate through application. Clearly understood terms.
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la
3 days ago
I trusted the wrong company for…
I trusted the wrong company for funding. This company approved me after a hard pull on my credit. They requested several personal documents, along with my online banking credentials, and other proprietary information. After they took a week to review my file, I called and the rep said they were reviewing my application during the call, and seconds later the rep came back on the line saying they denied without a valid reason for denial. This company's business dealings are sketchy. I will not be trusting them with my information again.
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nicholas
3 days ago
Easy Process
Such an easy process.
M
mary
3 days ago
Simple
Very simple process
R
richard (customer)
3 days ago
Wonderful experience.
Wonderful experience.
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david thompson
3 days ago
Criminal, Scam, Fraudulent
This is a scam, paid over 2000 and 195 in fees, only 400 dollars went to principal. This is the worst company to work with. I have filed 3 different complaints to credit bureau and formal complaint to BBB. I have proof and evidence that is very damning to possible crimes committed by stupidity. Also, I believe the company preys on low credit scores, missed payments opportunities, does not care.
A
adrienne f
4 days ago
This is my second loan and the process…
This is my second loan and the process is painless. I really appreciate Upstart!
S
sam
4 days ago
Fast, Easy, and Provided Hope
Experience with Upstart was amazing. Being financially illiterate, managed my money terribly and destroyed my credit. I've learned and gotten better, but during that time I fell into the trap of payday loans with extremely high interest rates. No one gave me a chance while Upstart did. Not the full amount requested (understandable), but enough to pay off a few loans and freeing up more cash to pay off other sharks. I truly appreciate what Upstart was able to do for me.
S
sean
4 days ago
Needing a small loan was never so easy
Needing a small loan was never so easy! Fast doesn’t even come close. 5 minutes and I was done and the funds were on the way. Reasonable rates and payments. This is my 3rd loan with Upstart and I won’t go anywhere else!
D
devoleelo
4 days ago
While the interest rate and fee were a…
While the interest rate and fee were a bit steep, the ease of the process and quick turnaround are worth the time. Thank you!
A
andrew
4 days ago
The two ladies on the phone that I…
The two ladies on the phone that I spoke with were very helpful and friendly.
C
cristina
4 days ago
Quick, easy and stress free
The electronic process is super easy and the fact it is a fixed payment every month with interest included, helps extremely with budgeting purposes. I appreciate the help Upstart loans has provided me with paying off debt.
J
junior
4 days ago
Trust in Upstart
Upstart has always been super easy and convenient. I believe I have had a total of 3 loans through them and not one, so far, has been difficult to process or pay. Trust in Upstart!
C
christian
4 days ago
Consolidation Station!
This is the second loan that I have received from Upstart. They provide a great user experience, both with being able to provide loans quickly and easily and with how easy it is to make payments, see my history, receive payment reminders, etc. They have helped me to consolidate my debt into one payment, which takes a tremendous amount of stress off my shoulders.
G
gwendolyn
4 days ago
Easy to apply
Easy to apply. Minimum paperwork. Very helpful info.
L
lucia
4 days ago
So easy to apply and see your rates and…
So easy to apply and see your rates and plan. Great to know ahead of time what your payments will be like and I love that you get no penalties for paying off the loan early.
L
laura
4 days ago
It was easy to go through the process
It was easy to go through the process. I just filled out the information and had an answer almost immediately. I don't think this could be any easier.
A
allison
4 days ago
My husband and I were drowning in…
My husband and I were drowning in credit card payments and Upstart helped us take 4 payments and make them one. The process was fast and simple.
L
lw
5 days ago
The process was quick and easy
The process was quick and easy. I did have a few questions and called a phone number that was provided below. I was able to talk to a live representative, instead of an online chat customer service. Thank you!
B
brandon
5 days ago
Highly recommend
Experience was quick, painless, and eleviated a huge weight on my shoulders. The explanation of loan terms was very clear and well laid out.
M
maurice
5 days ago
This experience was great because it…
This experience was great because it was easy to navigate through. Simple!
C
carl
5 days ago
Wow!
Wow! just Wow! I got a pre-approval and within 5mins, I went wow!!!
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natalie lazaruk
5 days ago
Upstart makes getting a loan painless.
Upstart makes getting a loan painless.
S
shellie
5 days ago
Thank you for the very easy experience-…
Thank you for the very easy experience- quick and simple- very helpful
T
timothy
6 days ago
Simplicity at it best
Simplicity at its best no delay in approval
S
shelia
6 days ago
This was as easy as I thought
This was as easy as I thought, I was kind of hesitant because I didn’t think I was going to be approved but thanks to upstart I can really upstart my finances and I will recommend my friends and family to them
J
jeffrey
6 days ago
Borrow Responsibly!
Once you're qualified, loan process and approval was quick and easy. Funding within 3 business days. Make sure you read the details and pay as you promised. This is my 2nd loan through Upstart and I have had a very positive experience!
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ace
6 days ago
Second loan with Upstart!!!
My wife 1st received a loan with Upstart and there had been no issues... I needed my loan and was shopping around so when I approached my wife with the idea of another company she suggested Upstart and Credit Karma... The process was simple and to the point... The fees and rates are standard and what some others offered.... My wife gives them a 5 star for her overall experience. I just got approved so I give them 5 stars for the process and communication...
F
frantzou
6 days ago
Very easy and fast process.
Very easy and fast process.
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daniel
6 days ago
Still employed thanks to help from Upstart!!!
First a little background. I am 63 and semi-retired. I receive a monthly Social Security payment and still work 24 hours a week part time. I have to commute 35 miles round trip daily back and forth to work. So when gas prices tickled the $5 a gallon mark last year I almost had to quit work as it was getting economically unfeasible to operate my 2014 Nissan Murano. It felt like I was working only to keep gas in the tank. But I had an idea. If I could get a second-hand "scooter" I could maintain my job since a scooter gets double the miles per gallon my car does. But here I hit a snag. I did not have enough in savings to purchase a second-hand scooter and my local bank turned their noses up at me when I requested assistance in getting one. So I turned to Upstart and within 72 hours I had the capital I needed to purchase the scooter. I now ride it to work every day that has no rain in the forecast. It gets 50 miles per gallon...whereas my Nissan only gets 24...so the money I'm saving each month on fuel is enough to pay the notes on my Upstart loan!!! It's basically paying for itself in fuel savings!!! I am very proud of my acquistion and I thank Upstart immensely for helping me to secure it so that I could continue working my job.
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ricky e corns
6 days ago
Quick and easy I will definitely use…
Quick and easy I will definitely use them again if I need to consolidate in the future
S
susan
6 days ago
Helpfulness
Hi, there! I’m so thankful, and appreciate a kindness and generosity of tellers. They helped me a lot, it was so pleasure to talk with them.
J
jonathon
6 days ago
Quick and easy and surprised with how…
Quick and easy and surprised with how quick I will be getting my money.
D
david
6 days ago
New Loan
The experience of going through the application was very easy compared to other companies. I think that Upstart cares about people and are willing to work with them.
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oksana
6 days ago
Excellent service
Excellent service. An extremely knowledgeable and friendly representative. Minimum forms to fell out. Amazingly quick funding. Definitely 5+++++ rating.
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rakesh
7 days ago
such a Great company
such a Great company , loan gets approved in a minute Awesome!!
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dawn
7 days ago
It was fast and easy and very…
It was fast and easy and very responsive! Amazing service from start to finish! No gimmicks or change in interest rate from initial approval! Highly recommend!
K
karen racine
7 days ago
Super easy to apply
Super easy to apply, fast turnaround, and received a great rate!
S
shason
7 days ago
Smooth Easy Experience
What made my experience great was the ease of applying and the transparency provided regarding aspects of the loan and interest rates, etc.
P
peter
7 days ago
Repeat Customer
I have gotten two loans from Upstart and both of them went very smoothly. The loan application process went pretty easy both times and the loan money was received into my bank account quickly. If your are in the position to need a loan quick then I would definitely recommend them.
C
claire
7 days ago
This experience was super easy
This experience was super easy. I would recommend them to anyone.
M
michael
7 days ago
Process was quick and painless
Process was quick and painless
L
lucas
7 days ago
Simple!
Simple, easy to understand, and the fund hit you fast!
D
daniel
8 days ago
Easy & Fast
I have used this service in the past and it was always super easy to use, and the funds came in quickly.
r
ry
8 days ago
Don't use these people
run as far as you can. this company has the most useless support ever. all i want to do is make a payment and the hoops i need to jump through is insane. go with a more trustworthy company because this aint it.
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myrna l
8 days ago
Truly the fastest and easiest loan…
Truly the fastest and easiest loan approval. Great rates and repayment plan
P
patricia
8 days ago
It was a quick and easy online process
It was a quick and easy online process! I recommend Upstart.
S
stacey
8 days ago
Just do it!
Upstart made the loan process so quick and easy! I had been debating about whether or not to do this, just because I didn't want the hassle. I should have done it sooner. I would totally recommend using upstart if you're considering a personal loan.
M
mitchell
8 days ago
Quick and easy and reasonable loans
Quick and easy and reasonable loans. I was in a bind and this really helped out:
R
robert
8 days ago
Very easy process and not a bad rate
Very easy process and not a bad rate
M
michelle
8 days ago
This company is about their customers…
This company is about their customers good choice overall.
S
selena
9 days ago
Very easy!!
A smooth and easy experience!!!
J
joel
9 days ago
The application process and the…
The application process and the approval is quick,
W
william
9 days ago
Quick and easy.
Quick and easy.
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terri
9 days ago
Upstart - Quick and Easy
Loan process is so quick and easy. Totally automated, you don't have to spend time on the phone unless you need to. This is our second loan through Upstart and it has been a great experience!
R
robert
9 days ago
Very simple and easy to use!
Very simple and easy to use!
A
alanda
9 days ago
The easiest loan application ever!
The easiest loan application ever!
A
angela
9 days ago
The application and approval process…
The application and approval process were much faster than I expected. The payments are more than reasonable. This gives me much needed funds as well as affording me the opportunity to re-establish my credit.
W
will
9 days ago
Great smooth/quick processing…
Great smooth/quick processing experience!
W
william
9 days ago
Very concise and amazingly easy to…
Very concise and amazingly easy to utilize.
D
donley
9 days ago
Speed of service
Speed of service. Clear information all good. Rates are high, but that is just incentive to pay it off quickly!
C
christine
10 days ago
It was pretty easy.
It was pretty easy.
A
abraham
10 days ago
Everything was done online easily!
Everything was done online, steps are easy and document uploading is super easy. Very fast response from Upstart. Thank you so much for helping consolidate debt.