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Upstart Review
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Upstart
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Upstart
Upstart
Excellent
Reviews 41,041
Michael Graw
Oct. 31, 2021
3 min read
Michael Graw
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 stating 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


LightStream 
APR8.41% - 35.99%3.49% - 35.95%4.99% - 19.99% w/ Autopay*
Minimum credit score580None660
Loan amount$1,000-$5,000***$1,000 to $50,000$5,000 to $100,000
Loan term36 or 60 months3 to 180 months24 to 144 months
Suitable forGraduates or gig economy workersComparing multipe loan optionsGetting your cash fast

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.

Upstart Upstart View Rates

Physical Address

Upstart Operations Dept.

2950 S. Delaware St.

San Mateo, CA 94403

USA

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.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
Trustpilot reviews
See what some costumers are saying about Upstart
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M
mj
6 hours ago
The application process was quick and…
The application process was quick and easy. I was approved instantly!
M
manuel
7 hours ago
Upstart is highly recommend!
Upstart is highly recommend!! I applied for a personal loan and it was approved pretty fast. Something that my regular bank for 23 years dis not do. Thanks Upstart.
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tom
7 hours ago
Super easy to apply
Super easy to apply. Made entire process a breeze. Competitive rates. Would definitely use again!
S
stephnia
8 hours ago
Great service and fast response
Great service and fast response
M
martin
9 hours ago
Awesome easy quick process just had…
Awesome easy quick process just had minor issues with how I wanted the money transferred. I had to choose small amounts but once I put all my bank info I was able to get the loan in full highly recommend if you qualify!!!
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dave
9 hours ago
Thanks Upstart and Idaho Central CU.
They (William) reached out to me personally regarding what specifically was needed to complete the loan. They are very professional and sincere and straightforward during the entire process. Thank you!
M
mike a.
9 hours ago
All information upfront before credit pull
We wanted to refinance some high interest loans and Upstart made the entire process incredibly easy! You fill out the application and you know if you are eligible or not immediately. If you are eligible you know all the terms for everything upfront and there's no credit pull until you are ready to accept the funds which you get the next day! I've taken out two separate loans from them and paid them off early with no prepayment penalty so I paid even less interest on the loan than anticipated. Even if you are just looking for different terms and rates give upstart a try because they'll give you all the information up front so you can make a decision.
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diana
9 hours ago
Excellent borrowing experience.
Excellent borrowing experience.
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caryn
10 hours ago
This is my third time going through…
This is my third time going through Upstart to receive a loan. And been more satisfied with the results I received… again thank you for the success with a smooth transaction Thank you Caryn Haddad
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jt
11 hours ago
Very easy application process, fast approval
Very easy application process and fast approval with minimal extra work on my part. Great rate for a larger personal loan compared to other similar vendors.
M
manny-chicago
11 hours ago
Fast & Easy Loan Process
Easy process, great rate, fast results, reasonable terms and more important an affordable monthly payment
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ben
12 hours ago
Fast, clean process
Really appreciate the fast, clear process. Very professional experience.
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joash
12 hours ago
Awesome experience.It was quick and easy with a…
It was quick and easy with a pre-qualified letter,knowing the estimated repayment amount and rates before hand helped me to make a quick decision and it felt like a weight was taken from my shoulders.Thanks upstart!
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baylee
14 hours ago
The application process is smooth and…
The application process is smooth and easy. You have access to your loan immediately and the app is easy to use to update, add, or change payments.
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ericw
14 hours ago
Quick and easy
Quick and easy
A
anonymous
15 hours ago
Upstart found me the loan I needed
Upstart found me the loan I needed, when 3 other providers could not. Outstanding work!
J
jc
a day ago
Quick approved
I was needing of a loan right away and i cant believe that with a few clicks i was approved for a loan. Thank you so much.
J
jeffrey buckner
a day ago
The process was efficient and semi-painless
The process was seamless with Credit Karma making the introduction. Efficient and semi-painless. Loan was approved for funding in less than an hour.
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lk
a day ago
Super convenient and easy to use
Super convenient and easy to use
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paul
a day ago
Usually there is something that causes a “snag" or "oops" ...
Usually there is something that causes a "snag" or what I call an "oops!" Meaning, at the last entry something changes or more information is needed. With Upstart, that did not happen, the process was seamless and easy to navigate and accomplish my loan. I would recommend them to anyone who is in need of a loan.
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ron
a day ago
Easy to gather information and navigate
Very easy to gather information and navigate.
M
maurice
a day ago
This was the fastest I've ever got…
This was the fastest I've ever got approved for a loan. The rates were excellent as well.
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ct
a day ago
Super simple and intuitive
Super simple and intuitive. Completed in about 30 minutes from start to finish. Overall great experience.
K
ken
a day ago
Excellent process
Excellent process, have have loans in the past. excellent service. I would recommend!
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mubanga
a day ago
Super fast and easy process
Super fast and easy process! Could not be happier. Went with Upstart because they had great reviews and a good deal, and they did not disappoint. Would highly recommend to anyone.
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andrew
a day ago
Patelco! Genuinely put the the customer concerns first..
The representative listened, made sure all my questions were addressed to my satisfaction,…very down to earth.
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angela gail claibourne
a day ago
A Simple Task
This was simple, quick and easy. I'm thankful for a simple process
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karen
a day ago
Application process was fast and easy
Application process was fast and easy. I was approved in minutes. I am to receive my money within 24 hours.
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megan
a day ago
The process was very easy to understand…
The process was very easy to understand and go through.
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kimberly sonntag
a day ago
Very easy and fast process
Very easy and fast process. Very grateful for this service and I highly recommend. Would use Upstart again.
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jose
a day ago
Senior Citizen Friendly On Line Application
The Upstart application process was easy to use. The online application is very easy to use. Also, I had the comfort to know that I could dial the 800 number that was easily available.
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britton
a day ago
Easy to get information
Easy to get information, friendly sign up and quick response!
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drewie
a day ago
Process was easy and fast.
Process was easy and fast.
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james
a day ago
Secured a personal loan quickly without hassle
Strapped with high credit card debt, I decided to seek a personal loan to consolidate my payments at a lower interest rate. Upstart was able to provide a solution through an associated lending institution. The experience was primarily digital through the website yet I did need to place a call for technical support during the process. Customer support was courteous, knowledgeable, and quickly resolved my issue. No hassle. No pain.
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toni a coffman
2 days ago
Very easy process to apply for a loan
Very easy process to apply for a loan. Many payment options also available for what you may be looking for. Highly recommend this source for a loan.
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tony knight
2 days ago
Too simple
Too easy of a process and acceptance. I look forward to consolidating my debt, thank you Upstart.
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mary huss
2 days ago
Was fast and easy to apply
Was fast and easy to apply. Thank you for your help
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michael ross
2 days ago
Simple Process, Fair Rates, No Fees
Ok sure I got the loan, but the whole process was so much more simple than other services I tried or looked into. A very straight forward online process and no origination fees to boot.
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ar
2 days ago
Used upstart for a few unexpected large…
Used upstart for a few unexpected large expenses and I have never experienced any issues. Always very easy and great service!
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brady
2 days ago
I appreciate the speed of receiving…
I appreciate the speed of receiving funds and the speed of the process.
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erica
2 days ago
I applied and got approved in hours!!!
I applied and got approved in hours!!!! It was super easy and stress free!
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jun
2 days ago
Easy and quick
Easy and quick
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rose
2 days ago
The online process to apply for a loan…
The online process to apply for a loan was very simple, organized and easy to navigate through.
A
anthony
2 days ago
Helped us out when no other company…
Helped us out when no other company would. Very grateful!
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lisa
2 days ago
Fastest loan approval ever
Fastest loan approval ever! Easy and secure site. Very pleased.
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deb p
2 days ago
Great experience
I have worked with this company 3 times and am very impressed with the speed to get the process completed. I highly recommend this company. Thank you from a very happy consumer!
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gurpreet grewal
2 days ago
Upstart was very fast and easy to use
Upstart was very fast and easy to use. Thanks
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bernadette
2 days ago
Very simple and best rates out there.
Very simple and best rates out there.
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raul
2 days ago
Fantastic experience with a crisp…
Fantastic experience with a crisp process and turnaround on the loan. I recommend this great service to everyone who can use a loan.
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kimbree tourangeau
2 days ago
Times are tough
Times are tough! Getting a line to pay if credit card debt is so easy and is at a much lower interest rate. Gives hope back to the endless cycle of debt.
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jm
2 days ago
Easy to Use
The process is easy to do. All the information is provided up front in easy-to-read terms. Also like the feature of simulating other loan offers.
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nancy
3 days ago
The application was simple and straight…
The application was simple and straight forward. Processing time was fast and final paperwork was very streamlined. Great experience!
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stan
3 days ago
Very simple transaction fair rates
Very simple transaction fair rates What else can I say
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matthew
3 days ago
Excellent! A+!
Excellent experience and service! Highly recommend!
H
heidi
3 days ago
Hands down one of the fastest and…
Hands down one of the fastest and easiest applications ever!!
A
amy
3 days ago
So simple to do and reasonable rates
So simple to do online and reasonable, if not low, interest! So easy to do that I know I can rely on Upstart when i have a financial emergency. Recommend 100 percent!
A
andrew
3 days ago
Super easy application and funds were…
Super easy application and funds were available the next day.
R
rey
3 days ago
The smoothest loan process I have EVER…
The smoothest loan process I have EVER experienced! I've been searching for quite a while for the right lender and found it with Upstart. Thank you.
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natalyn
3 days ago
Application process is very user…
Application process is very user friendly and instant!
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delshaun lashae smith
3 days ago
Upstart is the best loan agency on…
Upstart is the best loan agency on earth...i gave it a shot and it was blazing fast aporoval...geez need more companies like this
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esmeralda
3 days ago
I am very grateful.
I am very grateful.
A
ariel
3 days ago
They are saving people’s life
They are saving people’s life! It gives peace of mind. They truly help you get what you need and give you different options. 100% recommended
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robinson
4 days ago
Upstart was very quick and on time when…
Upstart was very quick and on time when I needed the money.
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sara
4 days ago
Ease of access and quick results
Ease of access and quick results
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peter
4 days ago
Fast and user friendly
I needed a quick loan to purchase a tractor for my farm. Through Credit Karma, it was recommended to use this bank. I was impressed with how fast and easy it was to get approved. Thank you for your great service. Peter
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michele
4 days ago
This was by far the easiest and most…
This was by far the easiest and most convenient loan process that I have ever experienced. Highly recommend.
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bam perkins
4 days ago
Big thank you for getting the process…
Big thank you for getting the process done the same day and prevented all the anxiety of waiting for approval. Thanks. Bam Perkins
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scott
4 days ago
Fair loans for everyday people
The entire process could not have been easier. I went in worried that my credit score (650 range) would make it nearly impossible to get a loan with terms that I could work with. Within a few minutes I was finalizing the paperwork for a loan that truly is the light at the end of the tunnel for my family's finances. We will be able to eliminate all of of our credit card debt and actually be able to start saving a sizable chunk of our income.
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brigitte lewis
4 days ago
Easy
Was very easy to see if I qualified. Once qualified they give you options on length of loan so you see right away your payments your interest rate. Very easy to read and understand took only minutes to fill out and find out.
M
micah
4 days ago
Easy and fast
Easy and fast. Didn’t have to talk to anyone. The automation is great.
S
sally
4 days ago
It was the fastest and easiest loan ever!
It was the fastest and easiest experience I've had when getting any type of a loan, i.e. car loan, mortgage or even a student loan!! I just hope they do mortgages when we purchase our next home!
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sheryl
4 days ago
The process was very simple and…
The process was very simple and straightforward
J
james
4 days ago
Very simple and convenient experience
Very simple and convenient experience. It was nice not getting multiple phone calls before I decided on the loan.
A
austin
4 days ago
Very fast process with fast approval
Very fast process with fast approval. Easy to use
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kelly k
4 days ago
Easiest process ever
This was incredibly easy. Funds were directly deposited into my account on the same day. I was even able to set up auto pay.
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roryroy
4 days ago
The process was quick and easy
The process was quick and easy. Very impressed and recommend this bank.
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rob
4 days ago
Got the approval and funding right away…
Got the approval and funding right away - almost immediately!
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amir
4 days ago
Fast and reliable
Fast and reliable
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susan
4 days ago
The process was straightforward
The process was straightforward, and easy to follow. thank you!
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tracy tate
5 days ago
easy application process
Easy and quick application process
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david
5 days ago
Very professional and courteous staff
Very professional and courteous staff! Very easy and quick process!
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rita
5 days ago
Use this process for a loan
It was easy to understand! It was fast and accurate! This is so much better than dealing with a bank!
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krystal
5 days ago
So quick
So quick, easy, and stress free!
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manuel
5 days ago
Excellent quick and fast service will…
Excellent quick and fast service will use them again💯
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sonia
5 days ago
Easy to apply
Easy to apply, and simple to navigate website.
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david
5 days ago
Quickest and easiest loan experience…
Quickest and easiest loan experience we’ve ever had! They had questions regarding credit/banking transactions which we were given an opportunity to explain/answer/clarify instead of being automatically denied! By far the best experience! Would definitely recommend them to anyone looking to consolidate their debt. Thank you Upstart
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caitlin
6 days ago
It was very easy to use on my own and…
It was very easy to use on my own and have the best rate possible. I would definitely recommend to anyone.
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ashokkumar
6 days ago
Very friendly website easy approval…
Very friendly website easy approval Thanks
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jessica
6 days ago
This was the absolute easiest process!
This was the absolute easiest process!
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jason knight
6 days ago
This was a very fast and easy solution…
This was a very fast and easy solution to my credit card problems
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mark
6 days ago
Effortless
Effortless, easy, quick.
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cr
6 days ago
Very easy process!
Very easy process!
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angel
6 days ago
The process was fast
The process was fast, simple, and seemless. I also appreciate not having to pay an origination fee as I've had to with every other loan I've ever taken out.
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sara
7 days ago
Fast
Fast, secure, and easy. This loan experience will make future decisions easier, and pain-free!
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michael
7 days ago
no issues with upstart great to work…
no issues with upstart great to work with
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michelle
7 days ago
Very easy application process with…
Very easy application process with clear instructions on loan application and process.
J
jennie
7 days ago
Informative and Quick
The process was quick and allowed for me to see different options available. There was information given that helped me to make a decision when given choices.
C
cameron
7 days ago
Very simple process and appreciate the…
Very simple process and appreciate the quick follow up time and taking a look at more than just a credit score . Thank you thank you
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maritza
7 days ago
The site is easy to navigate through…
The site is easy to navigate through and the information provided is presented clearly to the user.
J
jeremy
7 days ago
Easy and quick
Extremely easy to apply and not a lot of hassle weather you decide to take the loan or decline. The whole process is quite user friendly and I will likely use them again if needed!