Upstart Personal Loans: 2025 Review

Q: Is Upstart a trustworthy site?

Upstart is a legitimate lending platform, and individual consumers can decide how much trust to place in a fintech company that offers consumer loans. Upstart received the Consumer Financial Protection Bureau’s first no-action letter in September 2017 and then received another no-action letter from the CFPB in November 2020. The CFPB terminated the second no-action letter in June 2022 at Upstart’s request. The termination of the no-action letter removes Upstart’s obligation to regularly share updates with the CFPB.

Q: Does an Upstart loan help build credit?

Yes, Upstart personal loans can help you build credit if you make required payments when due. Upstart may offer personal loans to consumers with no credit, and Upstart may report loan account information to the credit bureaus.

Q: How long does it take Upstart to approve a loan?

Upstart may approve personal loan applications within minutes of you submitting one. Borrowers may receive the funds within one business day upon approval.

Q: Is it hard to get a loan from Upstart?

It can be hard to get a personal loan from Upstart if you’ve recently declared bankruptcy or have a current delinquency listed on your credit report. Upstart may not offer you a loan if you’ve filed for bankruptcy within the past 12 months or have current delinquencies listed on your credit report.

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Sulaiman Abdur-RahmanUpdated February 18, 2025

Overview of Upstart

Upstart offers personal loans ranging from $1,000 to $50,000 through its online lending platform. Powered by artificial intelligence, the cloud-based platform can help people with bad credit and no credit borrow money. Upstart personal loans have fixed interest rates and three-year or five-year repayment terms.Keep reading to learn the pros and cons of Upstart personal loans, loan amounts and fees, and why they could be the best lender for you.

Pros and Cons of Upstart

Pros	Cons
• Applicants with low credit scores may qualify for funding• Consumers with limited or no credit history may also qualify for funding• Quick application process• Uses algorithms to help prevent unlawful bias to the credit decision• Funds can arrive the next business day upon accepting the loan	• May have origination fees up to 12% of the loan amount• Offers limited repayment terms of three years or five years• Some borrowers may qualify for interest rates as high as 35.99%• May charge up to $10 if you request paper copies of your electronic records• Must have a personal bank account in your name to receive your loan

Pros of Upstart

As highlighted in the Upstart reviews above, customers generally appreciate the pros of Upstart personal loans. Upstart’s artificial intelligence or AI-powered credit model considers multiple factors that can help subprime borrowers access credit. Consumers with no credit history may also qualify for an Upstart personal loan.

Cons of Upstart

Upstart personal loans can carry APRs as high as 35.99%. Term lengths can be three years or five years, which might not be right for you if you prefer a shorter term or longer repayment period. Upstart may also charge a one-time origination fee as high as 12% of the principal loan amount.

Upstart Personal Loan Terms, Rates, and Fees

Loan amounts: $1,000 to $50,000APR range: 6.7% to 35.99%Loan terms: Three years or five yearsPrepayment penalty: NoApplication fee: Origination fees can range from 0% to 12% of the loan amount Co-borrowers allowed: NoApproval speed: Loan approval within minutes, funding can be received within one business dayInformation accurate as of Feb. 16, 2025.

Who May an Upstart Personal Loan Be Right For?

An Upstart personal loan may be right for the following demographics:

Borrowers with bad credit who need a $4k loan
Consumers with no credit history who need to borrow a $2,000 personal loan
Borrowers who need quick personal loans from a legitimate lender

Who Upstart May Not Be Right For

An Upstart personal loan may not be right for the following demographics:

Consumers who need to borrow large personal loans of up to $100K
Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan
Consumers who prefer open-end credit vs. closed-end credit

What to Watch Out for With Upstart Personal Loans

APRs may be as high as 35.99%
Upstart does not offer long-term personal loans
Failing to pay and defaulting on a personal loan can have a major impact on your credit score

Upstart Personal Loan Eligibility Requirements

You'll need to meet these personal loan requirements to qualify for an Upstart loan:

Be at least 18
Possess a valid email address and Social Security number
Have a steady income stream
Have a personal U.S. bank account
Debt-to-income ratio must not exceed 45% or 50% depending on state
Have no reported bankruptcies in the last 12 months
Have no current delinquencies listed on your credit report

Repayment Options for Upstart Personal Loans

Here are some loan repayment options that may be available to Upstart customers:

One-time payments made online each month
Authorizing recurring payments via Automated Clearing House or ACH
Automatic bimonthly payments
Making multiple one-time payments online during any given month

How to Apply for an Upstart Personal Loan

Apply online. Get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. Checking your rate and loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
Verify information. Applicants are expected to verify their personal information during the application process. Upstart in some cases may request an applicant to provide additional supporting documents for verification purposes.
Accept the loan. You can sign and accept the loan offer at this stage. You may receive the personal loan proceeds within one business day. You’re not required to accept the loan if you wish to decline the offer.

Alternatives to Upstart Personal Loans to Consider

Upstart personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:

Lender	Loan amounts	APR range	Maximum term
Achieve (formerly FreedomPlus)	$1,000 to $100,000+	8.99% to 29.99%	5 years
Avant	$2,000 to $35,000	9.95% to 35.99%	60 months
Best Egg	$2,000 to $50,000	6.99% to 35.99%	60 months
LendingClub	$1,000 to $40,000	8.91% to 35.99%	60 months
OneMain Financial	$1,500 to $20,000	18% to 35.99%	60 months
Prosper	$2,000 to $50,000	8.99% to 35.99%	5 years
Universal Credit	$1,000 to $50,000	11.69% to 35.99%	60 months
Upgrade	$1,000 to $50,000	7.99% to 35.99%	84 months

(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:

The Takeaway

Upstart’s credit model may empower subprime borrowers and consumers with limited or no credit history to get a loan. Upstart personal loans may be right for you if you need to borrow at least $1,000 and have weak or no credit.With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders all in one marketplace. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.Lantern can help you find personal loan offers.

Frequently Asked Questions

Is Upstart a trustworthy site?

Does an Upstart loan help build credit?

How long does it take Upstart to approve a loan?

Is it hard to get a loan from Upstart?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

Personal Loan: SoFi Lending Corp. ("SoFi") operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender's and/or partner's conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine's Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.

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