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Upstart Personal Loans: 2024 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 2, 2024

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.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.

Pros and Cons of Upstart

• 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: 6.4% to 35.99%Loan terms: 3 years or 5 years Prepayment 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 Jan. 2, 2024.

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 rather than a loan shark

Who Upstart May Not Be Right For

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

What to Watch Out for With Upstart Personal Loans

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

  1. 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.
  2. 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.
  3. 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:
LenderLoan amountsAPR rangeMaximum term
Achieve (formerly FreedomPlus)$10,000 to $50,0008.99% to 35.99%60 months
Avant$2,000 to $35,0009.95% to 35.99%60 months
Best Egg$2,000 to $50,0007.99% to 35.99%60 months
LendingClub$1,000 to $40,0009.57% to 36%60 months
OneMain Financial$1,500 to $20,00018% to 35.99%60 months
Prosper$2,000 to $40,0007.95% to 35.99%60 months
Universal Credit$1,000 to $50,00011.69% to 35.99%60 months
Upgrade$1,000 to $50,0008.49% to 35.99%60 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: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-Rahman
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.
Brand namesNo brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.