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Upstart Review

Reviews 43,577
Upstart
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Upstart
Upstart
Excellent
Reviews 43,577
Jacob Parker
Jun. 06, 2022
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

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 5.40% - 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
APR5.40% - 35.99%
5.99% - 35.99%
Minimum credit score580None
Loan amount$1,000-$50,000***$1,000 to $50,000
Loan term36 or 60 months3 to 180 months
Suitable forGraduates or gig economy workersComparing multiple 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 higher APR rates, 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

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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Trustpilot reviews
See what some costumers are saying about Upstart
Upstart
Excellent
Reviews 43,577
on
Excellent
97%
Great
2%
Bad
1%
V
vex
6 hours ago
really quick and simple process
really quick and simple process
M
melanie young
7 hours ago
It was fast and easy
It was fast and easy. I have had a loan with them before and they always respond if I have questions in a very timely manner
O
o.w.
8 hours ago
The experience was fast and easy
The experience was fast and easy. Normally, a very stressful process and not opportune for the needling of funds so quickly but given the circumstances and the importance for immediate funds and even more immediate access, this was above my expectations and although the interest may not have been what I had hoped for, I have the option to pay it off quicker than the timeframe, which is a huge bonus.
A
adrian
8 hours ago
They approved me instantly with good…
They approved me instantly with good interest rate. While my own bank wouldn't approve me.
J
jon
10 hours ago
Fast easy ereasonable
Fast easy ereasonable. Painless.
J
jerardo
10 hours ago
Great place
Great place
R
ricky
10 hours ago
Long time happy user
I have been using upstart for many years and they have the easiest dashboard for payments, great support, and quick payouts. No orig fee sometimes, and no prepayment fees are amazing features too.
D
dj
11 hours ago
Easy and user friendly system
Easy and user friendly system. Quick
N
norman wilson
12 hours ago
The loan payments are reasonable and…
The loan payments are reasonable and the application was quick and easy. Thank you
A
amy
12 hours ago
The loan application process is quick…
The loan application process is quick and easy. Very clear to understand the process.
C
charles
13 hours ago
Fast and reliable
Fast and reliable. Great process!
L
laura
13 hours ago
fast and effiecient
fast and effiecient
O
orin
13 hours ago
The process was extremely easy and so…
The process was extremely easy and so fast. I would highly recommend Upstart to anyone that would need a loan.
S
shannon young
14 hours ago
Great Service
Great Service
F
felicia
17 hours ago
How easy it is to apply
How easy it is to apply, clear easy to understand terms with multiple options. The fast approval and easy link to bank with payments and allowing me to select the due date.
J
justanswer customer
19 hours ago
So easy to get an approval quick.
So easy to get an approval quick.
M
mark
20 hours ago
Application for a loan is easy…
Application for a loan is an easy process. Getting the funds into your account is a quick process also.
E
eb
a day ago
Fast & Easy
The terms were easy to understand, and the process was fast and simple.
H
hopper
a day ago
This was the easy to work with upstart is great
Great Company and Easy to fill out forms.
D
danelle
a day ago
This service was fast and easy
This service was fast and easy! I even got a lower interest rate than originally quoted.
M
mark
a day ago
I needed a quick business loan
I needed a quick business loan. This was an excellent experience
consumer-image
zach martindell
a day ago
Don't give personal information.
company is a huge scam. they also sell your information. so not only are they taken advantage of you, the rates are higher than credit cards. they also do nothing but flood your emails no matter how many times you tell them to stop.
S
stephanie harrison
a day ago
It was fast approval and I was able to…
It was fast approval and I was able to get the funds I needed.
B
betty
a day ago
Fast and Easy
It was easy to follow with a quick decision and reasonable terms. There is also no effect on your credit score until you accept the offer.
H
homer anthony
a day ago
Quick
Quick, Easy
B
brian
a day ago
Many dealings with Upstart
Many dealings with Upstart - always smooth and never a problem!
J
james
a day ago
Easiest Fast Loan Ever
The easy thoroughness of the application. The process was real, quick and efficient! Awesome!
J
jay
a day ago
Very easy…will always be a returning…
Very easy…will always be a returning customer.
L
loretta
a day ago
Easy transaction
Easy transaction
R
roy
a day ago
Very hassle free and quick decision.
Very hassle free and quick decision.
R
robyn
a day ago
Excellent for Debt Consolidation
We consolidated all of the credit card debt incurred from a recent home improvement project. The process was simple, the rates were very competitive, and the funds were sent to our bank account the next day. Highly recommend!
P
pedro
a day ago
Upstart easy loan application
Applying for a personal loan with Upstart is very easy and convenient. Every step of the loan is clear and very explicit to understand. I am impressed. Thanks
consumer-image
tofia kavapalu
a day ago
I am still waiting to approve my personal loan
Never been wit this company before
M
melissa
2 days ago
The application was easy
The application was easy. They got back to me quickly. Easy to upload information needed.
S
stefanie
2 days ago
This is so easy!
This is so easy!. I realy like the ease and speed of this personal loan process
R
robert
2 days ago
It was very easy
It was very easy, simple to get the loan!
C
carolyn
2 days ago
I couldn’t believe my loan was…
I couldn’t believe my loan was approved! It allowed me to payoff debt I never expected to be able to payoff! Upstart is the way to go!
C
cc
2 days ago
Simple…painless process. Grateful for the resource.
Simple…painless process.
A
amanda
2 days ago
The process was simple and…
The process was simple and straightforward.
A
alexis
2 days ago
fast and easy application process.
Easy instructions and easy to apply.
A
amarilys
2 days ago
Great
Great experience thank you
M
melissa
2 days ago
Process was easy fast and simple
Process was easy fast and simple. I needed help and I was approved quickly.
J
jody
2 days ago
Upstart was simple and transparent with…
Upstart was simple and transparent with all the loan terms and payments, and I got my money into my bank the next day. Thank you Upstart!!
O
organic girl
2 days ago
Trust
I would like to thank Upstart and Vantage West Credit Union for trusting me with a consolidation loan. I am now able to make one payment at a lower interest rate than I was paying before.
G
grant
2 days ago
Very fast & easy to open a loan! Tony Casella was my loan officer, he made the whole process quick & as painless as possible. Obtaining this loan was a very good experience!
Very fast & easy to open a loan!
D
dana feldman
2 days ago
I was very impressed with the process
I was very impressed with the process. All the information was clear and I was able to customize a loan to fit my needs with out any hassles.
M
mommabear
2 days ago
This is the 2nd loan I received through…
This is the 2nd loan I received through Upstart. The process is quick and very easy. I used the first load to pay debt down to a minimum on all of my debt accounts. This skyrocketed my credit score 38 points!
J
james
2 days ago
Great process!
This was a quick, simple process.
V
vijay
2 days ago
they were excellent!
They were excellent!! Made everything so super simple and it's going to help me and my family out so much, Im blessed and thankful!!
P
pip
2 days ago
Easy and user friendly with a quick…
Easy and user friendly with a quick response
S
simone k.
2 days ago
I applied online and was approved…
I applied online and was approved within 10 minutes. That even included me filling out the needed paperwork and will have my money within 24 hours Easy peasy!!
D
dan
2 days ago
Repeat Customer
Repeat customer should say it all! Outstanding experience.
E
edward
2 days ago
Awesome very fast service
Awesome very fast service
V
vallerie
2 days ago
I read the reviews and the process was…
I read the reviews and the process was easy I did take a few days to decide this was a good option for myself and my finances .
L
lisa schumacher
2 days ago
I have done my second loan with Upstart…
I have done my second loan with Upstart and could not think of using another source. My credit is fair and they make the process very easy to receive funds reasonably when you need them.
J
johari fuentes soto
2 days ago
The year 3000?
It is like taking a loan in the year 3000. Easy, straightforward.
L
leslie
3 days ago
Easy application process.
Easy application process.
N
nick lopez
3 days ago
Quick and Easy money just when I needed…
Quick and Easy money just when I needed it
C
cm
3 days ago
Excellent customer service and no early…
Excellent customer service and no early pay off fees.
K
kym
3 days ago
Quick approval process
The process was so quick and easy! All it took was a few clicks of the mouse and I was done. I highly recommend
A
art
3 days ago
Quick and easy with fair rates.
Quick and easy with fair rates.
K
ks
3 days ago
Fast and straightfwd process
Fast and straightfwd process. Works great and seems fair.
A
allicia
3 days ago
Amazing experience
Amazing experience. This company gives customers a second chance at life. When others have failed to help this company helped in such a fast and easy process. Thank you I will recommend you to everyone.
K
kerry
3 days ago
Easy to use and gave a quick quote in…
Easy to use and gave a quick quote in minutes. Would recommend to anybody!
consumer-image
eric dumont
3 days ago
Awesome experience
Fast, very convenient and straight forward taking less than 30 minutes. No bait and switch at the last minute.
M
mk
3 days ago
The process was easy and seamless
The process was easy and seamless, processing was fast, overall it was a great experience.
B
brandie
3 days ago
Zero hassle
Zero hassle, peace of mind. Smooth transition, easy to follow.
B
bryan nielson
3 days ago
Upstart has always been great to work…
Upstart has always been great to work with. I get approved quickly, and have never had issues with payments being processed or anything.
C
catherine
3 days ago
Very easy process!!
Very easy process!!
S
samuel
3 days ago
Very reliable and fair
Very reliable and fair, I've used them twice when no one else would be there for me. Got me out of some real binds.
P
phillip
3 days ago
Awesome
Awesome!!! Application process was very user-friendly Totally awesome that’s all I can say!!!!!
N
noah
3 days ago
Fast and easy process
Fast and easy process. All agreements can be clicked on for review before agreeing to anything.
D
d.g.
3 days ago
Quick and easy
Quick and easy, everything is laid out simply, would recommend 100%
S
shawn maurice tyler
4 days ago
Fast Service
Simple and easy process to get the funds needed! Great service!
D
dante
4 days ago
The process is clear
The process is clear
A
alex
4 days ago
relieving stress being responsive
relieving stress being responsive
C
cynthia lachappelle
4 days ago
This is my second loan with Upstart.
This is my second loan with Upstart.. I am very happy with the service and how easy it is to apply for a loan and receive the money! It's been there when I've needed it most.. everyone needs a backup plan.. Upstart has been part of mine over the past 3 years! Thank you!
A
abel
4 days ago
Fast flexible payment’s
They don’t make the process complicated it’s easy and fast
R
rolando
4 days ago
Very quick and easy
Very quick and easy. I'm very satisfied. Thank you I will recommend Upstart to my friends. Thank you so much.
G
galit
4 days ago
Process was fast and easy
Process was fast and easy, less than 5 min and got approved for the amount I asked
T
terry
4 days ago
Fast and very easy to work with when…
Fast and very easy to work with when you are in need of funds - Thank You!
I
indarsingh
4 days ago
the least stressful and fastest way to get money and very best experie
I found myself in a financial hamster wheel post covid for the last couple years with the reduced work hours less money my monthly bills consumed all monies in my bank account i need cash ASAP conventional banks was too stressful with paperwork etc. Upstart I found online with a good rating and from applying for loan to money in my account was under 15 mins, by far best experience ever financially.
F
faith
4 days ago
I came to upstart through creditkarma…
I came to upstart through creditkarma and the experience was easy, fast, no pressure, and no hit to my credit just to look at offers.
G
gabriel
4 days ago
The process was easy to follow and…
The process was easy to follow and self-explanatory. Thank you.
R
richard
4 days ago
Quick and Stress Free
The loan process is quick and no stress. I would and will recommend Upstart anyone and everyone
L
lez
4 days ago
The process was fast and easy
The process was fast and easy, it was the best no pressure way to apply for a loan! I am impressed by their interface, easy to use and quick!
B
barbara
5 days ago
The whole process was quick and easy
The whole process was quick and easy. I would recommend Upstart to anyone needing to rebuild credit.
D
d.f texas
5 days ago
Obtaining a Loan
The process to obtain a loan is quick and straight forward.
G
gwendolyn
5 days ago
I did not have to go through…
I did not have to go through embarrassing phone conversations and explaining reasons why I need the loan, as well the long drawn out time spent signing documents
B
brenda
5 days ago
Application was easy to fill out.
Application was easy to fill out.
J
jonathan
5 days ago
Very easy and informative with…
Very easy and informative with instructions. Second time getting a loan with no problems.
J
joyce
5 days ago
Very simple process with no surprises.
Very simple process with no surprises.
T
tanya
5 days ago
Easy to use.Great experience.
Easy to use.Great experience.
R
rachel
6 days ago
Upstart was easy and offered rates that…
Upstart was easy and offered rates that were much better than other offers.
B
bruce
6 days ago
best loan ever
Great experience easy to use straightforward no smoke and mirrors just information would recommend this to everyone
R
raymond
6 days ago
I have used this process once before…
I have used this process once before and again now it’s easy straight forward and you can really understand what your going to be paying and when funds are going to be taken from payment source.
s
susan wollesen
6 days ago
It was quick and clean cut
It was quick and clean cut. I have used them before and it was the same, very nice to work with and efficient.
N
np
6 days ago
Upstart makes applying for a loan easy!
The experience of applying for a consolidation loan was quick and painless. I’m grateful to Upstart for making an otherwise stressful situation easy.
A
anthony
6 days ago
Ease of use.
Ease of use.
M
michelle
6 days ago
This is my third personal loan with…
This is my third personal loan with Upstart. Their process is quick and easy.