MoneyGeek’s Take: Upstart Personal Loan Review

As of 2021, Upstart has originated more than $20 billion in loans. Because Upstart’s minimum credit score requirement is only 300, it’s a great option for individuals with bad credit. Browse through MoneyGeek’s Upstart personal loan review to learn more about the lender.

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Last Updated: 11/1/2022
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Upstart mainly offers personal loans for purposes like home improvement, medical expenses, weddings, relocation and debt consolidation. Unlike some other lenders, Upstart doesn’t primarily focus on your credit score but on other data. For example, you’ll need to be currently employed and meet the minimum gross income requirement.

At a Glance: Upstart Personal Loans


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

MoneyGeek Breakdown - Upstart Personal Loan Details and Requirements

  • APR

    Upstart’s APR ranges from 3.22% to 35.99%.

  • Credit Score Requirements

    You need a minimum credit score of 300 to qualify.

  • Income Requirements

    To be considered, you need to be currently employed and have a gross minimum income of $12,000.

  • Loan Amounts

    With Upstart, you can borrow $1,000–$50,000.

  • Loan Terms

    The repayment terms of Upstart are 36–60 months.

  • Permitted Uses

    You can use your Upstart personal loan for credit card consolidation, medical expenses, relocation, travel, home improvements, business and more.

  • Prohibited Uses

    There are no restrictions on funding usage.

  • Time to Receive Funds

    It takes about one to two days to receive funds.

  • Origination Fees

    Origination fees with Upstart can reach up to 8%.

  • Late Fees

    You are given a 15-day grace period, but if your monthly payment is still unpaid beyond that, you are charged a 5% late fee.

  • Prepayment Penalty Fees

    There are no prepayment penalty fees.

  • Co-Signers and Co-Applicants

    You can’t have co-signers in your personal loan. However, you can have a joint loan.

  • Perks

    When you apply for a personal loan, Upstart conducts a soft credit inquiry so it doesn’t affect your credit score.

  • Mobile Application

    Upstart does not have a mobile app.

Is Upstart Right for You?

Personal loan lenders have different rates and requirements. Thus, it’s important to consider if they perfectly fit what you need. Read through MoneyGeek’s Upstart personal loan review for further information.

Who Upstart Is Perfect For

Upstart is great for individuals who have bad credit. To be considered for a personal loan, you only need a minimum credit score of 300. Contrary to other lenders, Upstart doesn’t have rigid restrictions when it comes to the usage of funds.

If you need some leeway with making payments, consider Upstart. The provider offers a 15-day grace period if you don’t meet the deadline for your monthly payment. But after the 15 days, you will be charged 5% or $15, whichever costs more.

Since there are no prepayment fees, Upstart is also an excellent choice for those who want to pay off their loan early.

Who Should Not Choose Upstart

Personal loans often cover significant expenses. If you need a loan amount above $50,000, consider another lender. Some other personal loan companies offer a maximum loan amount of $100,000.

To be considered for a personal loan with Upstart, you need to be employed and have a minimum gross income of $12,000. They also don’t accept applications from borrowers who have new or no credit, or from those with bankruptcies or delinquencies on their credit reports..

Additionally, it’s worth mentioning that if you need a personal loan for debt consolidation, Upstart doesn’t pay the creditor directly.

How to Apply for an Upstart Personal Loan

To make sure you don’t get lost in the process of your Upstart personal loan application, we listed the important steps involved. Aside from checking if you qualify, you’ll need to fill out their application form, sign agreements and receive funds, among other steps.

1

Prequalify

You can prequalify by checking if you’re eligible through their support page. For example, you’ll need to have a U.S. residential street address, be at least 18 years of age, have a valid email address and Social Security number, meet their minimum credit and gross income requirements and more.

2

Fill Out Application Form

You can visit Upstart’s website and fill out their funding form. You need to provide your academic credentials, credit card information, work experience and plan for the personal loan.

3

Wait for Approval

It may take a few minutes until you find out if your loan is approved.

4

Review Loan Agreement

Once approved, take a closer look at the loan agreement and thoroughly read the fine print. Take your time to go through all the small, yet important, details. You must agree to the borrower platform agreement, privacy policy, electronic communications policy, credit report and information verification consent and a Cross River Bank promissory note.

5

Sign Loan Agreement

For Upstart to accept your loan, you need to review and sign the truth-in-lending disclosure and Cross River Bank promissory note. Then, you’re ready to sign the loan agreement!

6

Receive or Direct Funds

It takes around one to two days to receive funds for your personal loan.

7

Make Payments

You can make payments through your Upstart dashboard. If you want to pay your loan early, there’s no prepayment fee.

What to Do if You Are Rejected From Upstart

If your personal loan application was rejected, don’t worry! There are many other lenders available. Your application may have been declined because you didn’t meet certain requirements or qualifications. Sometimes, lenders deny applications because of a low credit score, incomplete paperwork, insufficient income, lack of credit history and more.

The best step at this point is to directly ask your lender the exact reason why your application wasn’t approved. You may be able to work on this factor and improve it over time. Once you do so, you can try applying for a personal loan with another lender.

Frequently Asked Questions About Personal Loans From Upstart

To help borrowers through their personal loan journey, we answered some commonly asked questions about personal loans from Upstart. While there are pros and cons to Upstart, you should determine if it’s the right lender for you based on your needs and financial responsibilities.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.