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Upstart Personal Loans Review

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Upstart, a lending platform powered by artificial intelligence, employs artificial intelligence (AI) to assess loan applicants. Utilizing criteria such as credit score, educational background, and career trajectory, the company determines lending eligibility. Offering loan amounts ranging from $1,000 to $50,000, approval can be obtained within a single business day.
 
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How Do We Rate Upstart?

Breakdown

Our Overall Rating: 0 / 5 (N/A)

Upstart stands out as an excellent option even for individuals holding credit scores as low as 300. The company assesses borrowers' repayment capabilities by examining over 1,500 alternative indicators of creditworthiness. Moreover, individuals without current employment can still apply for a loan, provided they have received a job offer with a commencement date within six months of the loan application.

Upstart Loan Specifics

Loan Specifics - 0 / 5

Upstart offers personal loans with flexible term lengths of either three years or five years, catering to varying borrower preferences and financial goals. Loan amounts range from $1,000 to $50,000, providing options suitable for a wide range of financial needs.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$1,000.00
Loan Maximum
$50,000
Term Length
3 or 5 years
Decision Time
Up to 2 weeks
Disbursement Time
1 business day in some cases

Upstart Qualification

Qualifications & Flexibility - 0 / 5

The approval process for the company's loans takes into account not only an applicant's employment and educational history but also their credit profile. This approach can benefit individuals with limited credit history but strong educational backgrounds by potentially offering them attractive loan terms. However, applicants with low credit scores coupled with a track record of missed payments or charge-offs on their credit report may still face rejection. Also, co-signers are not allowed.
Minimum FICO Score
300
Personal Income Considered
Yes
U.S. Citizen
Yes

Upstart Cost of Loan

Costs, Interest Rates, Discounts & Fees - 0 / 5

The Annual Percentage Rates (APRs) on Upstart's loans span from 7.80% to 35.99%, reflecting competitive rates within the lending market. Additionally, Upstart's origination fees vary from 0% to 12%.
APR Range
7.80% - 35.99%
Origination Fee
0% - 12%
Missed Payment Penalty
The greater of 5% of monthly past due amount or $15

Upstart Reputation

Customer Service and Reputation - 0 / 5

Type of Institution
Marketplace
Year Founded
2012
BBB Rating
A+
Trust Pilot Rating
4.9 out of 5
Date Collected
2024-05-01
Homepage URL
https://www.upstart.com/personal-loans

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Our Partner
  • Check your rate in 5 minutes
  • Get a personal loan from $1,000 to $50,000.
  • Get funded in as fast as 1 business day
  • 36% lower rates as compared to a traditional model
  • Won't affect your credit score
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