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Upstart Personal Loans Review
In a nutshell:Upstart's online lending marketplace allows consumers to find low-rate, fixed-term loans from a variety of lenders within minutes.
Upstart Personal Loans Review
In a nutshell:Upstart's online lending marketplace allows consumers to find low-rate, fixed-term loans from a variety of lenders within minutes.
Upstart Personal Loans Review

Overview

As an industry-leading lending marketplace, Upstart connects consumers to more than 100 banks and credit unions that offer superior credit products. The online matching service offers a flexible personal loan range from $1,000 to $50,000. It is quick and easy to apply, and once approved, funds are deposited into your account as soon as the next working day.

Upstart's wide range of lenders offers funding solutions to individuals of all credit ratings. It also offers low, fixed interest rates and loan terms with no hidden fees. With an extensive customer base exceeding 2.8 million, Upstart has successfully originated over $35 billion in loans, establishing its position as a leading financial technology company.

Requirements

To apply for a personal loan with Upstart, individuals must meet specific criteria. This includes verifying identity with a confirmed name, date of birth, and social security number.

All applicants must be at least 18 years old. If they do not meet credit score requirements, they must have a degree from an accredited 4-year college or university or be enrolled in a more advanced degree program. Applicants must have a U.S. address, and proof of U.S. residency is required.

It is worth noting that certain states have specific minimum loan amounts. Having a U.S. banking account with a routing transit number and demonstrating a stable income source is also essential.

Loan Process

Applying for a personal loan with Upstart is quick and easy. Simply follow these simple steps:

1. Check your rate online: Complete an online form that only takes a few minutes and won’t affect your credit score. You’ll need to provide some basic personal, financial, and security information.

2. Choose your loan: Upstart's AI technology will find the best loan offers from trusted lenders that match your eligibility. Take some time to review your options before choosing the right loan for you and your financial needs.

3. Receive your funds: Experience speedy funding with 99% of personal loan funds sent just one business day after signing. With Upstart, funds are disbursed quickly and hassle-free to meet your financial needs.

Loan Terms

As Upstart operates as a lending marketplace and not a direct lender, loan terms may vary between lenders. Your loan amount is determined based on influencing factors such as credit, income, and other information provided in your application. However, here's a general overview of the terms:

Flexible loan amounts

Borrow funds between $1,000 and $50,000, with minimum loan amounts varying by state.

Fixed rates

All personal loans through Upstart come with a fixed interest rate, falling within the range of 6.4% to 35.99%.

Repayment period

Choose from personal loan terms of 3 or 5 years to suit your financial circumstances.

No prepayment penalty

Enjoy the flexibility of prepaying your loan at any time without incurring fees or penalties.

Origination fees apply

Origination fees vary between lenders, providing you with options to select a loan that suits your financial needs and preferences.

Customer Support

As demonstrated by LendingTree's #1 customer satisfaction rating and Trustpilot's excellent rating, Upstart prioritizes the needs of its customers. The official website features an extensive help center section covering everything you need to know about personal loans and the application process.

If you wish to reach out to and speak with someone directly, Upstart's customer support team is readily available via phone, email, or post. Operating hours are Monday to Friday from 6:00 AM to 5:00 PM PT, with weekend support available on Saturday and Sunday during the same hours.

Stay connected with Upstart on social media platforms such as Facebook and Twitter for updates and additional support. Through comprehensive customer support, the company ensures a positive and informed loan experience.

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Pros
  • Low rates
  • No hidden fees
  • Next day funds
Cons
  • Not a direct lender
  • Origination fees apply
Upstart at a Glance
7.8 Editorial Score
Credit impact
8.0
Uses a soft credit check initially and only conducts a hard check upon final approval of the loan
Funding speed
8.0
Quick funding process, usually within one to two days after approval, AI-driven application process speeds up the funding timeline
Loan flexiblity
7.0
Good flexibility in terms and conditions, allow for modifications such as payment deferrals and changes to repayment terms
Borrower rewards
9.0
Many borrower benefits and rewards, including significant rate discounts for responsible payment history and loyalty rewards
Loan amounts
7.0
Provides maximum loan limits that are sufficient for substantial expenses
FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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