Upstart features

Here's a breakdown of some of the benefits and drawbacks of Upstart personal loans.

Pros

  • Options for borrowers with low credit scores
  • Low minimum APR
  • Fast funding

Cons

  • Origination fee
  • High maximum APR

Founded by ex-Googlers, Upstart is headquartered in San Mateo, California and has originated more than $16 billion in personal loans. If you’re looking to consolidate debt, make a large purchase or cover some personal expenses, an Upstart personal loan may be able to help you do it.

You can borrow up to $50,000 — and you may be able to qualify for a loan at any credit level. But watch out for the one-time origination fee, which can be as high as 8 percent of your loan amount.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Upstart is best for fast funding and borrowers with bad credit

In most cases, you can expect an approval decision within 24 hours. And your funds can be delivered within one business day of accepting your offer. 

Upstart won the 2022 award for best lender with bad credit, with no minimum credit score requirement. If you don’t have stellar credit, Upstart is a great way to take out a personal loan when you need it. But if you have excellent credit, you might find less expensive options with other lenders.

Upstart snapshot

Loan amount $1,000 – $50,000
APR 5.60% – 35.99%
Minimum credit score None
Time to receive funds As soon as one business day

Lending terms

Upstart offers fixed-rate personal loans, which generally range from $1,000 to $50,000. In certain states, however, the minimum can be higher. States with higher minimum loan amounts are:

  • Georgia: $3,100.
  • Massachusetts: $7,000.
  • New Mexico: $5,100.
  • Ohio: $6,000.

You can repay your loan over three or five years. Interest rates range from 5.60 percent to 35.99 percent APR and are based on your credit history, education, work experience and more. Unlike some other personal lenders, Upstart does not offer an interest rate discount if you set up automatic payments.

Upstart has no minimum credit score requirement, so you may be able to get approved if your credit history is too limited for a credit score. You also need a U.S. bank account and a source of regular income. There is, however, no advertised minimum income threshold.

Once you’re approved and you accept the terms of the loan, you can receive your funds as soon as the next business day.

Fees and penalties

One of the biggest fees Upstart charges is the origination fee — which can be up to 8 percent of the loan amount. The origination fee is deducted from your loan funds before you receive them, so it’s important to borrow enough to ensure that you get the amount of money you need.

Upstart charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. There’s also an ACH return or check refund fee of $15 if a payment from your bank account or by check is returned due to insufficient funds. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee.

That said, Upstart doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for paying the loan off early.

How to apply for a loan with Upstart

Upstart’s application process is relatively simple. You’ll start by providing some basic details about yourself and register to get a rate quote. The lender does a soft credit check for this part of the process, which means that the inquiry won’t impact your credit score.

If you like what you see, you’ll review the information you shared, add your Social Security number and bank account information and finalize the application.

Once you submit the official application, Upstart will run a hard credit check, which can knock a few points off your credit score.

Before you apply, though, compare the rate quote you receive with other personal loan rates from top lenders.

Get pre-qualified

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Overall Score 4.7 Scoring factors
Availability 4.8 Same-day approval and no credit score requirement.
Affordability 4.3 Competitive 5.60 percent minimum APR, but charges several fees.
Customer Experience 5.0 Online application and account access, and 7-day customer support.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.