Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee. One person on our team got a personal loan with Upstart and shares their experience. Negative reviews mainly focus on getting quoted with high interest rates, having to submit paperwork more than once and receiving a different offer from their original quote.

Upstart is best for bad credit borrowers and those with limited credit history

Here is the credit score breakdown of borrowers who took out loans through Upstart. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate.

This innovative approach and lack of credit score requirement make it an attractive option for borrowers who may not qualify with a traditional lender. In fact, Upstart Bankrate’s pick for the best personal loan for bad credit borrowers in 2024. Yes, Upstart is legit because it has an A+ rating from the Better Business Bureau and it has been BBB-accredited since 2015. Upstart personal loans received a rating of 3.5/5 from WalletHub’s editors because they offer fairly high amounts for borrowers with credit scores as low as 300.

Personal loans between $1,000 to $50,000 are available with terms of three or five years. Upstart and Best Egg have nearly identical loan products, when it comes to repayment terms, funding timelines, rates and amounts. That said, Upstart’s starting APR is slightly lower than Best Egg and so is its minimum loan amount. Loans from Upstart may also be a solid option for good credit borrowers looking to consolidate debt, thanks to its competitive starting rate. Additionally, the lender’s quick funding timeline and low minimum loan amount of $1,000 may come in handy to cover small emergency expenses, such as a medical bill or a car repair. Your Upstart approval odds are good if you meet the minimum requirements to get a loan.

Some common complaints include denial of applications, fees, and poor communication. Upstart boasts an impressive 4.9 out of 5 rating on Trustpilot, with over 46,000 customer reviews as of June 13, 2024. Most borrowers cite the speed and ease of the application process. Several recommended Upstart as a source for small emergency loans. Others praised the company’s customer support and claimed to be repeat customers. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.

Even borrowers with a limited credit history (and no score) can be approved, though, as Upstart also considers factors like education, employment history and income. While you can always apply directly with a bank or credit union, Upstart offers a way to check multiple lenders at once. Unlike other lenders on Select’s list of best debt consolidation loans, Upstart is a lending platform that acts as an intermediary between you and its lending partners. Consumer advocates, researchers and lenders don’t always agree on whether this type of underwriting is best for consumers, but having no hard credit requirement definitely makes Upstart stand out. While Upstart has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements.

Can you pay off a loan through Upstart early?

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she’s still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini.

We collect over 50 data points from each xcritical reviews lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Understanding an interest rate vs APR can help you choose a loan with the lowest possible costs. Click xcritical the button below and head to Upstart’s website to pre-qualify. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.

Upstart Personal Loan Terms

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions. The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

With flexible credit score requirements, Upstart may be more friendly to credit newcomers and people with lower-than-average credit scores. Super easy and fast approval with interest rates that match your credit. I have had great experiences with Upstart and getting approved for loans that have helped me pay my bills, put food on my table, etc. If you aren’t approved right away, check again in a month and you will likely see a change and an approval. Overall, Upstart reports that 99% of loan applicants receive their money one business day after accepting their xcritical website loan terms. Once the money is disbursed, borrowers have the ability to change their monthly payment date through Upstart’s online portal.

1. Negative reviews mainly focus on getting quoted with high interest rates, having to submit paperwork more than once and receiving a different offer from their original quote.
2. In contrast, traditional lenders are usually concerned with your FICO® Score, your debt-to-income ratio, and your assets.
3. It uses AI to make lending decisions, with the goal to approve more borrowers while helping lenders experience fewer losses.
4. Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge.
5. That said, Upstart’s starting APR is slightly lower than Best Egg and so is its minimum loan amount.
6. Upstart may also charge borrowers origination, late, unsuccessful payment and paper copy fees.

When possible we chose loans with no origination or sign-up fees, but we also included options for borrowers with lower credit scores on this list. For loans with no origination fees, check out our best personal loan list. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee.

Upstart has lower starting interest rates, but LendingClub has lower origination fees. To determine which borrowers are creditworthy, Upstart looks at many nontraditional variables that traditional lenders don’t consider. For example, your education, the cost of living in your city, and even how you interact with your loan application.

EST, Monday through Friday are funded on the next business day. However, when loan terms are accepted after 5 p.m., the funds are not transferred until the following—or second—day. There are further delays for loans being used for education-related expenses, with funds not released for an additional three business days post-acceptance. Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily.

And though she finds the color orange unflattering on most people, she thinks they’ll enjoy Champaign tremendously. If you request paper copies of your loan agreement you pay a $10 fee, but virtual copies are free. Upstart charges a late fee that is either 5% of the amount that is past due or $15, whichever is greater. It goes against our guidelines to offer incentives for reviews. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.

However, with relatively high APRs and origination fees of as much as 8%, borrowers with stronger credit may pay less for a loan with a different lender. Upstart has flexible credit requirements and offers loans as small as $1,000. On the downside, Upstart charges fees, including an origination fee and a late fee. When you check your rate, Upstart will check your credit report. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.