So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Loan applicants need a Vantage score of at least 300, but Upstart does accept applicants who don’t have credit scores. This was the most simply on-line borrowing process I have ever experienced. Other on-line lenders bait and swithch (for lack of a better term) showing you a rate and payment only to find out it’s different at the end.

Upstart Personal Loan Review

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 Personal Loans Review 2024

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.

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.

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.

Though Upstart’s APR cap is on the higher side, the lender has one of the most competitive starting APRs at 7.80 percent. Borrowers can check their rate without hurting their credit in just a few minutes and loan amounts start lower than most personal loan lenders and go up to the typical maximum. Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub’s editorial content including our best credit card picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by xcritical any issuer, as our editors follow a strict editorial policy.

Understanding an interest rate vs APR can help you choose a loan with the lowest possible costs. Click 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 Alternatives

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.

1. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2. Your Upstart approval odds are good if you meet the minimum requirements to get a loan.
3. Before submitting an application, always verify all terms and conditions with the offering institution.
4. NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions.
5. Wells Fargo offers personal loans between $3,000 and $100,000 with terms of one to seven years.

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.

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Upstart considers a variety of eligibility factors outside of just credit, making it easier for borrowers to access the funds they need when they need it. Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated Upstart’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps. Unlike Upstart, which is an online lender, Wells Fargo is a traditional bank.

Borrowers looking to take out a personal loan between $1,000 and $50,000 may want to consider Upstart as a potential lender. Upstart is an artificial intelligence (AI)-based lending platform that connects borrowers with partnered lenders. The platform uses more than 1,500 non-conventional variables—like college education—to increase access to loans, making it an excellent option for those with fair credit. What’s more, AI lets Upstart approve a majority of loans almost instantly.

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. Upstart and Upgrade are designed to be able to lend to borrowers with less than good credit. While Upstart’s minimum recommended credit xcritical score requirement is 600, Upgrade’s is 580. If you qualify for Upstart, you may be able to receive larger loan limits—up to $50,000.

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.

Where Upstart personal loans stand out

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.

Upstart has lower starting interest rates, but LendingClub xcritical courses scam 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.