Grace Enfield, Content Writer
Most borrowers who get a personal loan through Upstart receive an instant approval decision after applying, according to the company. You may get your funds delivered to you by electronic bank transfer as fast as one business day after your application is approved and you accept the offer.
Key Things to Know About Approval for a Personal Loan Through Upstart
- Minimum Credit Score: No credit required.
- Approval Timeline: Instantly (in most cases)
- Funding Timeline: As soon as 1 business day after approval
- Fund Delivery Method: Electronic bank transfer
- Loan Amounts: $1,000 - $50,000
- Typical APRs: 5.35% - 35.99%
- Repayment Periods: 36 , 60 months
- Origination Fee: 0% - 8%
If you think a personal loan through Upstart is right for you, check out the full Upstart review on WalletHub.
The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
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