Is using Upstart a good idea?

The catch with Upstart is that the loans through the company have an origination fee of 0% - 8%, which is a one-time fee that you will pay before your funds are delivered. You will also be subject to a late fee of 5% ($15 min.) if your loan payment is past due. Additionally, if you need to request a physical copy of your loan agreement, you will have to pay a $10 fee.... read full answer

On a positive note, personal loans through Upstart have some of the lowest rates on the market and do not require applicants to have a credit score to qualify. You can see more of the terms for a personal loan through Upstart below.

Key Things to Know About Personal Loans Through Upstart

• Origination Fee: 0% - 8%
• Late Fee: 5% ($15 min.)
• Prepayment Fee: None
• Typical APRs: 5.35% - 35.99%
• Loan Amounts: $1,000 - $50,000
• Repayment Periods: 36 , 60 months
• Credit Score Requirement: None
• Income Requirement: At least $12,000 annually
• Age Requirement: 18 years old (19 years old in AL and NE)
• Residency: Residing in one of the 50 U.S. states

To learn more, check out WalletHub’s Upstart review. If you think a personal loan through Upstart is right for you, you can estimate your potential rates without hurting your credit score on Upstart’s website.

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.

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).

When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. 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.

The benefits of using Upstart include being able to qualify without a credit score, receiving your funds quickly and getting the chance to estimate your potential rates before you apply. Other benefits include the potential for a typically low APR and the ability to use the funds for almost anything.

Benefits of Using Upstart

1. No credit score requirement. Upstart does not require you to have a credit score to qualify. Most competing lenders have minimum credit scores of 580 - 680.
2. Fast funding. You may get your funds as soon as one business days after you’re approved.
3. Pre-qualification available. Upstart lets you estimate your potential rates on its website without damaging your credit score.
4. Typically low APRs. Loans through Upstart typically have some of the lowest APRs on the market of 5.35% - 35.99%. You’ll need a high credit score to qualify for the lowest rates, though.
5. Large loan amounts. Loans through Upstart have dollar amounts of $1,000 - $50,000, which is a wide range compared to the competition.
6. Multi-use loans. You can use the funds from a loan through Upstart for almost anything, from credit card refinancing to debt consolidation.
7. Easy online application. You can only apply online, but it can be done on a single page.

To read more about Upstart, check out the full Upstart review on WalletHub.

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.

When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. 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.

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.

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).