What is the catch with Upstart?

The catch with Upstart is that you may have to pay a high origination fee 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, and you will have to pay a $10 fee if you need to request a physical copy of your loan agreement.

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% - 15%
• Late Fee: 5% ($15 min.)
• Prepayment Fee: None
• Typical APRs: 6.6% - 35.99%
• Loan Amounts: $1,000 - $75,000
• Repayment Periods: 36 months or 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.

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).

The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 19.60% and a 6.90% origination fee of $690, for an APR of 23.22%. In this example, the borrower will receive $9310 and will make 60 monthly payments of $264. APR is calculated based on 5-year rates offered in March 2025. There is no downpayment 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.

When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.