Upstart is an online lender that offers a personal loans range of $1,000 - $50,000. They’re best for people with excellent credit, who can take advantage of APRs as low as 3.22% and may not have to pay an origination fee. Upstart’s minimum credit score requirement is 580, but the closer your score is to that minimum, the more likely you are to get the maximum APR and origination fee: 35.99% and 8%, respectively.
In addition to a 580 credit score, there are a few other things you’ll need to qualify for an Upstart personal loan. You’ll reportedly need an income of $12,000+ per year. Plus, Upstart will only accept people who are at least 18 years old and U.S. citizens or permanent residents with a Social Security number. Applicants also need to have an open bank account.
Upstart Loan Review Highlights
- Interest rates: 3.22% - 35.99%
- Loan sizes: $1,000 - $50,000
- Loan timelines: 36 or 60 months
- Origination fee: 0% - 8%
- Upstart loan requirements: 580 credit score, $12,000 annual income, 18+ years old, SSN, bank account.
- Pre-qualification: You can check for pre-qualification on Upstart’s website. You may also want to use WalletHub’s free pre-qualification tool to pre-qualify with multiple lenders at once.
- Co-signer policy: You’ll have to go to another lender if you want to apply jointly with someone else.
- Approval timeline: It usually takes 1 to 14 business days to receive a decision.
- Funding timeline: It usually takes 1 to 3 business days to receive the money after you’re approved.
- Late fee: 5% ($15 min.) of the payment amount, whichever is greater. However, you will only be charged this fee after a 10-day grace period.
- Reputation: Upstart has earned a B rating from the Better Business Bureau and has very few Consumer Financial Protection Bureau complaints, compared to other lenders.
Overall, Upstart personal loans offer the chance for very low APRs, and they’re more accessible than the average personal loan. While other lenders could be better options, Upstart is a solid choice. Below, you can see how WalletHub rates Upstart in our three key categories: Terms, Requirements & Application, and Reviews & Transparency.
Upstart Personal Loan Ratings by Category
Terms: 3.3 / 5
Requirements & Application: 3.5 / 5
Reviews & Transparency: 3.3 / 5
Overall Score: 3.4 / 5
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.