Upstart Review: Should You Apply for a Personal Loan?

I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

Upstart personal loans are great for individuals with consistent income who need money quickly for debt consolidation, medical costs, or other purposes.

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Our Partner

Personal Lending Platform


  • Check loan rates in minutes
  • Get funded within 1 day
  • No prepayment penalties
  • 10% lower rates than traditional lenders
Overall Rating

Best Rates for Personal Loans

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Pros & Cons

Here are some pros to using Upstart personal loans:


  • Low minimum credit score requirement.
  • Helps build credit.
  • Offers funding within one business day.
  • Can use it to refinance other loans.


  • Automatic payments don't come with a rate discount.
  • Cosigners and joint loans aren't an option.

When looking for personal loans, you have tons of options, from your bank to online lenders. If you want to learn about as many choices as possible, consider an Upstart personal loans review and how the service might help you.

Do you have okay or no credit? Is your income consistent, whether you're an employee or work for yourself? Do you need money quickly to consolidate debt or take care of bills?

Before you decide if Upstart loans are right for you, consider these things. Think about how much money you need and how you plan to use it.

Then, you can decide if it's worth it to apply for an Upstart loan.

Upstart icon

Quick Summary

Estimated APR: 6.95 - 35.99%

Loan Amount: $1,000 - $50,000

Min Credit Score: 580

About Upstart

Upstart uses artificial intelligence (AI) to offer access to credit to more borrowers. AI allows Upstart's system to keep improving how it manages loans. The service partners with banks to lower losses and increase loan approvals.

In the first quarter of 2024, Upstart was able to automate over 70% of its loans.

The company aims to make borrowing easy and more affordable than it has been. It uses more than just your FICO credit score to determine the risk of lending to you, which may make it easier to get a loan.

The AI system continues to learn to help borrowers get the money they need while lowering the risk to lenders.

Upstart Services

Upstart offers personal loans that you can use to cover various costs, including:

  • Credit card consolidation
  • Debt consolidation
  • Home improvement
  • Medical loans

On average, you can get a lower interest rate from Upstart than other lenders. And you can pay off part or all of the loan early without having to pay a penalty. Checking your rate on Upstart won't affect your credit score since the service uses a soft credit check.

Banks can partner with Upstart to offer these loans to customers. Partners can set criteria to help automatically approve and set loan terms to help lower the risk of a loss.

Upstart can also help banks with loan servicing and customer acquisition.

How to Qualify for a Loan

In any Upstart personal loans review, it's important to cover the requirements to qualify for Upstart personal loans:

  • Live at a US street address (except if you're in the military)
  • Live in a state other than Iowa or West Virginia
  • Be the age of majority in your state (18 for most states, 19 for Nebraska and Alabama)
  • Have a name, social security number, and date of birth that Upstart can verify
  • Access a valid email address
  • Have a personal bank account at a US bank or credit union
  • Make a regular income from:
  1. Full-time job (now or starting within six months)
  2. Part-time job
  3. Some other source of consistent income
  • A minimum credit score of 600 if you have a credit history
  • Have no delinquent accounts
  • Have not had a bankruptcy within the last year
  • Received six or fewer credit inquiries in the past six months

If you've borrowed from Upstart before, you can borrow again. As a current borrower, you have to have made the last six payments without missing any. If you missed any of the last six months on a loan you aren't currently paying, you'll need to wait 60 days before you can reapply.

What You Need to Apply

When you're eligible to apply, you can go to the Upstart website to check your rate. You'll need to enter the amount of money you want to borrow and how you plan to use the funds.

Upstart will also ask for your personal information to run a credit check. The form also requires information on your source and amount of income.

If you like the rate that Upstart gives you, you can choose to accept the loan. Then, it will take as little as one business day to receive the funds.

Note that the amount you request in your application may not be what you receive. Upstart will use your income, credit score, and other application details to determine your loan amount, rate, and term.

Who is Upstart Best for?

Anyone looking at debt consolidation or who needs money quickly is a good fit for Upstart personal loans. You don't have to have a history of credit, but if you do, your score needs to be at least 600. 

Upstart is also suitable for borrowers with a consistent stream of income, whether that's through an employer or self-employment.

Here are a few FAQs you may still have about Upstart.

Should I Get a Loan With Upstart?

Upstart personal loans are fantastic for people who need money quickly to consolidate debt or cover any other cost. Whether you have okay credit or no credit, you can get a loan through Upstart to help build your credit.

If you're looking for a loan without a cosigner, Upstart is also worth considering. As long as you don't live in Iowa or West Virginia and are the age of majority in your state, you can qualify.

Are you ready to apply for a loan? Head to the Upstart website to check your rate.

Compare to Other Lenders

Sofi logo
  • Loan Amount: Up to $100,000
  • APRs: 5.74-20.28%
  • Min. Credit Score: 680
Credible logo
  • Loan Amount: Up to $100,000
  • APRs: 5.40% - 35.99%
  • Min. Credit Score: 620
Upgrade logo
  • Loan Amount: Up to $50,000
  • APRs: 5.94-35.47%
  • Min. Credit Score: 560

Upstart FAQ's

Is Upstart safe and legit?

The Better Business Bureau (BBB) gives Upstart an A, and the company is accredited. However, the average Upstart customer review on the BBB is only 1.6 out of 5 stars for over 40 reviews.

Still, it is a safe company that partners with banks to lend money. While the customer reviews aren't that great on the BBB website, reviews on Trustpilot have a remarkable score of 4.9 out of 5 stars.

What makes Upstart unique?

Upstart's AI method of reviewing and approving loan applications is what makes it unique. That system allows Upstart to approve and pay out loans in less time than other lenders.

And since the company works with various banks, the funding comes from secure sources. If you qualify, you also won't have to wait a long time for your money, except if you plan to use the loan for education since federal law requires a three-business day delay.

Will Upstart check my bank account?

Upstart will check your bank account to verify your account information and confirm your identity after you apply. If you're late on a payment by more than 30 days, Upstart may also review your account to help improve its product and service.

You may also need to provide a copy of your bank statement when applying to help verify your income. Then, Upstart will have the information necessary to process your application.

How long will it take Upstart to approve a loan?

As long as you submit your application by 5 pm Eastern Time on a weekday, your application may be approved as early as the next business day. This schedule excludes weekends and holidays, and you have to account for any time difference where you live.

If you need to use Upstart personal loans for educational expenses, Upstart may take up to three business days between approval and funding. That allows them to comply with federal laws. However, the approval may happen just as quickly as any other loan.

Upstart Personal Loans

Upstart's lending platform provides direct-to-consumer personal loans from $1,000 to $50,000 and automated borrowing technology for banks and credit unions.

Upstart icon

I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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