Upstart: Personal Loan Review

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Upstart: Personal Loan Review

The basics

Estimated APR

6.16% – 35.99%

Min. credit Score


Max. DTI Debt to Income Ratio


Origination Fees

0% – 8%

Late Penalties

$15 or 5% of payment, whichever is greater

Prepayment Fees


Good for: Min. APR for bad credit score

Our verdict

Upstart offers funding as soon as the next business day and offers loans starting at just $1,000. But with a possible origination fee of up to 8% and APR as high as 35.99%, you’ll need strong creditworthiness to get the most out of a loan.

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Beyond the basics

Fast funding
Low credit scores
No prepayment penalty

Loan Amounts

$1,000 to $50,000

Loan Terms

36,60 months

Time to funding

1 business day

BBB Rating



J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index


Full review

Lender description Upstart is an online lending platform that uses artificial intelligence (AI) to increase the availability of affordable credit for borrowers while simultaneously reducing the risks and associated costs for its lending partners.

Best used for

  • Credit card refinancing

Pros & cons

  • Fast funding: as soon as one business day
  • No prepayment penalty
  • Low minimum loan amount (starting from $1,000) compared with other lenders
  • Possible origination fee up to 8%
  • High maximum APR (up to 35.99%)
  • Only offers two loan repayment terms (36 or 60 months)
  • Doesn’t allow cosigners or coborrowers

Most suitable for

  • Consumers looking to borrow a small amount
  • Consumers looking for funding by the next business day
  • Individual loan applicants

How to qualify You’ll need to be a U.S. citizen or permanent resident currently residing in the U.S. who’s at least 18 years old (in most states). You’ll also need a credit score of at least 600 from a consumer reporting agency and a debt-to-income ratio no higher than 45%.

How to apply Apply online by providing basic personal information, including a valid email address, verifiable name, date of birth, and social security number, and proof of income and bank account.

Loan example The average three-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. So if you borrowed $10,000, your monthly payment would be $330.