Upstart Personal Loans Review
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What is Upstart?
Upstart is a lending platform that uses artificial intelligence (AI) to assess borrowers' creditworthiness. This means that Upstart can consider factors other than just your credit score when determining your eligibility for a loan, such as your education, employment history, and other financial data. This can make it easier for borrowers with less-than-perfect credit to get approved for a loan.
Upstart personal loans typically have APRs ranging from 6.99% to 35.99%, with loan amounts of $1,000 to $50,000. The loan terms are also flexible, with repayment periods of 3, 5, or 7 years.
Upstart rates & terms (at a glance)
How Does Upstart Work?
Here's how Upstart works:
- You apply for a loan on the Upstart website or mobile app.
- Upstart uses its AI model to assess your creditworthiness and other factors.
- Upstart provides you with an offer, including the interest rate and loan terms.
- If you accept the offer, you will need to sign a loan agreement and provide Upstart with some additional information, such as your bank account information.
- Once the loan is funded, you will start making monthly payments.
Upstart personal loans can be a good option for borrowers who have less-than-perfect credit and are looking for a flexible loan with a competitive interest rate. However, it is important to compare rates and fees from other lenders before making a decision.
What are the benefits of Upstart personal loans?
Here are some of the benefits of Upstart personal loans:
- Competitive interest rates: Upstart's interest rates are generally lower than those of other lenders, especially for borrowers with less-than-perfect credit.
- Flexible loan terms: Upstart offers loan terms of 3, 5, or 7 years, which gives borrowers more flexibility to choose a term that fits their budget and financial goals.
- Easy to apply for: Upstart's application process is quick and easy, and borrowers can apply online or through the Upstart mobile app.
- No prepayment penalty: Upstart does not have a prepayment penalty, so borrowers can save money by paying off their loan early.
- Good customer service: Upstart has a good reputation for customer service, and borrowers can contact customer service through phone, email, or chat.
What are the drawbacks of Upstart personal loans?
Some of the drawbacks of Upstart include:
- High origination fees: Upstart charges an origination fee, which is a percentage of the loan amount that is added to the borrower's principal balance.
- Late payment fees: Upstart charges late payment fees, which can be expensive.
- Limited availability: Upstart is not available in all states.
- AI lending model: Upstart's AI lending model can be complex, and it is not always clear how the model makes its decisions.
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What are the interest rates and fees for Upstart personal loans?
Below is a summary of the common interest rates and fees of Upstart:
- Interest rates: Upstart's interest rates range from 6.99% to 35.99% APR. The interest rate you qualify for will depend on your credit score, income, and other factors.
- Origination fees: Upstart charges an origination fee, which is a percentage of the loan amount that is added to the borrower's principal balance. The origination fee ranges from 0% to 12%.
- Late payment fees: Upstart charges a late payment fee of $15 for each late payment.
- Returned check fees: Upstart charges a returned check fee of $30.
How long does it take to get approved for an Upstart personal loan?
The time it takes to get approved for an Upstart personal loan depends on a few factors, including your credit score, income, and the amount of the loan you are applying for. However, in most cases, you can expect to hear back from Upstart within 24 hours of applying.
What are the alternatives to Upstart personal loans?
There are many alternatives to Upstart personal loans. Here are a few of the most popular options:
- SoFi: SoFi is a financial technology company that offers personal loans, student loans, and other financial products. SoFi's personal loans have APRs ranging from 6.99% to 22.24%, and they offer loan terms of 3, 5, or 7 years.
- Prosper: Prosper is a peer-to-peer lending platform that connects borrowers with investors. Prosper's personal loans have APRs ranging from 6.95% to 35.99%, and they offer loan terms of 3, 5, or 7 years.
- LendingClub: LendingClub is another peer-to-peer lending platform that connects borrowers with investors. LendingClub's personal loans have APRs ranging from 6.99% to 35.99%, and they offer loan terms of 3, 5, or 7 years.
- LightStream: LightStream is a division of Truist Bank that offers personal loans. LightStream's personal loans have APRs ranging from 6.49% to 27.49%, and they offer loan terms of 3, 5, or 7 years.
- PenFed Loans: PenFed Loans is a credit union that offers personal loans. PenFed Loans' personal loans have APRs ranging from 5.99% to 29.99%, and they offer loan terms of 3, 5, or 7 years.
Is Upstart trustworthy and reputable?
Yes, Upstart is a reputable lender. It is a publicly traded company that is regulated by the Consumer Financial Protection Bureau (CFPB). Upstart has an A+ rating with the Better Business Bureau (BBB) and a 4.9 out of 5 star rating on Trustpilot.
Here are some of the factors that contribute to Upstart's reputation as a reputable lender:
- A+ rating with the BBB: The BBB is a nonprofit organization that rates businesses based on their customer service. Upstart has an A+ rating with the BBB, which means that it has met the BBB's standards for customer service.
- 4.9 out of 5 star rating on Trustpilot: Trustpilot is a website where customers can rate and review businesses. Upstart has a 4.9 out of 5 star rating on Trustpilot, which indicates that most customers have had a positive experience with the company.
- Regulated by the CFPB: The CFPB is a government agency that regulates the financial industry. Upstart is regulated by the CFPB, which means that it is subject to the CFPB's rules and regulations.
- Transparent lending practices: Upstart is transparent about its lending practices. The company publishes its interest rates, fees, and other terms on its website. This allows borrowers to compare Upstart's rates and fees to those of other lenders.
How do I apply for an Upstart personal loan?
Here are the steps on how to apply for an Upstart personal loan:
- Go to Upstart's website or mobile app.
- Click on the "Apply Now" button.
- Provide some basic information about yourself, including your name, address, Social Security number, income, and debt.
- Answer some questions about your education and employment history.
- Upstart will use this information to give you an estimate of your interest rate and fees.
- If you are interested in proceeding with the application, you will need to provide additional information, such as your bank account information.
- Upstart will review your application and make a decision within 24 hours.
- If you are approved for a loan, you will be able to sign the loan agreement and fund your loan within 1 business day.
Upstart is a relatively new company that uses artificial intelligence to assess borrowers' creditworthiness. This can be helpful for borrowers with less-than-perfect credit, as Upstart may be able to offer them a loan with a lower interest rate than they would qualify for from a traditional lender.
However, Upstart's loans also have some drawbacks. For example, Upstart charges origination fees, which can add up to a significant amount of money. Additionally, Upstart's interest rates are still higher than those of some other lenders, such as credit unions.
Overall, I think Upstart personal loans can be a good option for borrowers with less-than-perfect credit who are looking for a loan with a lower interest rate. However, it is important to compare interest rates and fees from different lenders before you apply.
Borrow $1,000 - $50,000
24/7 Customer Support
Loan Term: 3-5 years
No origination or hidden fees.
Minimum credit score: 600
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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.