Upstart Personal Loan Review 2025

Artificial Intelligence (AI) is transforming the lending industry. Upstart uses AI to help more people get loans. Unlike traditional lenders, Upstart takes more than an applicant’s credit score into consideration. 

Upstart says its method offers 43 percent lower rates than credit-score-only models, and that it can approve more applicants than other lenders. Applicants with lower or no credit scores may still qualify for an Upstart personal loan. See what an Upstart personal loan can do for you.

Upstart Personal Loan Top Features

Flexible loan amounts–Upstart personal loans range from $1,000 to $50,000. Minimum loan amounts vary by state. In Massachusetts, the minimum is $7,000; in Georgia, $3,100, and in Hawaii $2,100. 

Interest Rates: 6.5 to 35.99%

Fixed terms: A three-year minimum or five-year maximum

Origination fees: Up to 8% of the loan amount 

Late fees: Up to 5% of the past-due amount 

No prepayment penalty: No fees for paying your loan off early

Credit score requirements: 600 or no credit score 

Time to fund: 99 percent of approved personal loans are funded within one business day

Multiple loan purposes: Use an Upstart loan to pay off debt, buy a big-ticket item, or even support your college education

Reports to the credit bureau: Upstart uses an initial soft inquiry which does not affect your credit score

Qualifying for an Upstart Loan

To qualify for an Upstart loan, you must be a U.S. citizen or permanent resident of the U.S. Your Social Security number must be verifiable. You must also have a personal bank account and a valid email address. 

Applicants must be at least 18 years of age (19 in Alabama and Nebraska.) Upstart loans are not available to residents of Iowa and West Virginia. 

While the minimum credit score to qualify is 600, some applicants may receive an approval even if they do not have a credit score. 

Qualifying for an Upstart personal loan depends on your credit score, income, outstanding debt, and other information provided in your application. That information may include your:

• College or graduate school
• Major
• GPA
• Test scores
• Length of time since graduation 
• Employment history 

To qualify for an Upstart personal loan, you cannot have any personal bankruptcies or accounts currently in delinquency. Six or more “hard” inquiries within the previous six months, except for mortgages, motor vehicle loans, or student loans, is also disqualifying. 

You must have at least $12,000 in annual income. Eligible income sources include a job or job offer, retirement income, or disability payments. 

How to Apply for an Upstart Loan

You can apply for a loan at Upstart in just three steps online. First, check your rate. This won’t affect your credit score. You’ll need to provide your name, address, and birthdate. Upstart then checks your credit report in a soft inquiry.

Most borrowers do not have to provide additional documentation. If further documentation is necessary, it generally involves uploading school transcripts, pay stubs, or tax information.

Upstart does not charge an application fee. 

Loan Approval and Loan Funding from Upstart

Upstart’s loan approval is very fast. Most applicants receive preliminary approval within five minutes of submitting their application. Once the applicant accepts Upstart’s rates, a hard credit inquiry is made. Hard inquiries may reduce your credit score by a few points. Final approval is based on passing the hard credit inquiry. Most applicants receive their money on the following business day.

Upstart’s rates range between 6.5 percent and 35.99 percent. Terms are either 36 or 60 months (three or five years.) Since there is no prepayment penalty, you can pay the loan off faster by making extra payments on the principal and saving on interest. 

Unlike some online lenders, Upstart does not offer a mobile app for loan management. There is no autopay discount.

Upstart: Customer Service and Customer Satisfaction

Upstart receives high ratings for both customer service and customer satisfaction. Customer service support is available daily, including weekends, from 6 a.m. to 5 p.m. PST. 

The Better Business Bureau gives Upstart an A+ rating. Upstart earns 4.7 out of 5 stars.

When an Upstart Personal Loan Might Be the Best Choice:

An Upstart personal loan is a good choice for anyone who doesn’t have a high credit score or even any credit score. You’ll have a much better chance of qualifying for a loan with Upstart than with lenders relying on traditional data. 

Upstart is also a good choice if you want your funding fast. College students may want to consider Upstart. While many lenders do not permit borrowers to pay for college with a personal loan, Upstart does.