Good for: Average credit, new to credit
Upstart loans are available to average-credit borrowers and to borrowers who are new to credit but have promising college degrees and financial futures.
Upstart may be a good fit if:
- You have average or better credit. Upstart requires a credit score of at least 620 and considers other factors such as education, employment and income when approving loans.
- You have annual income of $12,000 or more. The income can come from a full-time job, part-time job, job offer letter, or disability and retirement income.
- You need fast cash. Upstart loans are typically available in one day following approval.
Upstart loan rates and terms
|Loan amounts||$1,000 - $50,000|
|Typical APR||8.89% - 35.99%|
|Time to funding||Typically one day; three days for education loans|
|Repayments||Monthly, over 3 to 5 years|
|Soft credit check?||Yes|
|How to qualify||
|Best for||Borrowers with average credit or new to credit|
Upstart personal loan review
To review Upstart, NerdWallet collected more than 30 data points from the lender, interviewed company executives, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
Upstart personal loans can be used for a variety of purposes, including debt consolidation, medical expenses, home improvements and college tuition.
Upstart’s underwriting helps younger applicants or others who have thin or no credit history but high earning potential, according to a company spokesperson. The company assesses factors like college degrees, area of study and job history.
Credit requirements: For applicants with credit history, Upstart requires a minimum credit score of 620, no recent bankruptcies or delinquent loans, and fewer than six inquiries on a credit report in the past six months, not including inquiries related to student loans, car loans or mortgages.
Fast funding: Upstart provides quick loans funded within one day, except for loans for educational expenses, which are subject to a three-day waiting period. Students may need to supply additional documents, such as college transcripts and SAT scores.
Loan example: Upstart’s average three-year loan has an annual percentage rate of 20%, according to the company. For a borrower with average credit, a three-year, $10,000 personal loan at 21.8% APR would have monthly payments of $381, according to NerdWallet’s personal loan calculator.
How Upstart compares
If you’re new to credit, Earnest and SoFi also consider your academic background and job history in their loan decisions. But both lenders typically approve borrowers with excellent credit scores and very high incomes.
How to apply for an Upstart loan
You can fill out an application on Upstart’s website. You can enter the amount you want to borrow and answer questions about your credit score, level of education and other details in order to see an estimated rate for a loan.
NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.Before you shop for a personal loan:
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution