Advertiser Disclosure

Upstart Personal Loans: 2018 Review

Nov. 9, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.0 NerdWallet rating

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

Upstart-Logo
Loan amounts$1,000 - $50,000
Typical APR8.89% - 35.99%
Fees
  • Origination fee: 0.0% - 8.0%.
  • Late fee: 5% of past due amount or $15, whichever is greater.
  • Prepayment fee: None.
Time to fundingTypically one day; three days for education loans
RepaymentsMonthly, over 3 to 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score: 620.
  • Minimum credit history: None.
  • Minimum annual income: $12,000.
  • Max debt-to-income ratio: 45%.
Best forBorrowers with average credit or new to credit
Click "Check rates" to apply on Upstart.

» MORE: Personal loans for borrowers with fair 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



APR

8.89% - 35.99%





Min credit score

620





Best for

Borrowers with average credit or new to credit



APR

6.99% - 18.24%





Min credit credit score

660





Best for

Borrowers with little credit history



APR

5.81% - 15.37% (with autopay)





Min credit score

680





Best for

Borrowers with high income and good credit



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

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.

» MORE: Lenders for people with good credit

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:
NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.
5 stars out of 5 — Among the very best for consumer-friendly features
4.5 stars out of 5 — Excellent; offers most consumer-friendly features
4 stars out of 5 — Very good; offers many consumer-friendly features
3.5 stars out of 5 — Good; may not offer something important to you
3 stars out of 5 — Fair; missing important consumer-friendly features
2.5 stars out of 5 — Poor; proceed with great caution

About the authors