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$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Details
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Editor's Rating
3.25/5
3.25 out of
5 Stars
Pros & Cons
Pros
Small minimum loan amounts
No prepayment penalty
Quick loan fund disbursement
Cons
Only three and five year terms
Potential for high origination fees
Highlights
More Information
Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
Upstart is best for borrowers who may not qualify for a loan solely based on their credit score. The lender includes other pieces of information in its approval decisions, so if you need to get a loan with bad credit it's worth a look.
When you apply for a personal loan such as a home improvement loan, Upstart also considers employment history and education history, such as where you went to school and your area of study. While this could be an advantage for people with lots of college experience, it may work against borrowers without that experience.
Regular annual percentage rate (APR): 4.60% to 35.99%
Minimum credit score: 300
Loan amount range: $1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Loan term lengths are either three or five years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans made through one of several Upstart-powered bank partners
Upstart Personal Loans Pros and Cons
How to Apply for an Upstart Personal Loan
1. Prequalify for a loan on Upstart's website. Submit an online form to find out your interest rate and APR. You'll need to input your basic contact information, details about your education, income, savings, and past loans. The company will run a soft credit check, which won't impact your credit score. You'll get your rate quote within minutes.
2. Review different loan offers and pick one. The company will present you with multiple loan offers with different rates and term lengths. Change the loan amount to see different offers. Choose one you can afford to make monthly payments on.
3. Submit an application and await approval. When submitting a formal application, you'll need to send in proof of income, like a W-2, tax returns, or other financial documents. Upstart uses an AI-driven system that approves a majority of applications immediately.
4. Sign loan agreement and get your money. After you sign your loan agreement, you should get your funds within one to two days.
5. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Details
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Editor's Rating
3.25/5
3.25 out of
5 Stars
Pros & Cons
Pros
Small minimum loan amounts
No prepayment penalty
Quick loan fund disbursement
Cons
Only three and five year terms
Potential for high origination fees
Highlights
More Information
Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
Upstart has an A+ rating from the Better Business Bureau, which evaluates companies by analyzing a business' responses to consumer complaints, honesty in advertising, and clarity about business practices. However, BBB scores don't guarantee you'll have a good relationship with the company and are merely a starting point on your search for a personal loan provider.
Is it hard to get a loan from Upstart?
Relative to other companies in the personal loan space, Upstart is relatively easy to qualify for, as it has a low minimum credit score requirement of 600.
Does Upstart impact your credit?
Submitting a full application for a personal loan from Upstart or any other lender is likely to cause a slight dip in your credit score because it includes a hard credit inquiry. However, you can prequalify for a loan with Upstart before applying to get an idea of the rates and terms the company may offer you. Prequalification has no credit impact.
How can I contact Upstart customer service?
You can reach Upstart's customer service by phone at 855-438-8778 Monday to Friday from 6 a.m. to 5 p.m. PST.,
How long does it take for Upstart to approve a loan?
Borrowers will get an instant approval decision after applying for a loan with the company.
Upstart Competitors
Upstart vs. Avant
Both Avant and Upstart allow borrowers with poor credit to get approved. For borrowers who meet Upstart's minimum credit score requirement of 600, this lender could have an advantage with a wider range of interest rates and higher loan amounts.
Upstart vs. LendingClub
While Upstart has a clearly defined minimum credit score of 600 to apply for a loan, LendingClub is a little vaguer on requirements. Upstart has lower starting interest rates, but LendingClub has lower origination fees.
How We Rated Upstart
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths and loan amounts (15% of rating)
Funding speed (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Details
Regular Annual Percentage Rate (APR)
4.60% to 35.99%
Loan Amount Range
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
Minimum Credit Score
300
Editor's Rating
3.25/5
3.25 out of
5 Stars
Pros & Cons
Pros
Small minimum loan amounts
No prepayment penalty
Quick loan fund disbursement
Cons
Only three and five year terms
Potential for high origination fees
Highlights
More Information
Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
Loan term lengths are either 3 or 5 years
Can have origination fees up to 8%
Considers employment and education history when making loan approval decisions
Loans are made through one of several Upstart-powered bank partners
Liz was a personal finance reporter at Insider. Before joining Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma. She earned her bachelor's degree in writing from The Savannah College of Art and Design. She lives and works in Cincinnati, Ohio. Find her on Twitter at @lizknueven.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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