For this review, Business Insider's personal finance team compared Upstart personal loans to the best personal loans of 2025 and found it to be the top choice for borrowers with limited credit history. Upstart could be a good lender for you if you have a strong work and education history, but you have a low credit score or limited credit history.
Upstart is also notably best for people looking for top fair credit personal loan companies because it provides accessible loan options. However, it comes with higher APRs and fees. Borrowers with strong credit may pay less for a loan with a different lender.
Upstart Personal Loans Pros and Cons
Upstart Personal Loans Pros
- Approval isn't dependent solely on credit scores. For people who have struggled with credit in the past, Upstart will factor in strong work and education history for a better shot at approval.
- Low credit score requirements. While Upstart does consider factors other than credit scores, it also has a low minimum loan credit score requirement for a personal loan at 300.
- Get your loan quickly. If you accept your loan by 5 p.m. ET, Upstart will deposit loan funds into your designated bank account on the next business day, making it one of the best quick personal loan options for limited credit history. It may take a little longer if you're using funds for education purposes or to pay off your credit card.
- Small loans are available. Upstart offers loans with a minimum loan amount of $1,000. Many competing lenders start their minimum loan amount higher, so it stands out as one of the best small personal loan companies.
Upstart Personal Loans Cons
- Only 3-year and 5-year terms to repay. While other lenders offer several options on how long you'll have to repay, Upstart only offers three-year and five-year terms. This choice could be impractical for borrowers on either extreme of the borrowing scale. However, there is no prepayment penalty, so you can pay your loan off at any time without a fee.
- Potential for high origination fees. Upstart's personal loans can have origination fees up to 12%. Compared to competing lenders, this is a very high maximum.
- No rate discounts available. Many lenders offer interest rate discounts, typically for setting up autopay or having a banking relationship with them. For example, SoFi® and LightStream offer 0.25% APR reductions for enrolling in autopay, while Wells Fargo provides discounts for existing customers. Upstart does not offer any such savings.
- No co-signers allowed. Unlike some lenders, Upstart does not allow co-signers. Typically, that can make it harder for borrowers with limited credit history to qualify or secure lower interest rates. A co-signer with strong credit can improve approval chances and help secure better terms. If you're looking for loans that don't require a co-signer, check out the best student loans without a co-signer.
Apply for a Loan
6.70% to 35.99% fixed
$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)
300
- Small minimum loan amounts
- No prepayment penalty
- Quick loan fund disbursement
- Only three and five year terms
- Potential for high origination fees
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.
- 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
Compare Upstart to Personal Loan Options
Upstart Personal Loans Overview
Upstart is a lending marketplace that employs an unconventional method of qualifying borrowers, using artificial intelligence and data including employment and education history in addition to their financial backgrounds. That makes it stand out from other lenders that focus on more traditional factors such as credit scores, existing debt, income, and assets.
The company says it works with more than 100 banks and credit unions to offer personal loans, automotive retail and refinance loans, small dollar "relief" loans, and home equity lines of credit (HELOC).
Upstart Personal Loans Features and Benefits
Upstart Personal Loan operates entirely online, offering loan amounts ranging from $1,000 to $50,000, with minimum loan amounts varying by state. Loan terms are 36 or 60 months, but other lenders offer more flexibility with larger amounts and longer terms.
You can use your Upstart loan proceeds for almost anything, including paying off credit cards, starting or expanding a business, paying medical bills, making a large purchase, relocating, traveling, athletic training, or making home improvements. When you check your rate, Upstart conducts a soft credit inquiry, which won't impact your credit score.
If you accept your loan, a hard credit inquiry will be performed, potentially affecting your score. Funds are sent the next business day if accepted by 5 p.m. ET.
Upstart Mortgage HELOCs Overview
- Homeowners can apply for an Upstart Mortgage's Home Equity Line of Credit (HELOC) online. Borrowers can access loan amounts ranging from $26,000 to $250,000, with a 3-year draw period and fixed-rate terms on each draw for predictable monthly payments.
Customers that fund a HELOC through Upstart Mortgage could close in as little as 5 days, 6 times faster than the industry average, according to MBA's 2024 Home Lending Study.
How to Apply for Upstart Personal Loans
Upstart's loan applications are completed entirely online. These are the basic steps:
- 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.
- 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.
- Submit an application and await approval. When submitting a Upstart loan 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.
- Sign loan agreement and get your money. After you sign your loan agreement, you should get your funds within one to two days.
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.
Eligibility Requirements for an Upstart Personal Loan
In order to qualify for an Upstart personal loan, you must meet the following criteria:
- Have a verifiable name, date of birth and Social Security number
- Be at least 18 years old
- Have a credit score that meets the minimum credit underwriting requirements or, be a graduate of or currently enrolled in a degree program at an accredited college
- Have a U.S. address
- Have a valid email account
- Have a job or job offer you will start within 6 months or another verifiable source of regular income
- Meet Upstart's minimum credit requirements
- Have a personal banking account at a U.S. financial institution with a routing transit number
Upstart Personal Loan Interest Rates and Fees
Interest Rates
The APR of an Upstart Personal Loan ranges from 6.70% to 35.99% fixed.
Upstart loans' rates can be lower or higher than the average personal loan interest rate, depending on your credit profile.
Borrowers with strong credit may secure one of the best low interest rate loans, while those with weaker credit may see rates on the higher end of Upstart loans' range.
Additional Fees
Upstart Personal Loans charges an origination fee of up to 12%, which is deducted from the overall loan amount before disbursement. It does not charge prepayment penalties, but you may run into other hidden fees.
Upstart Personal Loan Customer Experience
Customer reviews and feedback on Upstart are mixed.
Reviews of Upstart at TrustPilot are overwhelmingly positive, with an average rating of 4.9 out of 5 among more than 51,000 reviews. Satisfied borrowers cite everything from and easy application process to quick loan approval and good customer service during their borrower experiences with Upstart.
The average rating among 178 customer reviews on the Better Business Bureau's website is much lower, coming in at an average of just 1.3 out of 5. Some common complaints include denial of applications, fees, and poor communication. Even so, the BBB, which doesn't take customer reviews into account when assessing companies, gives Upstart an A+ rating, reflecting the highest degree of confidence that the business is operating in a trustworthy manner.
Upstart Personal Loan Alternatives
Upstart Personal Loans vs. Avant Personal Loans
Borrowers with low credit scores or limited credit histories could do well with Upstart Personal Loan instead of Avant.
Upstart's APR ranges from 6.70% to 35.99% fixed while Avant's ranges from 9.95% to 35.99%. Both have high maximum APRs, but Upstart's minimum rate is lower and much more competitive versus Avant's. You'll pay a high origination fee with either lender.
Upstart's loans offer more flexibility in terms of borrowing limits, going up to $50,000, but Avant has more repayment term variation. Upstart is also Business Insider's top choice for the best personal loan for borrowers with limited credit history.
Read our Avant personal loan review.
Upstart Personal Loan vs. LendingClub Personal Loans
While Upstart has a clearly defined minimum credit score of 300 to apply for a loan, LendingClub is a little vaguer on requirements. Upstart has lower starting interest rates — the APR ranges from 6.70% to 35.99% fixed. LendingClub has lower origination fees at 3% to 8%.
Read our LendingClub personal loan review.
Upstart Personal Loan vs. AmONE Personal Loans
Upstart is a platform that offers personal loans based on both credit history and alternative factors like education and job history. AmONE is a loan marketplace that connects borrowers with multiple lenders, so loan terms, interest rates, and approval speeds vary depending on the chosen lender.
Upstart's APR ranges 6.70% to 35.99% fixed, with loan amounts ranging from $1,000 to $50,000. AmONE's minimum APR is slightly higher at 6.99% to 35.99% APR. Both platforms may charge origination fees, though the specific amount will depend on the lender.
Read our AmONE personal loan review.
Why You Should Trust Us: How We Rated Upstart Loans Review
For our Upstart personal loans review, we rated personal loan products 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.
At Business Insider, our reviews are guided by editorial independence, meaning our recommendations and ratings are based on objective criteria, thorough research, and expert analysis. Advertisers do not dictate our content, ensuring our reviews remain transparent and unbiased.
See more on how we rate personal loans >>
FAQs
How does Upstart's AI lending model affect my application?
When considering your Upstart loan application, Upstart assesses more than traditional credit scores, considering education, employment, and other factors, potentially making loans available to a wider range of borrowers.
What are the main requirements to qualify for an Upstart personal loan?
While specific criteria can vary, Upstart generally requires verifiable income, a Social Security number, a U.S. address, a verifiable bank account, and a minimum credit score of 300.
Can I use an Upstart personal loan for any purpose?
Upstart personal loans can be used for a variety of purposes, including debt consolidation, home improvements, and major purchases, but restrictions may apply to certain uses.
What should I be aware of before accepting an Upstart loan offer?
Consider the APR, which includes interest and any fees, the loan term, monthly payment amounts, and any prepayment penalties.
How do Upstart's interest rates compare to other lenders?
Upstart's rates can be competitive, especially for borrowers with good profiles according to its AI analysis. But its highest APRs are more than many other lenders. Comparing offers from multiple lenders is always recommended.
Is Upstart Personal Loans legit?
Yes, Upstart is a legitimate lending platform that uses AI to assess borrowers' creditworthiness. It is regulated, operates with partner banks, and has been in business since 2012.
SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/23 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
