Upstart 2025 Personal Loan Review

Upstart is an online lending platform that connects borrowers with banks and credit unions to fund personal loans. It differentiates itself from other online lenders with its underwriting model that uses artificial intelligence and nontraditional data — like college education and work experience — to qualify borrowers.

» MORE: Compare the best personal loans

Upstart personal loans at a glance

• Disclosure from UpstartDisclosure from Upstart

  The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Where Upstart personal loans stand out

Alternative data use: Many personal loan lenders primarily rely on credit and income to make an approval decision, but Upstart includes details like college education and work history in its borrower evaluations. The lending platform says its nontraditional underwriting model helps approve more applicants at lower rates.

Accepts borrowers from across the credit spectrum: Upstart considers applicants with thin credit histories or no credit score. If an applicant has a credit score, Upstart accepts scores as low as 300, meaning the lender effectively doesn't have a minimum credit score requirement.

Fast approval and funding: Upstart says most borrowers receive an instant approval decision after applying. Once a borrower is approved, it funds loans as fast as one business day. That means borrowers could go from application to funding in one day, which is hard to beat.

Secured loan option: Bad-credit borrowers may increase their chances of qualifying for a personal loan or getting a lower rate by securing the loan with collateral. Upstart allows borrowers to use a vehicle they own as collateral for a secured loan.

Wide range of loan amounts: Upstart’s loans are very flexible, ranging from $1,000 to $75,000. Though some other lenders may offer loans up to $100,000, they tend to have higher starting amounts, so they’re not a good fit for smaller expenses. Upstart’s wide range means you can use its loans to cover small, medium or large expenses.

Where Upstart personal loans fall short

Origination fee: Some lenders that use Upstart’s online lending platform charge an origination fee, which is common with personal loans. However, Upstart’s maximum origination fee of 12% is higher than most lenders, which tend to fall under 10%. This origination fee will be deducted from the loan amount before the funds are disbursed.

» MORE: Personal loans with no origination fee

Only two repayment terms: Upstart borrowers can only choose from two repayment options — three years or five years — to repay their loan. Most lenders offer three or more terms to choose from, which lets you better customize the monthly payment. This flexibility may be especially important for larger loans.

No joint or co-signed loans: Upstart offers unsecured and secured loans only. Adding a co-signer or co-borrower to an application can help borrowers who may not otherwise qualify get a personal loan or a lower rate.

No direct payment to creditors: When you consolidate debt with an Upstart loan, there’s no option to have the funds sent directly to creditors. This is a common perk among lenders, since having your lender pay off your credit cards for you helps simplify the process.

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How to use Upstart personal loans

Do you qualify for an Upstart personal loan?

Upstart’s nontraditional approach to underwriting means there are few credit-related requirements to get a personal loan. Upstart says those with all types of credit profiles and income levels may qualify. Upstart loans are available in all 50 states and Washington, D.C.

Upstart’s borrowing requirements

• Minimum credit score: None.

• Minimum annual income: None.

• Must have a valid U.S. bank account, U.S. residential address and email address.

• Must provide a valid Social Security number. 

• Must have no bankruptcies in past three years.

• Must provide a verifiable source of income.

• Maximum debt-to-income ratio: 50%, not including rent or mortgage, in most states.

How we rate Upstart

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored Upstart this year: