Editorial Review

Upstart Personal Loans: 2019 Review

Upstart provides personal loans to borrowers with short credit histories, but regular income and high earning potential. Read our review and compare rates.

Amrita JayakumarAugust 15, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Our Take

4.0

NerdWallet rating 

The Bottom Line: A good option for those who have short credit histories and promising financial futures.

Upstart

on Upstart's website

on Upstart's website

Min. Credit Score

620

Est. APR

7.69-35.99%

Loan Amount

$1,000-$50,000

Pros & Cons

Pros
  • Accepts borrowers new to credit.

  • Fast funding.

Cons
  • Origination and late fees.

  • Rates start higher than some competitors.

Compare to Other Lenders

Upstart
Upgrade
Earnest
Est. APR

7.69-35.99%

Est. APR

7.99-35.89%

Est. APR

6.99-18.24%

Loan Term

3 to 5 years

Loan Term

3 to 5 years

Loan Term

3 to 5 years

Loan Amount

$1,000-$50,000

Loan Amount

$1,000-$50,000

Loan Amount

$5,000-$75,000

Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

680

Compare estimated rates from multiple lenders

Compare Rates

Full 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.

Best of 2019: NerdWallet recognized Upstart among our list of Best Personal Loans of 2019 in the category of fair to bad credit.

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.

Fees:

  • Origination fee: 0.0% - 8.0%.

  • Late fee: 5% of past due amount or $15, whichever is greater.

  • Prepayment fee: None.

How to qualify:

  • Minimum credit score: 620.

  • Minimum credit history: None.

  • Minimum annual income: $12,000.

  • Max debt-to-income ratio: 45%.

Loan example: Upstart’s average three-year loan has an annual percentage rate of 18%, according to the company. For a borrower with fair 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.

Before you shop for a personal loan

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us, including Upstart. Pre-qualifying will not impact your credit.

How to apply with Upstart

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.

on Upstart's website

Personal Loans Rating Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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. Read our editorial guidelines.