Upstart Personal Loans Reviews

4.8 out of 5 stars
696 Reviews

From Borrowers in the last year


Application Process

5 out of 5 stars

Customer Service

5 out of 5 stars

5 5

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Most Helpful Positive Review

Apr 11, 2017
Initial logistical review
BrenaTheBard Borrower

I got approved for up to $50k but claimed less than half of it. Here's my profile at the time of Upstart's hard pull:

Credit score: 668. (They show you this in your messages after you apply & it was higher than many of my various tracked scores)
Credit utilization: 66% of over $30k worth in multiple credit card accounts; no other debts (no student loans, mortgages etc.)

The minimum credit requirements for Upstart is listed at the bottom of their site under "Help Center" if you search for "minimum". 

Things to note are the 620 min credit score and no more than 6 inquiries on your report in the past 6 months (not including student/vehicle loans or mortgages).

What they ask you for in addition to how much you want and what you need a loan for:

-Your educational background

-Your job status & income (they will need a paystub or work email verification later)

-A primary bank account

Total time from applying to approval: About 2 hours.

Money was deposited the next business morning.

I had been debating on taking out a loan to cover my total credit card debt of over $20k since all their 0% interest rates were expiring and we had a series of financially draining life events occur that stalled my otherwise great, on-time plan to pay everything off. I nervously applied and gratefully accepted the loan a few hours later before the cutoff time (5pm EST), so my funds were made available to my bank account the next business morning. A further surprise was that my initially quoted APR went down from around 13% to around 11%, which was way less than my lowest credit card APR. Something cool about Upstart is that you get to see how much more you can get approved for with their interactive slider which will also show you how much your rate and monthly payment would rise/fall. Great tool!

Something to note for loan virgins is that the origination fee is taken out of your loan amount - you do NOT have to save up this money beforehand in order to accept the loan. 

Hope this helps!

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Most Helpful Negative Review

Feb 13, 2015
Still ironing out some wrinkles
Anonymous Borrower

I really like the idea of Upstart and think there is a lot of potential. They need to work on their disclosures and some technical bugs that could be perceived as poor customer service. My primary reason for the 3-star rating is that the 5% origination fee is not as clear as it could be. Although the amount is represented in the APR disclosure, the deduction of that fee from the principal amount at the time of disbursement is not clear until the customer receives the loan offer. This should be made clearer during the application process. My rate was 6+%, which is better than my bank, but 10+% with the origination fee added in. The identity verification call/process was redundant but I get it, there's a lot of fraud out there. The online application was simple and straightforward. However, I received too many confirmation emails and several emails that had conflicting information (e.g., an email that said I was very close to meeting the minimum credit score rating, even though my application was already being processed and my credit score is excellent). I also received an email addressed to someone other than myself, that made me question their privacy and security measures. Lastly, I was unable to contact their 650 or toll free phone numbers even though it was within operating hours. The 650 number answered and immediately dropped the call while the toll free number (third party) forwarded me to a generic voicemail box. 

Overall, I like the product and am optimistic that once they've ironed out the wrinkles. it will be a great alternative to traditional bank lending.

And I received my Amazon gift card via an email gift card code the same day my application was approved. The funds were transferred the next business day, as stated.

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These reviews were written by current and former borrowers in the last year.

Jun 28, 2017
So fast and easy

I got preappoved on Credit Karma for Upstart. Went to their website and applied was told I would know in a week and half due to high volume and I was approved in an hour. Great rates and document requirements were a piece of cake to upload. 

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Jun 28, 2017
Best rate offered from P2P Lenders
rampman10 Borrower

The underwriting process was more stringent than come of their competitors, but they offered the lowest rate and I selected Upstart for my loan.  Make sure you are accurate on your income estimates and leave some wiggle room because they are a little more conservative on what they count as income and counting things like overtime.  They do allow you to speak to underwriters which is good because sometimes companies will not allow you to talk to the person who makes the decision.  Upstart allows this and along with offering the lowest rate, that is the reason for my rating.  Thnk you.

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Jun 28, 2017
passas29 Borrower

The application process was fast and easy, the money arrived quickly directly deposited.  The interest rate was much lower than the interest rate on my credit card so this was a great way to get rid of my credit card debt

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Jun 27, 2017
Unbelievably fast approval and funding

The rate was very fair, much better than others were offering.  Loan was funded the same day (today) and will clear my account tomorrow.  I am very impressed by how fast and easy this was.

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Jun 27, 2017
sara89edith Borrower

Was this easy....ummmm yeah!!!!  I applied and within 1 hour got the phone interview and approval from underwriter. Funds are being deposited in 48 hours. Awesome! I am looking forward to get debt free in 4 years.

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Jun 26, 2017
Anonymous Borrower

It took maybe about 8 hours for my loan to get approved. Easiest application I've ever done.

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Jun 23, 2017
Simple Processing
Anonymous Borrower

Both of my actual banks denied me for this same loan request. Upstart has the lowest rates that i could find and approved me quickly to help me consolidate my debt. 

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Jun 23, 2017
Anonymous Borrower

Super eary process and very helpful customer service! 

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Jun 23, 2017
Simple process with competitive rates
Anonymous Borrower

Easy process, quick approval, processing fee applies..

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**Annual Percentage Rates, terms of loan, and monthly payments presented are estimated and were created based on analysis of information provided by the consumer and available rate information from lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms presented do not bind any lender. Lenders generally have a range of available APRs (for example, a lender’s range might be 2% to 12%) and only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend upon factors evaluated at the time of application, which may include credit score, loan amount, loan term, vehicle information, credit usage and history. All loans are subject to credit review and approval. Additionally, model year, loan-to-value, minimum loan balance mileage, income, debt, etc. restrictions may apply. When evaluating offers, please review the lender’s Terms and Conditions for additional details.