Are you looking to get a personal loan from Upstart? Personal loans can be a huge help when you need emergency funds, and Upstart can help you secure one within the shortest time. Upstart utilizes Artificial Intelligence (AI) to help you access affordable personal loans while keeping the costs and risks to the bare minimum.
Whether you’re looking to check Upstart loan reviews or to learn more about this loan marketplace, you’ve come to the right place. This article is a comprehensive review of Upstart loan products, including the pros and cons, to help you make informed decisions.
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What is Upstart Loan?
Established in 2012 by Dave Girouard, Paul Gu, and Anna M. Councilman, Upstart is an online marketplace that uses AI to connect you with affordable loan products. They partner with dozens of lenders to provide you easy access to fast and straightforward personal loans. Unlike traditional lenders, Upstart looks beyond your credit score to determine your creditworthiness, which means you can secure a personal loan even with a rating in the low of 300.
The loan application process is 100% online, and you can prequalify through a soft credit inquiry.
Is Upstart a Legit Loan Business?
Based in San Mateo, CA, Upstart is an accredited business with a Better Business Bureau rating of A+. The company has over a decade in business and serves consumers in all 50 states.
Furthermore, Upstart has been rated over 37k times with an average star rating of 4.9 on Trust Pilot. This indicates that Upstart is the most trustable lending platform for all your personal loan needs. Whether you need home improvement loans, wedding, medical, or moving loans, Upstart is a reliable, fast, and user-friendly lending site you can count on when you need emergency funds.
Since Upstart uses AI power, it approves more as compared to a credit score-only model. And this means you have a high chance of getting nearly instant loan approval with this company. Additionally, their research shows that the average loan APRs are 43.2% lower rates as compared to credit-score only models.
Does Upstart Hurt Your Credit?
Upstart won’t impact your credit score since it makes a soft credit check to determine your best loan offer. However, once you pick an offer and complete the application through Upstart’s partner lender, they’ll do a hard credit score check, which can impact your rating. But not to fret, because that’s the lending nature, and you can start building your credit score as you pay your loan on time.
Upstart Personal Loan Reviews
Upstart partners with various vetted lenders to provide you with a wide range of loan products. Let’s review each of these personal loan products by Upstart.
1. Medical Loans
Do you need help with your medical expenses? Dealing with medical-related problems and worrying about money can be depressing and Upstart is an excellent way to get a personal loan. Medical loans can be reliable personal loans to cover out-of-pocket medical-related costs, scheduled medical procedures, and other hospital bills.
Already have medical loans and looking for an easier way to pay them off? Upstart also can offer you a medical loan to consolidate your other loans. Understandably, shopping for a medical loan can be overwhelming, and Upstart strives to make the process smoother for you.
2. Home Improvement Loans
Do you need an unsecured loan to finance your home repairs? Upstart can help! They offer affordable home improvement loans ranging between $1k to $50k. Whether you need to remodel the garage, bathroom, kitchen, or entire home, Upstart can help you secure a loan in less than five minutes.
3. Wedding Loans
A wedding is a big event and can require a substantial amount of funds to pull through. You can get a personal loan on Upstart and use it to fund your dream wedding. Upstart makes it super easy to get funds in one or two business days, whether you need to make deposits for your venue, get the engagement rings, or book your honeymoon destination.
4. Moving Loans
Moving can drain you financially, and a cushion fund source like Upstart can help you have a stress-free move. Moving can be expensive, from hiring movers to getting moving insurance to paying security deposits and hiring cleaners and haulers. Moving loans is another type of personal loan offered by Upstart, and like any other loan here, you can get it in a day.
5. Debt and Credit Card Consolidation
If you’ve got more than one monthly loan to service, you understand how draining and expensive it can get. Upstart can help you find an affordable loan to pay off your debts in a debt consolidation process. Loan consolidation can help you manage your loan payments and get a cheaper interest rate. Another benefit of consolidating your loans is you can create a predictable and straightforward monthly payment. Whether you need to consolidate your credit cards or other personal loans, you can count on Upstart for fast loan solutions.
6. Car Loan Refinance
You can also refinance your car loan through Upstart, which means you can get an inexpensive rate with better terms and huge savings. Upstart will need a little bit of information about your car and auto loan for them to pull the best offer for you. Processing your car loan can take one to two weeks as the lender needs to verify things like your car insurance and registration details.
7. Business Loans
Does your business need a little boost and need a business loan? Upstart can help you with this one, too! You can fund your business with Upstart’s small business loan. Why let a lack of cash flow halt your business plans when you can get funded within a day by Upstart? It is free to prequalify for your small business loan.
Upstart loan reviews are nothing without looking at the pros. Why should you use the Upstart lending platform?
- Best for consumers with low or no credit history.
Upstart is the best for personal loans for people with fair or no credit history, and this is because you don’t need a credit rating to pre-qualify for a loan. This company looks at other non-conventional factors like employment status, education level, and residence to determine your creditworthiness.
- Fast online loan processing
Another advantage of using Upstart is its fast loan processing. You can practically get the money in your account within a business day. The most you can wait is two business days, and you’ll have your funds in the account—upstart boasts of completing 99% of its loan requests in one business day after signing.
- Zero prepayment fees
Upstart doesn’t charge for prepayment. Paying off your loan is an excellent way to save on interest rates, and Upstart lenders won’t penalize you for early payments.
- Flexible loan limits.
Furthermore, Upstart offers flexible loan amounts. You can sign up for a loan of between $1,000 and $50,000, which means you can sign up for a credit amount you only need. The amount you can qualify for depends on your credit, income, etc. Notably, the minimum loan amount for people residing in Georgia, Hawaii, Massachusetts, New Mexico, and Ohio is $3,100, $2,100, $7,000, $5,100, and $6,000, respectively.
- Soft credit inquiry to prequalify.
Another advantage of using Upstart is that you can prequalify without hurting your credit score. Upstart makes a soft inquiry during prequalification, which doesn’t hurt your credit score. However, should you proceed with signing up for the offer, your lender can make a hard credit inquiry.
Notably, Upstart has a user-friendly lending platform, making it simple to get an online personal loan. You can check your rate, receive and review loan offers and complete the application process in minutes.
While Upstart features many excellent benefits, a few of its drawbacks are crucial for you to know.
Upstart lenders charge an origination fee. The loan processing/origination fee is the amount your lender will charge upfront to facilitate your loan processing. Upstart origination fees range from 0-10%.
Upstart loans are fixed, so your APR —which ranges between 5.6% and 39.99% —is constant throughout the loan period. Furthermore, they only offer two loan terms, which are three or five-year loan terms.
How to Get an Upstart Personal Loan?
Signing up for a loan with Upstart is hassle-free and pretty straightforward. Visit Upstart.com and click the check your rate button. You’ll fill out the form, and Upstart will pull out the offers matching your loan needs. Pick the best offer, complete your loan application, and get funds nearly the same day.
How Long Does it Take Upstart to Approve a Loan?
Upstart takes the trophy when it comes to fast loan processing. If you read through the Upstart loan reviews, you’ll realize that a majority of the people give upstart a thumbs up for a quick approval process. You can have your funds in as fast as 1 business day—there are exceptions for loan types like car refinancing that need more time to verify all the information.
Are you ready to get a personal loan quickly? Check your offer on Upstart! Sign up for the Penny Calling Penny newsletter, so you don’t miss any of our valuable personal loan resources.
*Disclosure “When you check your rate, Upstart checks your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart does another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.”  “As of December 31, 2021, and based on a comparison between the Upstart model and a traditional credit-score only model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart’s analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.”  “The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.”  “Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).”  “The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 25.05% and 60 monthly payments of $25.80 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,478 including a $804 origination fee. APR is calculated based on 5-year rates offered in June 2022. There is no down payment 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.” ”If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.”