Posted by: Adam McCann

Quick Review: Upstart loans are best for people with good or excellent credit because they offer APRs as low as 7.46% to the most creditworthy customers. Borrowers can also take out loans of up to $50,000, which is great for debt consolidation, home renovations, etc. People with credit scores as low as 620 can qualify for Upstart loans, but applicants who barely meet the minimum requirements for approval might have to deal with an APR as high as 35.99%.

Another downside to Upstart loans is that it can take as long as 14 business days to get a decision in some cases. It only takes 1 - 3 business days to get funded after approval, though.

Below you’ll find more in-depth information on Upstart loans, including a detailed description of their terms and a comparison to other available options.

Upstart Loan Terms

APR	7.46% - 35.99%
Loan term	36 or 60 months
Loan amount	$1,000 - $50,000
Credit score requirement	620
Income requirement	$12,000*
Other requirements (all must apply)	18+ years old SSN Bank account U.S. citizen or permanent resident U.S. address
Approval time	1-14 business days
Funding time	1 - 3 business days
Origination fee	0% - 8%
Late fee	5% ($15 min.)

*According to multiple third-party sources Upstart Interest Rates & Fees

Upstart interest rates have a range of 7.46% - 35.99%. Upstart’s interest rate maximum is one of the highest on the market, and their minimum is 1%-2% above where many other lenders start. Each individual’s rate is based on a combination of factors such as credit score, income, purpose of the loan, education and more. All Upstart personal loans have fixed APRs. Your rate will never change.

Upstart loans may or may not have origination fees, depending on how creditworthy you are. An Upstart origination fee can be anywhere from 0% to 8% of the loan amount.

The fee for late payments is the greater of 5% of the payment amount or $15. However, there is a 10-day grace period before the late fee gets charged. Upstart does not charge a fee to customers who pay off their loan early.

Upstart Loan Requirements & Application Info

The Upstart credit requirement is to have a score of at least 620. That’s fairly low compared to many other lenders on the market, which require credit scores of 660 or higher. Upstart does not publicly disclose a minimum income requirement, but multiple third-party sources say that you will need to make at least $12,000 per year to qualify.

Anyone 18 or older who is a U.S. citizen or permanent resident with a Social Security number can qualify for Upstart loans, as long as they also have a U.S. address and U.S. bank account.

You can check what Upstart loan rates you’re eligible for online. This process will not affect your credit score, though if you decide to apply for a loan afterward Upstart will do a hard pull of your credit. In order to apply for an Upstart loan, you must fill out the application online. You cannot apply for Upstart loans with a cosigner.

Upstart Loan Reviews & Transparency

Upstart loans have a stellar reputation with the Consumer Financial Protection Bureau (CFPB) and the Better Business Bureau (BBB). Customers also have few complaints about Upstart’s loans.

• Better Business Bureau: Upstart gets a perfect score from the Better Business Bureau – an A+. And they’ve been accredited with the bureau since 2015.
• Consumer Financial Protection Bureau: Customers have only filed 26 complaints about Upstart with the CFPB. The most recent is from March 2019. Some recent complaints include a person having a fraudulent Upstart account opened in their name and people being approved for different rates than they were estimated to receive in the pre-qualification process. Upstart has given a “timely” response to all but one complaint filed against them.
• WalletHub: WalletHub’s editors award Upstart loans a score of 4/5.

Upstart is very clear about the terms of their personal loans, and displays that information openly online. They even clearly disclose minimum credit score requirements. And they offer pre-qualification to help people see their potential rates before they apply.

Upstart Loans vs. Popular Alternatives

Lender	Upstart	LendingClub	SoFi
APR	7.46% - 35.99%	6.95% - 35.89%	5.99% - 16.49%
Loan amounts	$1,000 - $50,000	$1,000 - $40,000	$5,000 - $100,000
Loan lengths	36 or 60 months	36 or 60 months	12 - 84 months
Credit score required	620	600-640*	680

*According to multiple third-party sources Methodology

WalletHub’s editors determined the rating of Upstart loans by looking at 23 metrics in 7 categories: rates, fees, application procedures, requirements for approval, loan amounts, customer satisfaction and lender transparency. Below, you can read about the specific qualities we measured to come up with our final rating.

• Requirements: Our editors looked Upstart’s requirements for credit score, income, citizenship and identification.
• APR: We checked the range of possible APRs on Upstart loans, plus whether Upstart offers variable or fixed rates.
• Fees: We considered the fees on Upstart loans, especially prepayment penalties, origination fees and late fees.
• Loan amounts: We researched the minimum and maximum amounts available to borrow. In addition, we found out how long customers have to pay loans off.
• Application process: We checked on how to apply, plus how long it takes to get a decision and receive your loan. We also checked if joint applications are available, and if Upstart has a pre-qualification tool.
• Customer satisfaction: We looked at Upstart’s BBB rating, WalletHub user reviews and Consumer Financial Protection Bureau complaints.
• Transparency: WalletHub’s editors determined Upstart’s level of clarity on their minimum requirements to get a loan, along with what terms their loans have.

from Wallet HubWallet Hub


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