Upstart Review

Upstart Review [Personal Loans, Pros and Cons 2022]

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Upstart Review

If you’re in need of a personal loan, you have more options today than ever before.

One of the more innovative options out there is Upstart, an online lender that is leveraging cutting-edge technology to power its loan approval process.

Upstart gives you the ability to get any kind of loan through their site. They work with their clients to help them pay off their credit cards, consolidate debt, and refinance existing loans. Let’s take a look at Upstart, so you can determine whether or not it is a good fit for you. 

Onto our Upstart review!

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What is Upstart?

Upstart is an online lending platform founded by former Google executives in 2012. Unlike most traditional lenders,  Upstart uses proprietary artificial intelligence to provide a more in-depth assessment of a loan applicant. By doing this, Upstart helps customers find the best loan options for them. The platform also helps them find what they need to better improve their financial situation with lending options in place. This often helps prospective borrowers who may have one or two minor credit issues obtain loan approval via Upstart when they would have likely been rejected by other lenders. This AI assessment also allows Upstart to approve more loans without the risk of default.

Upstart Features

Upstart has a lot of different features that can be utilized depending on a customer’s specific needs. Upstart is a loan site and is primarily used as such.

  • Pay off Credit Cards: Under this section of Upstart, they ask you how much you would like to take out to get a loan with them. Because this would be a loan specifically for paying off credit card loans, you would fill that out as well. It then gives you all the options that you have for paying off your credit cards with a loan.
  • Diversity: With Upstart, they work to ensure that there are loan options for all of its customers. For example, they have loan options for people who have lower credit scores that normally wouldn’t be able to get a loan. Upstart was also given an award for “best company to work” with if you have a low credit score.      
  • Fixed-Rate Loans: Because Upstart has options for fixed-rate loans rather than flexible ones, this also gives them the upper hand against some of their competitors. Due to the changing economic status in the world, it can oftentimes cause people to be leery of flexible loan rate options. They would much rather work with a fixed rate instead so that they always know what they are paying. 

As you can see, Upstart favors the type of person who could not normally get a loan from traditional lenders.

Eligibility Requirements

In order to apply for a loan on Upstart, you have to be a U.S. resident over the age of 18 with a valid street address (or a serving member of the US military), a social security number, a US bank account, and a valid email. You also need to be employed, or have a job offer that starts in six months or less. U.S. residents living in Iowa or West Virginia are not eligible to use Upstart’s lending services.

Review Of Upstart Loans

How it Works

Upstart has a simple, intuitive web portal that makes it easy for prospective borrowers to apply for a loan. You can prequalify for a loan in a matter of minutes by answering a few questions about your loan terms and the amount you wish to borrow and determining what sort of loan terms you may be eligible for. If you are satisfied with the terms provided in the prequalification, you can move forward in the process by applying for an actual loan with Upstart. Once you move past this point though, you are not able to change anything about the loan. It is important that all the data imputed is correct. Depending on their risk assessment, Upstart may approve the loan and deposit it in the bank account you provided them with within 24 hours. 

Upstart charges borrowers APRs ranging from 5.42 percent to 35.99 percent, on loan amounts ranging from $1,000 to $50,000. Loan periods can range from 36 to 60 months on the platform. These amounts are in line with what most of Upstart’s competitors charge for similar loan amounts to borrowers with comparable credit rates. 

RELATED: Peerform Peer-To-Peer Lending Personal Loans.

Customer Service

Upstart has very good reviews when it comes to their customer service. Customer service is a priority with Upstart. They can be reach through one of three ways:

Their customer service is highly rated and is available from 6 AM to 5 PM PST (from 9 AM to 8 PM ET seven days per week). By having these hours, they are able to accommodate all time zones that they serve.  

Upstart customer service support is unavailable on New Year’s Day, Thanksgiving Day, Christmas Eve, and Christmas Day.

Upstart Reviews & Complaints

Upstart has a stellar rating of 4.9 stars on Trustpilot, based on nearly 6,000 reviews. Of those reviews, 96 percent of users gave Upstart an excellent rating, while less than 1 percent issued a “bad” rating. The platform also has an “A+” rating with the Better Business Bureau (BBB) as well.

Upstart reviews:

  • Trustpilot: 4.9 stars out of 5
  • BBB: A+ rating

Upstart Pros and Cons

Here are some of the key pros and cons for Upstart you should consider: 


  • Speed: Borrowers with decent credit can often get approved for and receive their loan on Upstart within one to two days. Borrowers who are not in that same position financially may take a little longer to get approved depending on their specific situation. 
  • Ease of Use: The Upstart portal is intuitive and very simple to use. The whole process is straightforward and to the point. The website aims to be as easy to use as possible for customers.
  • Flexible Payments: Upstart allows you to adjust your payment date at any time and also has a system for temporarily suspending payments due to the onset of a sudden economic hardship.
  • No Strings Attached. Upstart, unlike some of its biggest competitors, is able to do credit checks and rate checks without doing hard inquiries. When these hard inquiries are normally done, it will usually cause your credit score to decrease.


  • Cost: Upstart’s origination fees can range up to 8 percent, which could impose a cost on borrowers that is higher than many other lenders charge. Additionally, the interest rates that Upstart charges are typically higher than many other lenders as well. 
  • No Cosigners: You cannot use a cosigner when you apply for an Upstart loan. This may be a disadvantage for some as it may be hard to get a loan without a cosigner. So, if you have major credit issues that would require a cosigner to get access to a loan, you will have to look elsewhere. 
  • Not Available Everywhere: Iowa and West Virginia residents are ineligible for Upstart’s lending program.
  • High-Cost Late Fees: Upstart generally charges users late fees to a loan if their payments are 15 days past due. These fees are 5% of the existing balance on account or $15. This is a high cost to pay for a potential balance carried on an account.

Upstart Alternatives & Competitors

There are similar online platforms offering services comparable to Upstart; these sites include: 

  • Lending Club: Lending club is a site where customers can get loans specifically designed for them. They also have the ability to do soft credit inquiries so that it will not impact your credit score. They offer all different kinds of loan options including credit card payoff loans, debt consolidation, home improvement, and any other type of personal loan that you may need. They also offer an education center to educate their customers on their finances and any questions that they may have. 
  • Sofi: Sofi is a little different than Upstart. They offer a lot more than loan options. Their loan options include student loan refinancing, personal loans, home loans, and credit cards. On top of these things, they also offer investing opportunities, banking options, and insurance. Sofi aims to be a one stop shop for their customers by offering all of these things. 
  • Prosper: Prosper is an online loan platform. They are similar to Upstart in that they offer all different types of loans depending on what you are looking for as a customer. Under personal loans, they offer debt consolidation, home improvement, and healthcare financing. They also offer home equity loans and information about how to use these types of loans. The last big thing that they offer is credit card options for their customers to use. 
  • Payoff: Payoff works a little differently than other loan sites because it is specifically designed to pay off credit cards. The Payoff Loan by Happy Money will customize a loan tailored specifically to your needs and your credit card situation. It will then take that loan and apply it to your credit card to get it paid off and out of the customers’ head. You are then just responsible for paying back that loan.  

Each of these platforms has its own benefits and drawbacks, so find the service that works best for you. 

Frequently Asked Questions (Faq)

We answer some of the most frequently asked questions below.

Is Upstart legit?

Upstart is a legitimate company founded by ex-Google executives offering personal loans.

What is the Upstart origination fee?

The Upstart loan origination fees are 0% – 8% of the target amount.

When does Upstart deposit funds?

Upstart generally deposits loans the next business day.

Does applying for a loan on Upstart affect my credit score?

Upstart, unlike its competitors, does not do hard inquiries on your credit score when applying for your loan. Instead, they perform soft credit inquiries which do not have any impact on your score.

Will a cosigner help me get a better rate with Upstart?

Unfortunately, Upstart does not allow cosigners on their loans.

What are the qualifications for taking out a loan?

There are a couple of requirements when taking out a loan with Upstart. These include a valid U.S address, 18 years of age, an email, a birthday and social security number, a full-time source of income, and a bank account. If you have all of these things, then you can sign up with Upstart!

What if I need to change my loan amount after the fact?

Unfortunately, you are not able to change the loan amount after the loan is already in place. 

What are the terms for paying back the loan?

Depending on what type of loan you are taking out, will decide how you have to pay it back. You are able to set it up in 36, 60, and 84 monthly installments depending on your current financial status, and will have to pay it back that way. 

Does my credit score update on a daily basis?

No, it does not update on a daily basis. If it were to do that, there would be too much risk of discrepancy on the score. Instead, Upstart updates your credit score on a monthly basis to avoid any risk of errors. 

Upstart Review: Parting Thoughts

If you need a personal loan, Upstart is a great option to consider. This powerful online lending platform is easy to use and will often grant loan approval and deliver funds within a day or two. However, its loans can be a bit more expensive, and they aren’t available everywhere. So, do a little research and see if Upstart is a good choice for you.


Thanks for reading our Upstart review.

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