Loans » Personal Loan Lender Reviews » Upstart Personal Loan Review 2021
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Upstart Personal Loan Review 2021

Upstart has a unique process for assessing risk of their borrowers and approving loans. Read our review of Upstart Personal Loans - how do they work, what can a personal loan be used for, Upstart application Process and Upstart loan pros & cons.
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Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

Upstart has a unique process for assessing risk of their borrowers and approving loans. They use AI to assess their applications. Upstart is a newer company, but is growing fast. Upstart is best for borrowers who have just started their careers and do not have a long credit history or strong income.

Upstart is a new peer-to-peer marketplace with over $2.7 billion in loan originations since 2017. It is based out of San Carlos, CA, and started by former Google employees. “Upstart is an online lending marketplace that provides personal loans using non-traditional variables, such as education and employment, to predict creditworthiness.”

Upstart “identifies high-quality borrowers based on signals of their potential, even if they have limited credit and/or employment experience. We call these consumers “future prime” borrowers.” Upstart claims their AI (artificial intelligence) systems are constantly learning and have instantly approved of 58% of applications.

Upstart is best for borrowers who have just started their careers and do not have a long credit history or strong income.

APR

8.89% - 35.99%

Loan Amount

$1,000 - $50,000

Term

36-60 Months

Min score

620

Upstart Loan Pros & Cons

As we know, each lender has its own pros & cons  – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Upstart Personal Loan :

Loan Amount Range
$1,000 – $50,000
Interest Rate Range
8.89% – 35.99%
Term
36-60 Months
Origination Fee
0% to 8%
Late Payment Fee
5% of past due amount or $15 (the greater)
Check Processing Fee
None
Prepayment Fee
None
Minimum Credit Score
620
Minimum Annual Income
$12,000
Dept to Income Ratio
Less Than 45%
Funding
1-2 Days

What Can a Upstart Personal Loan Be Used For?

Upstart loans can be used for many different things. They do not provide upfront much information about what their loans can be used for, but they do provide a short list of items. 

For example, Upstart can be used to refinance credit cards, other debts, and even student loans. Many providers do not allow their personal loans to be used for refinancing student loans or for post-secondary education, but Upstart allows for both.

Upstart loans can be used to pay for personal expenses. The items listed on Upstart include paying bills including rent and medical bills, home improvement costs, moving costs, taxes, vacations or wedding expenses. 

They can also be used to buy a car or for other large purchases. Upstart loans can also be used to expand or start a business.

Application Process

The Upstart application process only takes a few minutes. 

 

Upstart Personal Loan

You will fill out a short form with some basic questions about yourself, including your full name, contact information, date of birth, employment status, education, how much you have in savings, income, and preferred form of repayment.  

Upstart Personal Loan

This form is for a soft pull, meaning the credit inquiry will not affect your credit. 

Upstart Personal Loan

You will get to see what your rate would be if approved. You will review the terms and conditions.  

Upstart Personal Loan

Then if you want to move forward, you may need to provide some verification of items stated on the application such as your picture ID, social security card, bank statements, pay stubs, copy of college transcripts or diploma, or tax returns. 

Upstart Personal Loan

Upstart is best for borrowers who have just started their careers and do not have a long credit history or strong income.

APR

8.89% - 35.99%

Loan Amount

$1,000 - $50,000

Term

36-60 Months

Min score

620

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Upstart personal loan: 

This company is an online lender that offers very high loan amounts yet at low interest rates. LightStream is part of the Trust Bank group, formerly the SunTrust Bank. You can use the loan for any purpose, including home improvements, debt consolidation, etc.

LightStream does not charge fees. So, there are no late payment fees, processing fees, or pre payment fees. They even offer $100 to customers if they are unsatisfied with their loan processing experience and are willing to beat competitor’s rates by 0.1%.

If you find a lender offering a better rate than LightStream, the company will offer you a 0.1% decrease to highlight that they are a better option.

Most of the loans have a term of two to seven years, but this may be extended to 12 years for solar financing, home improvement loans, or swimming pool loans.

This lender is a good option for those with poor credit. Borrowers can use OneMain loans for any purpose, including debt consolidation, home improvements, buying a car, weddings, or personal expenses.

You can apply online or connect to a live loan specialist for a more personalized experience. OneMain also has brick and mortar branches throughout the country.

Loans are accessible to all, regardless of background, but if you have a better credit score, you’re likely to access better rates.

The company also offers fast loan processing. You may receive your loan approval within 10 minutes, with funds deposited in your bank account the same day.

OneMain also offers secured loans. These require security, but they are lower risk, so they offer lower APRs and may be an option for those struggling to qualify.

Rocket was founded to offer a rocket fast loan processing system to provide personal loans to eligible borrowers. Rocket is part of the Quicken group, which includes Rocket Mortgage and Rabid Advance.

Qualifying for a Rocket loan is contingent on creditworthiness rather than business type. You can use your loan for any purpose, including starting a business.

However, Rocket only qualifies people with a credit score minimum of 640 and a good credit history. You also need to have a permanent source of income and a low debt to income ratio.

Where Rocket stands apart is that loans are processed very quickly. 85% of borrowers receive loans within a day.

Compare Rates

Loan Amount

$0$100,000

Credit Score

Goal

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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.