Upstart Personal Loans Reviewed in Depth

Upstart Personal Loans

Taking out a personal loan to pay off high-interest credit cards is the most common form of debt consolidation. Upstart personal loans are advertised as coming with “low fixed rates,” making them a good option. Those rates are relative, of course. They’re based on the applicant’s credit score and credit history, so they vary.

Who is Upstart?

Upstart is not a lending institution. Founded in 2012 as an AI-based application, the company connects borrowers to banks and credit unions that may be able to meet their needs. All screening is done with a proprietary algorithm that Upstart claims can get their customers higher approval rates than traditional underwriting methods.  

Pros of Upstart Personal Loans

  • Upstart personal loans can be used for education expenses.
  • Upstart has no minimum credit score requirement. 
  • Upstart has a broad range of loan amounts available.
  • Upstart offers a fast disbursement of funds, including a next-day option.

Cons of Upstart Personal Loans

  • Upstart charges a high loan origination fee.
  • Upstart is not available in all 50 states.

Services Offered by Upstart

Upstart is popular for its less stringent credit score requirements and variety of different loan amounts. These amounts could be as small as a few hundred dollars up to $50,000. All personal loans are unsecured, so borrowers can use them for debt consolidation or anything else they need them for. Upstart also offers small business loans and auto refinancing.

Customer Qualifications or Eligibility to Work with Upstart

There is no minimum credit score to work with Upstart. They use an AI algorithm to screen applicants and then refer them to a bank or credit union in their network to finalize the loan. Most banks look for credit scores of 620 or above, but there are lenders in the Upstart network that specialize in poor credit borrowers.

Company Details

Upstart is not a Debt Management Service

There is no debt requirement to do business with Upstart. The application is a portal to a lending network. Upstart uses it to screen the applicants to determine who would be the best lending partner for them. Debt consolidation is a category for the loan application because some of their lenders specialize in debt consolidation loans.  

What Upstart Personal Can Cover

Upstart personal loans can be used for almost anything the borrower wants to use them for, provided the payments made from them are not for illegal activities. You can use an Upstart loan for wedding financing, home renovations, credit card debt consolidation, paying for medical procedures, and education expenses.  

How Upstart Personal Loans Work

Upstart is a portal to a lending network. They use their algorithm to screen loan applicants. From there, the applicant provides additional information and then receives the funding via ACH in their bank account. Borrowers repay the loan with debits from that same account. Loan terms vary based on amount and credit score.  


How Much Debt Do You Need to Work with Upstart?

There are no minimum debt requirements to qualify for an Upstart personal loan for debt consolidation. Upstart works with all consumers, regardless of what their debt liabilities are or how low their credit score is. This sets Upstart apart from other debt consolidation services that require a certain amount of debt.

Customer Timeline when Working with Upstart

Submit an online application at Upwork and you should receive an approval or rejection within a few minutes. Approved applicants will be redirected to a lending partner site where they’ll need to provide their bank account information and sign the terms and conditions. Funds could be available in their account after that within one business day.

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