Upstart Personal Loan Review

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is Upstart?

You’ve probably realized by now that getting a personal loan isn’t always the easiest of tasks. That’s the position that Upstart is coming from, and is attempting to fix. The company was founded by two ex-Google employees and a Yale data wizard, and has scored some big results to date.

The company claims to be one of the first lenders to have created a computer-based algorithm with fancy machine learning and artificial intelligence to approve people nearly instantaneously. Its algorithm runs off of all the traditional things — FICO score, income, etc. — but also things other lenders don’t take into account, such as your job history and your college major. In fact, the algorithm makes instantaneous lending decisions for over half of applicants and to date, almost a quarter of a million loans have been generated through the system.

That sounds all well and dandy, but what are Upstart’s policies, and how do they compare with other lenders? Stick with us through this review, and you’ll find out whether Upstart is right for you.

Upstart personal loan highlights

  • Not available to those with poor credit: Upstart does not approve people with credit scores below 600 for personal loans.
  • Low APRs: The exact APR you pay will depend on several things, including your credit score. However, Upstart does offer an APR as low as 7.86%.
  • Can be used for a wide range of expenses: You can use the loan to pay for a wide range of items. Unlike most lenders, you can even use the loan to pay for educational expenses. Upstart is unique because it also partners with many coding bootcamps to provide loans to people who might not otherwise have access to credit for these educational expenses.
  • Available in most states: The only states that Upstart isn’t available in are Iowa and West Virginia.
LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.86%
To
35.99%
Credit Req.600Minimum Credit Score
Terms3 to 5 Years
Origination Fee0 - 8% of loan balance

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Upstart Disclosures

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. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $5,000.

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 22% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

¹Your 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. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

²The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. 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.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan

Upstart Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 36 or 60 months
  • APR range: 7.86% – 35.99%
  • Loan amounts: $1,000–$50,000, however the minimum loan amount may be different depending on which state you live in.
  • Time to funding: 1-2 days after you are approved for a loan.
  • Credit check: To check your rate, Upstart will do a Soft Pull credit check. If you proceed with the application, Upstart will do a hard credit check.
  • Origination fee: Up to 8.00% of the loan amount
  • Prepayment fee: None
  • Late payment fee: $15 or 5% of the past due amount, whichever is more
  • Other fees: Returned payment fee: $15

Upstart product details

Upstart does allow you to opt in to a “Financial Fitness Dashboard.” This provides you with your VantageScore (with data provided from your Equifax credit report) and is updated once per month. This is a nice bonus add-on, but it’s not exclusive to Upstart — there are many places on the internet nowadays where you can get your VantageScore for free.

You can also opt to split your payments into two installments per month, instead of one monthly payment. If you get paid biweekly, this may make it easier to fit into your budget.

Eligibility requirements

  • Minimum credit score:  600 if you live in a state that Upstart lends in.
  • Minimum credit history: Not specified, however you must at least have enough of a credit history to generate a credit score.
  • Maximum debt-to-income ratio: Not specified

In addition to the above requirements, you’ll also need to be a U.S. resident and at least 18 years old. If you live in Alabama or Nebraska, you’ll need to be at least 19 years old. You’ll also need an email address, a bank account, and have a regular source of income such as from a job (or at least a job offer starting within six months).

It’s also important to note that the minimum borrowing limits may vary by state. In general, you can borrow as little as $1,000; however, this limit is higher in the following states:

  • Georgia: $3,100
  • Massachusetts: $7,000
  • New Mexico: $5,100
  • Ohio: $6,000

Applying for a personal loan from Upstart

Unlike many lenders, Upstart does not send out marketing materials with loan offers on them. This means that the only way to apply for a loan is to visit the Upstart website directly. You’ll begin by entering in what your loan is for and checking your rate. This will result in a Soft Pull credit, which won’t affect your credit score.

If you decide to accept the rate and take out the loan, you’ll need to submit your work history, academic experience, and agree to Upstart’s documents and agreements. Upstart will also perform a hard credit check, which will affect your credit score.

If you’re approved for the loan, you could receive your money in your bank account as soon as the next business day if you complete the process before 5 p.m. EST during the week. Otherwise, the money will be sent to you within two business days.

Pros and cons of an Upstart personal loan
Pros
Cons
  • Low interest rates: You could qualify for an APR as low as a 7.86%.
  • Large funding amounts: You can take out loans up to $50,000.
  • Can use the loan for education: You are able to use the money to pay for educational expenses. Upstart even partners with some coding bootcamps to provide loans.
  • Quick approval: If you apply and are approved by 5 p.m. EST, you can have the money in your bank account as soon as the following business day.
  • Not available in some states: Upstart is not available to residents of Iowa or West Virginia.
  • No cosigner option: Upstart makes loans only to individuals, so if your credit is poor you won’t be able to qualify with a cosigner.
  • Not available to those with poor credit: You must have fair — or better — credit in order to be approved for a loan.

Who’s the best fit for an Upstart loan?

Upstart is a good lender for people who have high credit scores and who need the money fast.

You can get approved for a loan with credit scores as low as 600, however there’s a good chance you’ll be placed on the higher end of the APR spectrum if you fall in this area. And with APRs as high as 35.99% APR, that’s one loan you want to avoid unless it’s a last resort. If your score falls in this area, we’d recommend checking with other lenders first.

Upstart is also a good choice for people looking for a large loan. Weddings, home remodels, and consolidating debt all can take up large amounts of cash that many lenders aren’t willing to dole out. However, if approved for a loan, you may be able to take out up to $50,000 with Upstart. Keep in mind that the company only offers three and five-year terms, so make sure you’ll be able to make the high monthly payments that this would inevitably create.

Alternative personal loan options

As always, it’s a good idea to shop around before you take out a personal loan. We’ve provided information about some similar lenders below.

LightStream

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 4.99%
To
19.99%
*
Credit Req.Not specified
Terms24 to 144 *Months
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteLender Disclosure

LightStream Disclosures

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream provides loans from $5,000 all the way up to a whopping $100,000, and for lower APRs than Upstart. It even provides funds faster than Upstart — you could have the money in your account as soon as the same day you apply in some cases. The company also provides a “rate match guarantee” in which it’ll beat the rate of a competitor, provided it meets certain criteria.

Rocket Loans

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.16%
To
29.99%
Credit Req.640Minimum Credit Score
Terms3 to 5Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure website

Rocket Loans also offers lower APRs than Upstart; however, these loans may come with a fairly high origination fee. Rocket Loans offers personal loans from $2,000 to $45,000. This is another relatively fast lender, with some loans receiving same-day funding in certain cases. To apply for a RocketLoan, you’ll need to fill out an online form with some basic information. Rocket Loans will then present you with a range of options for loans, which you can choose to apply for if you wish.

Payoff

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 5.99%
To
24.99%
Credit Req.640Minimum Credit Score
Terms2 to 5Years
Origination Fee0% - 5% of loan balance

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

Payoff loans are designed to consolidate high-interest credit card debt, although it’s not clear if that’s the only use for these loans it will approve. Payoff provides credit card debt consolidation loans ranging from $5,000 to $40,000. Other benefits of Payoff loans include free monthly FICO score updates (not just VantageScore, as Upstart provides) and payment support if you lose your job. Although the company may charge an origination fee, there are no fees thereafter — not even for late payments, returned payments, or paying the loan off early.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 18.85%1 $5,000 to $100,000
7.86% – 35.99% $1,000 to $50,000
5.94% – 35.97%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $40,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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