Sara Routhier

Sr. Director of Content

Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

Sr. Director of Content

Joel Ohman

Founder, CFP®

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

Founder, CFP®

UPDATED: Oct 4, 2022

Advertiser Disclosure

Advertiser Disclosure: We strive to help you make confident loan decisions. Comparison shopping should be easy. We are not affiliated with any one loan provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about loans. Our goal is to be an objective, third-party resource for everything loan related. We update our site regularly, and all content is reviewed by experts.

Company Details
Address: 2950 S. Delaware Street
City: San Mateo
State: CA
ZIP Code: 94403
Phone Number: (855) 438-8778
Year Founded: 2012
AM Best Rating:
Company Rating 0 (0 reviews)

Personal loans are being offered by many online lenders today. Comparing all your options can be overwhelming. Our Upstart company review will discuss its products, the pros and cons of its loans, and more.

If you’re wondering, “Is Upstart legit?” keep reading to find out if it could be a good fit for you.

You need not limit your choices to Upstart. You can also compare lenders in your area by entering your ZIP code into our free comparison tool above.

What is Upstart?

Upstart is an online lending platform that offers personal loans. Loans from Upstart are available in sums up to $50,000 for borrowers with at least fair credit. Borrowers can use Upstart personal loans for many different reasons, including:

  • Debt consolidation
  • Starting or growing a business
  • Education expenses
  • Large purchases
  • Home improvements

Upstart is known for its use of artificial intelligence in making lending decisions. The company considers some factors that other lenders don’t weigh as heavily, such as education, residence, and employment history.

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What are the pros of Upstart loans?

Using Upstart to get a loan has some benefits. Let’s discuss some of the pros that are mentioned in Upstart loan reviews.

Funding is fast.

Upstart says that applicants can pre-qualify within five minutes. In addition to this, 99 percent of non-education loans are funded within one business day of signing. Education loans also have a short waiting time of three business days.

Upstart makes payments directly to creditors.

If you’re consolidating debt, Upstart helps make the process easier by disbursing loan proceeds directly to your creditors instead of you having to make the payments yourself.

You can easily change payment due dates.

If you need to change your payment due date, you can do so an unlimited number of times. However, if you move your due date more than 15 days past the original due date, you may have to pay a late fee.

You can make payments in multiple ways.

Upstart accepts payments by check, phone, online, and automatic payments.

Approval may be more likely.

The use of alternative data and artificial intelligence may make it more likely for certain people to be approved for an Upstart loan. The Consumer Financial Protection Bureau released a statement regarding its findings on Upstart:

  • Consumers with credit scores between 620 and 650 were approved about twice as often.
  • Applicants under 25 were 32 percent more likely to be approved.

Upstart’s minimum credit score is 600.

Upstart doesn’t charge a prepayment fee.

If you want to pay off your loan early, you won’t be charged a fee to do so.

Upstart offers a wide range of loan amounts.

You can get a loan as small as $1,000 and as large as $50,000.

What are the cons of Upstart loans?

While Upstart offers many benefits, you should be aware of the potential drawbacks mentioned in Upstart loan reviews.

You have limited options for repayment terms.

Upstart only lets you choose between a three- and five-year loan term. While this is common for online lenders, it doesn’t leave room for you to adjust the term for a lower interest rate or lower monthly payments.

Some lenders will charge an origination fee.

Upstart connects consumers with lenders. Therefore, your specific lender may charge an origination fee, which can increase your APR.

You cannot get a co-signed, joint, or secured loan.

Having a co-signer, a joint applicant, or a secured loan can reduce interest rates or make you eligible for some loans you wouldn’t otherwise qualify for. However, Upstart does not allow co-signed, joint, or secured loans.

Applicants with lower credit scores may have high APRs.

While Upstart approves applicants with credit scores in the 600s, these applicants may also have APRs as high as 35 percent.

Loans are not available everywhere.

Upstart loans are not available in Iowa or West Virginia.

How can I contact Upstart?

Upstart’s website is You can use the company’s website to log in and see your basic account information. You can also fill out a contact form to receive help over email.

The Upstart customer service phone number is 1-855-438-8778. You can also email [email protected]. The mailing address is Upstart Operations Dept., P.O. Box 1503, San Carlos, CA 94070.

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Should I get a loan from Upstart?

Many Upstart reviews have good things to say about the company. Upstart may be a good place to start for consumers who have lower credit scores or minimal credit history. Upstart’s minimum credit score is 600, and the company doesn’t have a minimum requirement for credit history.

You must have a full-time job, a full-time job starting within six months, a part-time job, or another source of regular income. You must also be a U.S. citizen and have a personal bank account.

If you already have a loan with Upstart, and you’d like to apply for another one, you can qualify if you’ve made on-time payments for at least six months, have only one outstanding Upstart loan, and have no more than $50,000 in loans from Upstart including the new loan.

Upstart is just one of your choices for financing. If you would like to compare rates from multiple lenders, enter your ZIP code into our free comparison tool below.

Before applying for a loan, make sure it’s the best idea for you. Ask questions like, “how large of a loan can I get based off of my monthly income?” “Will my credit score effect my eligibility to get a loan?” “Can I make monthly payments on a loan?” and “What’s the minimum payment on my loan?”

Remember to save money for your extra payments as well. Such as your rent, student loan payments, and property taxes. You might also have other monthly expenses, such as homeowners insurance and other personal loan payments.

Make sure you work with a mortgage lender that is understanding of you and your needs. Make sure they answer your questions and are will to help.