Upstart personal loans: 2025 review

How to apply for a personal loan with Upstart

Borrowers can apply for an Upstart loan online or over the phone. To apply online you'll just have to follow three steps:

1. Get a quote: Determine how much you need to borrow and prequalify online. Make sure you account for any origination fees when running numbers.
2. Add information and finalize your application: If you’re satisfied with the rates and terms, fill out a formal application. You may need to provide pay stubs and employment information as part of the process.
3. Review the loan details: Once you receive your approval letter, make sure everything is in order, including your new payment amount and due date. If anything seems amiss, contact Upstart’s customer support line. Upstart disburses the funds as soon as the next business day following approval.

Fees and penalties

One of the biggest fees Upstart charges is the origination fee — which can be up to 12 percent of the loan amount. The origination fee is deducted from your loan funds before you receive them, so it’s important to borrow enough to ensure that you get the amount of money you need.

Upstart charges a late fee of 5 percent of the past-due amount or $15, whichever is greater, if you’re more than 10 calendar days past your due date. There’s also an ACH return or check refund fee of $15. Finally, if you request to switch from getting records electronically to getting paper copies, there’s a $10 fee.

Upstart doesn’t charge a prepayment penalty, so you don’t have to worry about incurring an extra fee for paying the loan off early.

Methodology

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about Upstart

Upstart boasts an impressive 4.9 out of 5 rating on Trustpilot, with over 49,800 customer reviews as of Jan. 14, 2025. Most borrowers cite the speed and ease of the application process. Several recommended Upstart as a source for small emergency loans. Others praised the company’s customer support and claimed to be repeat customers.

"Upstart is absolutely the service to use for your loan needs. I have paid off loans early with them with ease and without a pay off penalty. They are an honest, helpful company with above board practices. I’ve returned to them with an unexpected need and I wouldn’t have trusted this with anyone else. The process is super easy, convenient, and I will have my funds the next day!"

— Trustpilot User

Negative reviews mainly focus on getting quoted with high interest rates, having to submit paperwork more than once and receiving a different offer from their original quote.

One person on our team got a personal loan with Upstart and shares their experience.

“I'm halfway through paying off my personal loan with Upstart, and it's been a smooth experience. Payments are made automatically, so there isn't much to do outside of counting down the months until it's paid off.”

— Bankrate staff 

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

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