Upstart Personal Loan Review
pros and cons
There’s a lot to like about personal loans from , but that doesn’t make it the optimal choice for everyone. Reviewing pros and cons can help you decide if this lending platform is right for you.
Pros
- Some partners don’t have a formal minimum credit score requirement
- AI underwriting model looks at more than just credit scores
- Also has competitive rates for excellent credit
- Consistently ranked top in customer service by LendingTree users
Cons
- Can’t add a second person to your loan
- Some partners charge an origination fee
- Only two loan terms to choose from: months
- No mobile app for Android, just iPhone
’s use of AI and emphasis on factors like education and employment may make it easier to get a personal loan — particularly if you have bad or no credit. Its algorithm evaluates thousands of variables, not just credit score and credit history. Your level of education and employment could help you qualify for a loan, for example.
isn’t just for bad credit, however. It also offers a competitive minimum annual percentage rate (APR) of for those who qualify. Whether you have good credit or bad, always use a personal loan calculator to understand the full cost of borrowing.
Unfortunately, if you need a co-borrower or cosigner to qualify for a loan or receive lower rates, doesn’t offer this option. Some loans may also come with an origination fee, which is typically deducted from your loan so you won’t have to pay out of pocket.
requirements
Other than being at least 18 years old, you’ll also need to meet the following requirements:
| Minimum credit score | |
| Other credit-related requirements |
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| Residency requirements |
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| Employment requirements |
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| Administrative |
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If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
loans CAN be used for…
- Refinance credit cards
- Cover medical expenses
- Make a large purchase
- Moving costs
- Travel
- Home improvement projects
- General living expenses
loans CANNOT be used for…
- Education expenses
- Illegal activity
- Gambling or investments
- Securities and financial instruments
- Funding another person’s loan
If ’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts for your situation.
How to get a loan with
offers a quick and easy online loan experience. Here’s what you need to know about applying for an personal loan.
Prequalify for a loan
lets you prequalify for a personal loan. Prequalification only requires a soft credit hit and doesn’t harm your credit score. This will let you see your potential rates, terms and loan amounts.
Formally apply
If you pass prequalification and are happy with your loan offer, you’ll then have to fill out a formal application. This requires a hard credit pull and can cause your credit score to drop by a few points. makes most approval decisions instantly, and paperwork isn’t typically required.
Close on your loan
If approves your loan request, you’ll need to officially accept your offer by signing your loan agreement. Once you’ve signed and closed on your loan, it can take as little as one business day to fund your personal loan.
How compares to other personal loan companies
Even if you believe aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how stacks up against similar personal loan lenders.
How we rated
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
loans may be easier to qualify for. It partners with a network of lenders, some of which don’t have a specific minimum credit score. also uses an AI algorithm to evaluate thousands of different rating factors. This means that it uses more than just your credit to determine your eligibility.
Still, has personal loan requirements you must meet. You can’t have delinquent debt (typically bills that are 30 or more days late), for instance.
allows you to prequalify for a personal loan at no cost to your credit. However, like most lenders, you’ll need to submit to a hard credit pull before your application can be approved, which can cause your credit score to drop by a few points. Making your loan payments on time should help to improve your credit score.
You can pay off an personal loan early without incurring a prepayment penalty. Most personal loan companies do not charge this type of fee.
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