Upstart Personal Loans Review for 2026

Looking for a personal loan but don’t know where to start? Upstart may be the perfect solution for you! This online lender offers loans up to $75,000 with no prepayment penalty. But is it the right choice for you?

Upstart Overview

Upstart is an online lending platform that offers various types of loans, including personal loans, auto refinancing loans, and debt consolidation options to those who need a bit of assistance.

Since it was founded, Upstart has helped more than 4 million customers get the financing they need and stay on track with their financial goals.

The company started its journey back in 2012 when a group of former Google employees decided to use their experience in data and technology to create a better way of lending money.

One of the things that make Upstart stand out from other lenders is its focus on using data to assess each borrower’s creditworthiness.

By using a nontraditional approach and artificial intelligence to analyze data points like education and employment history, Upstart can offer loans to a wider range of people than traditional lenders do.

Personal Loans

No matter what type of financing you need, Upstart likely has an option for you. The company offers personal loans, auto loans, small business loans, debt consolidation, and consolidation for credit card debt to all who qualify. 

Now, let’s see what makes this lender an attractive financing option.There are a few reasons why you might consider taking out an Upstart loan. Maybe you have excellent credit but not enough income to qualify for a traditional bank loan. Perhaps you have a limited credit history and need to build your credit, or maybe you just need some extra cash to cover an emergency expense.

Whatever the reason, Upstart offers personal loans with competitive rates and flexible repayment terms. 

You can borrow anywhere from $1,000 to $75,000 and choose a repayment term of three or five years. The company also charges no prepayment penalties, which is pretty rare in the lending industry. Loan minimums and the full range of available rates can vary by state.

When it comes to interest rates, you don’t have to worry, as they’re fixed and range from 6.2% to 35.99%. The annual percentage rate will depend on your creditworthiness, loan amount, and repayment term. You’ll know your interest rate before applying and you can check your rate without it affecting your credit score, which is a huge plus.

Upstart personal loans can be used for various purposes, including wedding preparation, home improvement projects, or medical emergencies. The company doesn’t put restrictions on how you can use the loan, so it’s up to you to allocate the loan funds as you see fit.

Application Process

This lender offers a very simple and streamlined application process. We also confirmed that through our own experience. All you need to do is go to the lender’s website and fill out a short online form. The whole process takes only a few minutes, and you’ll get an instant decision on your loan.

You should start by going to the website and clicking on the “Check Your Rate” button. After that, Upstart will do a soft pull of your credit report, which will not impact your credit score. Based on the information you provide, Upstart will give you an instant decision on your loan. 

If you accept your rate, you’ll then need to provide some more information and documents to verify your identity, income, and employment. Finally, if you’re approved for a loan, you’ll be asked to review the final disclosures and sign your loan agreement electronically.

A hard credit inquiry is performed later in the process if you move ahead with the loan.

As you can see, the loan application process is very straightforward. You can get an instant decision on your loan and have the money in your account in as little as one business day. If you accept your loan by 5 p.m. EST, Upstart will fund your loan the next business day.

The only exception to this rule is education-related expenses, which may take up to three business days to be funded.

Loan Requirements

Now that we’ve gone over the basics of personal loans offered by Upstart, let’s talk about the requirements you need to meet in order to qualify. If you wish to apply for a loan with this lender, you must:

• be at least 18 years old
• have a US residential street address and reside at it
• live in a state where the product is available
• have a valid email account
• provide a valid name, Social Security number, and birth date
• have a personal bank account with a US bank
• have a regular source of income or other qualifying personal income
• meet the minimum credit requirements

If this isn’t your first time applying for an Upstart loan, you must also:

• have no failed monthly payments
• not have more than one outstanding loan with Upstart
• have no more than $50,000 of total principal outstanding

As you can see, the loan requirements are not too stringent. As long as you have a regular source of income and meet these standard requirements, you should be eligible for a loan with this lender.

Upstart lists a minimum annual income requirement of $12,000.

How Upstart Compares to Other Lenders

Now that we know all about Upstart loans, let's see how this lender stacks up against some of its competitors. To start, we should mention that there are a few other online lenders that operate in a similar way to Upstart. These include companies like Prosper and BestEgg. All three of these lenders use a similar model, but there are some differences between them as well.

Upstart vs. Prosper

Prosper is one of Upstart’s main competitors in the online lending space. Both companies offer personal loans with competitive rates and terms. However, there are a few key distinctions between the two lenders. 

First, Prosper requires a minimum credit score of 640, while Upstart does not have any credit score requirements for its loan applicants. 

Also, Upstart’s interest rates start at 6.2%, while Prosper’s rates start at 8.99%.. 

Finally, the maximum amount you can borrow from Upstart is $75,000, while Prosper has a maximum loan amount of $50,000.

So, if you need to borrow a large sum of money at a lower interest rate, Upstart will be a better choice.

Upstart vs. Best Egg

BestEgg is another online lender that offers personal loans. Like Upstart, Best Egg offers loans for a variety of purposes, including debt consolidation, home improvement, and major purchases. 

The minimum loan amount you can borrow with Best Egg is $2,000 and the maximum is $50,000, with the APR ranging from 6.99% to 35.99%. Best Egg also charges origination fees up to 9.99%.

To conclude, both Upstart and BestEgg are good options if you’re looking for an online personal loan. They have similar offerings, but if you have a poor credit score, you may have a better chance of qualifying for a loan with Upstart.

Upstart also gives borrowers access to a higher maximum loan amount.

Customer Support

If you need to contact Upstart’s customer support for any reason, you can do so via email or phone. For application-related questions before funding, Upstart lists support at 650-204-1000 or 1-855-438-8778, Monday through Sunday from 9 a.m. to 8 p.m. ET.

The customer support representatives are friendly and helpful, and they are more than happy to answer any questions you may have about personal loans. 

Final Verdict

All in all, Upstart is an excellent option for those looking for a personal loan. The application process is quick and easy, and you can get your money fast.

The only downside to Upstart is that it’s not available in all states, so make sure to check the website before applying. And if you can’t apply for a loan with this lender, don’t worry - there are many other great options out there.

Overall, Upstart remains a strong option for borrowers who want a fast online application, soft-credit prequalification, and access to larger personal-loan amounts than many competitors offer.

The trade-off is that origination fees may apply, rates can still run high, and availability depends on state rules and lender participation.