For borrowers with fair or better credit, a personal loan from Upstart can be an affordable option. The lender offers loans up to $50,000 with rates between 5% and 30%. While you will need a credit score of 620 to apply, the lender also evaluates your educational and job history when making a loan decision. The lender also works with 17 different coding and technical bootcamps, so it can be a good source of funding for your education.
- Review: Is It a Good Choice?
- Eligibility Criteria
- Personal Loan Terms and Requirements
- Application Process
- How Does Upstart Compare to Other Lenders?
Upstart Personal Loan Review: Is It a Good Choice?
Upstart is a good choice for a personal loan for borrowers with fair or better credit or for financing a coding or technical bootcamp course. Through Upstart, you can borrow up to $50,000 for three or five years. APRs range from 5% to 30%, though the average APR on a three-year loan is 17%. On average, it takes one business day to receive your funds once approved for a loan.
|Good for...||Bad for...|
To qualify for an Upstart loan, you’ll need a credit score of 620 or more as well as a verifiable source of income. Upstart will also look at the length of your credit history and your educational and work history when evaluating your loan application (some exceptions do apply). The average Upstart borrower has a credit score closer to 700 with an annual income close to $100,000. While you can qualify for an APR as low as 5%, the average APR on a three-year loan is 17%.
If you’re looking to take a coding bootcamp course, Upstart can be a good option for financing as the lender relaxes some of its requirements based on your acceptance to a course. The lender supports funding for 17 different bootcamps across the country, including Dev Bootcamp, Fullstack Academy, Hackbright Academy and MakerSquare. If you’re accepted into one of the 17 programs, you will be eligible to apply for a loan even if you don’t have a four-year college degree or a job offer starting in six months. For all education related loans, it will take an additional three business days to receive funds.
Upstart is available in all 50 states, with the exception of West Virginia. You can use an Upstart loan to consolidate debt, pay off student loans, start or expand a business, pay for education, pay medical expenses, make a large purchase, relocate, travel and many other purposes.
To qualify for an Upstart personal loan, we recommend that borrowers meet the following criteria:
|Minimum Criteria||Recommended Criteria|
Upstart will evaluate your credit history, your application information, planned use of funds and your ability to repay when approving you for a loan offer.
Upstart Personal Loan Terms and Requirements
Upstart offers unsecured personal loans up to $50,000 with APRs starting at 4.96%. While Upstart does not charge prepayment penalties, there is an origination fee on every loan.
|Loan Amount Range|
$1,000 - $50,000
8.69% - 29.99%
3 or 5 years
|Direct Payment to Creditors|
You’ll be able to check your rate on Upstart without affecting your credit score (they will use a “soft pull”). You’ll need to provide some information about yourself, including your name, address, date of birth, credit score, highest level of education and primary source of income. Once you fill this out, you will be able to see some loan offers with different rates.
|Time to Get Funds|
Soft credit check to get rate
|Hard credit check when you apply|
If you select one of the offers, you’ll need to provide your bank account information and documents to verify your identity and income (such as W-2s, utility bills, etc.). Upstart will also perform a hard credit check, which can affect your credit score. Once Upstart completes this, you’ll receive funds within one business day.
How Does Upstart Compare to Other Lenders?
If you’re applying for a personal loan, it’s a good idea to shop around to get the best rate. We looked at how Upstart compares to some of its main competitors.
Upstart vs. Lending Club
If you want to apply with a cosigner or directly pay your creditors, Lending Club is a better option than Upstart. Lending Club offers similar terms as Upstart: you can borrow up to $40,000 for three or five years with APRs between 6% and 36%. The average APR on a Lending Club loan is 14%. You will only need a credit score of 600 to apply, which makes Lending Club a better choice for borrowers who can’t quite meet the requirements at Upstart. One downside to using Lending Club is that it may take up to seven days to fund your loan offer.
Upstart vs. SoFi
SoFi is a great choice for borrowers with excellent credit. You can borrow up to $100,000 through SoFi with average APRs around 8.5% and terms of three, five or seven years. You will need a minimum credit score of 660 to apply. SoFi also offers free career services and networking events for its members, so it may be a good option for borrowers who want a personal touch or community feel.
Upstart vs. Best Egg
Best Egg offers almost the same terms as Upstart; however, you can only borrow up to $35,000 with this lender. APRs at Best Egg are between 6% and 30%, with an average APR of 15%, and loans are offered for three or five year terms. Best Egg does require a slightly higher credit score of 640 to apply, but it may be worth applying at both Best Egg and Upstart to get the best rate. Like Upstart, it will take one business day to receive funds once approved for a loan offer.