Upstart Reviews

Accessible to Bad Credit Borrowers: Upstart uses AI to evaluate loan applications, considering factors like education and employment, making it easier for borrowers with less-than-perfect credit scores or thin credit histories to qualify.

Fast Funding: Upstart can fund loans within one business day, providing quick access to funds.

Flexible Loan Amounts: Upstart offers loans ranging from $1,000 to $50,000, depending on the state and borrower's information.

No Prepayment Penalty: Borrowers can pay off their loans early without incurring any penalties.

Option to Change Payment Date: Borrowers can change their payment due date once every 12 months, as long as the new date is within 15 days of the original due date and the loan meets certain criteria.

Artificial Intelligence (AI)-based lending: Upstart uses AI to consider more than just credit scores, making it a good option for borrowers with lower scores or unique financial backgrounds.

Quick funding: Majority of loans are approved almost instantly, and funding can be as quick as one business day.

Flexible loan uses: Upstart offers flexibility in loan uses, catering to a wide range of borrowing needs.

Accessible to borrowers with fair credit: Upstart looks beyond credit history and considers several non-traditional credit indicators.

Offers prequalification with a soft credit check: This allows you to check your eligibility without affecting your credit score.

Ability to choose a custom payment date: This provides flexibility in managing your finances.

Loan amounts: Upstart offers fixed-rate personal loans between $1,000 and $50,000.

High Origination Fee: Upstart charges an origination fee ranging from 0% to 12%, which is deducted from the loan amount and can significantly impact the overall cost of the loan.

Limited Loan Terms: Upstart only offers loan terms of 36 or 60 months, which is less flexible compared to other lenders.

No Joint or Co-Signer Options: Upstart does not allow joint or co-signer applications, which may limit borrowing options for some individuals.

Potential for Unfavorable Offers: Despite its AI-driven underwriting model, Upstart may offer unfavorable terms even to borrowers with good credit scores.

Upstart may charge an origination fee up to 8% of the loan amount

loans are only available for three- or five-year terms

Upstart doesn’t offer joint or co-signed loans