Upstart Personal Loans
Get funded as soon as the next business day with rates from 6.5%–35.99% APR. Accessible to borrowers with limited or no credit history.
Upstart Personal Loans provide borrowers with a flexible and quick financing option, with interest rates ranging from 6.5% to 35.99% APR. Loan amounts start at $1,000 and go up to $75,000, making this a suitable choice for various financial needs. Loan terms are either 36 or 60 months, and approval is available even for those with no established credit history, starting from a credit score of 300. Origination fees can range from 0% to 12%, but there are no penalties for early repayment. Most borrowers can receive their funds by the next business day after approval, streamlining the emergency borrowing process.
Steps to Apply for an Upstart Personal Loan
- Visit the Upstart application page and fill out the initial form.
- Provide personal and financial details, including Social Security number and income information.
- Submit the application for a decision—no documents are required for the prequalification step.
- If provisionally approved, consent to a hard credit inquiry and upload any necessary documents.
- Review and sign your loan agreement. Funds are typically sent within one business day of acceptance.
Top Benefits of Upstart Personal Loans
One remarkable advantage is flexibility on credit history—borrowers with limited or even no credit can apply and potentially qualify. The streamlined online application process is simple to complete and requires little paperwork. Furthermore, most loans are funded by the next business day, which helps when funds are needed urgently.
Another benefit is that borrowers encounter no penalties for early repayment, so you can pay off your balance ahead of schedule and save money on interest over time.
Potential Drawbacks of Upstart Personal Loans
Despite the accessibility, borrowers should be aware of the high origination fee, which may reach up to 12% of the loan amount. This fee is usually deducted from the loan proceeds, reducing the net funds you receive.
Additionally, late payment penalties can apply if you miss a due date. It’s also important to note that Upstart may charge a $10 fee for paper copies of your agreement.
Final Verdict: Is Upstart Right for You?
Upstart Personal Loans are highly competitive for those who need quick access to funds and either have poor or limited credit. With fast online approval and next-day funding, they are ideal for urgent expenses. However, always review fee structures to ensure you understand your total costs.
