Upstart Review

Compare Upstart to other peer-to-peer lenders The Loan Exchange and LendingClub. Learn about Upstarts's features, fees, and rates, along with customer feedback.

Updated on August 13th, 2020

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Upstart is an online, AI-powered peer-to-peer lending platform. Upstart has a fast and easy application process and provides access to personal unsecured loans up to $50,000.

Pros and Cons:

Pros

  • Easy online application.
  • No prepayment penalty.
  • Competitive rates.

Cons

  • Only unsecured personal loans.

Review:

Upstart is a reputable online lending platform ideal for young professionals looking for a small personal loan with competitive rates. Upstart presents a conveniently simple and fast online solution if you don't need more than $50,000 to start or expand your business. There are no prepayment penalties and you can check what rates you can get without it affecting your credit score.

Highlights:

  • Fast and quick application and funding process.
  • Offers competitive rates.
  • Checking your rate does not affect your credit score.
  • No prepayment penalty.

Shortcomings:

Upstart only offers unsecured personal loans. While the loans can be used for business purposes, such as starting or expanding a business, the maximum loan amount is small in comparison to other peer-to-peer lenders that facilitate business term loans.

Reputation:

Upstart is a reputable online lending platform and is BBB accredited. Upstart was given an A+ rating by the bureau. Reviews on Trustpilot and Credit Karma are overwhelmingly positive with many reviewers commending Upstart for their easy and incredible fast application funding process.

Rates & Fees:

Rates:

Loan Type

Loan Amount

Interest Rate

Terms

Personal Loan

$1,000 - $50,000

6.53% - 35.99%

3 & 5 year terms

Fees:

Fee

Amount

Origination Fee

0% - 8%

Late Payment Fee

5% of monthly past due amount or $15.00, whichever is greater

ACH Return or Check Refund Fee

$15.00

Upstart vs. The Loan Exchange
Upstart vs. The Loan Exchange:

Upstart only offers small, unsecured personal loans (up to $50,000) that can be used for business, while The Loan Exchange offers business term loans with a larger maximum loan amount (up to $250,000). The Loan exchange has more lenient qualification requirements but borrowers are also more likely to get higher rates.

Upstart vs. The Loan Exchange Comparison:

Offer

Upstart

The Loan Exchange

Loan Type

Personal loan

Term loan

Max. Loan Amount

$50,000

$250,000

Terms

3 & 5 years

6 - 120 months

Interest Rate

6.53% - 35.99%

From 14.90%

Min. Credit Score

620 (580 in some states)

500

Upstart vs. LendingClub
Upstart vs. LendingClub:

Unlike Upstart, LendingClub offers business term loans and far greater loan amounts but also has slightly stricter qualification requirements. If you need substantial funds, then LendingClub is a great option. Upstart presents a convenient and competitive solution for small loan amounts.

Upstart vs. LendingClub Comparison:

Offer

Upstart

LendingClub

Loan Type

Personal loan

Term loan

Max. Loan Amount

$50,000

$500,000

Terms

3 & 5 years

6 - 60 months

Interest Rate

6.53% - 35.99%

9.77% - 35.71%

Min. Credit Score

620 (580 in some states)

640

Upstart at a Glance:

Loan Type Offered

Personal loan

Max. Loan Amount

$50,000

Min. Credit Score

620 (580 in some states)

Interest Rate

6.53% - 35.99%

Prepayment Penalties

No

Mobile App

No

Autopay

Yes

Customer Support

Phone and email

Key Information:

Legal Name

Upstart Network, Inc.

Founder

Dave Girouard

Founding Date

Apr 01, 2012

Address

2950 S. Delaware Street, San Mateo, CA 94403

Number of Employees

324

Number of Customers

99

Email

support@upstart.com

Telephone

1 (855) 438-8778

Website

https://www.upstart.com/

FAQs:

Is Upstart legitimate?

Yes. Upstart is a reputable online lender.

Will Upstart hurt my credit?

Upstart does a soft inquiry when you check your rates. Once you have received a loan offer and decide to proceed with the application, Upstart does a hard inquiry.

How long does Upstart's approval take?

Most Upstart borrowers receive funds within 24 hours.

Does Upstart require collateral?

No, Upstart does not require collateral.

Can you pay off an Upstart loan early?

Yes, borrowers can repay Upstart loans early. Upstart does not charge a prepayment penalty.

Does Upstart charge an origination fee?

Upstart charges an origination fee of 0% to 8% of the loan amount.

What credit score do you need for Upstart?

Upstart requires borrowers to have a minimum credit score of 620.

What are Upstart alternatives?