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Upstart

Rating
  • Lending criteria includes education and employment info.
  • Lend money from partner banks and credit unions.
  • Started in 2012. Based in SF. AI based models.

eligible credit type ⓘ

Visit Upstart to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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NOTE: We are not affiliated with nor endorsed by Upstart. We are an independent review site.

Upstart Review

Personal Loans
Features
LOAN FEATURES
$1,000 to $50,000 Loan Amount
5.69% to 35.99% APR Range
USABILITY
Apply by Phone
Branch Network
Online Account Access
Help Chat
TRUST
Great Sniff Rating
State licensed lender
Privacy Policy
BBB Accredited
A+ BBB Rating
27 BBB Complaints
Answers BBB Complaints

Upstart provides access to personal loans via partnerships with banks and credit unions. They claim to be the first artificial intelligence based lending platform. What this means for you, if they are able to do pull it off, is that Upstart's loan qualification or rates may differ from traditional lenders.

Traditional lenders such as banks have used statistical models for decades to predict risk. Everyone generally uses the same approach. This means that everyone generally arrives at the same conclusion. An Upstart study completed in partnership with TransUnion found that 83% of borrowers have never defaulted on a loan yet only 45% have access to prime credit. Upstart is trying to incorporate other information such as education and employment along with new types of modeling to try and expand that 45% number or to find people in the 55% population who should be getting prime rates.

We imagine today, the real value that Upstart offers to its bank partners is an automated online application and origination process versus any material change to the underwriting process. This means that most likely you will get similar rates and likelihood of qualify for a loan via Upstart as you would from others.

We do like different approaches to the market as it brings innovation and new options. Upstart partners with banks so the underwriting and servicing will be highly regulated. We think they are a solid choice.

Loan Eligibility and Requirements

In order to check if you qualify for any loan offers, you will be asked to provide information about your academic history, work experience, and what you plan to do with the loan proceeds. Any offers you received based on this entered information are contingent on the verification of what you provided and a hard pull of your credit report. Checking to see your rates will not impact your credit score. If you do decide to apply your credit profile may be impacted as they will do a hard pull.

To qualify for a loan, borrowers must:

  1. be a U.S. citizen currently living in the U.S., or a permanent resident currently living in the U.S. (military personnel on active duty are not required to be currently living in the US.);
  2. be at least 18 years old (applicants from Alabama and Nebraska must be at least 19 years old);
  3. not be residing in Iowa or West Virginia;
  4. have a valid email account;
  5. have a verifiable name, date of birth and social security number;
  6. have a full-time job, a full-time job offer starting in 6 months (except if accepted to a partner bootcamp and seeking employment after graduation), a regular part-time job or another source of regular income;
  7. have a personal banking account at a U.S. financial institution with a routing transit number;
  8. have a minimum FICO or Vantage score of 580 as reported by a consumer reporting agency. For residents residing in Colorado, Connecticut, Iowa, Nebraska, New York, Nevada, Massachusetts, Maryland, Vermont, and West Virginia, the minimum FICO or Vantage Score is 620;
  9. not have any bankruptcies or public records on your report;
  10. not be currently delinquent on any accounts;
  11. not have charged-off accounts in the past three years;
  12. have fewer than 6 inquiries on your credit report in the last 6 months, not including any inquiries related to student loans, vehicle loans, or mortgages.

Upstart also check how much debt you have in comparison to your income.

Exisiting Upstart borrowers must (i) have made on-time payments for your 6 previous consecutive payments, with no failed payments, (ii) have no more than one outstanding loan in the Upstart Loan Program at the time of application, and (iii) have no more than $50,000 of total principal outstanding at the time the loan originates. If you have finished paying off an existing loan and made on-time monthly payments for the 6 previous consecutive months, you are able to apply for a second loan after your most recent payment is cleared (14 days from the payment date). If you have finished paying off an existing loan and any of the 6 most recent monthly payments were not on time or you paid off the loan before reaching 6 monthly payments, there is a 60-day, cooling-off period before reapplying.

Funding and Payments

If you accept your loan and complete all steps before 5 pm ET on a business day, you should receive your loan proceeds approximately the next business day. If accepted after 5 pm ET on a business day, you should receive your loan proceeds approximately 2 business days later. For loans that are being used for education-related purposes, there is an additional 3 business day period between when you accept your loan and when you will receive the funds. To receive the loan proceeds you must add and verify a personal bank account in your name.

Once you receive your loan, payments can be made through either recurring ACH, manual ACH, or check. Upstart does not lend its own money. Instead, they are the origination engine for banks. This means that once you go through the Upstart application and underwriting process, if you are approved, you will get an offer from one of their partner banks. Your loan will actually be through a partner bank. We assume this means all servicing, i.e. statements, collections, customer services, etc. will be provided by the underlying bank so will differ depending on who you get your loan from. We think in the long run more clarity on this would be helpful as your Upstart experience can vary greatly depending on their partner banks.

Upstart

Upstart has originated over $5.2B in loans for over 300,000 borrowers. They are back by Google Ventures, Khosla Ventures, and other leading investors. They are based in the San Francisco area and have over 200 employees. They originate loans for bank and credit union partners. These loans are regulated and appear to be serviced by banks. We think they are a solid choice.

NOTE: We are not affiliated with nor endorsed by Upstart. We are an independent review site.