Upstart: Personal Loan and Debt Consolidation Review


Personal Loans From Upstart

  • Loans range from $1,000 up to $50,000
  • Interest rates from 5.67% to 35.99%
  • Flexible loan terms ranging from 3-5 years
  • No penalty for paying off your loan early
  • Evaluates factors to facilitate lower interest rates

Upstart is a very well received personal loan provider. Trust Pilot users have them with a 5 star, “excellent” rating based on consumer responses. The most common theme among reviews is the ease and speed with which their application was completed.

One aspect that makes Upstart unique is that they consider additional criteria beyond the standard credit score and credit history analysis used by most finance lenders. Upstart will have applicants provide information such as your Education, Area of Study, and Work History to assess you loan application.

Potential customers can review their loan rate with no impact to their credit score. This will allow you to compare your offer from Upstart with competitors without completing the entire application process.

Upstart “My Offer” Mail Invitation

If you have received an invitation offer from Upstart you can review your rate online. To access your offer you will need to provide the unique offer code your received in the mail.

Upstart My Offer
Upstart Personal Loan Offer Code Form

After entering your offer code you will need to provide some additional information to review your specific rate. No hard credit pull is required to access your offer. Checking your personal loan offers from Upstart will not be reflected on your credit history.

Upstart Reward – $10 Amazon Gift Card

Current Upstart Promotions include an Reward Offer to receive a $10 Amazon Gift Card simply for reviewing your offer. To qualify for this reward you will need a unique offer code. This is provided by mail and will not be available for all consumers.

The entire process will take about 5 minutes to complete and you will receive your reward simply for assessing your Upstart Offer.

Your gift card will be provided by email and may take up to a week to arrive after completing the offer review.

Upstart Fees and Repayment

As mentioned above, there is no penalty for paying off your Upstart Personal Loan early. This should be you primary goal. Paying off your loan early will save you money that would have been the result of interest accumulation.

Loan origination fees with Upstart vary. Some customers will qualify for 0% origination fee. However, fees for a new loan can be as high as 8% with Upstart. This highlights the importance of comparing all aspects of your personal loan offer and getting multiple quotes.

Late fees with Upstart are 5% of the owed balance or $15 per late payment (whichever is greater). Consumers should always make it a priority to avoid late payments for all bills.

Credit Requirements For Upstart

Upstart can be a great option for consumers who have less than great credit. Upstart factors in work history and education when assessing their loan applications. This can greatly benefit consumers who may not have substantial credit history.

Credit score requirements are typically around 620. You will also have to prove an annual income of at least $12,000 and cannot have excessive debt to income.

Upstart is unique in the way they review loan applications it is possible the exact requirements may vary based on your work history and education.

Personal Loans: Additional Resources

Choosing A Personal Loan With Upstart

If you are considering Upstart for a personal loan it is important to assess what you will be using the money for. Personal loans can be great resources for high interest debt consolidation or personal expenses.

When using a personal loan for debt consolidation you will need to compare the total cost of your personal loan relative to the total cost of repaying your current debt. Make use of repayment calculators to assess what the best option is.

Has Upstart financed your personal loan? Let us know about your experience in the comments below!

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