Upstart (2024)

FAQs

Is Upstart a legit loan company? ›

Upstart's personal loans range from $1,000 to $50,000 and come with repayment terms of three or five years. As of Dec. 1, 2023, Upstart has received an A+ Better Business Bureau (BBB) accreditation rating. Its customers generally have a positive experience as reflected in a 4.9 out of 5.0 star rating on Trustpilot.

Qualifying for an Upstart personal loan may be easier for some borrowers since it has a low credit score requirement. However, you'll also need to meet its other personal loan requirements, like income and employment.

You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.

Upstart (Nasdaq: UPST) is a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners.

Upstart offers personal loans with flexible qualifying requirements, so even borrowers with poor credit could potentially qualify. However, the lender's origination fee can be steep — and people with a strong credit history can likely find a better deal elsewhere.

Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.

Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application. To this end, you'll have to provide login credentials for the bank account listed on your application.

A complete 1040 tax return from the previous tax year that reflects your reported taxable income, AND Proof of recent income in the form of a digital deposited check image, invoice, OR pay stub. We will also need a bank statement that verifies that the proof of income was deposited into your bank account.

To find out why we were unable to offer you a loan at this time, you can log into your Upstart account and check your Message Box (in the top right-hand corner). You will find an Adverse Action Notice detailing the main reason for rejection, as well as your credit score on the date of your application.

How much would a $6,000 loan be a month? ›

What is the monthly payment on a $6,000 personal loan? The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.

Upstart's underwriting model uses machine learning to consider factors like education, employment and credit score, if the applicant has one, to approve applicants. Even if you have a credit score as low as 300, you could still be approved.

Upstart recognizes independent contractor and sole proprietorship income by verifying your net profit or loss plus adding any depletion and depreciation. Been on this job for less than a full calendar year? Use the income present on your contract.

Yes, personal loans are paid monthly. For example, a three-year personal loan will have 36 equal monthly payments. However, if you choose to do so, you can send in an additional payment whenever you want, or you can choose to pay it more frequently than once per month.

Valuation metrics show that Upstart Holdings, Inc. may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors.

It can take up to two weeks to get approved for an Upstart loan. Then, if you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day. If accepted after 5 p.m. EST Monday through Friday, you should receive your loan proceeds two business days later.

If you wish to withdraw from the application process, please email us at customerbankmpl.support@upstart.com, and we can help. However, we cannot delete an application for credit or any of the supporting documentation that was submitted or collected during that application process.