There has never been a better time to get your financial house in order. With skyrocketing inflation and an unstable economy, smart consumers are cutting costs, reducing debt and generally being smarter with their home budgeting. If you’re considering a loan consolidation or if you’re looking for a better interest rate, Upstart may be right for you!
Check rates instantly to see how much you could save!
2025 Award Winner
Upstart
Great for: Reducing high interest debt
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
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Minimum Credit Score
300
Loan Amounts
$1,000 - $50,000¹
APR Range
6.70% - 35.99%³
Term Length
36 or 60 months³
We think Upstart is a great option for debt consolidation and credit building. Even though Upstart has a high upper-range interest rate, well-qualified applicants can snag lower rates for a wide range of loan amounts. Upstart does charge a high origination fee and late fees, but there are no prepayment penalties, giving you extra flexibility to pay off your loan early.
- Accepts borrowers with low credit scores
- Wide range of loan amounts
- No prepayment penalty
- Payment grace period
- High upper-range interest rate
- High origination fees
- No cosigner allowed
Top perks offered by Upstart!
You can qualify with a low or no credit score: Some borrowers may qualify for a loan with a FICO® Score of 580. Upstart also offers loans to people with no credit history -- it will take education and employment into account when underwriting your loan. But keep in mind that Upstart loan interest rates will be higher if your credit score is low.
Wide range of loan options: Upstart personal loans range from $1,000 - $50,000¹. As such, it offers some of the best personal loans for people looking to borrow smaller amounts of money.
Next day funding: According to Upstart, 99% of the time, you should get your money within one business day. That means that if you need money to cover an emergency expense, funds will be in your account quickly.
Repayment options: You have a choice of a loan repayment term of 36 or 60 months³. The five-year term will keep your monthly payments lower, but the three-year term will save you money in the long run.
No prepayment penalty: If you want to pay off loans through Upstart early, you can. Since loans through Upstart have no prepayment penalty, you can make additional payments to reduce the loan principal. This will save you money long term.
Check your rate without impacting your credit score: Curious applicants can submit basic details and get a quoted loan rate without impacting their credit scores.
How to qualify for an Upstart personal loan
- You'll need a minimum credit score of 580. Upstart and the lenders with whom it matches you also issue loans for people with no credit history.
- Make sure your debt-to-income (DTI) ratio is reasonable. Upstart does not specify the DTI it's looking for, but according to the Federal Reserve, anything over 40% indicates financial stress. Here's what that means: If you're spending close to half of your income on debt payments each month, you may have too much debt to qualify for a loan.
- Your credit report should be free of bankruptcy.
- Have fewer than six credit inquiries on your credit report in the last six months. A credit inquiry is an application for credit, like a credit card, loan, HELOC, or similar. Having several in a short space of time could show you're in over your head.
Application process
Upstart makes applying for a personal loan easy. Here's how it works:
- Apply online. Upstart conducts a soft credit check that will not impact your credit score.
- Once you've submitted your basic info, Upstart uses factors like your credit score, debt, income, education, and work experience to determine your rate. The loan term could also affect your rate and the total amount you pay.
- If you're satisfied with the terms, you can submit a full application. You can apply online, and you'll need to provide Upstart with basic information, including your Social Security number and some details about your academic background, career, and other creditors. Upstart then makes a hard inquiry to verify the accuracy of your financial information. This generally lowers your credit score by a very small amount.
- Unless Upstart asks you to submit additional documents, you can expect a decision right away. Once the loan is approved, you may obtain your personal loan funds within one business day.
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*Upstart Loan Disclaimer
¹ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000).
³ The full range of available rates varies by state. A representative example of payment terms for an unsecured Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 18.60% and a 8.51% origination fee of $851, for an APR of 23.07%. In this example, the borrower will receive $9149 and will make 60 monthly payments of $258. APR is calculated based on 5-year rates offered in December 2024. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.