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Upstart Review

Thursday, May 30th

2024 Personal Loan Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Upstart Review 5 Star Rating

Upstart

5 Star Rating
  • Loans between $1,000 and $50,000 (1)
  • Utilizes more than just your credit score to determine eligibility
  • Connects borrowers to a vast network of over 100 banks and credit unions
  • Fixed 3 or 5 year terms (3)
  • Most loans funded within 24 hours (4)
  • Available in 48 states (excluding Iowa and West Virginia)
  • "A+" rated and accredited by the BBB
  • Over 40,000 five-star reviews from clients
Top Consumer Reviews Best-In-Class Blue Ribbon Award

Getting a personal loan can often feel like a complicated journey, but with Upstart, it's a breeze. Founded by former Google employees, Upstart takes a refreshing approach to lending, going beyond just your credit score.

They look beyond your credit score

By considering factors like your college degree, field of study, work history, and credit background, Upstart aims to offer fair lending opportunities, particularly beneficial for recent graduates or those with limited credit history. With a whopping 2.7 million customers and $34 billion in loan originations, Upstart has firmly established itself as a frontrunner in the financial realm.

Eligibility criteria to be aware of

Qualifying for a personal loan through Upstart is straightforward. You'll need to meet some basic criteria, including a minimum FICO or Vantage score of at least 580 (or 620 in certain states), with bankruptcies or delinquent accounts potentially impacting eligibility. Additionally, you must be at least 18 years old, earn a minimum annual income of $12,000, hold a personal bank account at a US financial institution, and have stable employment or a regular income source.

Apply in minutes, get funds within a day or two

One of Upstart's standout features is the lightning-fast application process. In just 5-10 minutes, you can input essential details such as your name, address, income, employment, and educational background. Importantly, this process won't affect your credit score, as Upstart conducts a "soft" credit check to verify your information. Within minutes of applying, you may receive loan offers, and upon acceptance, funds can be deposited into your bank account as soon as the next business day.

Best Personal Loans

Borrow up to $50K

Upstart offers personal loans in 48 states, ranging from $1,000 to $50,000, with varying loan limits based on state regulations. Typically, loan terms span three to five years. As you review loan offers, pay attention to any origination fees, which can range from 0% to 8%, depending on your state. Thankfully, Upstart allows early repayments and extra payments, empowering you to pay down your loan sooner.

5-star ratings from over 40,000 clients

With an "A+" BBB rating and accreditation, Upstart boasts an impeccable reputation. Client reviews on platforms like Trustpilot echo this sentiment, with over 40,000 five-star ratings. While a few negative comments exist, they often stem from borrowers not fully understanding the loan terms. Many clients praise Upstart for its swift funding process and user-friendly interface, with some completing the entire borrowing process on their mobile phones.

#1 for personal loans

Upstart clinches the top spot as our preferred choice for personal loans. It's the easiest way to connect with lenders offering competitive rates and terms, backed by thousands of satisfied customers. When you're in need of financing for your personal endeavors, Upstart should be your first stop.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

Compare Personal Loans

Select any 2 Personal Loans to compare them head to head

best-personal-loans
  • Upstart
  • SuperMoney
  • Discover
  • Happy Money
  • SoFi
  • Splash Financial
  • LendingTree
  • Prosper
  • Bad Credit Loans
  • Ace Cash Express
  • Personal Loans
Upstart vs SuperMoney Upstart vs Discover Upstart vs Happy Money Upstart vs SoFi Upstart vs Splash Financial Upstart vs LendingTree Upstart vs Prosper Upstart vs Bad Credit Loans Upstart vs Ace Cash Express Upstart vs Personal Loans SuperMoney vs Discover SuperMoney vs Happy Money SuperMoney vs SoFi SuperMoney vs Splash Financial SuperMoney vs LendingTree SuperMoney vs Prosper SuperMoney vs Bad Credit Loans SuperMoney vs Ace Cash Express SuperMoney vs Personal Loans Discover vs Happy Money Discover vs SoFi Discover vs Splash Financial Discover vs LendingTree Discover vs Prosper Discover vs Bad Credit Loans Discover vs Ace Cash Express Discover vs Personal Loans Happy Money vs SoFi Happy Money vs Splash Financial Happy Money vs LendingTree Happy Money vs Prosper Happy Money vs Bad Credit Loans Happy Money vs Ace Cash Express Happy Money vs Personal Loans SoFi vs Splash Financial SoFi vs LendingTree SoFi vs Prosper SoFi vs Bad Credit Loans SoFi vs Ace Cash Express SoFi vs Personal Loans Splash Financial vs LendingTree Splash Financial vs Prosper Splash Financial vs Bad Credit Loans Splash Financial vs Ace Cash Express Splash Financial vs Personal Loans LendingTree vs Prosper LendingTree vs Bad Credit Loans LendingTree vs Ace Cash Express LendingTree vs Personal Loans Prosper vs Bad Credit Loans Prosper vs Ace Cash Express Prosper vs Personal Loans Bad Credit Loans vs Ace Cash Express Bad Credit Loans vs Personal Loans Ace Cash Express vs Personal Loans
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