Upstart Personal Loans stand out as an attractive option for borrowers who need access to funds quickly, even if they don’t have a robust credit history. The company offers APRs ranging from 7.80% to 35.99%, with loan amounts from $1,000 to $50,000. Most importantly, borrowers can receive their funds the next business day after approval, making Upstart a competitive choice for anyone facing immediate expenses. The loan terms are straightforward—choose from 36 or 60 months—and there is no early payoff penalty, which provides extra flexibility.

How to Apply for Upstart Personal Loans

1. Visit Upstart’s website and begin the application process.
2. Submit your personal details, including income and employment status.
3. Undergo a soft credit inquiry to view your potential offer.
4. If you accept the offer, complete the required paperwork and verify your identity.
5. Once approved, you can receive your funds as early as the next business day.

Advantages of Upstart Personal Loans

One remarkable benefit is that Upstart welcomes applicants with poor credit or even those with insufficient credit history. The minimum credit score required is just 300, or none at all in some cases.

Another major advantage is the rapid funding. Upon approval and submission of any necessary documents before 5 p.m., funds are typically sent the very next business day, which can be a lifesaver in emergencies.

Disadvantages of Upstart Personal Loans

Upstart does charge an origination fee that can range up to 10%, which is deducted from the loan amount. This fee could reduce your final payout.

Additionally, there are late fees and a $10 fee for requesting paper copies of documents, so it’s important to budget accordingly and use digital documents whenever possible.

Our Verdict

Upstart is particularly suitable for borrowers who need money quickly and may not have a long credit history. While fees can be on the higher side, the speed and accessibility of this loan make it a solid choice for urgent expenses.