Upstart is a unique lender that makes personal loans available to applicants with credit scores as low as 300, and it also considers those without any credit history. Borrowers can secure amounts ranging from $1,000 to $75,000, with loan terms of 36 or 60 months. Interest rates start at 6.7% and can go up to 35.99%, depending on your qualifications. There are no penalties for early repayment, though origination fees of up to 12% and late fees apply.

How to Apply Step-by-Step

1. Check if you prequalify using a soft credit check.
2. Choose the offer that fits your needs and complete the online application.
3. Upload required documentation, such as identification and proof of income.
4. Review loan terms and accept the offer.
5. Funding is fast — often the next business day after approval.

Pros of Upstart Personal Loans

Upstart is welcoming to both those with fair credit and individuals without any credit record. This opens doors if you’re new to credit or rebuilding your score.

Additionally, funds are disbursed quickly, which is helpful for urgent needs. There are no prepayment penalties, so you can pay off the loan early and save on interest.

Cons of Upstart Personal Loans

One downside is the origination fee, which can be as high as 12% of your loan amount. This is withheld from the money you receive.

Late fees are higher compared to some lenders, and you must provide a Social Security number. Paper copies of agreements also incur extra costs.

Verdict: Who Should Use Upstart?

Upstart stands out for its flexibility in credit requirements and fast processing times. If you have limited or poor credit but need funds quickly, it’s an inviting choice. However, be mindful of the potential fees and ensure the terms work for your situation.