Most borrowers who get a personal loan throughUpstart receive an instant approval decision after applying, according to the company. You may get your funds delivered to you by electronic bank transfer as fast as one business day after your application is approved and you accept the offer.
Key Requirements to Get Approved for a Personal Loan Through Upstart
- Minimum Credit Score: No credit required.
- Approval Timeline: Instantly (in most cases)
- Funding Timeline: As soon as 1 business day after approval
- Fund Delivery Method: Electronic bank transfer
- Loan Amounts: $1,000 - $50,000
- Typical APRs: 7.80% - 35.99%
- Repayment Periods: 36, 60 months
- Origination Fee: 0% - 12%
If you think a personal loan through Upstart is right for you, check out the full Upstart review on WalletHub.
The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
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).
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. 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.
This answer was last updated on 10/30/23 and it was first published on 05/31/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The majority of unsecured loan borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry.
How long does Upstart take to approve you? ›
Most borrowers receive an instant approval decision after they apply for a personal loan through Upstart. If the company needs to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as one business day after you're approved and you accept the offer.
How fast will I get my loan from Upstart? ›
Funds are sent to the banking institution within 1 business day of your origination date. Timing of funds availability will vary based on your financial institution, if you have questions related to funds availability please reach out directly to your banking institution for more information.
Is Upstart easy to get approved? ›
If you have a strong credit score, stable employment, and enough income to justify the loan, getting a personal loan is generally easy. If you're lacking in one or more of those categories, it can be a bit more difficult.
Can Upstart deny you after approval? ›
Your application will also be disqualified if any of the following occurs after you've accepted your loan terms: Your co-owner does not sign the e-mailed consent form; We are unable to verify sufficient auto insurance; or.
Does Upstart verify income? ›
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.
Does Upstart check your bank account? ›
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.
Does Upstart contact your employer? ›
Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.
Why is my Upstart loan taking so long? ›
Processing tends to take longer in unusual situations, such as self-employment or difficult-to-document income. ²If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.
What is the most you can borrow from Upstart? ›
You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.
The maximum APR isn't as steep as you'll find with payday loans, but it's still on the higher end of the spectrum. Still, Upstart's lenders charge loan origination, late payment and returned payment fees, which could increase your borrowing costs.
Does Upstart hit your credit? ›
When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score.
Is Upstart loan fake or real? ›
While personal loans through Upstart are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of personal loans through Upstart against your other options before submitting an application.
How long is the Upstart process? ›
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.
Does Upstart approve the same day? ›
Approval and Funding
Upstart allows you to check your rate within five minutes. If you accept your loan offer prior to 5 p.m. EST on a weekday, you'll receive your money the next business day*****. If you accept your loans outside of this cutoff, the money will be sent the following business day.
Can I get another loan if I already have one Upstart? ›
If you have already received a loan on Upstart, in order to be eligible for another personal loan, you must: Have made on-time monthly payments for the six previous consecutive months. On-time payments means that a payment was received during the 15 day grace period. Have no currently past due or in progress payments.
Does Upstart call your employer? ›
Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.
Does Upstart have a minimum credit score if so what is it? ›
Applicants with Upstart must have a minimum FICO or Vantage score of 300 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a credit score.
Is Upstart a hard pull? ›
If you are offered a loan rate and proceed with the application, we will then make a “hard credit inquiry” to verify the accuracy of your information. This action will be recorded as an inquiry on your report and will impact your credit score.
