Upstart Personal Loans
Get funded as soon as one business day with rates from 6.7% APR, for amounts up to $75,000 even with limited or bad credit. No early payoff penalties.
Upstart Personal Loans are an excellent choice for borrowers seeking rapid loan approval and flexible eligibility, especially if you have limited or even no credit history. With interest rates ranging from 6.7% up to 35.99% APR, and loan amounts available between $1,000 to $75,000, Upstart stands out for offering funding as soon as one business day after approval, provided paperwork is completed by 5 p.m. (Mon–Fri). Terms are typically 36 or 60 months, with no early repayment penalties.
How to Apply for Upstart Personal Loans
- Visit the Upstart application page and fill in your basic information.
- Submit details such as your Social Security number and intended loan use.
- Provide income and employment verification if requested.
- Review and accept your loan offer after approval, electronically signing your agreement.
- Your funds will be deposited within one business day upon completion.
Key Advantages
One notable benefit is Upstart’s acceptance of applicants with low or even no credit history. This makes the lender one of the most accessible options available. The application is quick and largely digital, with some approvals requiring minimal documentation.
Another attractive perk is the absence of early payoff penalties. You can repay the loan early to save on interest without having to worry about additional fees.
Potential Drawbacks
On the downside, Upstart’s late fees can be steep, set at either 5% of the past-due amount or $15—whichever is greater. Also, there is an origination fee of 0% to 10% of the loan, which is deducted upfront from the loan proceeds.
Applicants must have a valid Social Security number, and there’s a $10 fee for requesting paper loan documents, although digital versions are free.
Verdict: Is Upstart Right for You?
Upstart is a reliable lender for fast personal loan funds, significantly benefitting those with limited or poor credit backgrounds and needing urgent cash. The application and funding process are highly streamlined, with flexible eligibility and terms. Consider the total fee structure before applying, but its speed and accessibility make it a solid pick for many borrowers.