Upstart Personal Loans are an excellent option for those needing quick access to funds, as most loans are funded as soon as the next business day after approval. The APR ranges from 6.5% to 35.99%, and loans can be taken out for amounts between $1,000 and $75,000. Notably, applicants with little or no credit history can qualify, making Upstart a standout in terms of accessibility.

How to Apply for Upstart Personal Loans

To apply, start by submitting a simple online application with your personal and financial details. Upstart uses non-traditional data points, which increases your chances of approval. After a quick review, you’ll receive a decision, and if approved, you can sign your electronic loan agreement. Once signed, funds are deposited directly into your bank account, often by the next business day.

Key Advantages of Upstart Loans

A primary benefit is that Upstart considers applicants with no or limited credit history, utilizing alternative data during the approval process. There are no prepayment penalties, so you can pay off your loan early without additional costs. The streamlined application process is easy and quick.

Potential Drawbacks of Upstart Loans

Be mindful of the origination fee, which can be up to 12% of the loan amount, and high late fees of either 5% of the last due amount or $15, whichever is more. Physical copies of your agreement incur a $10 fee, which can add up for some borrowers.

Our Verdict on Upstart Personal Loans

Upstart is a strong choice for borrowers needing fast, flexible funding, especially for those with limited credit history. While fees can be higher than some competitors, the accessibility and speed make it a valuable solution. If you need funds urgently and may not have a robust credit profile, Upstart is worth considering.