Upstart Personal Loans are specifically designed for borrowers who may have a low or even no credit history. Loan amounts range from $1,000 up to $75,000, with terms of either 36 or 60 months. Annual percentage rates (APRs) start at 6.5% and go up to 35.99%, depending on your creditworthiness and qualifications. There is no prepayment penalty, although an origination fee of up to 12% may apply. Most approved applicants receive funds as soon as the next business day.

How to Apply for an Upstart Loan

To get started, visit the Upstart application site and fill out a short online form providing personal and financial details. Once submitted, you’ll receive a decision quickly—often in just minutes. If approved, you will need to undergo a hard credit inquiry for final review. Accept your offer and electronically sign the agreement. Provided all steps are completed during business hours, your funds could be in your account as early as the next day.

Key Benefits

Upstart stands out for considering applicants with limited or no credit history, using education and employment as part of its decision process. This makes it accessible for younger borrowers or those rebuilding credit. Additionally, there are no penalties for early repayment, allowing borrowers flexibility to save on interest.

Key Drawbacks

While Upstart’s accessibility is a major benefit, borrowers should be aware of origination fees ranging up to 12%. Late payments incur a penalty, and rates can climb for those with weaker credit profiles. Consider your ability to repay on time before applying.

Verdict

Upstart Personal Loans are an excellent choice for anyone needing fast funding, especially those lacking established credit. The process is straightforward, and approval odds are better for nontraditional applicants. We recommend Upstart for borrowers seeking speed, flexibility, and fair evaluation methods.