Borrow $10,000 through Upstart and you might see $9,185 arrive in your bank account. That's the example Upstart itself publishes, and it captures both sides of this lender.
The missing $815 is an origination fee, which can run up to 12% of the loan. In exchange, Upstart is willing to say yes to people that traditional lenders often turn away: recent graduates, people early in their careers and anyone with a short credit file. Its approval model looks at your income, job and education alongside your credit report. Upstart runs the application, and a partner bank or credit union actually makes the loan.
Who can get an Upstart loan
The bar is lower than at most banks, but it isn't zero.
Upstart Borrower Requirements (Scroll to view more →)
Upstart asks for
Upstart doesn't require
Age 18 or older
A published minimum credit score
A verifiable name, date of birth and Social Security number
A long credit history
At least $12,000 a year in income
A full-time job: part-time work, a job offer starting within 6 months or other regular income can count
A personal account at a U.S. bank or credit union
A co-signer (it doesn't accept one, either)
A valid email address
A down payment or collateral, unless you choose the car-secured option
The one requirement that stays vague is credit. Each partner lender sets its own minimum, and Upstart doesn't publish a number. On comparison sites such as Credible, Upstart offers typically appear for scores of 620 and up.
Where you live matters too. Personal loans aren't available in Iowa or West Virginia, and some states set a higher floor: $1,500 in Hawaii, $3,100 in Georgia and $7,000 in Massachusetts.
How to read an Upstart loan offer
Upstart loans have fixed APRs from 6.3% to 35.99% and only two repayment terms: 3 or 5 years. Your rate depends on your credit, income and the other data Upstart's model weighs.
The origination fee is what makes the biggest difference between two offers. It ranges from 0% to 12% and is taken out before the money reaches you, but you repay the full loan amount. On a $10,000 loan, a 0% fee means you receive $10,000; a 12% fee means you receive $8,800 and still owe $10,000 plus interest. That's why the APR, which includes the fee, is the number to compare.
The rest works in your favor: there's no penalty for paying the loan off early, and you can change your due date once a year after the loan is funded.
Beyond the personal loan
Most people come to Upstart for an unsecured personal loan, usually to consolidate debt or pay off credit cards. It has a few other products, each with narrower availability.
If you own a car, the car-secured personal loan works like the regular loan but uses your vehicle as collateral, which can bring the rate down. It's offered in 40 states and D.C., and the lender places a lien on the car until the loan is repaid.
Homeowners in 29 states and D.C. can apply for a home equity line of credit of $26,000 to $250,000 through Upstart Home Lending. It has a variable APR from 6.52% to 18% and an origination fee of up to 4.99% of the credit limit.
For small, short-term needs, the app offers a Cash Line of $200 to $500, and relief loans of $200 to $2,500 for financial hardship. Both are limited to certain states.
Upstart closed its auto refinancing program to new applicants in 2026, and it doesn't offer student loans, business loans, credit cards or home purchase mortgages.
From rate check to deposit: how long an Upstart loan takes
The first few minutes. On upstart.com or in the app, you enter how much you want, what it's for and your income. Upstart runs a soft credit check, which doesn't touch your score, and shows your rate. If a car-secured loan is available in your state, you can compare both offers here.
When you accept. Choosing an offer and continuing the application triggers a hard credit inquiry, which can lower your score by a few points. Many applicants get a decision right away.
If Upstart needs more. Some applicants are asked to upload proof of income, such as pay stubs, or ID. Self-employed borrowers may need tax returns or bank statements. This is the step that can slow things down.
The next business day. Once you sign the loan agreement online, Upstart says 99% of loans are funded the next business day.
Questions along the way go to Upstart's support line, 855-438-8778, from 9 a.m. to 8 p.m. ET every day.
Transparency Notice:
MikeCredit.com is an independent comparison site, not a lender, and this review is not financial advice. APRs, fees, and terms are representative, may vary based on your credit profile and state, and can change without notice. Always verify current terms on the lender’s official website and review your loan agreement before signing.
