Best for a fair, average rating



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Personal loans can be a strategic way for you to consolidate debt or pay off large purchases over time. However, it takes a little research to apply, become eligible and choose the loan that best suits your needs and offers you favorable terms.

While you can always apply directly to a bank or credit union, Upstart offers a way to check multiple creditors at once. Unlike other Select’s lenders list of the best loans for debt consolidationUpstart is a lending platform that acts as an intermediary between you and its lender partners.

With flexible credit rating requirements, Upstart can be more convenient for lending to newbies and people with below average credit ratings.

To choose analyzed Upstart personal loans taking into account the annual interest rate, benefits, commissions, loan amounts and maturity lengths. (More about our methodology below.)

Upstart Market Review

Upstart Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt Consolidation, Credit Card Refinancing, Wedding, Relocation, or Medical Treatment

  • Loan amounts

  • Conditions

  • Credit required

    FICO or Vantage 580 score (but applicants are accepted whose credit history is so inadequate that they do not have a credit rating)

  • Creation fee

    0% to 8% of the target amount

  • Early payment penalty

  • Late penalty

    The largest of 5% of the monthly overdue amount or $ 15.

Annual interest rate

The annual interest rate for Upstart loans ranges from 8.27% to 35.99% and is determined based on factors such as your credit, income, work experience and educational history. (However, neither Upstart nor its banking partners have minimum educational requirements to be eligible for a loan.) The interest rate is only one factor in the total annual interest rate, which represents the cost of the loan over the course of the year; other fees are listed below.


Almost all personal loans are dispatched the next business day after you complete all required paperwork by 5:00 pm (Monday through Friday). However, there is a three-day waiting period for education-related expenses.

Loan applicants need a FICO or Vantage score of at least 580, but Upstart does accept applicants who do not have a credit rating.


The disbursement fee for this loan ranges from 0% to 8% of the approved loan amount. One of the disadvantages of this loan is that this fee is automatically deducted from the loan before it is provided to you.

Upstart charges a late payment penalty that is either 5% of the late amount or $ 15, whichever is greater.

If you ask for paper copies of your loan agreement, you pay $ 10, but virtual copies are free.

There are no prepayment penalties for Upstart loans.

The value of the loan

Loan amounts range from $ 1,000 to $ 50,000, but not all applicants are eligible for the full amount. The degree to which you are eligible will be determined based on your loan, income and other information specified in your loan application.

Minimum loan exceptions vary by state: Massachusetts starts at $ 7,000, Ohio starts at $ 6,000, New Mexico starts at $ 5100, and Georgia starts at $ 3100.


The term of office can be three or five years.

Bottom line

The main disadvantage Upstart Personal Loans high commissions and an annual interest rate, but if you have a medium to medium loan, Upstart may offer a higher chance of approval compared to other traditional lenders.

If you are trying to improve your credit, consider other options before taking out a personal loan and think about what is included in your credit rating

If you have good credit for excellent credit and want to pay less commission, LightStream offers individual loans with an annual interest rate of 2.49% for suitable borrowers.

Our methodology

To determine which personal loans are best for debt consolidation, To choose analyzed dozens of personal loans in the United States, offered both online and by conventional banks, including large credit unions. Whenever possible, we chose loans without issuing or registration fees, but we also included options for borrowers with lower credit ratings in this list. Some of these options have a creation fee. If you want to get a loan without a loan issuing fee, check out our best personal loans list

When narrowing down and ranking the best personal loans, we focused on the following features:

  • Annual interest rate: Variable rates can go up and down over the life of the loan. With a fixed annual interest rate, you fix the interest rate for the entire term of the loan, which means that your monthly payment will not change, making budgeting easier.
  • Flexible minimum and maximum loan amounts / conditions: Each lender provides more than one financing option that you can customize based on your monthly budget and loan repayment duration.
  • No penalties for early payment: The lenders on our list do not charge borrowers for early repayment of loans.
  • Streamlined application process: We looked at whether lenders offer same day approval decisions and a fast online application process.
  • Support: Each loan on our list provides customer service by phone, email or secure online messaging. We have also selected lenders with an online resource center or advisory center to help you learn more about the personal loan process and your finances.
  • Payment of funds: The loans on our list deliver funds quickly, either by wire transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option to pay your creditors directly.
  • Auto payment discounts: We’ve tagged lenders that reward you for participating in the auto payment system by reducing your annual interest rate by 0.25% to 0.5%.
  • Limits on payments to lenders and loan amounts: The aforementioned lenders provide loans in various sizes, from $ 1,000 to $ 100,000. Each lender announces their respective payment limits and loan amounts, and completing the pre-approval process can give you an idea of ​​what your interest rate and monthly payment will be for that amount.

Note that the rates and commission structure advertised for personal loans may fluctuate in line with the Fed’s rate. However, once you accept the loan agreement, the fixed annual interest rate will guarantee your interest rate and the monthly payment will remain the same throughout the loan term. Your annual interest rate, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will make a serious loan request and ask for a complete application, which may require proof of income, proof of identity, proof of address, and more.

Editorial note: The opinions, analyzes, reviews or recommendations expressed in this article are solely owned by the Select editors and have not been reviewed, endorsed or otherwise endorsed by any third party.


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