Upstart review
Lending platform that uses factors beyond your credit score, such as education and employment. Borrowers early in their careers or with a limited credit history who want a lender that looks beyond the credit score. We rank it #6 of 10 in our personal loans comparison, with an editorial score of 8.4 out of 10.
Upstart scores highest on Eligibility clarity for explaining that its underwriting uses factors beyond credit score, such as education and employment, and well on Rate-check experience with a soft-pull rate check. It scores lower on Cost transparency because many loans include an origination fee, and on Customer protection & hardship options because its hardship programs are described in less detail than the leaders'.
Visit site (Upstart, opens in a new tab)Quick facts
Overview
Upstart is an online lending platform that partners with banks and credit unions, which issue the loans. Its main difference is underwriting: Upstart says its models consider factors beyond your credit score, such as education and employment history, which may help some borrowers with a limited credit history.
You can check your rate with a soft credit inquiry. A hard inquiry typically happens when you accept an offer and submit a full application.
Many Upstart loans include an origination fee deducted from the loan amount. Compare the APR, and remember that using more data in underwriting does not mean approval is guaranteed.
Pros and cons
Pros
- May suit borrowers with a short credit history
- Rate check does not affect your credit score
- Clear explanation of its underwriting approach
Cons
- Many loans include an origination fee
- Hardship options are described less clearly than some rivals'
- Rates can be high for weaker profiles
Key features
- Soft-pull rate check before you apply
- Underwriting uses factors beyond credit score
- Loans issued by partner banks and credit unions
- Online application and account management
Who Upstart is for
A good fit if
Borrowers early in their careers or with a limited credit history who want a lender that looks beyond the credit score.
Look elsewhere if
Borrowers with strong credit who want to avoid origination fees.
How we scored Upstart
Upstart scores highest on Eligibility clarity for explaining that its underwriting uses factors beyond credit score, such as education and employment, and well on Rate-check experience with a soft-pull rate check. It scores lower on Cost transparency because many loans include an origination fee, and on Customer protection & hardship options because its hardship programs are described in less detail than the leaders'.
Our personal loans score weighs cost transparency (25%), rate-check experience (25%), borrower flexibility (20%), customer protection & hardship options (20%), eligibility clarity (10%). See the methodology.
Upstart alternatives
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#1
SoFi
Best overallOnline bank with a soft-pull rate check, autopay discount, co-borrower option and published unemployment protection.
- Soft-pull rate check before you apply
- Autopay and member rate discounts (check current terms)
- Unemployment Protection Program (check eligibility)
- Co-borrower applications accepted
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#2
PenFed Credit Union
Best for no origination feeFederal credit union with a soft-pull rate check, no origination fee and an autopay discount.
- Soft-pull rate check before you apply
- No origination fee, early payoff fee or balance transfer fee
- Rate discount for autopay set up before funding (check current terms)
- Loans for debt consolidation, home improvement and personal use
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#3
Upgrade
Best for debt consolidationOnline lender with a soft-pull rate check and direct payment to creditors for debt consolidation.
- Soft-pull rate check before you apply
- Option to pay creditors directly for debt consolidation
- Joint applications accepted
- Discounts for autopay, direct payoff and secured options (check current terms)
Head-to-head
Upstart FAQ
What makes Upstart different from other lenders?
Upstart says its underwriting considers factors beyond your credit score, such as education and employment. This may help some borrowers with limited credit history, but approval is never guaranteed.
Does Upstart lend directly?
Upstart is a lending platform. Loans made through Upstart are typically issued by its partner banks and credit unions.
Does checking my rate on Upstart hurt my credit?
Checking your rate uses a soft credit inquiry that does not affect your credit score. Submitting a full application typically triggers a hard inquiry.
Sources and fact check
We have not yet been able to check every detail on this page against Upstart's own website, so details are described in general terms. Confirm them on the provider's site.