You will know if you are approved for a loan through Upstart once they notify you via email or phone call. Most borrowers who are approved through Upstart receive a decision instantly and can expect funding as soon as 1 business day after approval. You can check the status of your application online or over the phone if you’re not approved instantly. Just keep in mind that approval for a loan through Upstart is never guaranteed.
Key Information About Personal Loans Through Upstart
- Approval Timeline: Instantly (for most borrowers)
- Approval Notification Method: Email or phone
- Funding Timeline: As soon as 1 business day
- How to Check Application Status: Online or by calling 1-855-438-8778
- APRs: 4.6% - 35.99%, typically
- Loan Amounts: $1,000 - $50,000
- Repayment Periods: 36, 60 months
- Origination Fee: 0% - 12%
- Credit Score Requirement: None
For more information, check out the full Upstart review on WalletHub.
Upstart Disclosures: The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.
If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
This answer was first published on 10/14/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
