Upstart debt consolidation loan, reviewed
Upstart lends from $1,000, looks past the credit score alone, and often takes a fee out of the loan before you get it. Its rates, sizes and that fee, from Upstart’s own terms.
$354 to $594 a month with Upstart on $15,000 over four years
$489 a month to clear the same $15,000 on 24% cards in four years
| APR range | 6.3% to 35.99% |
|---|---|
| Loan sizes | $1,000 to $75,000 |
| Fee | Origination fee, 8.15% in Upstart’s own example loan |
| Bank average, 24-month loans | 11.9% |
Your credit card balances grow with interest every month. An upstart debt consolidation loan charges an APR from 6.3% to 35.99% (Upstart). So your own offer decides if it beats your cards.
The first thing to do is call a specialist. They put your offer’s APR next to your card’s APR and walk you through the options that fit.
Rates and loan sizes
Upstart lends from $1,000 to $75,000, one of the widest spans here. Only LendingClub matches it, and Upgrade and Universal Credit also start at $1,000.
Three states set a higher minimum: $3,100 in Georgia, $1,500 in Hawaii and $7,000 in Massachusetts (Upstart).
The APR runs from 6.3% to 35.99%. The average bank personal loan APR is 11.9%, in the lower third of that range (Federal Reserve G.19).
So the rate you are offered matters more than the range. Call and the specialist compares your offer’s APR with your own card’s APR.
Credit score needed
Upstart says it also weighs your schooling and your job (Upstart). Its published range does not tie a score to a rate.
This review sets no score minimum and no approval odds.
Fees
Upstart’s own example takes an 8.15% origination charge, or $815, off a $10,000 loan (Upstart). You get $9,185, but you owe the full $10,000 plus interest.
Sixty rounded $261 payments add up to about $15,660. So you pay interest on $815 you never receive.
Call and the specialist finds the fee in dollars on your offer before you accept. Upstart charges no prepayment fee.
How fast you get the money
Upstart says a rate check takes 5 minutes (Upstart). After approval, Upstart sends the funds fast.
Who the Upstart debt consolidation loan fits
It suits a borrower that other lenders turned down. It also suits a small balance under $5,000.
The fee and the top rate make it a poor pick if a no-fee loan is open to you. LightStream, Discover and most credit unions charge no origination fee.
Call and the specialist checks which of these fit your cards. Complaints about Upstart are public in the CFPB database.
Other choices
Upstart offers only two terms, 3 years or 5 years. So compare $15,000 on each of those terms.
A four year payment shown for another lender is not an Upstart offer. Call and the specialist lines up each option against your cards.Compare Upstart with
Lender APR Loan sizes Fee 
PenFed6.39% to 17.99% Up to $50,000 No origination fee 
LightStream9.99% to 23.94% with autopay $5,000 to $100,000 No origination fee 
Discover6.99% to 24.99% $2,500 to $40,000 No origination fee 
Wells Fargo6.74% to 26.74% $3,000 to $100,000 No origination fee 
SoFi6.99% to 35.49% $5,000 to $100,000 Optional fee of 0% to 7% 
LendingClub5.96% to 35.99% $1,000 to $75,000 Origination fee of 0% to 8% 
Reach Financial5.99% to 35.99% $3,500 to $40,000 Origination fee of 0% to 8% 
Achieve6.25% to 35.99% $5,000 to $50,000 Origination fee of 1.99% to 9.99% 
Best Egg6.99% to 35.99% $2,000 to $50,000 Origination fee up to 9.99% 
Upgrade7.74% to 35.99% $1,000 to $50,000 Origination fee of 1.85% to 9.99% 
Happy Money8.95% to 35.99% $5,000 to $50,000 Origination fee set by amount, term and credit 
Prosper8.99% to 35.99% $2,000 to $50,000 Origination fee of 1% to 9.99% 
Avant9.95% to 35.99% $2,000 to $35,000 Administration fee up to 9.99% 
Universal Credit11.69% to 35.99% $1,000 to $50,000 Origination fee of 5.25% to 9.99% 
OneMain Financial11.99% to 35.99% $1,500 to $30,000 Flat $25 to $500, or 1% to 10%, by state
Related topics
- Personal loan for debt consolidation
- Bad credit consolidation loans
- Medical debt consolidation
- Debt consolidation loan calculator
About this lender
What is the interest rate on Upstart loans?
The fixed APR runs from 6.3% to 35.99% on 3 year or 5 year terms. The APR includes the origination fee. In Upstart’s published example, that fee is 8.15%.
What disqualifies you from Upstart?
Upstart does not publish a score floor. A balance below your state’s minimum rules you out. The minimum is $3,100 in Georgia, $1,500 in Hawaii and $7,000 in Massachusetts.
Is getting a loan through Upstart a good idea?
Yes, when no fee-free lender will approve you and the APR still beats your cards. Compare the APR, which counts the fee, with your card rate. Ignore the headline interest rate.
Who is better, SoFi or Upstart?
Upstart starts at $1,000, and SoFi starts at $5,000. For a larger balance, call and we compare real offers and fees. Guessing which lender will approve your score will not tell you the cost.
Check your Upstart offer today
You hold an Upstart offer and card balances you want gone. In Upstart’s $10,000 example, an $815 fee comes off the top and you still owe the full $10,000 plus interest. Call now and a specialist goes through your offer line by line against your cards.