PERSONAL LOANS
Upstart: Best for small bad credit emergency loans
![Upstart](https://www.bankrate.com/static/loans/logos/Upstart.png?optimize=medium&format=pjpg&auto=webp)
4.8
Bankrate Rating = 4.8/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.
Check rate with Bankrate
This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.
Upstart offers smaller minimum loan amounts for borrowers with low credit scores who want to avoid payday loans. They typically come with lower rates than credit cards and can be funded quickly: On average Upstart borrowers on Bankrate received their money within 1.8 days.
- Have a valid email address
- Have a Social Security number
- Have a personal bank account
- Have steady income or job offer starting within 6 months
- Earn a minimum annual income of $12,000
- Origination fee of up to 12%
- Late payment fee of 5% of the past due or $15, whichever is greater
- $15 check refund fee
- $10 paper copy fee
Next business day if approved before 5 p.m. ET (Mon.-Fri.)
Pros
- Quick funding
- Accessible for low-credit-score borrowers
- Option to change payment date
Cons
- High origination fees
- Only two repayment options
- High APR rate cap
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. 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.