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Upstart Business Loans: 2024 Review & User Insights
Upstart business loans offer quick funding without hidden fees. Borrowers have great things to say about Upstart on third-party review sites, and the company is open to fair and bad credit borrowers, making it a great option for a wide range of business owners.
Min. Credit Score 550
Loan Amount 5K - $200K
APR Up to 35.99%
Written by:Lindsay Frankel
Expert Reviewer Verdict
Upstart is a straightforward and fast funding solution for businesses that have been registered for at least 12 months. The lending marketplace is an especially good option for businesses that struggle with fair or bad credit and may be turned down elsewhere.
You’ve got nothing to lose by checking your rate, but you should compare Upstart’s rate and term with options from other lenders. Keep in mind is that Upstart is relatively inflexible during times of hardship, and you can’t change your due date, so you should ensure your business can handle the fixed monthly payments before formally applying.
Summarized Ratings
LOAN FEATURES2.3
INTEREST RATES AND FEES3
QUALIFICATION REQUIREMENTS4.5
APPLICATION PROCESS4
SOFT-PULL IMPACT ON CREDIT SCORE5
CUSTOMER SUPPORT5
USER REVIEWS4.6
This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
Upstart scores a subpar 2.3 for Loan Features, which is reflective of its relatively low loan limits and terms.
Upstart Business Loans Review Video
Our small business loan expert provides an in-depth analysis, including pros and cons of Upstart's small business loans.
What Is Upstart Business Loans?
Upstart is an artificial intelligence lending marketplace that provides a variety of loan types through its lending partners. Upstart business loans are designed for small businesses that have been established for 12 months or longer.
The company uses a nontraditional evaluation process that allows some fair and bad credit borrowers to qualify. Most loans are fully automated, and funds are delivered within one business day. The funds can be used to help with purchasing inventory, hiring employees, and more.
Upstart Business Loans Pros and Cons
Pros
Cons
Step 2
On the next page, you’ll indicate what you’re using the money for. If none of the choices fit your needs, you can select “other.”
Written by: Lindsay Frankel
Lindsay began freelance writing full-time in 2018 and has written hundreds of personal finance articles for a variety of publications, including Investopedia and NextAdvisor. She specializes in covering loans, credit cards, insurance, and other financial topics.
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