Upstart posts UMI of 1.49 for September 2026
The credit metric remains 49% above normal baseline levels despite dipping from 1.50 in early September.
Upstart Holdings published its monthly origination volume for September 2026 alongside its latest Upstart Macro Index (UMI) reading on October 5, 2026. The reading stood at 1.49, dropping slightly from 1.50 recorded on September 3, 2026.
A UMI of 1.49 is approximately 49% above what the company considers normal economic conditions, which correspond to a baseline index value of 1.0. Upstart noted that the indicator has stayed above 1.0 since early 2022, signalling elevated default risk relative to its baseline, while remaining under its historical peak of 1.68 reached in 2024.
The index estimates the macroeconomic effect on credit losses across personal loans originated through the platform. Upstart connects consumers to over 100 banks and credit unions, with more than 90% of its loans fully automated without human intervention.
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