It is not hard to get a personal loan through Upstart because they have a low credit score requirement. You can qualify with a bad credit score if you also meet other requirements like being at least 18 years old, having an SSN, and having an annual income of at least $12,000.
Requirements for a Personal Loan Through Upstart
- Minimum Credit Score: None
- Minimum Income: $12,000 per year
- Age: 18 years old
- Residency: Reside in one of the 50 U.S. states
- Identification Type: SSN, verifiable name and date of birth, and email address
- Credit Report: No bankruptcies or public records on your credit report
- Delinquency: No accounts currently in collections or delinquent
Once you make sure you've met all the requirements for a personal loan through Upstart, you should have a good chance of approval. However, the exact rate you receive will depend on factors such as your credit score, income and education.
Additionally, you can pre-qualify on Upstart’s website to see if you’re likely to get approved and what rates you could get. Plus, it won't hurt your credit score.
Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
This answer was last updated on 04/18/24 and it was first published on 11/17/21. 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.
FAQs
Personal loans can be easy to get, but it depends on your qualifications. If you have a strong credit score, stable employment, and enough income to justify the loan, getting a personal loan is generally easy. If you're lacking in one or more of those categories, it can be a bit more difficult.
How hard is it to get approved by Upstart? ›
It is not hard to get a personal loan through Upstart because they have a low credit score requirement. You can qualify with a bad credit score if you also meet other requirements like being at least 18 years old, having an SSN, and having an annual income of at least $12,000.
Why was i denied from Upstart? ›
If any of the accounts on your credit report are currently in collections or 30 or more days delinquent; or. If there is any inquiry or new account on your credit report since the time of the credit report used to determine your rate (not including any inquiries related to a student loan, vehicle loan, or mortgage).
How fast does Upstart approve loans? ›
The majority of unsecured loan borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry.
Does Upstart check your bank account? ›
Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application. To this end, you'll have to provide login credentials for the bank account listed on your application.
Does Upstart accept everyone? ›
No, Upstart does not approve everyone. To qualify for a personal loan through Upstart, you need to be at least 18 years old (19 in NE and AL), have no bankruptcies or public records on your credit report, and have an annual income of at least $12,000, among other requirements.
Does Upstart verify income? ›
Upstart recognizes independent contractor and sole proprietorship income by verifying your net profit or loss plus adding any depletion and depreciation. Been on this job for less than a full calendar year? Use the income present on your contract.
Does Upstart approve people with bad credit? ›
Upstart makes it easy to apply for a loan. The lender looks beyond credit to consider employment and other factors. As a result, borrowers with no credit history or a score as low as 300 could potentially get approved for a loan.
Why can't I get a loan with Upstart? ›
To qualify for a loan, all loan borrowers must:
Have a U.S. address; Have a valid e-mail account; Have a job or job offer he/she has accepted and will start within 6 months or another verifiable source of regular income; Meet our minimum credit requirements; and.
What are the risks of choosing Upstart? ›
Upstart pros and cons
| Pros | Cons |
|---|
| Funding possible within one business day Bad-credit or inexperienced borrowers may qualify Option to change your due date | No option for joint loans or cosigners Charges an origination fee Limited loan term options |
Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.
What is the most you can borrow from Upstart? ›
You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.
Is Upstart a hard pull? ›
If you are offered a loan rate and proceed with the application, we will then make a “hard credit inquiry” to verify the accuracy of your information. This action will be recorded as an inquiry on your report and will impact your credit score.
Can Upstart deny you after approval? ›
Your application will also be disqualified if any of the following occurs after you've accepted your loan terms: Your co-owner does not sign the e-mailed consent form; We are unable to verify sufficient auto insurance; or.
What banks do Upstart use? ›
Cross River is one of the two banks that originate most of the loans processed through Upstart's platforms. According to Upstart's annual regulatory filing, Cross River Bank originated 51% of the loans processed through the platform, and fees received from Cross River accounted for 45% of total revenue in 2022.
What does Upstart look at? ›
Upstart is a platform that allows you to obtain unsecured, fixed rate personal loans. Upstart believes that you are more than your credit score. Our statistical model considers the school you attended, your area of study, employment history, and your credit history.
Does Upstart have a minimum credit score if so what is it? ›
Applicants with Upstart must have a minimum FICO or Vantage score of 300 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a credit score.
What is required for an Upstart loan? ›
To qualify for a loan, all loan borrowers must:
Have a U.S. address; Have a valid e-mail account; Have a job or job offer he/she has accepted and will start within 6 months or another verifiable source of regular income; Meet our minimum credit requirements; and.
