Upstart — Will I be eligible for a Loan? (2024)

FAQs

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.

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.

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.

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.

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).

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.

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.

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.

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.

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 are the risks of choosing Upstart? ›

The maximum APR isn't as steep as you'll find with payday loans, but it's still on the higher end of the spectrum. Still, Upstart's lenders charge loan origination, late payment and returned payment fees, which could increase your borrowing costs.

You can borrow between $1,000 and $50,000⁵ on a personal loan.

You may prepay your loan in whole, or partially prepay your loan, at any time without penalty. All borrowers have access to an Upstart dashboard. If you would like to pay off your loan early or calculate your payoff amount, click the “Pay Off My Loan” button in your Upstart dashboard.

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 have already received a loan on Upstart, in order to be eligible for another personal loan, you must: Have made on-time monthly payments for the six previous consecutive months. On-time payments means that a payment was received during the 15 day grace period. Have no currently past due or in progress payments.

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.

Most borrowers receive an instant approval decision after they apply for a personal loan through Upstart. If the company needs to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as one business day after you're approved and you accept the offer.