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 first published on 11/17/21 and it was last updated on 04/18/24. 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
Is it hard to get an Upstart loan? 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.
Does Upstart approve anyone? ›
Age: You must be at least 18 years old. Minimum income: You will need an annual income of $12,000 or more from sources such as a job, a job offer, disability benefits or retirement funds, according to the company.
What does Upstart need for personal 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.
How long does Upstart loan approval take? ›
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.
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.
Is Upstart hard to get a loan from? ›
Is it hard to get an Upstart loan? 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.
What are the risks of choosing Upstart? ›
Many lenders offer several loan terms from which to choose. However, Upstart limits borrowers to three- or five-year repayment periods, which could be less than ideal if you want an extended loan term to make the monthly payments more affordable. The same applies if you prefer a shorter term to lower interest costs.
Does Upstart ask for proof of income? ›
A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one. If you do not have your first pay stub yet and/or starting a job in the future, please submit your official job offer stating your compensation and start date.
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.
Will Upstart contact my employer? ›
Personal loans can verify employment, but it doesn't always happen. It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.
Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.
Does Upstart give you money right away? ›
However, online lending marketplaces like Upstart, tend to fund personal loans in 1 business day after signing. ² Deposits 1-2 days following loan approval are most common. ²If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.
Is Upstart a monthly payment? ›
Yes, personal loans are paid monthly. For example, a three-year personal loan will have 36 equal monthly payments. However, if you choose to do so, you can send in an additional payment whenever you want, or you can choose to pay it more frequently than once per month.
Does Upstart accept anyone? ›
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 $12000, among other requirements.
What is the minimum income for Upstart personal loan? ›
Yes, Upstart will verify your income when you apply for a personal loan. You will need to have a minimum annual income of $12000 to ensure that you can make the monthly payments, and if you don't meet the minimum income requirement, you likely won't get approved.
Why did Upstart reject me? ›
To find out why we were unable to offer you a loan at this time, you can log into your Upstart account and check your Message Box (in the top right-hand corner). You will find an Adverse Action Notice detailing the main reason for rejection, as well as your credit score on the date of your application.
Does Upstart always verify income? ›
Personal loans can verify employment, but it doesn't always happen. It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.
Is Upstart a hard credit check? ›
Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.
Does Upstart call your employer? ›
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.
