Upstart — Why was I disqualified? (2024)

FAQs

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).

Minimum credit score: You will need a credit score of at least 300 (in most states) to qualify for a loan through Upstart. Many other lenders on the market require a credit score of 660 or higher.

Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

If your situation changes in the future, you are welcome to reapply. You can do so by using a different email address and completing the application again. Note: Applicants who are disqualified must wait 30 days to re-apply.

Upstart's underwriting model uses machine learning to consider factors like education, employment and credit score, if the applicant has one, to approve applicants. Even if you have a credit score as low as 300, you could still be approved.

Credit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.

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.

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 verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application.

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.

Who does Upstart pull from? ›

Once you grant a lender permission to check your credit, they pull your credit report from any of the three major credit bureaus: Experian®, Equifax®, or TransUnion®.

You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.

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.

Depending on why you were rejected for a personal loan, there are some things you can do to change the situation or even bump yourself past a lender's eligibility threshold. You can then apply for a loan again — sometimes even sooner than the lender's stated waiting period — and potentially get approved.

There's no official limit to the number of personal loan accounts you can have, as long as you have the income to justify all of them.

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.

Upstart had been reporting explosive growth and high profitability prior to inflation and the ensuing high interest rates, but that fell off a cliff when demand for loans fell and higher default rates spooked lenders.

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.