Does Upstart offer credit-builder loans? This question is about Upstart

Does Upstart offer credit-builder loans?

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This question is about Upstart

Grace Enfield, Content Writer

@grace_enfield • 12/01/21 This answer was first published on 12/01/21. 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.

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No, credit-builder loans are not offered through the Upstart platform. However, you could get a personal loan through Upstart in most states even if you have no credit or a credit score as low as 300, and repaying such a loan as promised could help you build credit.

If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.

Notable Credit-Builder Loan Options

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Does a personal loan through Upstart affect your credit score?

Yes, a personal loan through Upstart does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a personal loan through Upstart will affect your credit score negatively, but the long-term impact can be very positive, if you repay the loan on schedule.

How a Personal Loan Through Upstart Affects Your Credit Score

Hard pull: There will be a hard inquiry into your...

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How do I apply for a personal loan through Upstart?

To apply for a personal loan through Upstart, first check for pre-qualification, and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a Personal Loan Through Upstart

Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before you officially apply for a personal loan...

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Does Upstart do a hard inquiry?

Yes, Upstart does a hard inquiry to finalize your approval for a partner-funded personal loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Upstart's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year and the impact may subside before then. To see...

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