Does Upgrade verify income for personal loan applications?

Yes, Upgrade does a hard inquiry when you apply for a 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.

Upgrade'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 how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.

It's worth noting that some people may be uncertain about whether Upgrade does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.

If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.

To apply for an Upgrade personal loan, 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 an Upgrade Personal Loan

1. Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for an Upgrade personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Upgrade website or WalletHub's pre-qualification tool.
2. Enter your personal information on the application. Upgrade requires the following personal information on the application: your full name, home address, date of birth, email addres and Social Security number.
3. Enter your financial information on the application. Upgrade requires the following financial information on the application: your annual income and any aditional income.
4. Double check the application for accuracy. To ensure that your Upgrade personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
5. Submit your application. Upgrade will typically provide a decision on your application within 1 day.

If you are approved for an Upgrade personal loan, you will generally receive the funds within 1 to 4 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.

You can get Upgrade personal loan pre-approval through WalletHub’s free personal loan pre-approval tool. This will allow you to see your odds of approval for a personal loan with Upgrade, as well as your potential interest rates, and the process will have no impact on your credit score.

How to Get Upgrade Personal Loan Pre-approval… read full answer

• Go to WalletHub’s free personal loan pre-approval tool.
• Enter your desired loan amount and select the reason for borrowing.
• Click “Get Started.”
• Select your employment status, then enter your annual income.
• Select whether you rent or own your home and click “Continue.”
• Create a WalletHub account if you haven’t already.
• Receive your pre-approval status.

It’s important to note that WalletHub’s personal loan pre-approval tool doesn’t just check for pre-approval with Upgrade. It also checks with multiple other personal loan providers at the same time, so you can see your options.

To check for pre-approval directly with Upgrade, go to its website and click on Check Your Rate. Then, enter the loan amount, loan purpose, your name, home address, date of birth and annual income. After that, click Continue, and receive your pre-approval status after a few moments.

Keep in mind that if you are pre-approved for a personal loan, you’re not guaranteed to be approved when you submit an application. Your approval odds will be very high, though.