Grace Enfield, Content Writer
Yes, Upstart will verify your income when you apply for a personal loan. You will need to have a minimum annual income of $12,000 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.
Requirements for a Personal Loan Through Upstart
- Have at least a $12,000 annual income from sources like a job, a job offer, disability or retirement income
- Be at least 18 years old (19 in NE & AL)
- Reside in one of the 50 U.S. states
- Have a Social Security number, verifiable name and date of birth, and email address
- Have no bankruptcies or public records on your credit report
- Have no accounts currently in collections or delinquent
To see if you qualify for a personal loan with your income, you can pre-qualify without hurting your credit score on Upstart’s website.
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.
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