Does Upstart verify income for personal loan applications? This question is about Upstart

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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Does Upstart verify income for personal loan applications?

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This question is about Upstart

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Grace Enfield, Content Writer

@grace_enfield • 11/26/21 This answer was first published on 11/26/21. 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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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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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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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 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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