Does Upstart verify income for personal loan applications?

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 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 Upstart does a hard inquiry because there's only a soft inquiry when you pre-qualify through the company’s website. Soft inquiries do not impact your credit score, but that's just the first step. 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 Integra Credit, 60MonthLoans and OppLoans by OppFi.

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.

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

1. … read full answerCheck for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before you officially apply for a personal loan through Upstart. It doesn't hurt your credit. You can check for pre-qualification on the Upstart website.
2. Enter your personal information on the application. Upstart requires the following personal information on the application: the loan amount, loan purpose, your name, date of birth, home address, email address, phone number and academic history.
3. Enter your financial information on the application. Upstart requires the following financial information on the application: your work history and annual income.
4. Double check the application for accuracy. To ensure that your 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. Most applicants are approved instantly.

If you are approved for a personal loan through Upstart, you can receive the funds as soon as one business day after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.

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.

Although educational information is collected as part of Upstart's rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

The majority of borrowers on the Upstart platform are able to complete the application process automatically without providing additional supporting documents. Final approval is conditioned upon passing the hard credit inquiry.

If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

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.… read full answer

How a Personal Loan Through Upstart Affects Your Credit Score

Hard pull: There will be a hard inquiry into your credit history to finalize your loan approval, which will temporarily drop your credit score by about 5-10 points, in most cases.

Increased debt level: Taking out a personal loan through Upstart will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a personal loan through Upstart can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a personal loan through Upstart affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a personal loan through Upstart does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator. Additionally, you can see your approval odds and estimate your potential rates without damaging 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.