It is not hard to get a personal loan through Upstart because the company does not require applicants to have a credit score to qualify. Some requirements you’ll need to meet, though, include being at least 18 years old (19 in NE and AL), having an SSN and having an annual income of at least $12,000.
Requirements for a Personal Loan Through Upstart
- Minimum Credit Score: None
- Minimum Income: Annual income of at least $12,000 from sources like a job, a job offer, disability or retirement income
- Age: 18 years old (19 in NE and AL)
- Residency: Reside in one of the 50 U.S. states
- Identification Type: SSN, verifiable name and date of birth, and email address
- Credit Report: No bankruptcies or public records on your credit report
- Delinquency: No accounts currently in collections or delinquent
Once you make sure you've met all the requirements for a personal loan through Upstart, you should have a good chance of approval. However, the exact rate you receive will depend on factors such as your credit score, income and education.
Additionally, you can pre-qualify on Upstart’s website to see if you’re likely to get approved and what rates you could get. Plus, it won't hurt your credit score.
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.
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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