What are Upstart's requirements for borrowers?

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… read full answer

• 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.

You can get pre-approved for a personal loan through Upstart without hurting your credit score on the company’s website. Upstart pre-approval allows you to see your odds of approval for a personal loan, as well as your potential rate.

How to Get Pre-Approval for a Personal Loan Through Upstart

1. Go to the Upstart … read full answerwebsite.
2. Click on CHECK YOUR RATE.
3. Enter the loan amount, loan purpose, your name, date of birth, home address, email address, phone number, and more.
4. Click NEXT and follow the prompts until the end of the form.

Once you receive your Upstart pre-approval status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you’re guaranteed to be approved if you apply, but your approval odds will be very high.

If you want to consider more options first, you can try out WalletHub’s free personal loan pre-approval tool, which checks for pre-approval with multiple personal loan providers at the same time.

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.