Grace Enfield, Content Writer
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 credit 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.
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