Yes, Upstart does a hard inquiry when you apply for a 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 during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and 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, NetCredit and Opploans.
To apply for an Upstart personal loan, 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 an Upstart Personal Loan
Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for an Upstart personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Upstart website or WalletHub's pre-qualification tool.
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.
Enter your financial information on the application. Upstart requires the following financial information on the application: your work history and annual income.
Double check the application for accuracy. To ensure that your Upstart personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Upstart will typically provide a decision on your application within 1 to 14 business days.
If you are approved for an Upstart personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Applicants need a credit score of 580 to get a personal loan from Upstart, according to the company. That means the Upstart personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 580 and 700.… read full answer
Keep in mind that just having a 580 credit score is not enough to qualify you for an Upstart personal loan. Upstart will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Upstart with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.
If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for an Upstart personal loan online to gauge your chances of getting approved with your current credit score.
It takes 2 to 17 business days to get money from an Upstart personal loan, in most cases. The Upstart loan timeline includes around 1 to 14 business days to get approved for an Upstart loan and another 1 to 3 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.… read full answer
How to Get Money From Upstart as Fast as Possible
Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Upstart having to request additional information.
Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
Get your credit score above the minimum. Ideally, you should only apply for an Upstart personal loan once your credit score exceeds the minimum requirement of 600. That will make it easier for Upstart to decide whether you qualify, which could lead to a quicker decision.
Once you get approved for an Upstart personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.
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