Upstart — Will I be eligible for a Loan? (2024)

FAQs

Upstart — Will I be eligible for a Loan? ›

To qualify for a loan, all loan borrowers must:

Qualifying for an Upstart personal loan may be easier for some borrowers since it has a low credit score requirement. However, you'll also need to meet its other personal loan requirements, like income and employment.

It is not hard to get a personal loan through Upstart because they have a low credit score requirement. You can qualify with a bad credit score if you also meet other requirements like being at least 18 years old, having an SSN, and having an annual income of at least $12,000.

Upstart's underwriting model uses machine learning to consider factors like education, employment and credit score, if the applicant has one, to approve applicants. Even if you have a credit score as low as 300, you could still be approved.

To find out why we were unable to offer you a loan at this time, you can log into your Upstart account and check your Message Box (in the top right-hand corner). You will find an Adverse Action Notice detailing the main reason for rejection, as well as your credit score on the date of your application.

Your Upstart approval odds are good if you meet the minimum requirements to get a loan. Some requirements include being at least 18 years old (or 19 in NE and AL), having an annual income of at least $12,000, and having no bankruptcies or public records on your credit report.

You can borrow between $1,000 and $50,000. Please note, there are state-specific minimum loan amounts for some states: Georgia -- $3,100 minimum.

A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one. If you do not have your first pay stub yet and/or starting a job in the future, please submit your official job offer stating your compensation and start date.

Yes, Upstart may call your employer after you provide their contact information and give permission for the call during the application process. Upstart will not disclose any information when they contact your employer, since they are just inquiring about your employment status.

However, online lending marketplaces like Upstart, tend to fund personal loans in 1 business day after signing. ² Deposits 1-2 days following loan approval are most common. ²If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.

Does Upstart check your bank account? ›

Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application.

A 490 credit score can be a sign of past credit difficulties or a lack of credit history. Whether you're looking for a personal loan, a mortgage or a credit card, credit scores in this range can make it challenging to get approved for unsecured credit, which doesn't require collateral or a security deposit.

How long does it take to get approved for an Upstart loan? It can take up to two weeks to get approved for an Upstart loan. Then, if you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day.

To qualify for a loan, all loan borrowers must:

Have a U.S. address; Have a valid e-mail account; Have a job or job offer he/she has accepted and will start within 6 months or another verifiable source of regular income; Meet our minimum credit requirements; and.

If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.

See if Upstart is right for you

Personal loans are accessible to those with bad credit, but you'll need to do the work to understand exactly what you're signing up for. If you do decide a personal loan is right for you, Upstart is available to help you navigate your path forward.

Personal loans can verify employment, but it doesn't always happen. It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.

Once you grant a lender permission to check your credit, they pull your credit report from any of the three major credit bureaus: Experian®, Equifax®, or TransUnion®.