FAQs
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.
Will Upstart contact my employer? ›
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.
Do loan companies actually call your employer? ›
Personal lenders can call your employer if they want to. But most personal lenders will simply verify your income through a tax document or bank statement. If something is unclear, such as your current employment status, personal lenders can contact your employer to verify that you actually work there.
Does Upstart verify income? ›
Upstart recognizes independent contractor and sole proprietorship income by verifying your net profit or loss plus adding any depletion and depreciation. Been on this job for less than a full calendar year? Use the income present on your contract.
Do they contact your employer for a personal loan? ›
Banks can call your employer to verify employment for personal loans. But most banks will simply verify your income through a tax document or bank statement when evaluating your application for a personal loan.
How long does it take to hear back from Upstart? ›
Most borrowers receive an instant approval decision after they apply for a personal loan through Upstart. If the company needs to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as one business day after you're approved and you accept the offer.
Does Upstart always approve? ›
Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Can you get in trouble for lying about employment for a loan? ›
Knowingly providing false information on a loan application is considered fraud and is a crime. For instance, putting an incorrect salary or falsifying documents would qualify as lying — and can impact you in serious ways.
Do lenders call to verify employment? ›
The borrower must sign a form authorizing an employer to release employment and income information to a prospective lender. At that point, the lender typically calls the employer to obtain the necessary information.
Does Upstart call you? ›
Upstart also does not conduct cold call marketing campaigns. If you receive a phone call with a loan offer from Upstart and you are not already a customer with us, please be aware that this call may be fraudulent. Upstart will also never request your login password through email.
Is Upstart hard to get approved for? A personal loan through Upstart is not hard to get approved for since there is no credit score requirement. However, you will need an annual income of at least $12,000, a valid bank account, and no bankruptcies or public records on your credit report to qualify.
Does Upstart accept everyone? ›
No, Upstart does not approve everyone. To qualify for a personal loan through Upstart, you need to be at least 18 years old (19 in NE and AL), have no bankruptcies or public records on your credit report, and have an annual income of at least $12,000, among other requirements.
What does Upstart check? ›
When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score.
Does Upstart contact employers? ›
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.
Will a loan company call my employer? ›
Essentially, a debt collector or loan company isn't allowed to communicate with your employer unless you've explicitly permitted them to do so. The Fair Debt Collection Practices Act (FDCPA) is an important piece of legislation passed by Congress to provide clarity on this and other related matters.
When getting a loan do they call your employer? ›
Yes , lenders typically contact a borrower 's current employer when they apply for a loan or mortgage . This is done to verify the borrower 's income and employment status , as well as to assess their ability to repay the loan .
Does Upstart share your information? ›
We will not share information we collect about you with non-affiliated third parties outside of Upstart, except as permitted by Vermont law or as authorized by you, such as to process your transactions or to maintain your account and with your consent. We provide you this notice under Nevada state law.
What happens if I don't pay my Upstart loan? ›
If you default on an unsecured loan, the lender has a few options. They'll likely send your account to a collection agency, and may file a lawsuit against you. If they choose to pursue legal action, defaulting on a loan can result in wage garnishments as well as a legal judgment on your credit report.
Does Upstart monitor your bank account? ›
Yes, Upstart will have to check your bank account after you submit your rate inquiry, which is an initial request for an APR estimate before you apply for the loan.
Do banks call your employer verify employment for a car loan? ›
Since most paychecks are deposited electronically, you may have to log into your company's payroll system and print a recent paystub. Be aware that the lender may call your employer to confirm that you work where you say you work. Consider letting HR or your boss know that such a call may come through.