Upstart — Can I apply for a second loan? (2024)

FAQs

Upstart — Can I apply for a second loan? ›

If you have finished paying off an existing Upstart loan and made on-time monthly payments for the 6 previous consecutive months, you are able to apply for a second loan after your most recent payment is cleared (14 days from the payment date).

Yes, you can have more than one loan at a time through Upstart.

You can have three personal loans at once. There is no official limit on the number of personal loans you can have at the same time.

There is no limit on personal loans – at least not a universal limit.

There's no official limit to the number of personal loan accounts you can have, as long as you have the income to justify all of them.

If you have finished paying off an existing Upstart loan and any of the 6 most recent monthly payments were not on time or you paid off the loan before reaching 6 monthly payments, there is a 60 day cooling off period before reapplying.

It's possible to take out a second personal loan, but you'll likely be subject to borrowing caps imposed by the lender. The lender may also require you to make a set number of timely, consecutive payments before approving you for a second personal loan.

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.

Applicants with Upstart must have a minimum FICO or Vantage score of 300 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a credit score.

If you're looking to reapply for a personal loan with the same lender that already denied your application, you will likely need to wait a while before submitting a new request. This time frame varies depending on the lender and may range from 30 days from the date of last application to up to six months.

Can I add more money to my Upstart loan? ›

Unfortunately, we cannot change your loan amount after you have signed your promissory note accepting your loan terms. Make sure that when you are requesting a loan amount, you consider how much you need plus the origination fee for your loan.

A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one.

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.

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.

After your last payment clears and your loan is paid off, you may be eligible to apply for a new loan. In some instances, returning customers must pass a wait-period before reapplying.

Unfortunately since this is a personal loan, we only take your personal income into consideration and not household or spousal income. In addition, we do not allow co-signers for our personal loans.

You can take out a second loan. This means you'll have a separate loan alongside your existing one. You'll repay the loans separately, which means you'll have 2 monthly repayments to budget for.

Can I increase my loan amount after I have accepted my loan terms? Unfortunately, we cannot change your loan amount after you have signed your promi…