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

FAQs

Is it hard to get approved with Upstart? ›

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.

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.

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.

Affordability criteria for each lender can vary, but usually they'll look at: Your income and job status. A regular income and full-time employment can show lenders that you're financially stable, which makes them more likely to lend you money. Your credit history.

If any of the accounts on your credit report are currently in collections or 30 or more days delinquent; or. If there is any inquiry or new account on your credit report since the time of the credit report used to determine your rate (not including any inquiries related to a student loan, vehicle loan, or mortgage).

Fees and penalties

One of the biggest fees Upstart charges is the origination fee — which can be up to 12 percent of the loan amount. The origination fee is deducted from your loan funds before you receive them, so it's important to borrow enough to ensure that you get the amount of money you need.

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.

Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application. To this end, you'll have to provide login credentials for the bank account listed on your application.

At Upstart, our model considers other factors such as your education⁴ and employment in addition to your financial background. It's important to remember that while you may qualify for a personal loan with low credit, your loan may come with higher interest rates.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

How hard is it to get a $30,000 personal loan? ›

For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate. A high enough income: Part of the lender's evaluation of your loan application includes determining whether you can afford the payments.

The majority of unsecured loan borrowers on the Upstart marketplace are able to receive an instant decision upon submitting a completed application, without providing additional supporting documents, however final approval is conditioned upon passing the hard credit inquiry.

Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.

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.