Upstart (2024)

FAQs

Is Upstart hard to get approved for? ›

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 Overview

While many lenders on this list require a good to excellent credit score, Upstart is designed for those with poor credit. You can borrow between $1,000 and $50,000. Upstart is not a direct lender — it's a lending marketplace that can match you with eligible banks and credit unions when you apply.

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.

Your loan application may be disqualified even after you receive an initial offer if certain events occur. Prior to origination, if your credit history indicates any of the events below have occurred, then your application will be rejected.

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.

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.

What is the monthly payment on a $6,000 personal loan? The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603.

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.

What do I need to get approved by Upstart? ›

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.

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

There are no penalties or fees associated with paying off your loan early. You are only responsible for the amount of interest accrued until the date of payoff. If your account has recurring payments on, any payoff amount on or after that date assumes the recurring payment scheduled will be successful.

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®.

No, you cannot negotiate the loan terms or rate. Your rate is generated by Upstart's credit model and based on the details that you entered into our application and your soft credit pull; so, it is the best rate we can offer you at this time.

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.