To the extent an applicant has a credit score, Upstart accepts scores as low as 300, meaning the lender effectively doesn't have a minimum credit score requirement. Low income requirement: Upstart requires that borrowers take in a minimum of $12,000 per year.
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 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).
Your loan application may be disqualified even after you receive an initial offer if certain events occur.
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.
If you accept your rate, you will be prompted to complete an application by verifying your bank account and possibly uploading some supporting documents. If your application is approved, you will be asked to review final disclosures and sign a promissory note.
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 Legal Docs and Notice Center (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.
Upstart debt consolidation loans have 4.64%-35.99% APRs There is also an origination fee as high as 12%. Origination fees are “service fees” charged by lenders. The worse your credit risk, the higher it will be. As with most online lenders, the same goes for your APR.
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.
You can borrow between $1,000 and $50,000.
Some lenders cater to applicants with lower credit scores in the poor range (below 580) to help them borrow money for emergency expenses, medical bills, debt consolidation and other financing needs.
Funds are sent to the banking institution within 1 business day of your origination date. Timing of funds availability will vary based on your financial institution, if you have questions related to funds availability please reach out directly to your banking institution for more information.
Upstart has an A+ rating with the Better Business Bureau and 4.9 out of 5 stars on Trustpilot, which is considered excellent, based on 46,495 ratings. Upstart received 666 out of 1,000 points on the J.D. Power 2024 U.S. Consumer Lending Satisfaction StudySM, which measures personal loan lender customer satisfaction.
A 300 FICO® Score is significantly below the average credit score. Many lenders choose not to do business with borrowers whose scores fall in the Very Poor range, on grounds they have unfavorable credit.
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.
Although there are various reasons for getting denied when applying for a personal loan, five of those reasons include a low credit score, low income, a high debt-to-income ratio (DTI), an unstable work history, or an inability to meet basic requirements.
Its platform seeks to increase approvals for borrowers while simultaneously lowering risk to lenders. But its revenue has been cut in half in recent years because lenders weren't as willing to fund Upstart's loans -- there were high-rate opportunities elsewhere. However, Upstart is now back to growth.
Is it easy to get an Upstart personal loan? 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.
We will require different documentation depending on your employment status. Most recent pay stub (within 30 days) showing your salary or hourly wage. If you do not have your first pay stub yet, please submit your official job offer stating your compensation and start date.
Proof of income is needed to confirm that a borrower makes enough money to repay a loan. Common forms of proof of income include pay stubs, tax return documents, and bank statements. Paperless verification methods are also available to provide more accurate and efficient income data collection.
In common use, “income” generally means money earned through employment. But for personal loan application purposes, what counts as income can be more expansive. While specifics vary by lender, the following non-employment earnings are commonly accepted as sources of income: Social Security or Disability payments.
You may be asked to provide documents that verify your identity, education, and income. We may also ask for a copy of your registration card or proof of insurance.
Traditional lending companies use FICO scores to decide if someone can borrow money—and how much—based on their borrowing history. Upstart looks at more personal data, like the school someone went to, what they studied, and their employment history before disqualifying or approving them for a loan.