It is not hard to get a personal loan through Upstart because they have a low credit score requirement so you can qualify even if you have a bad credit score or no credit history. Other requirements you'll need to meet include being at least 18 years old, having an SSN, and having an annual income of at least $12,000.
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.
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).
You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts. The exact amount you may borrow depends on what you qualify for based on your application information.
A complete 1040 tax return from the previous tax year that reflects your reported taxable income. Proof of recent income in the form of a digital deposited check image, invoice, or pay stub. We will also need a bank statement that verifies the proof of income was deposited into your bank account.
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 in nature due to outrageously high interest rates and fees.
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.
Your credit score is too low
In general, the higher your credit score is, the more trustworthy a borrower you are thought to be. Since personal loans are often unsecured loans, meaning they are not backed by any form of collateral, your credit score often plays a very important role in the approval process.
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®.
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.
You can borrow between $1,000 and $50,000.
What Is the Typical Credit Score Required for a $3,000 Personal Loan? Since $3,000 is not a large loan amount, a credit score between 610 and 640 should suffice for an “unsecured” personal loan (a loan with no collateral). The higher your credit score, the less interest you will pay.
Unfortunately, you cannot negotiate the loan terms or the rate you are offered.
A hardship loan provides funds that can help you get by during a difficult financial time. This loan can help bridge an income gap or cover an emergency. Borrowers are typically approved within a day or two and receive funds in less than a week.
If something is unclear, such as your current employment status, personal lenders can contact your employer to verify that you actually work there.
It can take up to two weeks to get approved for an Upstart loan. Then, if you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day.
At Upstart, our AI model looks at more than your credit score by factoring non-traditional variables, such as education¹ and employment, because credit scores don't do a perfect job of predicting credit risk in all situations.
While you'll generally need good to excellent credit to get approved for a $30,000 personal loan, you might still be able to qualify even if you have poor or fair credit.
Degrees obtained in the U.S. must be obtained from an accredited institution. Official or Unofficial Transcript with the awarded date, your name, the school's name, and the degree program.