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Upstart Loan Requirements: How to Apply

Upstart Loan Requirements – Upstart offers loans between $1000 to $50,000 to people depending on their state of residence in the United States, allowing you to get the money you need without unnecessary hoops to jump through. To be eligible for an Upstart loan, you’ll need to meet the following requirements stated below.

About Upstart Loans

Upstart is an online lending platform for people with little or no credit history. It’s also for those who don’t want a loan from their bank because they’re tired of being rejected.

Upstart loans are created by experienced investors and backed by venture capital, so you can get the money you need now and build credit at the same time.

You’ll need to fill out an Upstart Loan application form which takes about 10 minutes or less to complete.

All applications are treated confidentially, so your personal information will not be shared with third parties without your permission.

You only need to pay back what you borrow, with no pre-payment penalties, so if your circumstances change while you’re paying off the loan, that won’t impact how much you owe.

Upstart loan interest rates

The Upstart Loan interest rates range between 5% – 28%, depending on your creditworthiness and/or other factors. If you have good credit, then it may be possible to get a lower interest rate than someone who has fair or poor credit.

How to Qualify for an Upstart Loan

To qualify for an Upstart loan applicants’ minimum requirements are as follows.

1. The applicant must be a U.S. citizen or permanent resident, age 18 years and older (as of the date of application)
2. Minimum annual income is $18,000
3. Have an existing checking account that has been open for at least three months with a direct deposit into that account at least one month prior to making your application
4. No outstanding balances on another Upstart loan or any other type of unsecured credit lines or loans in the last 12 months
5. The applicant must have an active social media presence on Facebook, Twitter, Instagram, and LinkedIn
6. The applicant’s account may not be more than 60 days delinquent with his or her current employer
7. If you currently hold a balance from a student loan, it should not exceed $50k total debt owed
8. To ensure compliance with laws against discrimination, Upstart makes its loans available to all races and religions equally

 Applying for an Upstart Loan

To apply for Upstart loans your credit score must be 300 or higher and you cannot have any previous outstanding loans with Upstart. You can also apply if you are a student, recent graduate, unemployed, or self-employed. The minimum loan amount is $1,000 and the maximum is $50,000.

After you apply for an Upstart loan, you’ll receive an email with a personalized list of the next steps. If your application is approved, we’ll finalize the terms of your loan and transfer the funds electronically to your bank account.

The money will be available in about two business days. Once the funds are deposited, you can start spending them as soon as you want. You don’t need to wait until they’re transferred into your bank account. And once they’re transferred, we’ll let you know so you can spend them immediately.

We make it easy to repay the loan- with no prepayment penalties or fees- after you’ve had time to budget and manage your personal finances on a monthly basis.

You’re not alone when it comes to managing debt; our customer service team is here for any questions you may have during repayment or in case something goes wrong during repayment. To get started, just click this link to begin the online application process.

To apply for an Upstart loan please visit the company website for details.

Upstart loan Repayment

All Upstart Loan payments will be processed automatically through your bank account on the due date which can’t exceed 180 days from when you received the loan. If you’re unable to make a payment on time, it’s important to let them know ASAP.

If they’re unable to reach you by phone they’ll send an email before they stop trying and cancel the loan. Upstart offers borrowers some perks such as automatic repayments each month so that no one needs to worry about making late payments or paying back more than they borrowed. For example, if your total Upstart Loan repayment amount is $2,500 then they’ll make five monthly installments of $500 until it’s paid off completely!