How Long It Takes to Get Approved by Upstart (2024)

FAQs

How Long It Takes to Get Approved by Upstart? ›

Most borrowers receive instant approval decision after they apply for a personal loan through Upstart. If the company needs to verify any of your information, the approval process may take a little longer, but you can expect to get the funds as soon as one business day after you're approved and you accept the offer.

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.

You will know if you are approved for a loan through Upstart once they notify you via email or phone call. Most borrowers who are approved through Upstart receive a decision instantly and can expect funding as soon as 1 business day after approval.

Upstart, an artificial intelligence lending platform, uses AI to evaluate borrowers. The company uses such factors as your credit score, education and career history to make its lending decisions. It offers loans from $1,000 to $50,000 and you can be approved in one business day.

For Education-related loans, funds are sent within 3 business days of the origination date.

Most borrowers who get a personal loan through Upstart receive an instant approval decision after applying, according to the company. You may get your funds delivered to you by electronic bank transfer as fast as one business day after your application is approved and you accept the offer.

Credit Score Requirements

Borrowers must have a minimum FICO or Vantage score of 600 to qualify for a personal loan. However, Upstart does consider non-conventional variables—like college education, job history and residence. Even applicants who don't have enough credit history to have a FICO score may be accepted.

It is not hard to get a personal loan through Upstart because the company does not require applicants to have a credit score to qualify. Some requirements you'll need to meet, though, include being at least 18 years old (19 in NE and AL), having an SSN and having an annual income of at least $12,000.

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.

Yes, Upstart will have to check your bank account after you submit your rate inquiry, which is an initial request for an APR estimate before you apply for the loan. Upstart verifies your bank account to confirm your identity, income and debt obligations so they can ensure the accuracy of your loan application.

What is proof of income for Upstart? ›

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.

Upstart Review for 2023

Upstart is an online lender that offers personal loans ranging from $1,000 - $50,000. They're best for people with excellent credit, who can take advantage of APRs as low as 5.35% and may not have to pay an origination fee.

How much can I borrow with a personal loan? 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.

If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

If you have finished paying off an existing Upstart loan and made on-time monthly payments for the 6 previous consecutive months, you are able to apply for a second loan after your most recent payment is cleared (14 days from the payment date).

If you are offered a loan rate and proceed with the application, we will then make a “hard credit inquiry” to verify the accuracy of your information. This action will be recorded as an inquiry on your report and may impact your credit score.

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 Verification Service allows us to verify your Financial Account information, and review your Account Information to confirm your identity, income, and debt obligations. This information will be used to verify the accuracy of statements made in your online loan application.

Even if a loan application is pre-approved in minutes, it typically takes from one to 10 business days to receive final approval and the disbursem*nt of funds. If you filled out your application accurately and nothing has changed in the interim, you're only waiting for the lender to verify the information provided.

Per Upstarts website, any of the following changes could disqualify you from the loan you were pre-approved for: Has your credit score dropped more than 25 points. If your monthly debt obligations increased by more than 3% or $200 per month. If you have any debt payments that are more than 30 days delinquent.