Qualifying for an Upstart loan is a lot easier than with most lenders in the market. One of the things that contribute to that is that they do not have any specific credit score requirements. Instead, they run their own process for verifying applicants’ ability to repay the loan. In most states where the law requires the company to run a credit check on applicants, you can qualify with a score of as little as 300. That is extremely low if you compare it to other lenders on the market, where it is common practice to require a 660 credit score, and even higher.

One of the ways by which Upstart is able to determine applicants’ ability to repay the loan, is through checking their current income. Upstart verifies applicants’ incomes when they apply, and the minimum annual amount an applicant must make is $12,000. This is usually how much it takes for them to know that you are capable of meeting the monthly payments for your loan. If you do not meet this minimum income requirement, it is likely that you will not get approval for a loan.

Upstart is known for being one of the fastest lenders when it comes to both approval and depositing funds. Approval typically comes out within seconds. From that point, you should be receiving your loan within a business day. You can start counting the time once you have signed the loan agreement.

Applying for a second loan with Upstart has a few important requirements you must meet. They are the following: You must have made on-time payments for the past six consecutive months. You must have no current past due payments You can not have more than 1 outstanding loan through Upstart when you apply You can not have more than $50,000 of outstanding principal