How Many Upstart Loans Can I Have?

Last Updated on February 25, 2025 by Amrita Das

With Upstart’s flexible credit requirements and quick approval process, it’s no surprise that many individuals turn to Upstart for their lending needs. But if you already have an existing Upstart loan, you may be wondering if it’s possible to take out another one.

In this article, I will discuss how many Upstart loans you can have at once and what factors may affect your chances of being approved for multiple loans with them. So, if you’re curious to know the answer to your question or want to know more about their lending process, keep reading this guide.

Table of Contents

Introduction to Upstart: How many Upstart Loans can I have?

Upstart is a lending platform that utilizes the power of AI to evaluate loan applications and determine eligibility. Unlike traditional lenders who heavily rely on credit scores, Upstart takes into consideration other factors such as education and employment history.

This approach allows individuals with thin credit histories to have a chance at securing a loan.

One of the biggest advantages of using Upstart is its quick turnaround time. If approved, borrowers can receive their funds within 24 hours. This is especially helpful for those needing immediate cash access for emergencies.

Additionally, Upstart offers two repayment term options – 36 or 60 months. While this may seem limited compared to other lenders, it can still provide flexibility for borrowers to choose a term that works best for their financial situation.

It’s important to note that Upstart does charge an origination fee, which can range from 0.00% – 12.00%. This is one of the highest potential fees in the personal loan market, so it’s important for borrowers to carefully consider this cost before taking out a loan with Upstart.

One unique feature of Upstart is its ability to allow individuals to check their rates without impacting their credit score. This is helpful for those who are just exploring their options and want to see what kind of interest rates they may qualify for.

Additionally, Upstart caters towards borrowers with bad or no credit, making it a solid choice for those who are struggling to get approved by traditional lenders. While their rates and fees may not be the cheapest in the market, they are still considered to be fair and reasonable.

Upstart is ideal for:

Individuals with limited or poor credit standings
Those seeking a quick and easy personal loan
People looking for the convenience of managing their loan through a mobile application

Qualification necessities for Upstart

Qualifying for an Upstart personal loan is easier than you may think. Unlike traditional lenders, Upstart takes a nontraditional tactic to underwrite, meaning there are minimal credit-related requirements to get approved.

In fact, Upstart states that individuals with all types of credit figures and income levels have the potential to qualify for their personal loans. However, there are a few basic eligibility criteria that must be met:

You must be a U.S. citizen or fixed resident residing in the United States.
Most states require applicants to be a minimum of 18 years old, but those from Alabama or Nebraska must be a minimum of 19.
A valid email contact and Social Security number are necessary for the application process.
You must have a safe income source, whether it be from a full-time or part-time job, a future job offer starting within 6 months, or another regular source.
A personal bank account with a U.S. financial institution is essential and has a routing number.
There should be no record of bankruptcy in the last twelve months.
Delinquent accounts in credit descriptions are not permitted.
No more than 6 hard inquiries on your credit description within the past six months (excluding student loans, car loans, and mortgages).

While these requirements may seem daunting, they are relatively easy to meet. Keep in mind that meeting these qualifications does not guarantee loan approval, but it does increase your chances. Here are a few more key points to consider when applying for an Upstart personal loan:

You do not need a minimum credit score to qualify. Even those with not enough credit records to produce a FICO score may still be received.
The lowest annual income requirement is $12,000. This can come from various sources such as:

Employment
Alimony
Retirement funds
Child support
Social Security payments
Disability facilities
And self-employment.

How to successfully apply for a loan with Upstart?

Check your pre-qualification status on Upstart’s website

Provide basic information about yourself, such as your name, birth date, email address, and earning details. This will not affect your credit score as the Upstart platform only runs a soft credit investigation. If you pass their necessities, you’ll gain multiple loan offers with different amounts, rates, return terms, and monthly payoff.

Compare loan offers and apply

Take the time to evaluate the offers from Upstart and other lenders to find the best option for you. Once you’ve chosen Upstart, you’ll need to finish a formal loan application. Most candidates experience an instant decision, but some may need to provide additional documents for verification.

This can slightly delay the application process. Keep in mind that the Upstart platform will run a hard credit pull from one of the three main credit bureaus (Experian, Equifax, or TransUnion) which can temporarily drop your credit score.

Receive your loan funds

If you accept a loan offer before 5 p.m. EST on a weekday, Upstart claims to provide the loan money within 1 business day. However, if you accept the offer after hours, on weekends or holidays, it may take an extra business day.

Stay on top of your payments

Since Upstart reports to all three major credit bureaus, it’s important to make timely payments to boost your credit score. But missed payments can also negatively impact your score.

Consider putting up automatic payments and keeping track of your budget to ensure you’re able to make consistent payments toward your loan. Remember, building a good credit history is crucial for future financial endeavors.

Where can Upstart loans be used and not be used?

Upstart loans can be used for a variety of expenses, such as

Refinancing credit cards
Opening or spreading a business
Covering medical charges
Making big purchases
Moving expenses, and
Even home improvement projects.

However, there are certain restrictions on where Upstart loans cannot be used. For example, education expense, and using the loan funds for illegal activities or purchasing firearms and weapons is prohibited.

If your borrowing needs do not align with Upstart’s offerings, exploring and comparing other lenders is important to find the ideal deal for your financial goals.

Is it possible to have two personal loans at the same time?

The answer is yes. Unlike some other types of loans, there is no restriction on the quantity of loans you can have simultaneously. However, when applying for a second personal loan, your existing loan will be taken into consideration by the lender.

This means that they will assess your ability to handle multiple loan payments each month before approving you for another one.

It is worth noting that not all lenders may accept you for 2 loans at once. While many will, some may have their own restrictions in place. For example, Upstart’s online lending marketplace allows for multiple personal loans, while others may not.

Regardless, having an existing personal loan on your credit report will not automatically disqualify you from applying for another loan elsewhere. So yes, it is possible to have two personal loans at the same time.

Is Upstart a Trustworthy Lender?

After analyzing various sources, it can be said that Upstart has established a solid reputation in the lending industry. This is evident from its A+ rating with the Better Business Bureau and an impressive 4.9 stars on Trustpilot, based on over 46,000 ratings. These accolades indicate that customers have had positive experiences with Upstart’s services.

Moreover, J.D. Power’s 2024 U.S. Consumer Lending Satisfaction Study also supports Upstart’s credibility as a lender by awarding them a score of 666 out of 1,000 for customer satisfaction. This further highlights the company’s commitment to providing a satisfactory lending experience for its customers.

Although the Consumer Financial Protection Bureau accepted 116 objections related to Upstart’s personal loans and products in 2023, it is worth noting that all of these allegation were resolved with an explanation. This demonstrates the company’s efforts towards addressing any issues or concerns raised by customers.

Will Upstart negatively impact your credit score?

When considering using Upstart for a personal loan, one question that may come to mind is whether or not it will negatively impact your credit score. The good news is that you can prequalify with Upstart without it affecting your credit at all.

This means you can explore your options and see what rates and terms you may qualify for without any impact on your credit score.

However, once you submit a formal application with Upstart, they will perform a hard credit pull, which can result in a small drop in your score. This is because every time a lender performs a hard inquiry on your credit report, it signals to other lenders that you are seeking new credit and can be seen as slightly risky.

But, as with any loan, making your payments on time can actually help upgrade your credit score in the long run. By demonstrating responsible financial behavior and consistently paying off your loan, you may see an grow your credit score over time.

Upstart Pros and Cons

Unique Pros of Upstart

Flexible credit score requirements: Upstart offers loans to individuals with a minimum credit score of 300, which is significantly lower than the average credit score required by other lenders. Additionally, they waive the credit score requirement for eligible college students and graduates.
Quick loan approval and disbursement: With Upstart, borrowers can receive their funds in as little as 1 business day after approval. This is particularly beneficial for those who need immediate access to funds.
Competitive rates for excellent credit: For borrowers with excellent credit scores, Upstart offers competitive interest rates compared to other traditional lenders. This makes it an attractive option for individuals with good financial standing.
Low income requirement: Unlike other lenders, Upstart has a low minimum income requirement, making it more accessible for individuals with lower incomes to qualify for a personal loan.

Unique Cons of Upstart

Limited loan terms: Upstart only offers two loan terms – 36 or 60 months. This may not provide borrowers with enough flexibility in choosing their repayment period.
No option to add a co-borrower or cosigner: Unlike some other lenders, Upstart does not allow borrowers to add a co-borrower or cosigner to their loan application, which could potentially improve their chances of approval and secure better rates.
Origination fees: Depending on your credit score, Upstart may charge an origination fee of up to 12% of the loan amount. This can greatly raise the overall cost of borrowing from this platform.

What Should You Keep in Mind Before Trying for a Personal Loan?

Before you dive into the process of applying for a personal loan, there are a few important things to keep in mind. These factors can greatly impact your overall experience and success with obtaining a loan that meets your needs. Let’s take a closer look at what you should know before filling out that application.

Check Your Credit Score

First and foremost, it’s crucial to have an understanding of your credit score before applying for any type of loan. Your credit score is essentially a numerical representation of your creditworthiness, which lenders use to determine if you qualify for a loan and at what interest rate.

It’s recommended to check your credit report for free on reputable websites like NerdWallet or AnnualCreditReport.com to ensure that there are no errors or discrepancies that could negatively impact your loan application.

Calculate Your Monthly Payments

Once you have a clear idea of your credit score, it’s important to consider how much money you can realistically afford to borrow and repay each month. Using a personal loan calculator is a great way to get an estimate of what your monthly payments would be based on different APRs and repayment terms.

This will help you determine if the loan fits within your budget and if there are any adjustments you need to make before proceeding with the application.

Make a Repayment Plan

Taking out a personal loan is a big financial decision, and it’s important to have a plan in place for how you will repay the loan. Before applying, review your budget and determine how the monthly repayments will influence your cash flow.

If necessary, consider making cuts to other expenses to ensure that you can comfortably afford the loan without putting yourself in a tough financial situation.

Gather Necessary Documents

Finally, it’s important to gather all necessary documents before starting the application process. Most lenders need income status, such as pay stubs or W-2 forms, as well as documentation of your address and Social Security number.

Having these documents readily available can help speed up the application process and increase your chances of getting approved for the loan.

FAQs:

Q. How long does it typically take for an Upstart personal loan to be funded?

A: According to Upstart, borrowers can receive funding for their loans within one business day if the loan is accepted before 5 p.m. EST on a weekday. However, if the loan is passed after hours, on weekends, or day off, it may take an extra operating day for the funds to be received.

Q: Can I pre-qualify for an Upstart personal loan without it affecting my credit score?

A: Yes, you can pre-qualify for an Upstart personal loan without any impact on your credit score. The lender only conducts a soft credit inquiry during the pre-qualification process, allowing you to look for potential loan offers without any bad effects on your credit.

Q. What is the impact of paying off an Upstart personal loan early?

A: Paying off an Upstart personal loan early does not result in any prepayment penalties, unlike many other personal loan companies. This means that borrowers have the flexibility to pay off their loans ahead of schedule without being charged any additional fees.

Q. Is there a maximum amount for personal loans?

A: When it comes to personal loans, there is no set limit that applies universally. Each lender has their own individual limit for how much they are willing to lend to borrowers. Typically, this limit ranges from $40,000 to $100,000 per borrower.

Lenders may also allow borrowers to have multiple loans at once, as long as their credit and income justify the loan approvals. Additionally, borrowers can potentially take out loans from many lenders, meaning there is no definitive maximum amount for personal loans.

Q. How many Upstart loans can I have?

A: There is no set limit for the amount of personal loan accounts a borrower can have. As long as the individual has enough income to support all of them, they can hold multiple personal loans.

Some lenders may have restrictions on the number of active loans a customer can have with their specified institution, but it is common to see individuals with two or more loan accounts open across various institutions.

Final Thought

In conclusion, the Upstart platform offers competitive rates for individuals with good credit scores and has flexible demands that make it open for those with lower incomes. However, they may control loan terms and charge origination fees, which should be carefully calculated before receiving a loan.

Additionally, while there is no set maximum amount for personal loans or restrictions on having multiple personal loan accounts, it’s important to carefully consider your financial potential to handle multiple loan payments before taking on additional loans with this platform.