If you already have a loan with Upstart and are considering applying for a second loan, there are certain eligibility criteria and guidelines you need to be aware of. This article will provide answers to frequently asked questions about having multiple loans with Upstart, including the requirements for qualifying for a second loan and the waiting periods involved. Understand the conditions that must be met to be eligible for another loan and learn how to navigate the process effectively.
How Many Loans Can You Have with Upstart?
The short answer is you can get up to two loans with Upstart if you meet the eligibility requirements. However, you should always compare your options with other lenders since you may qualify for better rates and terms. Upstart offers both personal loans and auto refinance loans.
If you have previously obtained a loan through Upstart and are interested in applying for a second loan, it is important to understand the guidelines and requirements set by the platform. Here are the key factors to consider:
Eligibility for a Second Loan
In order to be eligible for a second personal loan from Upstart, you must meet the following criteria:
- Have made on-time monthly payments for the six previous consecutive months. On-time payments refer to payments received during the 15-day grace period.
- Have no currently past-due or in-progress payments.
- Have no more than one outstanding loan through Upstart at the time of application.
- Have no more than $50,000 of outstanding principal at the time the loan originates.
If you meet these requirements, you may be eligible to apply for a second loan from Upstart.
Application Process for a Second Loan
If you have successfully paid off your existing Upstart loan and have made on-time monthly payments for the six previous consecutive months, you can apply for a second loan. However, there is a waiting period to keep in mind.
After your most recent payment is cleared, which occurs 14 days from the payment date, you can submit an application for a second loan. It is important to note that this waiting period allows Upstart to process your previous loan and ensure your eligibility for another loan.
Cooling-off Period
In certain cases, a cooling-off period applies before you can reapply for a second loan. The cooling-off period occurs if you have paid off an existing Upstart loan, but any of the six most recent monthly payments were not made on time, or if you paid off the loan before reaching six monthly payments.
In these situations, you will need to wait for a 60-day cooling-off period before reapplying for another loan with Upstart.
Key Takeaways
- If you have an existing loan with Upstart, you may be eligible for a second loan if you meet certain criteria.
- Requirements for a second loan include on-time payments for the previous six months, no past-due or in-progress payments, and meeting the maximum outstanding principal limit.
- After paying off your existing Upstart loan and meeting the eligibility criteria, there is a waiting period of 14 days before you can apply for a second loan.
- In some cases, a 60-day cooling-off period applies if previous monthly payments were not made on time or if the loan was paid off before reaching six monthly payments.
View Article Sources
- Upstart Personal Loan FAQ — Upstart
- Upstart Personal Loans — SuperMoney
- Upstart Auto Refinancing — SuperMoney
