To qualify for a loan, all loan borrowers must:
1) be a U.S. citizen currently living in the U.S., or a permanent resident currently living in the U.S.; (unless military personnel on active duty, in which case it is not required that the applicant be currently living in the US.)
2) be at least 18 years old (applicants from Alabama and Nebraska must be at least 19 years old);
3) have a valid email account;
4) have a verifiable name, date of birth and social security number;
5) have a full time job, a full time job offer starting in 6 months (except if accepted to a partner bootcamp and seeking employment after graduation), a regular part time job or another source of regular income;
6) have a personal banking account at a U.S. financial institution with a routing transit number;
7) meet our minimum credit requirements; and
8) if an existing borrower on the Upstart Loan Program, the borrower/applicant must (i) have made on-time payments for your 6 previous consecutive payments, with no failed payments , (ii) have no more than one outstanding loan in the Upstart Loan Program at the time of application, and (iii) have no more than $50,000 of total principal outstanding at the time the loan originates.
9) if you have finished paying off an existing 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 have finished paying off an existing loan and any of the 6 most recent monthly payments were not on time or you paid off the loan before reaching 6 monthly payments, there is a 60 day cooling off period before reapplying.