Applying for a loan may have an impact on your credit, but it depends on the type of inquiry. There are two types of inquiries: soft and hard.
When you check your rate, Upstart begins with a “soft credit inquiry". This means we check your credit without affecting your credit score, but you may see an inquiry when you view your report. Your credit score remains unchanged when you check your loan rate through Upstart.
However, if you decide to proceed with the loan application, the lender will then make a “hard credit inquiry” just before you sign the promissory note. This type of inquiry will impact your credit score and will show up on your credit report.
In summary, checking your rate with Upstart won't affect your credit score because it's a soft inquiry. But if you accept your offer and proceed with the loan application, a hard inquiry will be done, and it may have an impact on your credit score.