Upstart — Can I apply for a second loan? (2024)

FAQs

Upstart — Can I apply for a second loan? ›

If you have finished paying off an existing Upstart 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).

There's no rule that limits the number of personal loans you can have at one time, so you can have two or more.

You can have three personal loans at once. There is no official limit on the number of personal loans you can have at the same time.

Key takeaways. It's possible to take out a second personal loan, but you'll likely be subject to borrowing caps imposed by the lender. The lender may also require you to make a set number of timely, consecutive payments before approving you for a second personal loan.

If you're looking to reapply for a personal loan with the same lender that already denied your application, you will likely need to wait a while before submitting a new request. This time frame varies depending on the lender and may range from 30 days from the date of last application to up to six months.

You can have as many loans as lenders will approve for you, but there are practical limitations. The more personal loans you have, the harder it will be to qualify for another loan. Every time you take out a loan, you'll increase your debt-to-income (DTI) ratio.

You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts.

There's no official limit to the number of personal loan accounts you can have, as long as you have the income to justify all of them.

Upstart Overview

While many lenders on this list require a good to excellent credit score, Upstart is designed for those with poor credit. You can borrow between $1,000 and $50,000. Upstart is not a direct lender — it's a lending marketplace that can match you with eligible banks and credit unions when you apply.

You can borrow as much as a lender will let you. This includes getting multiple personal loans. When applying for more debt, however, it's important to consider your own finances and goals.

Why do people take out second loans? ›

These loans often come with low interest rates, plus a tax benefit. You can use a second mortgage to finance home improvements, pay for higher education costs, or consolidate debt. However, there are risks when taking out a second mortgage, and they can be substantial.

Impact on credit score – the more loans you apply for, the more your credit score will be checked. Lenders will be able to see your applications and approvals for other loans, so they may consider you a higher risk. Debt accumulation – the more loans you have, the more debt you accumulate.

Personal loan amounts vary widely among lenders. While some lenders allow you to borrow up to $100,000, others offer loans only up to $20,000. Most base your maximum loan amount on financial factors, like your annual income, your credit score and your repayment history.

Borrowers can have more than one personal loan, but how many loans and how much you can borrow depends on a lender's requirements and whether they'll approve a second or third loan. Managing multiple personal loans can also strain your budget, so it's worth considering alternatives before turning to another loan.

Mortgages, auto loans and personal loans are all installment loans. There is no set rule on how many installment loans you can have at once. As long as you have the income, credit score and debt-to-income (DTI) ratio that a lender requires, an installment loan from another lender won't be held against you.

Even though you can take out multiple loans at a time, it's not always a good idea. Struggling with existing debt plus additional monthly payments with a new loan, could take a large portion of your income and make it more difficult to fulfill your other monthly responsibilities.

Upstart Requirements & Application Info

Minimum credit score: You will need a credit score of at least 300 (in most states) to qualify for a loan through Upstart. Many other lenders on the market require a credit score of 660 or higher.