You can have at most two outstanding Upstart loans at the same time. If you already have two existing Upstart loans and want to get a third loan, you need to pay off one of your loans first to qualify. Moreover, there are specific requirements and conditions that you need to meet to get multiple loans from Upstart. In short, borrowers with a good credit standing and consistent repayment record in the last six months will have higher chances to qualify. If you have defaulted on your recent loan payments, you'll less likely to get a second loan from Upstart.
Requirements to Get Multiple Loans from Upstart
Suppose you already have an outstanding Upstart loan but wish to borrow again. In that case, one of the essential conditions is that your outstanding principal balance at the time of loan origination should be $50,000 or less. You should also not have any defaults on your payments in the last 6 months and have no past-due payments. Most importantly, at the time of application, you should have only one outstanding loan with Upstart because you can only have two loans with them simultaneously.
Moreover, if you already paid off your first Upstart loan but have late payments in any of the last 6 months, or if you paid your loan in full within less than 6 months, there will be a cooling-off period of 60 days before you can reapply.
Upstart Loan Alternatives
If you find it difficult to get a second loan from Upstart for one reason or another, you may consider checking out alternative online loan marketplace options such as iPaydayLoans, US Installment Loans, US Title Loans, PersonalLoans, and BadCreditLoans. There are many advantages to using these marketplaces, such as convenience, ease of use, and safety of information.
These online platforms like iPaydayLoans have more than 100 lenders in their panel, allowing you to connect with reputable lenders without reaching out to lenders one by one. After submitting your information through their secure online form, you'll just have to wait for the loan offers from lenders to come in. With iPaydayLoans, you can borrow up to $35,000 in personal loans and up to $5,000 in installment loans. Other types of loans are also available on the website including installment loans, cash advances, title loans, and short-term loans.