Written by Ben Tejes
Updated Nov 13th, 2023
The information provided in this article does not, and is not intended to, constitute legal or financial advice; instead, all information, content, and materials available in this article are for general informational purposes only. This article may contain links that help support this website.
Thankfully, Upstart allows individuals to apply and potentially receive a second loan (
source), but you may be reviewing the requirements and feel confused.
As such, I wanted to present the base requirements for a second loan, and also a link how to apply for a second loan.
Second Loan Requirements
Upstart has put together specific requirements for a second loan, so let's cover those next.
- On-time monthly payments for six pervious consecutive months.
- No currently past due or in progress payments.
- No more than 1 outstanding Upstart loan at the time of application.
- No more than $50,000 of outstanding principal at the time when the loan originates.
- If you paid off your existing loan:
a) You may have made on-time monthly payments for 6 consecutive months, and you are able to apply for the second loan after the most recent payment has cleared.
b) Any of 6 months were not on time OR you paid off loan BEFORE 6 months payments, there is a 60 day cooling off period before reapplying.
How to Apply For A Second Upstart Loan
It's quite simple to apply for a second Upstart loan.
1. You can click the button below to get started applying for a second Upstart loan. Also, checking your rate for the second loan will not affect your credit score.
2. Upstart states that you may have to use a different email address than what you previously use for your other application.
You may wonder if you will have to tell the Upstart credit analyst that you are applying for a second loan, so let's cover that next.
Do You Need to Tell Your Credit Analyst That You Are Applying for a Second Loan?
When you apply, your loan may be reviewed by a credit analyst, so you may wonder whether you would have to tell that individual that this is your second loan. No, my hypothesis is that you would not have to tell the credit analyst.
Why?
The reason is that you use either the last 4 of your social security number or your full number when you apply for the loan.
Upstart will pull a soft credit inquiry when you check your rate, so Upstart's system should be able to see that you already have a loan with Upstart.
If You Meet These Requirements, will you automatically get approved?
For example, let's say you received an Upstart loan 8 months ago, and have made on time payments from the get go. That said, let's say that one or two of your credit cards are currently delinquent, so you want an Upstart loan to consolidate both the delinquent accounts and the original Upstart loan.
Unfortunately, that would not pass Upstart's following minimum credit requirement, "5) No current delinquent accounts listed on your credit report".
Should You Take A Second Upstart Loan?
Taking a second Upstart loan is ultimately your decision and you know your finances best. Here are 3 things to consider when taking out a second Upstart loan that may help you make the most informed decision:
- Will you save money if you consolidate all of your debt even after you account for Upstart's origination fee.
- A debt consolidation loan can help you consolidate your credit cards and make your overall payment cheaper, but will you use 100% of the funds for the loan to consolidate the credit cards? And, will you not use your credit cards going forward? Too many people I've spoken with may get that second Upstart loan, but then won't consolidate 100% of the debt or will use their credit cards again.
Also, if you want to compare a second Upstart loan to other loan options, you can check our article covering top debt consolidation loans and what to look for.
In conclusion, hopefully, you can observe the second loan requirements below, and make the most informed decision for your financials.
