How to Get a Second Personal Loan Through Upstart

By Upstart Content Team | Updated November 18, 2022
reading time 4 min read

If you’ve already taken out a personal loan through Upstart, you know how simple and seamless the process is. The next time something pops up, and you need to borrow money, you might wonder whether you can take out a second personal loan, even if you’re still working on paying off your first loan. 

The answer is yes—if you meet specific qualifications. We’ll walk you through how to figure out if you’re eligible to get a second personal loan through Upstart and, if you are, how the process works.

Am I eligible to get a second personal loan through Upstart?

We work with borrowers who need to take out a second personal loan, within limits. To figure out whether you’re eligible, first figure out which category you fit into:

1. If you’re still paying off your first loan through Upstart

We understand if you need to borrow more money—but to ensure you’re not overburdened, we’ve set up key criteria if you’re still paying off your first personal loan through Upstart. If these criteria are true, you may be eligible for a second loan.

  • Your previous six consecutive loan payments on Upstart were made on-time
  • You currently have no past due payment
  • You only have one active loan through Upstart
    • Your current loan was made with Cross River Bank or FinWise Bank (you can find out who your lender is on your promissory note in your account)

Upstart second personal loan navigationRemember that you won’t be eligible to apply for a new loan until at least seven months have passed since you took out your current loan. For example, if you were approved and received your money in January, your payments may not have started until February. After that, you’ll need to have made at least six on-time payments, which you’ll have done by July. 

In addition, this also means you’re limited to a maximum of active two personal loans on Upstart at one time. If you are taking out a second loan, the combined outstanding principal amount of both loans cannot exceed $50,000. Additional conditions may apply. 

It’s also important to note that if you’ve made any payments on your loan but haven’t cleared yet, you’ll need to wait to apply for a second personal loan until it’s finished processing. This ensures that this most recent payment counts toward the requirement of six consecutive on-time  payments. 

2. If you’ve already paid off your loan through Upstart

If you’ve already paid off your first Upstart-powered loan, congratulations! You’re eligible for another Upstart-powered loan if your six most recent loan payments were all made on time and have cleared the bank. 

If you don’t have a track record of six recent payments, there could be several reasons. You may have made one or more of those payments late, or maybe you paid off your loan before you had a chance to make six on-time payments. Either way, you’re still eligible to apply for a second loan through Upstart, but you’ll need to wait 60 days before applying. 

How do you take out a second loan through Upstart?

If you’ve taken out a loan through Upstart before, you’ll be happy to know that the process to apply for a second personal loan is essentially the same as before. If you meet all the criteria above, you don’t need to use a new email address and can do the second loan process while logged into your current account.

Note: Currently, you would need to create a second application with a different email address if you didn’t have your first Upstart-powered loan with Cross River Bank or FinWise Bank.

Upstart second personal loan dashboard

The steps are as follows:

  1. Log into your Upstart account and go to your main dashboard
  2. Scroll down and click on “Check My Rate” to begin your second loan application
  3. Review your loan application
  4. Choose the offer that is best for you
  5. Loan decision
  6. Loan funded

Pros and cons of taking out a second loan through Upstart

It’s wise to consider the benefits and drawbacks of any big financial move before you do it, including taking out a second loan. Here are some things to consider:

Pros

  • You can open new possibilities: Taking out a second personal loan can help you unlock new possibilities, such as moving to a new part of the country, getting the medical care you need, or consolidating high-interest credit card debt to make it easier and simple to pay off.
  • You may be able to get a better rate: If you didn’t miss any payments on your previous loan on Upstart, your credit score might have gone up since you last applied. That means you may be able to get a better rate, too.
  • You’re already familiar with how Upstart works: Since you’ve already taken out a loan through Upstart before, you’re already familiar with how things work. You’ll know what documents you need, what to expect, and how to manage your loan because you’ve done it before.

Cons

  • You may impact your credit: Taking on more debt can affect your credit score. Taking on two loans at once can raise your risk of making a late payment, potentially hurting your credit.
  • You can get caught in a debt cycle: Personal loans are good when used wisely, but not if you rely on them exclusively. Remember to save up for emergencies and other financial goals, too.

Check your rate on a second loan

If you need to borrow money, consider checking your rate on a new loan through Upstart. You might find that you may qualify for an even better rate this time, and that can make paying off your new loan even easier than before.

About the Author

Upstart Content Team

The Upstart Content Team shares industry insights, practical tips, and borrower success stories to help people better understand the important “money moments” of their lives.

More resources you may be interested in

What Is a Personal Loan Origination Fee? Is It Worth Paying?
What Is Interest and How Does It Work?
Does Refinancing Hurt Your Credit? What You Can Expect

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1. When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.