More than one loan with Upstart –
It is possible for the borrower to take more than one loan with Upstart. They can take maximum 2 months at a time. But in order to be eligible for the second loan, they must have made on time payments monthly for the last six consecutive months. It means that the payment should have been made on time within the 15 day grace period. Also they should not have any past due payment. There should not be more than $50,000 as outstanding principal at the time of origination of the loan. Borrower can apply for the second loan only after the most recent payment is clear. They can apply only after 14 days from the payment date.
Also if the borrower had completed paying off the existing Upstart loan and if any of the six recent monthly payments were not on time or if the borrower had paid off the loan before reaching 6 monthly payments then they cannot apply immediately for the second loan. There would have to wait for 60 day cooling off period. After that only borrower can apply for the second loan.
If payment is still at processing stage on the existing loan, then Upstart will not be able to approve a new loan application. This pending payment is counted as their sixth most recent payment and it must be process successfully for the new loan to be approved and also provided the other conditions are met. To apply for the second loan, borrower will need to use a different email address that what was used for first loan application.
User has to be very careful while taking second loan as it can push you into negative cash flow if not managed properly and carefully. It will impact your credit scores if you misses out on monthly payments. One will eventually get into a debt ridden cycle where the interest charged is more than what they can pay off. So it is always beneficial to check the finances before considering the second loan to avoid the difficult situations. Borrowers needs to be very wary of the same.