Upstart Loan Requirements in (2022)

 

Hello, and welcome to our Blog!I’ve added a new blog entry for my current blog about the requirements of upstart loan for applicants in India. We have already made some significant changes in this blog post on the same issue and will be releasing another one soon enough with all those updates. So stay tuned!

Lending Club — Upstart Loans

Lending club is an online platform that provides financial products such the loans, investments, insurance, and other services. There are so many investors who need money and there can be people who want high level of security. Lending club offers the different kinds of loans like personal loans, car credits, student loans, business startup loans, etc.

The customers are given with great discounts when they apply for these loans. They can choose from a wide range of loan amounts asper their requirement.

The company was founded by Steve Vantu and Brian Moynihan in 2008.

There are a lot of lending companies available in the market which has no collateral that can meet credit check. It is not right place to get your application approved without applying to any lender or bank. In contrast, Lending Club has no collateral and it helps you to secure money easily so you don’t need to worry about.

This company provides a flexible option for borrowers.

These loans are non-recourse loans where only interest and principal payment are paid. You don’t need to pay back the loan amount even if you miss repayments.

This service of banking is quite good but some requirements which needs fulfilment.

To get approved on the Lending club you need to keep following the below points and follow their guidelines:

1) Submit Documents As Proof:

For applications submitted online, you need to submit some documents to support your claims. Along with the documents you can submit various documents while filling up these forms.

But to be eligible for your loan you must be having enough documents such as Aadhar card, PAN Card, Identity proof of the applicant, etc.

There is no minimum number of documents required, to get the approval on Lending club, you need to provide evidences of repayment records along with Aadhar/PAN Card, ID & KYC.

Lending club doesn’t use Aadhar or PAN Card as document verification.

Apart from Aadhar and PAN Cards, you also need to present any government identity proofs.

If you want to make a claim for the personal loan, you will need Aadhaar.

All these three types of documents will help in getting the approvals.

Before submitting them, take time to understand and know what is needed of each type of document, so that you can choose only the one which is relevant to your application and can match your application with the right information on the website.

2) Upload Documents Only Once:

The documents will be uploaded into the system while uploading them again.

The document should be uploaded into the application form and the information will be visible on the screen so that it is seen by everyone. Make sure to upload in one way, this applies to both documents. Now whenever you want to upload more documents just update the application form and once you upload the complete set of documents, go to the next screen and come back.

This feature is not available to the general public users but only to a few institutions.

3) Provide Credit Score :

In case, you have borrowed money before you have a credit score then you need to provide a copy of your first year's credit report.

A person who has less or equal credit score cannot avail the service of Lending club. Also, for the applicants with higher score, there isn’t any drawback. On the other hand, for the applicants with lower score, the company limits its facility to individuals who can prove their income and income statement are satisfactory.

4) Payment Status:

There are two types of payments which you need to comply with.

Firstly you need to accept the charge and secondly you need to transfer it through cheque to the account.

Any person who takes out any personal loan will provide his personal details such Aadhar, PAN card, income statement, passport size photo, bank account number, and address.

These details are used to confirm your identity. You should not display any negative evidence such as credit limit less than Rs. 10 Lakh, bad credit history, previous defaulted loan, missed repayment, missed dues and late paying, etc.

If you want to extend the loan without providing these details then you need to provide the documents mentioning your details at the time of submission.

Similarly to verify if they are genuine then you need to prove your income, bank account, income statement, and the reason why your application didn’t come through for your loan.

5) Providing Bank Details (If applicable):

This is one of the most important things in order to get approved from Lending club. Every banks have different policies and policies regarding the borrower.

Generally, there are no limitations regarding the account.

Thus to get the approval to open up your account you need to provide your bank account details. Some of the banks offers free opening up your accounts once you do your application by keeping the bank details confidential.

Nowadays there is no discrimination in terms of loan availed by all the private banks. Apart from that, banks are also offering easy options to get the accounts like OTP and EFTI and you need to fill them in the account form.

6) Application Process:

Even after getting the approval you need to continue the process of application through the same mode. You need to apply on the website, fill up all the fields, make sure the documents are correct, and after doing everything correctly they will send your application in two weeks after getting the permission.

After receiving the application email you need to print it, and if required you need to sign it.

7) Approval Status:

At the end of the process, your application will get approved by the bank and the money will reach your secured accounts.

The lender keeps checking the documents before approving you for the loan and you don’t have any issue with the application.

If you have made mistakes or anything then you need to fix them and start afresh.

8) Receive Online Appointment: When you’re done with your application process, you need to download the appointment link and click here to receive the appointment letter.

Then you are shown the location for the meeting.

9) Payback Period:

You need to spend at least 50% of the loan amount before the completion of the loan application process. In this way, you can see how much money you need to pay back to the lender for the loan.

If you fail to follow the procedure then you need to pay back the amount in 30 days from getting the application through the application form.

This rule applies specifically for the Personal loans or Business startup loan.

So if any mistakes were made through the application process then it cannot affect your approval status.

Therefore, you need to pay back the amount in 30 days from submission.

10) Loan Amount Limit:

Lending club can provide you with only 6 months of the loan.

Once they finish the loan application process, then it will immediately go to the lender for sanctioning with a maximum loan size of Rs.50 Lakh.

Lending club allows the borrowers to get up to 10 months after refinancing the loan. However, you can get up to 12 months of the loan with the condition that you need to pay back the entire loan amount within a specified period.

11) Loan Option:

Lending club is offering four choices of loan which includes personal loans, business startup loans, SBA loans, home equity loans, and student loans.

Now you need to select any loan you need based on your application. Each institution offers five loan options, however, they don’t mention the monthly repayment as well.

12) Interest Rates:

Lending club will give you the option to choose the interest rate.

You can check on the website to find out the interest rates offered by different lending institutions.

There is nothing to pay back the amount until the loan is sanctioned but you can think of the refinancing option after a certain period. Usually, Lending club has 8 interest rates, which are fixed for 4 months.

You need to check on your application in order to receive the rates and the duration it will take you to pay back.

13) Repayment Period: Lending club will offer you the period for repaying the loan. One month is the minimum repayment period and the maximum is 28 months. Though the repayment period is mentioned on the webpage, you must use the exact date of application submission to collect the repayments. It will depend upon the institution.

14) Fax Required:

If you need the fax number to obtain your loan then you have to enter the fax number when applying for the loan. Otherwise, no fax number is required.

15) Late Payments:

If the borrower missed the repayment period then he/she needs to pay the full amount as soon as possible so that the deadline is met. Most of the loans are provided with 24 hours extension, otherwise late payments can increase the late fees and penalty. In case, the applicant is able to pay off the debt then it will be considered as “Late” or "Late payment" and it might decrease the total repayments to 15-20% of the original loan.

16) Annual Fee:

It is optional to get the annual fee, sometimes these kinds of services are not charged by the provider as additional charges. Here the fee varies between the lending source institutions.

Apart from these, the annual fee is mandatory for commercial lenders.

17) Minimums:

If you are looking for a quick loan and you have short term personal finance then the loan provided on Lending club is limited in the following ways:

- Personal loans : 2 months

- Startup business loans : 1 month

- Equipment Finance: 3 months

- Home Equity loans: