Upstart — What documentation will verify my income? (2024)

FAQs

Upstart — What documentation will verify my income? ›

A complete 1040 tax return from the previous tax year that reflects your reported taxable income, AND Proof of recent income in the form of a digital deposited check image, invoice, OR pay stub.

Proof of income may include pay stubs, employment letters or income tax returns, depending on your source of income. "Self-employed individuals may need to provide additional documentation such as business financial statements (profit and loss or income statement or business tax returns)," says Werner.

Most recent pay stub (within 30 days) showing your salary or hourly wage. If you do not have your first pay stub yet, please submit your official job offer stating your compensation and start date.

Key takeaways: Lenders require income verification because they don't want to approve a loan you can't afford. Modern technology allows lenders to verify income from many employers electronically. If you receive your income in cash, you should be able to prove it with bank statements or tax returns.

A complete 1040 tax return from the previous tax year that reflects your reported taxable income, AND Proof of recent income in the form of a digital deposited check image, invoice, OR pay stub.

Some common documents to have on hand: paystubs, tax returns, W-2 and bank statements, among others.

A proof of income letter, otherwise known as a salary verification letter, is an official document that proves you're currently employed and earning a salary. Providing a proof of income letter is common for those needing to prove they have a job to secure a loan or sign a lease.

One of the most common forms to verify proof of income is a pay stub. Pay stubs are generally used because they offer information such as the job title, the gross income in the pay period, the actual income, year-to-date tax deductions, and much more.

What does Upstart require? ›

To qualify for a loan, all loan borrowers must:

Have a U.S. address; Have a valid e-mail account; Have a job or job offer he/she has accepted and will start within 6 months or another verifiable source of regular income; Meet our minimum credit requirements; and.

Personal loans can verify employment, but it doesn't always happen. It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.

No, Upstart does not approve everyone. To qualify for a personal loan through Upstart, you need to be at least 18 years old (19 in NE and AL), have no bankruptcies or public records on your credit report, and have an annual income of at least $12,000, among other requirements.

For employees, proof of income is straightforward. It's typically a combination of a W-2 form that is provided by the employer and your latest bank statements. The W-2 form is especially accurate since it shows your true income as a factor of your wages plus deductions.

However, there are some lenders that offer loans without requiring income verification. These loans tend to fall into three main categories: loans for excellent credit, secured loans, and pawnshop loans.

Card issuers sometimes ask you to verify your income, which you may be able to do by submitting copies of income-related documents, such as a tax return or pay stub. Alternatively, you may be able to give the card issuer permission to contact the IRS to verify your income.

You can apply for and receive a personal loan if you don't have a job. However, getting approved may be difficult without an income and you could jeopardize your finances if you can't manage your payments.

Flexibility: If you have non-traditional income streams, you can use your bank statements in lieu of traditional income documents to qualify for a loan. Accessibility: You don't need perfect credit to get a bank statement mortgage, as some lenders accept borrowers with credit scores as low as 620.

You can get a personal loan with a job offer letter through Upstart, as long as the offer letter states your future start date and compensation. Some other lenders may also accept a job offer letter as proof of employment, but it's not common for major personal loan providers.