What should I do if I’m having financial difficulties, and I can’t make my loan payment?

Upstart offers relief options for people experiencing financial difficulty. 

Utilizing the Grace Period: With every due date, you automatically receive a 15 day grace period. A late fee will be assessed on the 16th day an account becomes past due. 

Bringing the account to current before the next due date: Accounts are reported to the credit bureaus as of each due date. If an account is current by its next due date it will not be reported as past due.

Making multiple smaller payments that add up to the monthly amount due, on the dates that work best for you: Split payments can be made at any time from your dashboard or over the phone. If you do plan to make smaller payments when you are able, please keep in mind the last day of grace, our credit reporting policies, and that interest accrues on a daily basis. Also please be aware that one-time payments do not cancel out recurring payments. However, you may turn off the recurring payments at any time through your borrower dashboard.

Hardship Assistance: Upstart does provide financial assistance for times of difficulty and we hope to offer suitable options once your eligibility has been determined. The first step to determine financial hardship eligibility is to fill out this hardship assistance request form, https://www.upstart.com/hardship_assistance_requests/new 

You must be logged into your account in order to access the Hardship Link. During the review process, you may be asked to provide documentation to support your request. If your request is approved, you will be notified via email at your email address on file along with an update on your dashboard within 10 business days. 

Please keep in mind, under a hardship plan, loans are reported to credit agencies with either the code “modified” or “forbearance,” which may impact credit rating. Simply applying for Hardship assistance will not affect your credit. Credit may only become affected if hardship assistance is accepted from the dashboard once approved.

Please note that if you have scheduled payments enabled, we have not canceled them. You can do so by logging into your account and clicking the ‘scheduled payment’ tab then edit payments button. Scheduled Payments may be canceled if hardship assistance is approved. 

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