Overview
Congratulations! Your loan has been approved! Before everything is finalized, you will need to review your payment options, select a payment date, undergo a hard credit inquiry, and sign your finalized promissory note and Truth in Lending Act (TILA) disclosure to complete the loan process.
This guide walks you through what happens next, including how to select your payment preferences, when your loan funds will be disbursed, and how to manage your repayment plan.
1. Select Your Payment Preference & Payment Date
Before finalizing your loan, you must choose how and when you want to make your payments.
✔ Select a Payment Method:
- AutoPay (Recommended): Automatically debit your loan payments from your bank account each month.
- Manual Payments: You can also choose to make payments manually each month.
✔ If AutoPay selected, Choose a Payment Date:
- If AutoPay was selected you must select a payment date before proceeding to final loan approval.
- Color-coded outlines indicate your due date vs. your selected payment date to help you choose.
💡 Tip: If you enroll in AutoPay, you will need to authorize the lending partner to automatically debit your selected account on your chosen date.
2. Hard Credit Inquiry
After you accept your rate and indicate that you want to proceed with funding, a hard credit inquiry is performed.
✔ If successful, your loan is officially approved, and you will be directed to DocuSign to finalize the process.
✔ If there are any issues, you may be notified that additional steps are required before final approval.
💡 Tip: A hard credit check may cause a temporary dip in your credit score, but making on-time payments can help improve your score over time.
3. Review and Sign Your Loan Agreements
After selecting your payment preferences, you will be directed to:
✔ Review Your Final Loan Terms & Approval Disclosure – This includes your loan amount, interest rate, repayment schedule, and total cost of the loan.
✔ View & Sign Your Promissory Note – Once you’ve reviewed the terms, you must electronically sign your loan agreement to proceed. This also includes signing the Truth in Lending Act (TILA) disclosure.
💡 Note: If you decide not to proceed with the loan, you can select “DECLINE LOAN” before signing.
4. Loan Funding Timeline
Once your loan is finalized, funds are typically sent within 1–3 business days.
✔ Personal & Relief Loans: Funds are sent directly to your bank account.
✔ Auto Loan Refinancing: The payoff process for your previous lender may take 5–15 business days depending on your lender and state title transfer process.
💡 Watch for an email confirmation once your loan funds have been disbursed.
5. Manage Your Loan & Payments in My Account
✔ Monitor Your Payment Schedule – View upcoming due dates and payment amounts.
✔ Make Additional or Early Payments – Upstart loans have no prepayment penalties, so you can pay off your loan early at any time.
✔ Update Your Contact or Bank Information – Ensure your details are up to date to avoid payment issues.
💡 Tip: Keep an eye on your My Account Documents and Notices for important loan updates.
Next Steps
Now that your loan is approved, make sure to select your payment preferences, review your loan terms, and track your funding timeline to stay on top of your repayment.
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