Upgrade Loans

Online Loans

Loans

Upgrade Loans

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Easy to apply

5.0/5

Approval time

5.0/5

No hidden condition

4.0/5

Renewal rules

4.0/5

Service quality

5.0/5

Customer support

5.0/5

Borrower requirements

You must be 18+
Valid U.S. residential address
Stable and sufficient income
Min. Credit Score 600

Optional

Valid U.S. bank account

Contact information

Phone number: (855) 997-3100

Email: [email protected]

Shedule
Mon-Fri: 6am-6pm PT

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Tue

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Fri

Upgrade, headquartered in San Francisco, is a financial technology company that offers personal loans, lines of credit, and credit monitoring tools. Founded in 2016, Upgrade aims to provide affordable and accessible financial products to help consumers manage their finances.

Upgrade offers personal loans ranging from $1,000 to $50,000. This wide range accommodates various financial needs, from small expenses to significant investments. The loans are unsecured, meaning they don’t require collateral, which can be a relief for many borrowers.

Upgrade does not publicly disclose a minimum credit score requirement, borrowers with fair to good credit are more likely to be approved and receive favorable rates.

Loan Terms and Conditions

Loan parameters

Loan Amount

$1,000 to $50,000
APR

8.49 - 35.99%
Term

24 to 84 months
Min. Credit Score

600
Time to receive funds

1 day

Borrower Requirements for Upgrade Personal Loans

Age: Must be at least 18 years old.
Income: Demonstrate sufficient income to support loan repayments.
Credit Score: Fair to good credit score is preferred; exact minimum not disclosed.
Employment History: Stable employment history is beneficial.
Bank Account: Must have a valid U.S. bank account for fund disbursement.
Identification: Provide proof of identity (e.g., driver’s license, Social Security card).
Financial Documentation: Submit income verification (e.g., pay stubs, tax returns) and bank account details.

How to Get an Upgrade Personal Loan?

Securing an Upgrade personal loan involves a straightforward online process designed to provide quick access to funds.

Gather Necessary Documentation

Prepare Required Information:

Proof of Identity: Driver’s license, Social Security card, or other valid identification.
Proof of Employment and Income: Recent pay stubs, bank statements, tax returns, and employment history.
Proof of Address: Utility bill, credit card statement, or similar documents.
Bank Account Information: Details for your bank account.

Prequalify for a Loan

Check Your Potential Rates:

Prequalification Process: Visit Upgrade’s website to check your rate online. This involves a soft credit inquiry, which does not affect your credit score.
Compare Rates: Review the estimated rates and terms you qualify for. This helps you understand your potential loan options without impacting your credit score.

Submit Your Application:

Online Application: Proceed with the full application on Upgrade’s website if you are satisfied with the prequalification results. This step will involve a hard credit inquiry, which may temporarily affect your credit score.
Provide Detailed Information: Enter all required personal, financial, and employment information accurately to avoid delays.

Review and Accept the Loan Offer.
Receive Your Funds.

How Upgrade Personal Loans Differ from Other Lending Institutions?

Aspect	Upgrade Personal Loans	Other Lending Institutions
Loan Amounts	$1,000 to $50,000	Varies widely, some offer smaller or larger amounts
Repayment Terms	24 to 84 months	Varies, typically ranges from 12 to 60 months
Interest Rates	Fixed rates, competitive but can be high	Varies, both fixed and variable rates available
Prequalification	Soft credit inquiry, does not affect credit score	Some offer soft inquiries, others require a hard pull initially
Fees	Origination fees (1.85% to 9.99%), late fees	Varies, some have no origination fees but may have other fees
Disbursement Speed	Funds available as soon as the next business day	Varies, can take several days to weeks
Use Restrictions	Cannot be used for education, investments, or gambling	Varies, generally similar restrictions
Credit Monitoring Tools	Offers credit monitoring and educational resources	Varies, not all offer these tools

Pros and Cons of Upgrade Loans

Pros

Wide Range of Loan Amounts
Offers loans from $1,000 to $50,000, suitable for various needs
Flexible Repayment Terms
Repayment terms from 24 to 84 months offer flexibility
No Prepayment Penalties
Allows early loan repayment without additional fees
Funds can be received as soon as the next business day
Prequalification Available
Check your rate without affecting your credit score

Cons

Origination Fees
Origination fees range from 1.85% to 9.99% of the loan amount
High Rates for Lower Credit Scores
Rates can be high for borrowers with lower credit scores
Late Fees and Other Charges
Late fees and fees for declined payments apply
No physical branches, all transactions are online
Use Restrictions
Cannot use loans for education, investments, or gambling

Upgrade Loans FAQs

What types of loans does Upgrade offer?

Upgrade offers unsecured personal loans and lines of credit. Personal loans range from $1,000 to $50,000 and can be used for various purposes, including debt consolidation, home improvement, major purchases, and unexpected expenses. Lines of credit provide flexible access to funds up to a set limit.

How can I use an Upgrade personal loan?

Upgrade personal loans can be used for a variety of purposes, including:

Debt Consolidation: Combine multiple high-interest debts into a single loan with a lower interest rate.
Home Improvement: Finance renovations, repairs, or upgrades to your home.
Major Purchases: Cover significant expenses such as weddings, vacations, or medical bills.
Unexpected Expenses: Address unforeseen financial needs without tapping into savings.

However, Upgrade imposes some restrictions on loan uses. For example, loans cannot be used for funding post-secondary education, investments, or gambling.

Are there any fees associated with Upgrade loans?

Yes, Upgrade charges an origination fee ranging from 1.85% to 9.99%, which is deducted from the loan proceeds. For example, if you take out a $10,000 loan with a 5% origination fee, you will receive $9,500. Additionally, there are late fees if you miss a payment and fees for declined checks or electronic payments.

How quickly can I receive the funds?

Once your application is approved, funds can be disbursed as soon as the next business day. However, the exact timing of fund availability depends on your bank’s processing times.

Can I pay off my loan early?

Yes, you can pay off your Upgrade loan early without incurring any prepayment penalties. This allows you to save on interest if you have the means to repay your loan ahead of schedule.

What if I miss a payment?

If you miss a payment, Upgrade charges a late fee. It’s important to stay on top of your payments to avoid these additional costs. If you anticipate difficulty making a payment, contact Upgrade’s customer service to discuss possible options.

How does Upgrade handle customer support?

Upgrade provides customer support primarily via phone and email. While they do not have physical branches, their online resources and support team are available to assist with any questions or issues you may have.

What is the prequalification process?

The prequalification process allows you to check your potential rate and loan terms without affecting your credit score. This involves a soft credit inquiry and provides an estimate of what you might qualify for, helping you make an informed decision before proceeding with a full application.

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Your comment

Tara

04 October 2024

I’m not sure I’d use them again.

Ashley M.

24 September 2024

Everything went smoothly with Upgrade, but I was hoping for a lower interest rate.

JJ Simonth

30 July 2024

Took out a loan to landscape my garden. It was quick and easy to get approved and the repayment terms were very manageable. Very pleased with the overall experience!