What we like:
Use of advanced data and algorithms in application
|Rates (APR)||7.99% – 35.89%|
|Loan Terms||3 or 5 years|
|Loan Amounts||$1,000 – $50,000|
|Fees||Origination fee: 1.5% – 6%|
Prepayment penalty: None
Founded in 2016, Upgrade is an online lending platform that utilizes technology to help borrowers access loan products faster. It offers personal loans, lines of credit, free credit monitoring, and online education tools.
Upgrade’s goal is to help its customers secure affordable credit and make responsible financial decisions. In addition to free credit monitoring, customers receive personalized loan recommendations based on their credit history.
If you’re looking for a way to consolidate your debt, pay off credit cards, or finance a large personal project, you might consider taking out a personal loan from Upgrade. Let’s look more closely at how you can apply for an Upgrade personal loan from this company.
In this review:
- Applying for an Upgrade Personal Loan
- Upgrade Loan Rates, Terms, Fees, and Limits
- Benefits of an Upgrade Personal Loan
- Downsides of an Upgrade Personal Loan
Applying for an Upgrade Personal Loan
Applying for a personal Upgrade loan is a fairly straightforward process. Upgrade outlines the following steps for new customers on its website:
- Check your rate online: The first step is to find out what kind of annual percentage rate you qualify for. You can find this out within minutes on Upgrade’s website. And because Upgrade does a soft pull on your credit, there won’t be any negative impact to your credit score at this stage in the process.
- Choose an offer: Once you find out the loan amount you qualify for, you can choose the amount you need.
- Receive funds quickly: Once you’ve accepted your loan offer — after which Upgrade does conduct a hard credit pull — Upgrade sends the money directly to your bank account within a day.
Upgrade customers can apply for the following products and services:
Upgrade Personal Loans
Upgrade personal loans can be between $1,000 and $50,000 at low fixed rates. These loans are unsecured, so customers don’t have to use their homes or cars as collateral. Upgrade provides flexible repayment terms and will even let customers change their payment dates to fit with their monthly budget. To secure the lowest rates, borrowers must sign up for autopay.
Upgrade Personal Credit Lines
Upgrade also offers personal lines of credit up to $50,000. Unlike personal loans, customers can take out and pay interest only on the amount they need. Upgrade sets fixed rates for credit lines, too, so it’s easier to budget for monthly payments.
Upgrade Loan Rates, Terms, Fees, and Limits
Upgrade offers two loan options for potential borrowers. The first is a traditional personal loan:
- Rates: Personal loans have a fixed APR of 7.99% to 35.89%.
- Terms: The repayment terms are either 36 or 60 months.
- Fees: There are no prepayment fees but there is a one-time origination fee ranging from 1.5% to 6%. Late payments may result in a fee if your full payment is not received within 15 calendar days of your due date.
- Limits: Borrowers must be at least 18 years old and provide a valid email address and bank account number.
Here is the basic information about taking out a personal credit line through Upgrade:
- Rates: Personal credit lines have a fixed APR of 6.49% to 35.89%.
- Terms: Not disclosed
- Fees: There are no prepayment or origination fees.
- Limits: Borrowers must be at least 18 years old and must provide a valid email address and bank account.
Benefits of an Upgrade Personal Loan
There are many benefits to taking out an Upgrade personal loan. The loan application process is easy, and you can check your rates without hurting your credit score since Upgrade does an initial soft pull on your credit.
Upgrade uses a variety of factors to determine a borrower’s eligibility. It looks at qualifications like a borrower’s credit score, credit usage, and overall financial history.
Upgrade may be an especially good choice if you need to access funds quickly. Once you accept your loan offer, you could receive loan proceeds as soon as the next business day.
Plus, Upgrade can be a great resource to help you improve your financial situation. The lender makes personalized loan recommendations and provides free credit health tools to all its customers. This includes free credit monitoring, educational articles and resources, and email alerts about potential fraud.
Downsides of an Upgrade Personal Loan
Using Upgrade as your lender does have a few drawbacks. First of all, Upgrade personal loans aren’t available in all 50 states. Borrowers in Iowa, Colorado, Maryland, Vermont, and West Virginia won’t be able to apply.
Upgrade’s interest rates are generally higher than other online lenders. For instance, SoFi personal loans have a maximum loan amount of $100,000 with APRs from 6.79% to 15.49%. Plus, SoFi doesn’t charge any origination fee and will pause your loan payments if you suddenly lose your job.
Upgrade personal loans could be a good option for borrowers interested in taking out a personal loan or line of credit for various purposes. Especially if interested in debt consolidation loans or home improvement loans. It offers a comprehensive service that includes free credit monitoring and educational tools, and the company plans to expand on its products.
However, Upgrade isn’t available everywhere, and you may be able to find a lower rate with another lender. Here are a few things to keep in mind if you’re thinking about applying:
- You can find out what kind of rate you will qualify for through Upgrade without hurting your credit score.
- Factor in the origination fees on your total loan amount.
- If you take out a personal loan, the maximum repayment period is 60 months.
- Make sure you shop around with other lenders so you can find the lowest rate and best repayment terms for your particular situation, particularly if you have excellent credit.
Author: Jamie Johnson
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