Upgrade Personal Loan Review

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

What is Upgrade?

Upgrade is an online lender that offers affordable personal loans and lines of credit along with credit health monitoring tools. The company, founded in 2016, has its headquarters in San Francisco, with offices in Phoenix, Chicago and Montreal.

Upgrade co-founders Renaud Laplanche and Jeff Bogan previously helped build LendingClub, the peer-lending marketplace that links borrowers with investors willing to fund their loans.

Upgrade’s mission is to make credit more affordable while educating borrowers on how to manage credit responsibly. What makes the company unique is its credit health monitoring platform, which helps users track their scores, visualize trends and stay on top of updates and changes.

Upgrade personal loan highlights

  • Origination fee: Upgrade charges an origination fee on all personal loans ranging from 2.90% - 8.00%. This fee is subtracted from your total loan amount before it is deposited to your account.
  • Quick turnaround: You can expect your funds to appear in your account within one to four business days, which is a nice perk if you need money fast.
  • Credit management tools: Upgrade offers free credit monitoring, as well as educational articles and personal finance resources.
  • No prepayment penalties: Upgrade doesn’t charge fees for paying off your loan early. This means you can save on interest if you close out your balance before the end of your loan term.

 

 

 

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.99%
To
35.97%
*
Credit Req.600Minimum Credit Score
Terms3 or 5 Years
Origination Fee1.5% - 6.00%

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Upgrade Disclosures

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 36 or 60 months
  • APR range: 7.99% – 35.97%
  • Loan amounts: $1,000–$35,000
  • Time to funding: 1-4 business days
  • Credit check: Upgrade does a soft pull when you check your rates and a hard pull once your loan is funded
  • Origination fee: 2.90% - 8.00%
  • Prepayment fee: None
  • Late payment fee: $10
  • Other fees: $10 for failed electronic or check payments

Upgrade product details

One perk of working with Upgrade is access to free credit monitoring, even if you don’t end up applying for or receiving a loan. You can use this tool to track your VantageScore 3.0, which gets updated each week.

There’s also a credit simulator for how certain scenarios (such as opening a new account) will impact your score, as well as educational articles to help you better manage your finances. Finally, Upgrade will send you email alerts if there is a major change to your score or suspected fraud.

Borrowers may take out an Upgrade personal loan for a variety of reasons, from home improvement to vacation to debt consolidation. But keep in mind that you cannot use your loan to pay for postsecondary education and expenses or on investments, gambling or illegal activities.

Eligibility requirements

  • Minimum credit score: 620
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To be eligible for an Upgrade personal loan, you must meet the following requirements:

  • Be a U.S. citizen or permanent resident or hold a valid visa
  • Be at least 18 years old (or 19 in several states)
  • Have a verifiable bank account
  • Have a valid email address

Upgrade does not provide loans to residents of Colorado, Iowa, Maryland, or West Virginia.

When you apply for a personal loan, Upgrade may request information about your employment status, including your employer’s name and contact information, as well as your hire date. You’ll have to provide your salary information during the application process, and you may have to submit documentation to verify your income.

If you’re self-employed, you can still apply. You’ll just need to provide your tax returns from the previous two years as well as additional tax forms and bank statements depending on your business type.

Applying for a personal loan from Upgrade

The first step to apply for a personal loan from Upgrade is to check your rate on its website. This is free and won’t impact your credit score, but you will have to provide some personal information, including your name, address, email and annual income.

Upgrade will perform a Soft Pull on your credit and come back with the loan offers, including interest rates, for which you qualify.  Once you choose to accept an offer and enter your bank account information, Upgrade will begin its loan review process. This is when you’ll submit documents that verify your income and employment status. The company will also do a hard pull on your credit.

You can check your application status in your online account, which you’ll create when you check your rate. This is also where you’ll find your “To-Do List” — required action items to finalize your application.

Once Upgrade completes its review and approves your loan, you can expect to see your funds in your bank account within four business days. Keep in mind: Upgrade deducts an origination fee from your total loan amount before transferring the money to your bank.

Pros and Cons of an Upgrade Personal Loan
Pros
Cons
  • Fast funding: You’ll receive your funds within four business days of final loan approval. This is helpful if you need your money quickly.
  • Free credit monitoring: Upgrade offers free credit health tools that help you monitor your score, even if you decide not to take out a personal loan.
  • Soft Pull: Checking your rate won’t affect your credit score. Upgrade does a hard pull during the final approval process.
  • No prepayment penalties: Upgrade doesn’t charge fees for paying off your loan before the end of your term.
  • Origination fee: Upgrade deducts an origination fee of 2.90% - 8.00% from your total loan amount before depositing funds into your account.
  • Short(er) terms: Upgrade offers loan terms of 36 or 60 months, which may not work if you’re looking to spread your payments out for longer.

Who’s the best fit for an Upgrade personal loan?

Upgrade is a good option for borrowers who need money quickly — you’ll receive your funds within four business days — and those who have credit scores down to the low 600s. Even if you qualify with a lower score, however, you may receive better rates if you work to improve it.

That’s where Upgrade’s free credit monitoring tools come in. Track your score, see how certain financial scenarios will impact your credit and learn how you can improve over time. This service is available even if you don’t receive an Upgrade personal loan.

Upgrade may also work well for borrowers who need a larger loans (up to $35,000) and those who may be able to pay off their loans early since there are no prepayment penalties.

Alternative personal loan options

If you’re ready to search for offers, here are some other options.

Marcus by Goldman Sachs®

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 6.99%
To
19.99%
Credit Req.Not specified
Terms3 to 6Years
Origination FeeNo origination fee

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Marcus by Goldman Sachs Disclosures

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Marcus by Goldman Sachs® offers no-fee personal loans — all you’ll pay is your loan principal and interest. This makes it an attractive alternative to Upgrade and other lenders that charge origination and late fees or prepayment penalties. That said, Marcus by Goldman Sachs® generally has stricter credit requirements. While Goldman Sachs Bank USA doesn’t explicitly state a minimum credit score, you’re more likely to qualify with a score in the high 600s.

LendingClub

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 10.68%
To
35.89%
Credit Req.Not Specified
Terms36 or 60Years
Origination Fee1% - 6%

See Offers Secureon Lendingtree's secure websiteLender Disclosure

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.

LendingClub is a peer-to-peer lending marketplace. Borrowers request loans, and investors offer to fund them. If you have a lower credit score that won’t qualify you for a loan from Upgrade or a similar lender, you may be able to get funding from LendingClub. But keep in mind that LendingClub personal loans can take about a week to receive.

Upstart

LENDER
APR
Credit Req.
Terms
Origination Fee
APR 7.98%
To
35.99%
Credit Req.620Minimum Credit Score
Terms3 to 5 Years
Origination Fee0 - 8% of loan balance

See Offers Secureon Lendingtree's secure websiteLender Disclosure

Upstart Disclosures

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $5,000.

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 22% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

¹Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

²The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan

Upstart has similar rates, terms, requirements and fees to Upgrade. Both are online lenders that allow you to check your rates with a Soft Pull on your credit. What makes Upstart unique is that it doesn’t rely solely on your credit history to approve your application. It also considers your education and area of study. That said, it has strict policies about bankruptcies, delinquencies and inquiries — you may not qualify if you have one or more of these in your history.

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 19.16%1 $5,000 to $100,000
7.98% – 35.99% $1,000 to $50,000
7.99% – 35.97%* $1,000 to $35,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.82% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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