According to LendingTree customers, Upgrade offers one of the best personal loan borrowing experiences. Borrowers are fans of its streamlined application process and the speed at which they received their loans.
Plus, Upgrade is relatively transparent when it comes to interest rates and eligibility requirements. If you’re in the market for a personal loan, read on to learn if Upgrade personal loans could be right for you.
Upgrade personal loans and products overview
These are the rates and terms for Upgrade personal loans as of August 28, 2018. For the latest available rates, contact Upgrade.
$1,000 – $50,000
6.99% – 35.97%
3 or 5 years
1% – 6%
Upgrade is an online lender that primarily offers unsecured personal loans between $1,000 and $50,000. You can use these loans for a variety of purposes, including home improvement, debt consolidation, or a big purchase.
As unsecured loans, these personal loans don’t require any collateral. But you must meet underwriting requirements, including credit score and income (more on that below).
Upgrade accepts only individual applications, so you can’t apply with a creditworthy cosigner to boost your chances of qualifying.
Besides personal loans, Upgrade also provides free credit monitoring and educational resources.
Whether or not you’re borrowing an Upgrade personal loan, you can sign up for weekly updates on your credit score through Upgrade’s Credit Health platform, as well as get email alerts for any changes. Plus, Upgrade provides personalized tips for building your credit.
Note that Upgrade’s Credit Health uses VantageScore 3.0. This is a reputable credit score system, but it’s not the only one out there. For a fuller picture of your score, you might also take advantage of other credit monitoring services.
For more information, you can check out Upgrade’s Credit Health Insights. These articles include tips on how to build credit and improve your money habits.
Upgrade interest rates and fees
Upgrade personal loans come with APRs between 6.99% and 35.97%. Your rate ultimately depends on your loan amount, repayment term, and creditworthiness.
All interest rates are fixed, so they won’t change over the life of your loan. You can choose a repayment term of 36 or 60 months.
All loans come with an origination fee between 1% and 6%. On a $10,000 loan, for instance, you could pay an origination fee as little as $100 or as high as $600.
Upgrade also charges a $10 fee if your payment fails, as well as $10 for a payment later than 15 days.
Before finalizing your application, use a personal loan calculator to break down the terms of your loan. Enter your loan amount, interest rate, and repayment term so you have a clearer picture.
And if you’re looking to borrow, you’ll appreciate Upgrade’s competitive rates and flexible terms. The only real downside is that Upgrade charges an origination fee.
So even though Upgrade personal loans could be a good choice, you should still check your rates with multiple lenders to find an offer with the lowest costs of borrowing.
Using the Upgrade online platform
As an online lender, Upgrade offers an easy-to-use online application. Before you get started, you can get an instant rate quote to see if you prequalify.
You’ll enter a few basic pieces of information, such as your name, address, and annual income. Plus, you’ll create an Upgrade account.
This rate check won’t hurt your credit, as it only involves a soft credit pull. Upgrade will only run a hard credit check if you choose an offer and submit a full application.
If you like any of the offers, you can submit a full application. You’ll enter personal information, as well as provide supporting documentation to verify your residency, bank account, and income.
According to Upgrade, your funds will be sent to your bank account within one business day of clearing the verification process.
Once your bank processes the transaction, the money will be available for you to use.
Upgrade personal loans eligibility requirements
While most lenders don’t advertise what credit score you need to qualify for a loan, Upgrade makes its eligibility requirements clear.
You need a credit score of 620 to be eligible for a personal loan. Upgrade also takes other factors into account, such as your income, credit usage, loan amount, and loan term.
Besides meeting underwriting requirements, you must also meet these criteria:
- Be a U.S. citizen, permanent resident, or someone living in the U.S. on a valid visa
- Be at least 18 years old (some states have a higher age requirement)
- Have a verifiable bank account
- Have a valid email address
Finally, you must live in a state where Upgrade offers loans. You aren’t eligible if you live in:
- West Virginia
Not only is Upgrade transparent about what credit score you need to qualify, but the company also helps you track your credit.
Upgrade customer reviews
One Upgrade customer left a review on BBB stating: “This could not have been easier! Filled out the application on Saturday and approved on Tuesday. I am impressed with the technology that drives this. I will recommend Upgrade wholeheartedly.”
Another customer described the Upgrade borrowing process on BBB: “Very easy to deal with. Responded quickly and had money in the bank within [two] business days.”
The company does have a few negative reviews, with one customer complaining on the BBB site that they got preapproved and then later denied. Keep in mind that a preapproval offer doesn’t necessarily mean you’ll qualify for a loan. You will need to apply before you can fully qualify.
Beyond these customer reviews, you can also get more information from Upgrade customer service. Call Upgrade at 855-997-3100 or email firstname.lastname@example.org. When I emailed customer service with loan questions, I got a response just 10 minutes later.
Ultimately, Upgrade is a modern and reputable online lender with a great reputation in the personal loan lending space. Although it’s always worth shopping around for the lowest rates, Upgrade is likely to be one of your best options for a personal loan.
Note: Student Loan Hero has independently collected the above information related to Upgrade personal loans. Upgrade has neither provided nor reviewed the information shared in this article.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. 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.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|