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Where does Upgrade do business?
Upgrade is a marketplace lender based in San Francisco, CA. It was founded in 2016 and offers personal lines of credit in 43 states (and Washington, DC).
What are the APRs offered via Upgrade?
Upgrade offers a personal line of credit that ranges from 6.46% up to 35.89%.
Does Upgrade charge an origination fee?
No, Upgrade does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Upgrade charge a cash advance fee?
No, Upgrade doesn't charge a cash advance fee. Some lenders charge a cash advance fee every time borrowers withdraw cash from their line of credit. Typically, fees range from 0.5% to 10% of the amount withdrawn..
Does Upgrade charge a late fee?
Yes, Upgrade may charge borrowers a late payment fee.
Does Upgrade charge prepayment fees?
No, Upgrade does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.
How much can you borrow via Upgrade?
Personal lines of credit start at $500 and go up to $50,000.
What do you need to qualify for a line of credit with Upgrade?
Applicants with a credit score of at least 620 can apply for a line of credit via Upgrade. The minimum age to apply for a line of credit is 18 or the state minimum, whichever is higher.
Upgrade only considers borrowers who are employed.
Active duty servicemembers and their covered dependents are eligible to apply for a line of credit via Upgrade. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a line of credit.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of identity
- Proof of citizenship or residence permit
- Proof of income
Does Upgrade report payments to credit bureaus?
Upgrade may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Individual Applications
- Proof of Identity
- Proof of Income
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)