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Upgrade Personal Loans

in Personal Loans from Upgrade Inc.

Claimed Apply Now Get Personalized Rates

Upgrade Personal Loans

Claimed

in Personal Loans from Upgrade Inc.

SuperMoney Net Recommendation Score +59%

SUPERMONEY NET RECOMMENDATION SCORE

+59%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Strongly recommended

108 users recommend
5 users are unsure
26 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 7.99% - 35.97%
Loan Amount $1,000 - $50,000
Loan Term (Months) 36 - 60 months
Number of Reviews 139

Upgrade Personal Loans Review

Upgrade Personal Loans is offered by Upgrade Inc., a marketplace lending platform founded in 2016 and based in San Francisco, CA. Upgrade Personal Loans is available in 48 states across the USA.

Key Takeaways
  • APRs starting at 7.99%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Large loan amounts. You can apply for loan amounts of up to $50,000 with Upgrade Personal Loans.
  • Prequalifed rate. You can check your prequalified rate at Upgrade Inc. with a soft pull that will not affect your credit score.
  • Origination fees of up to 8%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Upgrade Personal Loans.
  • Minimum income of $30,000. You will need an annual income of at least $30,000 to apply for Upgrade Personal Loans, which is above average for the lenders in our database.
Upgrade Personal Loans Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Accepts cosigners and coborrowers.
  • APRs as high as 35.97%.
  • Charges an origination fee of up to 8% of the loan amount.
  • Charges a late fee of $10
Upgrade Personal Loans FAQ

What rates and terms does Upgrade Personal Loans offer?

Upgrade Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does Upgrade Personal Loans offer?

Upgrade Personal Loans offers a fixed APR personal loan product that ranges from 7.99% APR up to 35.97% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Upgrade Personal Loans?

Loan amounts start at $1,000 and go up to $50,000

What can a personal loan from Upgrade Personal Loans be used for?

Personal loans from Upgrade Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with Upgrade Personal Loans?

Upgrade Personal Loans offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Upgrade Personal Loans Rates & Terms
Loan Amount $1000 - $50000
Loan Term 36 - 60 months
APR 7.99% - 35.97%

What fees does Upgrade Personal Loans charge?

Does Upgrade Personal Loans charge an origination fee?

Upgrade Personal Loans may charge a loan origination fee of 2% to 8% of the loan amount. Upgrade Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Upgrade Personal Loans charge a late fee?

Yes, Upgrade Personal Loans may charge borrowers a late payment fee of up to $10.

Does Upgrade Personal Loans charge prepayment fees?

No, Upgrade Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Upgrade Personal Loans Fees
Origination Fee 2% - 8%
Prepayment Fee? No
Late Payment Fee $10

What do you need to qualify for Upgrade Personal Loans?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Upgrade Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with Upgrade Personal Loans, applicants need a minimum annual income of $30,000 or higher. Upgrade Personal Loans only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Upgrade Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Upgrade Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit
Upgrade Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Co-borrowers
  • Cosigners
  • Individual Applications
  • Credit Score 600 - 850

    What is the estimated funding time for a personal loan via Upgrade Personal Loans?

    Upgrade Personal Loans will typically approve (or deny) a loan application within 120 hours and fund personal loans within 7 business days of approval.

    Does Upgrade Personal Loans report your account activity to credit bureaus?

    Yes, Upgrade Personal Loans reports your account activity to the following credit reporting agencies:

    • Transunion

    Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

    Upgrade Personal Loans Disclosure: 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. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. 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.
    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Contact

    • Headquarters
    •   275 Battery Street
      San Francisco, CA 94104
    •   Visit Site

    Other Services by Upgrade Inc.

    Message From Upgrade Inc.

    Our founding team pioneered fintech over a decade ago. In 2017 we launched Upgrade to create an online and mobile banking experience that delivers exceptional value to our customers by eliminating fees on everyday transactions and offering affordable and responsible credit through cards and loans. In 3 short years, over 10 million people have applied for an Upgrade card or loan, and we have made over $3 billion in affordable and responsible credit available to our customers.  We help our customers make good financial decisions so they can build the future they want. 

    Message From Our Editor

    What we love about Upgrade personal loan

    Upgrade personal loans are designed to appeal to borrowers with a wide range of incomes and credit scores. Interest rates and fees are competitive when compared to similar lenders. What sets Upgrade apart from the competition is that it offers rate discounts to borrowers who agree to send funds directly to creditors when applying for a debt consolidation loan. It is also one of the few lenders that provide joint, co-signed, and secured loans. 

    The loans have comparable rates and fees to other online lenders targeting similar audiences. Still, Upgrade differentiates itself with features like rate discounts for setting up autopayments or having payments sent directly to creditors on debt consolidation loans. Upgrade is also one of few lenders to offer joint, secured, and co-signed personal loans.

    The lender emphasizes free cash flow when reviewing a loan application. While debt-to-income ratio and credit score are important, a spokesperson says, they don’t account for rent payments and other monthly expenses that can factor into your ability to repay a loan.

    What could Upgrade do better?

    For all its flexibility, Upgrade only offers limited repayment terms. This means you have fewer options if you would prefer a longer or shorter repayment plan. This shouldn't be a dealbreaker for borrowers since you can repay a loan early without worrying about a penalty fee.

    The only other issue we have with Upgrade is the high origination fee. Charging an origination fee is common among personal loans, but Upgrade can be more expensive than most if your credit is not great.

    Upgrade's backstory

    Upgrade's founders are Renaud LaPlanche and Soul Htite. Sound familiar? If you've taken out a loan in the past several years, they should. That's because LaPlanche and Htite were both co-founders of LendingClub, America's largest loan marketplace.

    LendingClub arranged over 28 billion dollars in loans to over 1.5 million customers. Htite also founded one of China's largest marketplace lending platforms, Dianrong.

    In other words, both founders have a good track record in the online lending business.

    But unlike their previous ventures, Upgrade loans is not a marketplace that connects borrowers to lenders. It's a direct lender, originating loans in a traditional style through a partnership with WebBank.

    Upgrade loans application process

    • Go to Upgrade's home page. Enter the desired loan amount and the reason you want to borrow. Then, click "Check your Rate."
    • Provide some basic information about yourself.
    • Create your account, review the documents, and provide your electronic signature to agree. Then, click "Check my rates."

    After these steps, Upgrade will provide the rates for which you qualify, or you will receive a message notifying you that your application has been denied.

    If you are denied, you will receive an adverse action notice explaining why. If you are approved and want to go ahead with the offer, you will select it.

    You will then need to provide additional information, officially agree to the terms, allow a hard credit inquiry on your credit report, and provide your bank account information.

    The Verdict

    Upgrade's APRs are competitive and they have a fast and easy application process. Their credit monitoring features provide a convenient complement to their loan engine, and their commitment to educating and improving the credit scores of rejected applicants is admirable. The customizable loan features and discount opportunities make Upgrade a good option for borrowers with less than perfect credit who have a strong monthly cash flow.

    The only concern is that the origination fee can be expensive in, if you can afford the origination fee and appreciate efficiency and convenience in your loans, Upgrade is definitely worth your consideration.

    Availability

      Available in 48 states
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Prepayment Fee  
    Late Fee Amount $10
    Origination Fee (%) 2% - 8%
    Checking Account Required  
    Cosigner Optional  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Co-borrower
    • Cosigner
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Minimum Annual Income $30,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Recent Pay Stubs
    • Proof of Income
    • Proof of Identity
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Credit Score Range 600 - 850
    Approval Speed 120 hours
    Credit Bureau Reporting TransUnion
    Customizable Payment Dates  
    Funding Time Range 1 - 7 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $1,000 - $50,000
    APR (Fixed APR) 7.99% - 35.97%
    Loan Term 36 - 60 months

    Upgrade Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +59%

    Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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