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Upgrade Personal Loans

in Personal Loans from Upgrade Inc.

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Upgrade Personal Loans

Claimed

in Personal Loans from Upgrade Inc.

SuperMoney Net Recommendation Score +55% 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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79 users recommend
3 users are unsure
22 users don't recommend
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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount $1,000 - $50,000
APR  (Fixed APR) 6.98% - 35.89%
Loan Term 36 - 60 months
Number of Reviews 104

Upgrade Personal Loans Review

Upgrade Personal Loans is offered by Upgrade Inc., a marketplace lender founded in 2016 and based in San Francisco, CA. Upgrade Personal Loans is available in 45 states (and Washington, DC).

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 personal loan APRs does Upgrade Personal Loans offer?

Upgrade Personal Loans offers a fixed APR personal loan product that ranges from 6.98% APR up to 35.89% 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 6.98% - 35.89%

What fees does Upgrade Personal Loans charge?

Does Upgrade Personal Loans charge an origination fee?

Upgrade Personal Loans charges a loan origination fee of 1.5% to 6% 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 1.5% - 6%
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 are 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 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 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?

    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 can help improve your credit score.

    UPGRADE PERSONAL LOANS Disclosure: Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% 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 WebBank, Member FDIC.
    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...

    Contact

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

    Message from Upgrade Inc.

    Our goal is to help you understand and unlock your credit potential and lower the cost of your credit so you can build the future you want.

    Other Services by Upgrade Inc.

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 45 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • 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
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Prepayment Fee  
    Late Fee Amount $10
    Origination Fee (%) 1.5% - 6%
    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
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Minimum Annual Income $30,000
    Supported Income Types
    • 1099 Misc. Income
    • Cash
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    Verification Documents Required
    • Proof of Identity
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days) 1 - 7
    Approval Speed (Hours) 120
    Credit Bureau Reporting
    • TransUnion
    Customizable Payment Dates  
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $1K - $50K
    APR (Fixed APR) 6.98% - 35.89%
    Loan Term 36 - 60 months

    Upgrade Personal Loans Community Reviews

     

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