Upgrade is a financial services business that specializes in budget-friendly financing options. Is Upgrade the type of lender you need? This review answers all of your questions.
What is Upgrade personal loan?
People who have a decent credit score can easily qualify for an Upgrade personal loan. The lender features discounts for payments sent directly to creditors on debt consolidation loans. They provide unsecured, secured, joint loan offerings, etc.
The loans that are offered are:
The upgrade loan is not on offer for gambling, investing, or college expenses.
What are the benefits of Upgrade?
What are the drawbacks of Upgrade?
How do you qualify for an upgrade loan?
Upgrade does not require a high credit score. Instead, it examines your credit history and focuses on what you earn and how you spend. To be eligible for an Upgrade personal loan, you must have the following:
- You must be a citizen or permanent resident of the United States.
- You must be 18 years old.
- A verifiable bank account and email address are required.
- A recommended minimum credit score of 560; the borrower average is 678.
- The minimum of two accounts on a credit history.
- The maximum debt-to-income ratio should be 75% or less, such as mortgage and calculating your new personal loan.
For Instance, when Upgrade approves a $10,000 loan with a 36-month term and a 17.98% APR, you will receive $9,500 and need to make a monthly payment of $343.33. Across the loan term period, you will pay $12,359.97 in total.
Yes. Upgrade has an excellent rating of 4.6 out of 5 stars on Trustpilot, based on an average of over 20,000 reviews. Upgrade has a B+ rating with the Better Business Bureau and got accredited in 2017.
Upgrade provides personal loans for a variety of uses, including:
- Credit card refinancing
- Consolidation of debts
- Home enhancement
- Big purchases
The lender does not allow borrowers to use loan funds for postsecondary education expenses such as tuition, room and board, transportation, and supplies.
If you get approved for a loan through Upgrade, you will receive your loan proceeds within one business day. With that said, how fast your loan funds are available depends on how quickly your bank processes the transaction.
Yes. You can pay off your loan before it expires without accumulating a prepayment penalty.
Upgrade is not a bank but instead collaborates with banks to generate loans obtained through Upgrade's online lending platform. The following banks provide loan options through Upgrade:
- Blue Ridge Bank - a member of FDIC.
- Cross River Bank - FDIC-insured institution that provides all personal lines of credit.
- Sutton Bank, an FDIC member, issues the Upgrade Card, which lets you connect your credit line.
When you need money fast, personal loans from Upgrade are a convenient option. They provide disbursements within one day, making it easy to cover unforeseen expenses. Upgrade loan allows joint applicants and offers personal loans against your car as collateral, helping borrowers with less-than-perfect credit.
On debt consolidation loans, the lender distinguishes itself by offering features such as rate discounts for having payments sent directly to creditors. Customer feedback is generally positive, emphasizing Upgrade's convenience and simple application procedure. Its rates and fees, however, could be steep. So, before signing a loan agreement, review Upgrade's loan disclosures and fee structure to ensure you understand what you need to repay.