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Upgrade Personal Loans Review Update
In a nutshell: With Upgrade, you can get fixed-rate personal loans with fast funding and flexible terms.
Upgrade Personal Loans Review Update
In a nutshell: With Upgrade, you can get fixed-rate personal loans with fast funding and flexible terms.
Upgrade Personal Loans Review Update

Overview

Whether you are looking to pay off debt or just in need of some fast cash, Upgrade has got you covered. Having facilitated an impressive $1.7 million in personal loans, Upgrade is committed to empowering borrowers. Providing personal loans from $1,000 to $50,000 at low, fixed interest rates, this company stands out from the crowd.

You can apply online and receive a response within minutes. If approved, you can see the funds in your account within one business day. Now that’s fast funding!

Co-founders of LendingClub, Renaud Laplanche and Soul Htite, founded Upgrade in 2016. Upgrade has features like free credit monitoring and financial education resources. Upgrade’s free credit monitoring service available through its website gives users a credit score summary, insights, and recommendations. Their weekly updates and email alerts help stay informed on how to make better decisions affecting your credit.

Requirements

To qualify for a personal loan with Upgrade, applicants need to meet specific criteria. This includes U.S. citizenship, permanent residency, or residing in the U.S. on a valid visa. Age requirements are a minimum of 18 years or 19 in specified states. Verifiable bank account information and a valid email address are necessary for secure fund disbursement and communication. Creditworthiness is evaluated based on factors such as credit score, credit usage, and payment history. This allows Upgrade to influence loan terms for a personalized lending experience. The chosen loan amount and term are also considered in alignment with the borrower's financial capacity.

Loan Process

Applying for a personal loan with Upgrade is quick and easy. Follow these three simple steps:

1. Check your rate: Begin by checking your rate online in just a few minutes. During this stage, there is no obligation; it’s a free service, and your credit score will not be affected.

2. Choose your personal loan: Upgrade offers a user-friendly platform where you can easily compare multiple loans. After providing some basic information, you can view personal loan options that are suitable for your eligibility. Take your time to choose an offer that best suits your financial needs.

3. Fast funding: After choosing your personal loan option and accepting an offer, Upgrade offers a speedy funding process. You can expect the funds to arrive in your account typically within a day of clearing the necessary verifications.

Upgrade's streamlined loan process makes personal loans accessible, efficient, and tailored to your unique requirements.

Loan Terms

Upgrade offers flexible and transparent loan terms tailored to meet a variety of financial needs. These include:

Loan amounts

Borrowers can access loan amounts ranging from $1,000 to $50,000.

Competitive APR’s

APR’s range from 8.49% to 35.99%.

Origination fee

All personal loans with Upgrade require an origination fee, which falls between 1.85% and 9.99%. This fee is deducted from the loan proceeds.

Flexible repayment terms

Choose a repayment period between 24 and 84 months.

No prepayment fees

Borrowers can pay off their loans ahead of schedule without incurring early payment fees.

Customer Support

Upgrade takes pride in its commitment to excellent customer support. This shows in an excellent rating on Trustpilot with positive customer reviews and also an A* rating on Better Business Bureau (BBB).

Upgrade includes an extensive help section on the official website, featuring insightful articles that explain personal loans and frequently asked questions. With this comprehensive resource at your fingertips, you can find answers whenever you need them.

If you have any questions or complaints, Upgrade’s friendly representatives are just a phone call or email away. Operating during convenient hours, you can reach the team from Monday to Friday, 5 am to 6 pm PT, and on Saturday and Sunday, from 6 am to 5 pm PT.

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Pros
  • Low, fixed-rates
  • No prepayment fees
  • Fast funding
Cons
  • High origination fees
  • $50,000 maximum loan amount
Our Top 3 Picks
Upgrade at a Glance
8.0 Editorial Score
Credit impact
8.0
Uses a soft credit check initially and only conducts a hard check upon final approval of the loan
Funding speed
9.0
Quick funding process, usually within one to two days after approval
Loan flexiblity
8.0
Good flexibility in terms and conditions, allow for modifications such as payment deferrals and changes to repayment terms
Borrower rewards
7.0
Many borrower benefits and rewards, including significant rate discounts for responsible payment history and loyalty rewards
Loan amounts
8.0
Provides maximum loan limits that are sufficient for substantial expenses
FAQs About Personal Loans
Before taking a personal loan be sure you familiarize yourself with all the terms and conditions associated with the loan. To help you get started, we've compiled some of the most frequently asked questions about personal loans below.
What is a personal loan?
Personal loans are loans taken from a lender and paid back by the borrower in fixed monthly installments. These loans can be taken for a wider variety of reasons ranging from home improvement to financing large purchases. Unlike mortgage loans or some types of business loans, personal loans are almost always unsecured, meaning they aren't backed by any collateral.
Can I take a personal loan online?
Absolutely! By using an online personal loan service you save yourself the trouble of arranging meetings with banks and/or credit unions and you can easily compare offers while sitting at home. Furthermore, many online personal loan lenders offer better rates than banks and provide more flexible terms ranging from 61 days up to 180 months. These online personal loan services often function as a middleman between the borrower and the lender. The loan service will connect you with a lender who will make a loan offer specifying the APR and loan terms.
What do I need in order to apply for a personal loan?
Applying for a personal loan is much easier than you might've thought. Many online applications take only a few minutes to complete and don't require many personal details. Usually, loan applications simply require details such as name, address, and contact information, plus some basic questions concerning your financial history, credit score, and income.
What is APR*?
APR stands for annual percentage rate and refers to the annual interest rate charged for your personal loan. Actual APR numbers vary but will always cap at 35.99%. Typically, online lenders will offer an APR somewhere between 5% and 30%. The APR of your loan will depend on various factors such as credit score, income, and financial history. *APR rates mentioned include associated fees.
How long do I have to repay the loan?
Much like APR, the term or length of your loan will depend on a variety of factors. Repayment periods can range from 61 days to 180 months. One of the great things about online personal loan services is they allow you to compare loan terms meaning you can choose a repayment period that best suits your financial goals.
Representative Example
Assuming a loan of $5,000 over 36 months at a fixed rate of 10.5% per annum and fees of $60.00.
This would result in a representative rate of 11.3% APR, with monthly repayments of $162.51, for a total amount paid of $5,910.44.
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