Upgrade Personal Loan full review

A lender for people with a fair credit situation

Personal loans, the Upgrade card with a personal line of credit, rewards checking, credit monitoring, and educational resources are all available through Upgrade.

Upgrade personal loans are suitable for borrowers who require access to smaller loans because they range in size from $1,000 to $50,000.

 Additionally, although Upgrade may assist applicants with acceptable credit in receiving approval, those with higher scores are more likely to be exempt from the firm’s maximum APRs.

Upgrade personal loans are typically unsecured loans, but if a candidate is qualified, the company may offer them a secured loan to help them qualify or get a better rate.

When considering Upgrade, take in mind that the organization does not offer loans in Iowa, West Virginia, or Washington, D.C.

Keep reading so you can have a better understanding of how Upgrade works, and if it is the lender ideal for you!

How does Upgrade Personal Loan work?

Enter the intended loan amount and loan purpose to submit an application for an Upgrade loan. After receiving some personal data from you, such as your name, birthdate, and income, Upgrade will perform a soft credit check and present the loan options for which you are eligible.

Within one business day of receiving approval, Upgrade will send money to your bank or designated account.

The amount of time it takes for the money to become available is dependent upon how quickly your bank processes the payment. It shouldn’t take more than four business days from the time your Upgrade personal loan is authorized before you can access the funds.

Personal loans from $1,000 to $50,000 are available through Upgrade, with durations ranging from two to seven years. Your rate will range from 7.96% to 35.97% depending on your credit profile.

The lender also provides personal lines of credit with durations ranging from two to seven years and amounts ranging from $500 to $25,000.

On all personal loans, the lender assesses an origination fee that ranges from 2.9% to 8%. The cost is subtracted from the amount of your loan. Your credit score, credit usage history, loan period, and other aspects of your financial profile all affect the interest rate you pay.

If you pay off your Upgrade personal loan early, there are no fees or penalties.

Upgrade Personal Loan main benefits

Multiple rate discounts

Compared to most of its rivals, Upgrade provides more possibilities to reduce your annual percentage rate.

Discount for setting up automated loan payments

The lender gives a 0.5 percentage point discount for doing so. A 0.25 to 0.5 percentage point autopay discount is provided by some lenders. This is a simple method to modestly reduce your APR.

Direct pay discount

Upgrade offers a rate reduction of 1 to 5 percentage points for debt consolidation when you have the lender settle your obligations on your behalf.

To qualify for the discount, at least half of the loan proceeds must be distributed to other creditors.

Direct payment to creditors is a unique feature that not all lenders provide, making the process of consolidating debts easier.

Discount for rewards checking accounts

According to Upgrade, clients who have rewards checking accounts may receive discounts of up to 20%. Therefore, if you are eligible for a 30% APR, your rate might only be 24%.

Loans that are secured or joint

Through Upgrade, borrowers may obtain a loan that is secured or joint. You might be able to qualify for or receive a lower rate for these loan types. Your secured loan rate may be 1 to 10 percentage points lower than an unsecured loan, according to Upgrade, which accepts a car as collateral.

The longer payment term for larger loans

The lender offers an additional seven-year repayment period for home improvement loans and loans exceeding $30,000 in addition to the standard two to five-year durations for personal loans. Few lenders provide lengthier loan payback terms for home improvements.

How to apply for Upgrade Personal Loan

If you have enjoyed the terms and conditions of the Loan, take a look at our article on how to apply for Upgrade Personal Loan

Written by

Ricardo Guimarães