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8.7

Borrowing small sums if needed

Written by Andrew Omalley

About Upgrade | Read More

LS Score

Credibility

Support

Accessibility

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Opening Hours

Mon-Fri 5am-7pm PT

Sat-Sun 6am-5pm PT

Contact Information

support@upgrade.com
(844) 319-3909
Headquarters: 275 Battery Street, 23rd Floor San Francisco, CA 94111, USA

Social Media

LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Fri 5am-7pm PT

Sat-Sun 6am-5pm PT

Contact Information

support@upgrade.com
(844) 319-3909
Headquarters: 275 Battery Street, 23rd Floor San Francisco, CA 94111, USA

Social Media

Upgrade Personal Loans Review

Upgrade deals with people who are looking to get a personal loan in most states and will cater to a wide range of needs. The useful mobile app can be used to manage your loans with there being a lot of flexibility when it comes to repayments.

Upgrade Personal Loans Highlight

580

Min Credit Score

9.99-35.99%

APR. Fixed Rate

$1K-$50K

Loan Amount

24-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

1.85-9.99%

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

Offers a small minimum loan amount
Deals with credit scores of at least 580
No early prepayment fee
Quick time to funding
Solid mobile app to manage loans

Charges origination fee
Late fees in place

Loan Purpose

Credit Card Refinance
Debt Consolidation
Home Improvement
Major Purchase

Loan Type

Secured Personal Loans
Unsecured Personal Loans
Fixed-Rate Personal Loans

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Upgrade Personal Loans Terms & Requirements

There are also different term lengths you can choose between. Upgrade usually deals with people with a credit score of at least 580. Available loan sizes will be between $1,000 and $50,000.

Upgrade does not currently charge any early prepayment fees, but there is a 1.85% to 9.99% origination fee in place when you initially take out a loan. The origination fee is instantly deducted from the borrowed sum.

If you miss a payment, you will be charged a late fee. Generally, the max debt-to-income (DTI) ratio allowable will be 75%. If you’re consolidating debt, you will have the option to make direct payments to creditors. You will also be able to change your monthly payment due date as you see fit.

How to Apply

Qualification Requirements

Loans are available in all states
Credit score of at least 580
Certain income requirements
Max 75% DTI
US citizen or permanent resident

Required Information

Primary loan purpose
Current address
Loan amount required
Social Security Number
Country of citizenship
Monthly expenses
Bank account information

Application Steps & Time Frames

The process of getting a loan from Upgrade is very simple. There are three main steps that you are going to have to follow and you will then be good to go. You can fill out the initial application online in just a few minutes.

There is no obligation in place at this point in time and no hard credit check, you will then be presented with all of the available loan options.

You can figure out which of these options is the best fit for your needs. Once you have then officially applied for a given loan, you will be subject to a hard credit check.

You will be then required to accept a loan offer. Once everything has been verified, you should then get credited with the borrowed sum within a day of approval.

State Availability

- Available in all states

Upgrade Debt Relief Review

Upgrade allows people to consolidate their debt through a personal loan. The online lender aims to help people get better control over their existing debt, as well as hopefully reduce their overall rate. The ultimate goal is to get out of debt at a faster rate.

Upgrade Debt Relief Highlight

580

Min Credit Score

$1K

Minimum Debt Amount

$1K-$50K

Loan Amount

8.49-35.99%

APR. Fixed Rate

8.49-35.99%

APR. Variable Rate

24-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

1.85% to 9.99%

Origination Fee

None

Prepayment Fee

Funding Time

Pros & Cons

No application or prepayment fees
Easy loan application process
Check rates without a hard credit check

All loans come with a 1.85% to 9.99% origination fee
Interest rates are higher than some competitors
Limited repayment period of 24-84 months

Debt Relief Product Types

Debt consolidation loans

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Upgrade Debt Relief Terms & Requirements

There are some great customization options available through the debt consolidation loans at Upgrade. You are able to choose how much you pay each month, which will alter the term length of the loan. The options when it comes to term lengths generally range between 24 months and 84 months, which provides plenty of flexibility.

Upgrade charges a 1.85% to 9.99% origination fee, which will be deducted from the total loan sum you get. There are also late fees in place, but you will not be charged any penalty for paying off your debt at an earlier point in time.

You can borrow as little as $1,000 and up to $50,000 through Upgrade. There are both fixed and variable rates available, while the minimum acceptable credit score will usually be around 580.

How to Apply

There are three core steps involved with getting debt relief through Upgrade. You will initially need to go through a simple application process. This will take just a few minutes and you will not be subject to a hard credit check at this point in time.

You will be shown a number of different loan options. You can figure out which one of these options is going to be most in line with your debt consolidation needs.

Qualification Requirements

Loans are available in all states
Credit score of at least 580
Certain income requirements
Max 75% DTI
US citizen or permanent resident

Required Information

Primary loan purpose
Current address
Loan amount required
Social Security Number
Country of citizenship
Monthly expenses
Bank account information

Application Steps & Time Frames

Once you select a given offer, you need to accept its terms and submit a formal application. This sees you submitting to a hard check and providing documentation to verify important info. Once all of the proper verifications have been completed, you will then usually get your funds within a single business day.

State Availability

- Available in all states

Upgrade Online Banking Review

Upgrade is a popular online-only bank that has been catering to the needs of millions of US customers for a number of years now. It also provides an extensive range of credit card options and has popular savings account and checking account options.

You can earn cashback on your debit card purchases with the latter and get an APY of up to 5.21% with the savings account, which is one of the best rates you’ll find. This review will take you through these options in much greater detail.

Upgrade Online Banking Highlight

No minimum

Min Deposit

None

Other Fees

Online Banking Savings

No minimum

Min Deposit

Max 5.21%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

Pros & Cons

No account maintenance fees
High 5.21% APY on savings
No overdraft fees
Offers cashback on purchases

Has no physical branches
Doesn't accept cash deposits

Account types

Checking
Savings

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APY's

Account	1 Year	3 Years	5 Years
Performance Savings Account	5.21% (Balance $1,000+)	5.21% (Balance $1,000+)	5.21% (Balance $1,000+)

Features Benefits & Rewards

Checking account holders can earn varying levels of cashback on purchases

Account Types

There are two main types of accounts that you can open with Upgrade. The savings and checking accounts both have some great perks. you can learn more about exactly what they offer below:

Rewards Checking Plus

The main checking account at Upgrade allows you to get up to 2% in cashback on your purchases with the VISA debit card. What’s more, is that there are no monthly fees in place and the process of setting up your account is very straightforward.

Anyone who opens a checking account at Upgrade can get their paychecks up to two days early through the direct deposit option. There won’t be any overdraft fee and there is 24/7 mobile access to your account.

You’ll only be able to get the 2% cashback on everyday expenses, subscriptions, and recurring payments if you meet a $1,000 monthly direct deposit requirement. There will then be 1% unlimited cashback on all other types of purchases. If you don’t meet this threshold, then you will get a 1% base rate.

Anyone who meets the higher threshold will also be reimbursed for any ATM fees and can get up to 20% lower rates on their next card or loan with Upgrade.

There are four different credit cards you can get through this account. The Cash Rewards card gives you 1.5% cashback on purchases, while the OneCard gets you 3% cashback on everyday purchases and 2% cashback on other payments.

The Life Rewards card generates 3% cashback on gas, grocery, streaming, health, and utilities, in addition to 1% on other types of purchases. Finally, the Select card provides unsecured credit of between $500 and $2,000 and it carries a $39 annual fee. This final option is ideal for people with a poor or non-existent credit history who want to build up their score.

Account Type	Key Features	Bonuses (if available)
Rewards Checking Plus	Up to 2% cashback on purchases Supports four different credit cards No monthly maintenance fee	Get a $200 bonus when you open an account and make 3 debit card purchases

Performance Savings Account

You can pair your checking account with a savings account at Upgrade. Customers will receive a massive 5.21% APY for balances of $1,000 or more. If your balance falls below $1,000 on a given day, you won’t earn any interest.

This is one of the highest savings rates you will get anywhere in the US. There’s a useful calculator on the Upgrade website that you can use to see exactly how much you will earn depending on the size of your initial deposit and the savings period you’re planning.

There will be instant transfers between these two account types, and you don’t have to adhere to any minimum balance requirements or pay monthly fees. This is an ideal account option for anyone who’s looking to build an emergency fund or save for a major purchase.

Account Type	Key Features	Bonuses (if available)
Performance Savings Account	Earn a 5.21% APY No monthly fees Instant transfers to/from a checking account

Opening an Account With Upgrade

The online account opening process at Upgrade only takes about five minutes. Go to the website and look at the type of account you wish to open. Click on the ‘Open Account’ button to start the sign-up process.

Enter your email address, full name, date of birth, and home address, and create a password. You then need to confirm your social security number and your US status.

The final steps are to tell Upgrade about your type of employment and confirm that you’ve read all of the various terms and conditions. Then, your new account will be open and ready for you to make a deposit.

You’ll be able to add funds to your new account with a single click of a button, or you can put a direct deposit in place that makes sure your paycheck is automatically sent to your new account.

State Availability

- Available in all states

Written by Andrew Omalley

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

FAQ’s

Does Upgrade offer 24/7 customer support?

While there is no 24/7 customer support at Upgrade, you will be able to get in touch with the support team every day of the week during certain hours.

Is there an Upgrade mobile app?

Yes, you can download the Upgrade app from the iOS or Google Play Store. It can be used to manage your Upgrade products.

What are common uses for Upgrade personal loans?

Many people use Upgrade personal loans to refinance credit cards, consolidate debt, make home improvements, and to make major purchases.

Customer Support

There is plenty of good support available to Upgrade customers. As this is an online lender, everything is going to be done in a way that is hands-off, so you don’t need to physically go to a location to resolve your issues.

Unlike certain lenders, the Upgrade support team works 7 days a week, so you can always have someone at hand at some point during the day to help you with your issues. There are many ways to contact the support team. Generally, the responses tend to be high quality and extremely helpful, as well as being prompt.

Privacy & Security

Upgrade’s privacy policy states that they do not sell or share user information with financial companies, affiliates, or other parties. Additionally, Upgrade uses security measures and safeguards that comply with federal law to ensure user personal information is not breached.

It has a five-star rating with the Better Business Bureau, with the reviews from customers being very good for the most part. Since launching in 2016, it has helped more than 2.5 million customers to borrow over $24 billion. Therefore, it is a reputable company that is well able to cater to your needs in a safe and secure manner.

In Conclusion

Upgrade is definitely one of the leading options if you are looking for a personal loan or debt relief. It has a wide range of different options for its users, allowing you to find a specific product that fits your exact needs. Upgrade caters to people who are looking to borrow small and big sums alike, as well as catering to relatively low credit scores.

Brand Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 1.85% to 9.99% origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Fast Funding Disclosure: *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 sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.