Upgrade Review
8.7
Visit Site

Upgrade Reviews

8.7
Andrew Omalley

WRITTEN BY

Andrew Omalley

Borrowing small sums if needed
Borrowing small sums if needed
About Upgrade

Upgrade is an online lender that has been around since 2016. It caters to the needs of a wide range of people, including people who want to refinance credit cards, make significant purchases, and make improvements to their homes.

It also offers a no-fee checking account that provides cash-back opportunities, as well as a variety of different credit lines. This Upgrade review will look at everything that Upgrade brings to the table.

9.0

LS SCORE

9.0

CREDIBILITY

9.0

SUPPORT

8.0

ACCESSIBILITY

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 Highlights

LOAN AMOUNT

$1,000 - $50,000

LOAN REPAYMENT TERM

24-84 months

MIN CREDIT SCORE

560

APR FIXED RATE

7.96% - 35.97%

APR VARIABLE RATE

7.96% - 35.97%

FUNDING TIME

1 days

ORIGINATION FEE

5% of loan amount

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

  • Offers a small minimum loan amount
  • Deals with credit scores of at least 560
  • No early prepayment fee
  • Quick time to funding
  • Solid mobile app to manage loans
  • Charges origination fee
  • Late fees in place

Personal Loans Types

  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans

Loan Purpose

  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase

Upgrade Personal Loans Terms & Requirements

You are able to choose between a fixed rate and variable rate loans. There are also different term lengths you can choose between. Upgrade will usually deal with people who have a credit score of at least 560. Available loan sizes will be between $1,000 and $50,000.

Upgrade does not currently charge any early prepayment fees, but there is a 5% 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

  • Living in a participating state
  • Credit score of at least 560
  • 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 - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon.

Not Available - Iowa, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

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 Highlights

LOAN AMOUNT

$1,000 - $50,000

LOAN REPAYMENT TERM

24-84 months

MIN CREDIT SCORE

560

ORIGINATION FEE

5% of loan amount

PREPAYMENT FEE

None

OTHER FEES

None

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

  • Great repayment customization options
  • Low minimum loan amount a possibility
  • No early repayment penalty
  • Easy to manage loan through the mobile app
  • Origination fees in place
  • Late fees are charged

Debt Consolidation Types

  • Debt relief consultation service

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 5% 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 560.

Qualification Requirements

  • Living in a participating state
  • Credit score of at least 560
  • 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 - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, 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, Vermont, Virginia, Wisconsin, Wyoming.

Not Available - Iowa, Washington, West Virginia.

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 one million customers to borrow over $19 billion. Therefore, it is a reputable company that is well able to cater to your needs in a safe and secure manner.

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.

 

Phone Support
(844) 319-3909
Mon-Fri
5am-7pm PT
Sat-Sun
6am-5pm PT

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.

FAQ

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.

Upgrade Disclaimer

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% 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 Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

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.