How to apply for Upgrade Personal Loan
Upgrade personal loans offer the opportunity to establish credit and consolidate high-interest debt, making them an excellent choice for individuals.
Discover a Lender for Debt Consolidation with Fair Credit
If you have fair credit or better and are searching for a debt consolidation solution, Upgrade is a lender worth considering. They provide fixed-rate personal loans with maximum amounts of $50,000.
Upgrade’s application process is fully online, and applicants can receive their funds as quickly as one day or within four days. Compared to other lenders, Upgrade not only offers same-day loan approvals but also same-day financing.
If you are in immediate need of funds and your credit allows for favorable terms from the lender, choosing Upgrade as your lender can be a wise decision.
Upgrade offers fixed-rate personal loans ranging from $1,000 to $50,000, with specific minimum loan amounts in certain states. The repayment period for an Upgrade personal loan is two to seven years.
The interest rates for Upgrade personal loans range from 7.96% to 35.97%, depending on various factors like loan conditions, credit history, and credit score. To benefit from the lowest rates, borrowers must use autopay and pay off existing debt in full with a portion of the loan.
It’s important to note that Upgrade personal loans cannot be used for gambling, investing, unlawful activity, or postsecondary education costs. Additionally, Upgrade charges an origination fee of 1.85% to 8% of the loan amount.
For borrowers who miss their monthly bill, Upgrade imposes a late fee of up to $10 if payment is not made within 15 days of the due date. There is also a $10 failure cost.
To cover the origination cost, borrowers should make sure to borrow enough money. For example, if the origination cost is 5% and the required amount after fees is $10,000, the borrower should increase their loan request to 1.05 times the desired amount.
Eligibility for Upgrade Personal Loan
To qualify for an Upgrade personal loan, a minimum credit score of 560 is required. While Upgrade is a good option for borrowers with fair or bad credit seeking small loan amounts, those with higher credit scores are more likely to receive the most affordable rates.
Upgrade does not publicly disclose its debt-to-income (DTI) ratio restrictions. However, it appears that approved borrowers must have a DTI of no more than 40% and a minimum of $1,000 in free cash flow per month. Co-applicants with minimal credit scores are accepted, but co-signers are not allowed.
How to Apply for an Upgrade Personal Loan
Similar to its competitors, Upgrade provides an online prequalification process that does not affect your credit score. By entering your personal information, desired loan amount, and loan purpose, you can see the APR you may be eligible for.
Upgrade offers the choice between a single application and a combined application. Once you are ready to proceed, complete the official application online, including the submission of necessary documents such as pay stubs and bank statements, along with a government-issued identification.
You can check the status of your application by accessing your Upgrade account online after submitting all required paperwork. If you decide to accept a loan offer, you will need to provide your bank details. At this stage, Upgrade conducts a separate soft credit inquiry, which does not impact your credit report.
Upon approval, funds for your Upgrade personal loan are typically available within four working days, depending on when the financial institution receives the money. Please note that the loan funding process involves a hard credit inquiry, which can temporarily lower your credit score.
Comparison: Upgrade Personal Loan vs. Upstart Personal Loan
If you value a wide range of personal loan term lengths and an autopay discount, Upgrade is an excellent choice. However, for borrowers with bad credit or those who require more repayment flexibility, Upstart may be the superior option.
Benefits of Upgrade Personal Loan
- Various rate reductions
- Joint and secured loans
- Direct payment to creditors for debt consolidation loans
- Long repayment periods for home improvement loans
Benefits of Upstart Personal Loan
- Acceptance of borrowers with limited credit history
- Rapid financing
- Ability to change the payment date
- Option for pre-qualification using a soft credit check
How to Apply for Upstart Personal Loans
If you’re interested in Upstart Personal Loans, check out our article on how to apply now to learn more!
