Upgrade Personal Loan full review

A lender that understands your credit situation

Upgrade offers a range of financial products and services to help individuals with fair credit. They provide personal loans, the Upgrade card with a personal line of credit, rewards checking, credit monitoring, and educational resources.

If you’re in need of a smaller loan, Upgrade personal loans could be a suitable option. These loans range in size from $1,000 to $50,000. It’s important to note that while Upgrade may assist applicants with acceptable credit, those with higher scores are more likely to receive approval and avoid the firm’s maximum APRs.

Upgrade personal loans are typically unsecured, but qualified candidates may be offered a secured loan to help them qualify for a loan or obtain a better rate. However, it’s worth mentioning that Upgrade does not offer loans in Iowa, West Virginia, or Washington, D.C.

Stay with us to learn more about how Upgrade works and whether it’s the right lender for you!

How does Upgrade Personal Loan work?

To apply for an Upgrade loan, simply enter the desired loan amount and purpose. Upgrade will then request some personal information from you, such as your name, birthdate, and income. They will perform a soft credit check and present you with eligible loan options.

Upon approval, Upgrade will transfer the funds to your bank or designated account within one business day. The availability of the funds will depend on how quickly your bank processes the payment, but it should generally take no more than four business days.

Upgrade offers personal loans ranging from $1,000 to $50,000, with loan terms ranging from two to seven years. Your interest rate will depend on your credit profile and can range from 7.96% to 35.97%. Additionally, Upgrade provides personal lines of credit with loan amounts ranging from $500 to $25,000.

When obtaining a personal loan from Upgrade, there will be an origination fee ranging from 2.9% to 8%, which will be deducted from the loan amount. The interest rate you receive will be influenced by factors such as your credit score, credit usage history, loan term, and other financial aspects. Early repayment of your Upgrade personal loan incurs no fees or penalties.

Key benefits of Upgrade Personal Loan

Multiple rate discounts

Upgrade offers more opportunities to reduce your annual percentage rate (APR) compared to most of its competitors.

Discount for setting up automated loan payments

By setting up automated loan payments, you can enjoy a 0.5 percentage point discount on your APR. Some lenders offer a similar autopay discount ranging from 0.25 to 0.5 percentage points.

Direct pay discount

If you opt for debt consolidation through Upgrade and have them settle your obligations on your behalf, you can receive a rate reduction of 1 to 5 percentage points. To qualify for this discount, at least half of the loan proceeds must be distributed to other creditors. This unique feature simplifies the debt consolidation process.

Discount for rewards checking accounts

If you have a rewards checking account, Upgrade offers discounts of up to 20%. For example, if you’re eligible for a 30% APR, your rate could be reduced to 24%.

Secured and joint loans

Upgrade provides the option for borrowers to obtain secured or joint loans. By offering collateral such as a car, you may qualify for a lower interest rate, which can be 1 to 10 percentage points lower than an unsecured loan.

Extended repayment terms for larger loans

In addition to the standard two to five-year loan terms for personal loans, Upgrade offers an extra seven-year repayment period for home improvement loans and loans exceeding $30,000. This is beneficial for individuals undertaking significant projects and seeking longer payback terms.

How to apply for an Upgrade Personal Loan

If you’re interested in the terms and conditions of the Upgrade Personal Loan, check out our article on how to apply for it.

Written by

Claire Harrison