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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Upgrade

Finanso.Multilogin™

About lender

Upgrade is a financial company that was established in 2017 in order to offer a better experience than the borrowers could receive from traditional banks. Over the last five years, the company received more than 15 million applications for Upgrade Cards or loans and made more than $15 billion on its products. The Upgrade Card it offers has the flexibility of a credit card and the installment loan's low cost.

Upgrade has offices in San Francisco, Phoenix, and Montreal. Its headquarters are located in San Francisco.

The Upgrade itself is not a bank. It is a financial technology company. The Upgrade financial products are made available through Upgrade's partners. Personal credit lines reward checking services, and Upgrade Visa debit cards are issued through Cross River Bank, which is a member of FDIC. The Upgrade Card is made available through Sutton Bank.

Pros and cons

Pros

  • The repayment terms range from 24 to 84 months.
  • There are discounts off APR if you sign up for automatic payments or you are an active-duty military service member.
  • Upgrade has different payment methods: you can choose between ACH and check payments.
  • There are no prepayment penalties.

Cons

  • There is an origination fee and a late payment fee.
  • You won't be able to check all the loan details as not all of them are disclosed.

Terms and conditions

The services Upgrade provides are personal loans, upgrade cards, rewards checking, and credit health.

Personal loans

Personal loans have an annual percentage rate of 6.55% to 35.97%, and a one-time origination fee is issued on the loan amount of about 2.9% to 8%. The origination fee is used to cover the expenses for the loan process. If you want to receive lower rates, you need to sign in for automatic payment and pay some of your debt directly. The loan terms are from 24 to 84 months. The amount you can borrow from Upgrade ranges from $1,000 to $50,000.

There are several purposes you can take a personal loan with Upgrade: to pay off credit cards, for debt consolidation, for business, for home improvement, and for large purchases.

For example, if your loan amount is $15,000 with an annual percentage rate of 12.66% for 36 months, you will have to make monthly payments of $449 plus an origination fee.

Upgrade Cards

You can apply for a card with Upgrade. You get a $200 bonus when you open a Rewards Checking account and make three transactions with your debit card. There are no fees. You can receive credit lines from $500 to $25,000. It is Visa issued, so you can use the guards everywhere Visa is accepted.

There are different types of Cards:

  • Upgrade Cash Rewards Visa® has an unlimited 1.5% cash back on payments.
  • Upgrade Triple Cash Rewards Visa® card has an unlimited 3% cash back on payments if you make purchases in the home, auto, and health categories. You'll receive 1% cash back on everything else.
  • Upgrade Bitcoin Rewards Visa® has unlimited 1.5% back in Bitcoin payments.

Rewards checking

Rewards checking is an account you sign up with Upgrade to receive cash back on your purchases. You can get as much as 2% cash back on the common everyday expenses and 1% cash back on everything else. There are no transfer fees, no ATM fees, and no account fees. There will be up to 20% lower rates on loans and credit cards with Update if you opt to open a Reward Checking account.

Auto refinance

You can lower your monthly car payment with Upgrade. There is no prepayment penalty, so you can pay off your loan early. The loans are refinanced from other lenders. Upgrade pay your loan directly to your current financial institution.

Funding a loan

Upgrade will accept your loan application and the number of funds you requested and send it to the bank, which should issue the funds within one business day. The time you can access the funds depends on your bank's ability to process the transaction. When you are approved, the funds will be sent directly to your bank account within one business day. The funds that are sent to your current lenders to cover your debt can take up to two weeks to clear, depending on the company.

Upgrade is available Monday through Friday from 5 a.m. to 7 p.m. Pacific Time, and on Saturday to Sunday from 6 a.m. to 5 p.m. Pacific Time.

FAQ

What does Upgrade Inc do?

Upgrade Inc is a financial technology company headquartered in San Francisco. It offers loans and credit cards issued by the partner-banks. 

Who owns Upgrade Inc?

Upgrade Inc was founded by Renaud Laplanche. It is still owned by the CEO

What bank issues Upgrade loans?

Upgrade offers products issued by Sutton Bank and Cross River Bank, both FDIC members.

Is Upgrade a real bank?

Upgrade is not a bank, it is a financial technology company. It services loans and credit cards provided by Sutton Bank and Cross River Bank as its partners.

Company documents

Privacy Policy
Terms of use

Our goal is to offer our users more value and a better experience than they receive from their traditional bank. We fulfill that goal with affordable and responsible loans and cards, and no fees and high rewards checking accounts.

© Upgrade, Inc.

Financial products

Upgrade
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000-$50,000
Rate
i

Effective interest rate on the product

up to 35.97%
Term
i

Loan term for the financial product

up to 84 months
Upgrade
Upgrade Bitcoin Rewards Visa®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

8.99%-29.99%
Upgrade
Upgrade Triple Cash Rewards Visa® card
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500 to $25,000**
Rate
i

Effective interest rate on the product

8.99%-29.99%
Upgrade
Upgrade Cash Rewards Visa®
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

$0.00

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Calculate loan payments in Upgrade

Upgrade calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

USD
USD
1000 $
50000 $
Loan term
i

Specify the loan term for the calculation

months
days
24
84

What to focus on before applying for a loan with Upgrade

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Upgrade and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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