About Lender
Upgrade is a US personal loan lender that offers borrowers access to funds for many purposes: debt consolidation, home improvement, and unexpected expenses. Founded in 2017 and based in San Francisco, CA.
Upgrade offers loans from $1,000 to $50,000 with 36 to 84 month terms. The application process is fully online so it’s easy and fast for borrowers to apply and get funds. Borrowers can apply on the Upgrade website and the application takes just a few minutes to complete.
Upgrade has received great reviews from borrowers who mention fast application process, competitive rates and good customer service. The company has also been recognized for responsible lending practices and transparency, including being certified by the Responsible Business Lending Coalition.
Key Features
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Online application. Upgrade’s application process is fully online so it’s easy and fast for borrowers to apply and get funds.
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Personal loans. Upgrade offers loans from $1,000 to $50,000 with 36 to 84 month terms.
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Fixed rates. Upgrade offers fixed rates on personal loans so borrowers can budget easier with predictable payments.
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Upgrade Card. The Upgrade Card is a unique credit card that helps customers manage and pay down their balances. The card has no fees and offers 1.5% cash back on all purchases. The Upgrade Card has a credit limit of up to $20,000 and customers can choose to make fixed monthly payments or pay in full each month. Plus, the card has a rewards checking account that allows customers to earn up to 2% cash back on their balance if they make a scheduled monthly payment.
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Fair credit score requirements. The Upgrade Card is designed for customers with fair credit scores (600-700) so it’s an option for those who may not qualify for other credit cards.
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Annual fee. Unlike most credit cards, the Upgrade Card has no annual fee, late fee, returned fee or overlimit fee.
Pros and Cons
Pros
Online application. Upgrade’s application process is fully online so it’s fast and easy to apply and get funds.
Holistic lending. Upgrade takes a more comprehensive approach to underwriting borrowers than traditional lenders so borrowers with lower credit scores may benefit.
Fixed rates. Upgrade offers fixed rates on personal loans so borrowers can budget easier with predictable payments.
No prepay penalty. Upgrade doesn’t charge prepay penalty so borrowers can pay off their loans early without extra fees.
Credit monitoring and educational tools. Upgrade offers credit monitoring and educational resources to help borrowers manage their finances.
Cons
Loan amounts. Upgrade’s personal loans are $1,000 to $50,000 which may not be enough for borrowers who need more funding.
Origination fee. Upgrade charges an origination fee of 1.85% to 8.99% of the loan amount which adds to the total cost of the loan.
Higher interest rates. Borrowers with lower credit scores may be offered higher interest rates which makes the loan more expensive over time.
No in-person customer service. Upgrade’s customer service is online or over the phone which may not be as convenient for borrowers who prefer in-person support.
Upgrade Card restrictions. The Upgrade Card has restrictions such as cash advance limit and auto pay requirement which may not be suitable for all borrowers.
Reliability
Transparency. Upgrade is transparent about their loan terms, fees and the lending process so borrowers can make informed decisions about their finances.
Responsible lending. Upgrade is committed to responsible lending and is certified by the Responsible Business Lending Coalition. This certification requires lenders to follow a set of best practices that promote transparency, fairness and responsible lending.
Customer support. Upgrade provides excellent customer support to its customers which includes online support, phone support and a comprehensive FAQ section on their website.
Positive reviews. Upgrade has received positive reviews from customers who liked the fast application process, competitive rates and helpful customer service.
Industry recognition. Upgrade has been recognized by industry experts for their innovative products and responsible lending practices. For example in 2020 they were named one of the “Best Personal Loans” by U.S. News & World Report.
How to Apply for an Upgrade Loan?
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Go to website. Go to the Upgrade website. Choose the product you’re interested in. Upgrade offers Personal Loans, Upgrade Cards and OneCard. Each product has its own section on the website.
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Check your rate. For personal loans you can check your rate by clicking on “Check Your Rate” on the personal loans page. This step requires you to provide some personal and financial information but doesn’t affect your credit score.
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Fill out application. Fill out the application form with all required details. This may include personal information, employment details and financial information. Make sure all information is accurate to avoid any delays.
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Submit documents. Depending on the product you’re applying for you may need to submit additional documents for verification. This could be proof of income, identification and other relevant documents.
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Review and accept offer. Once your application is processed review your loan or card offer carefully. Look at the APR, fees and repayment terms. If you like the offer accept it to proceed.
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Verification and funding. After accepting the offer Upgrade may do additional verifications. For personal loans once everything is cleared the funds are usually sent to your bank account within a day of clearing necessary verifications. The exact timing depends on your bank.
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Manage your account. After you receive your loan or card you can manage your account online or through the Upgrade mobile app. This includes making payments, checking balances and monitoring your account.
Conditions and Requirements
Conditions
Credit score. The APR and approval may vary based on your credit score, credit usage history, loan term and other factors.
Interest rates and fees. Personal loans have APRs of 8.49%-35.99% and origination fees of 1.85%-9.99% of the loan amount.
Repayment terms. Loans have repayment terms of 24-84 months so you have flexibility in loan duration.
Early repayment. There is no fee or penalty for repaying a loan early. You have the freedom to manage your debt without extra charges.
Requirements
Personal information. Provide personal information including identification and employment details.
Financial information. Submit financial information for credit assessment including income verification.
Bank account. A valid bank account is required for loan funding or to connect with your Upgrade Card or OneCard.
Direct deposit. For certain rewards like 2% cash back with Rewards Checking Plus a monthly direct deposit of $1,000 or more is required.
Eligibility. You must be a U.S. citizen, a permanent resident or residing in the U.S. with a valid visa. You must also be at least 18 years old, or 19 in Alabama and certain other states.
Documentation. Additional documentation may be required for verification like proof of income or residence.
Ways to Recieve the Money
At Upgrade, getting the money from your approved financial product is easy and fast. For personal loans, once approved and all verifications are cleared, the money is deposited into your bank account within one business day. This fast funding means the money you need is available to you as soon as possible so you can manage your finances or make a purchase without delay. If the loan is to pay off creditors, Upgrade sends the funds to pay off your debts which may take up to two weeks to clear depending on the creditor. This process makes getting a loan easier and ensures the money is used for its intended purpose whether it’s to consolidate debt, make a big purchase or improve your home.
Products
Personal loans. Upgrade offers loans from $1,000 to $50,000 with 36-84 month loan terms. Borrowers can use personal loans for debt consolidation, home improvement and unexpected expenses.
Upgrade Card. Upgrade Card is not a traditional credit card. Instead they are unique cards designed to help customers manage and pay down their balances and earn rewards. For example the Upgrade Cash Rewards Visa card has no fees and 1.5% cash back on all purchases. The Upgrade Card has a credit limit of up to $20,000 and customers can choose to make fixed monthly payments or pay in full each month. Additionally the card has a rewards checking account that allows customers to earn up to 2% cash back on their balance after next scheduled monthly payment.
Auto Refinance. Upgrade offers a simple and beneficial auto refinancing service to lower your monthly car payments and save you money. With their online process it’s fast and easy to refinance your car loan and get affordable monthly payments through great rates and terms. To be eligible for refinancing your car must be 10 years old or newer, a personal-use automobile and have under 130,000 miles (or 150,000 for trucks). Your current auto loan must have an outstanding balance of $5,000 or more and at least 3 monthly payments made. This service is not available for RVs, motorcycles, commercial vehicles or salvaged vehicles and is designed to make auto refinancing accessible and easy for a wide range of drivers looking to lower their financial burden.
Credit monitoring. Upgrade offers free credit monitoring to its customers which includes access to credit scores and reports from all three major credit bureaus and alerts for important changes to a customer’s credit profile.
Credit health education. Upgrade offers a range of educational resources to help customers better understand and improve their credit health. This includes personalized recommendations to improve credit scores and manage debt and educational content on personal finance topics.
Other Personal Loans
Reasons for Loan Refusal
Although the specific reasons for loan denial were not listed on the Upgrade website, based on general lending practices and the information provided, it can be assumed that Upgrade may deny loans for various reasons such as credit score, credit usage history, loan term and other financial metrics. Upgrade’s loan conditions and requirements state that the applicant’s financial stability and ability to repay the loan are key considerations. Loans are approved based on detailed credit and underwriting criteria so if you have insufficient credit history, high debt-to-income ratios or don’t meet the specific loan product requirements you may be denied. Upgrade emphasizes responsible lending and financial health so these principles guide their loan approval process.
How to Repay an Upgrade Loan?
To repay an Upgrade loan, first note the origination fee, a one-time fee added to your total loan balance. Find the loan amount sent to your bank account under “Amount Financed” on the disclosure, available in your account by clicking on “View Loan Documents”. The first payment is due one month after funds are sent, automatically deducted from your bank account. To change payment methods go to your account and click on “Manage Payments”. Payments can also be made by phone by calling Account Servicing at +1 (844) 899-9931 Monday-Friday or by check where Upgrade Inc. should be written in the “Pay to the Order of” field and your ID number; for multiple loans send separate checks. For personal lines of credit, monthly statements on the dashboard will consolidate previous draws into one fixed payment. Late payment fee up to $10 if full payment isn’t made within 15 calendar days of the due date.
Loans like Upgrade
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Upgrade Account Review
- How to Apply for an Upgrade Loan
- How to Repay an Upgrade Loan
- Upgrade Mobile App
- Upgrade Customer Reviews
- All Upgrade Coupons and Promo for January 2025
- Loans Upgrade January 2025
