First, Upgrade requires you to pre-qualify. The company will ask you some basic questions about your personal information, and the company will need your permission in order to obtain a credit report and verify your financial situation. Based on this information, Upgrade will offer you different funding options that you can qualify for. Receiving a letter from a company stating you are pre-approved for the founding means you meet the minimum requirements for a specific option you chose. Pre-approval only takes into account the information you stated about yourself, which is a soft credit check. To approve you for a loan, Upgrade will need to check your employment and income. The lender will conduct a hard inquiry and establish your creditworthiness according to your credit history, FICO score, and employment documents.If you have received a rejection, you can reply anytime after 30 days from the day you received the letter from the company. You can apply over the phone during the company's working hours. However, you can't apply by mail. In that instance, your application should be submitted online on the website.If you want to cancel your application with Upgrade, contact an Upgrade Verifications team during their working hours.
Requirements
The minimum eligibility requirements for taking a loan with Upgrade are:
Being a US citizen or permanent resident;
Being at least 18 years old, 19 in some states;
Being able to provide a valid bank account; and
Being able to provide a valid email address.
Application details
Upgrade doesn't issue any application fees for its financial products: the company doesn't require you to provide an upfront application fee, security fee, or insurance fee.
To verify your employment status, Upgrade will need to have your employer's name, their telephone number, and your date of hire.
If you're self-employed, you have to provide the most recent two years tax return document in order to verify your income. If you are unable to provide this paper, you will be rejected. In addition, you will be required to provide a Specific Tax Form of Schedule, a bank statement, a request for a transcript of your tax return, and others.
The company only takes into account your personal income. If you want to include additional information about your financial situation, you can fill in the details into the box "Additional Annual Income". You also don't need to include alimony, child support, or separate maintenance income unless you want it to be regarded as a basis for paying the loan you have borrowed.
