Lender
Rating by Finanso®
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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.

4.1
(20 Ratings)

Apply For Upgrade

Advertiser Disclosure

How to apply for a loan?

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;
  • 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.

How to apply Upgrade

FAQ

Does Upgrade do a hard pull?

Upgrade conducts a hard credit check when approving you for a loan. It can affect your credit score negatively.

How does Upgrade Inc make money?

The company issues fees and interest rates to make a profit.

What credit score do I need for Upgrade?

Upgrade requires you to have at least a 560 credit score to qualify for their financial product. The better your score, the lower APR you will receive.

How long does Upgrade take to approve a loan?

Upgrade offers an online application procedure. After you submit an application, the company will review it and give feedback in 24 hours. 

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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.

4.08
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Calculate loan payments in Upgrade

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

Upgrade calculator
Interest rates are given in accordance with the rates of the Upgrade of 22.05.2024
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All Upgrade’s reviews by may 2024
Leave feedback
4.2
Advantages
Upgrade consistently delivers with speed and simplicity, offering reasonable terms. I currently have multiple loans and a line of credit with them, and I've had the pleasure of securing three previous loans from their services in the past.
Complain
4.4
Advantages
Applying for a debt consolidation loan through Upgrade was a breeze. I was able to set up automatic payments each month, which added to the convenience. The interest rate offered was fair too. I highly recommend Upgrade if you're in need of a loan.
Complain
4.6
Advantages
I am incredibly satisfied with all my interactions with Upgrade. Their service is exceptional, and the quick approval process, entirely online, is fantastic. I have a deep appreciation for this company. They came to my aid when I needed assistance in achieving my financial goals. I wholeheartedly recommend them with two enthusiastic thumbs up! Every step, from qualifying for a loan to receiving the funds, has been exceptionally smooth. Their communication throughout the process, starting from the application phase to fund disbursement, has been outstanding.
Complain
1.6
Disadvantages
This company is the worst I've ever dealt with. They offered a hardship plan for three months, but despite that, they reported my loan as delinquent on my credit report when it matured, even though I still had a balance due to the hardship. They didn't extend the maturity date of the loan, despite the hardship agreement. The customer service was incredibly rude, and I was never able to speak to a manager. I intend to report this to the attorney general.
Complain
4.4
Advantages
They are upfront about everything from fees to interest rates to payments and to some of the terms. It was easy to put an application in, get everything finished and receive the funds. They also make it convenient to choose a due date that works best for you.
Complain
5
Advantages
Securing a loan through this company was a remarkably swift and straightforward experience, complete with favorable interest rates. The transfer of funds was executed with impressive speed. I was particularly impressed with the user-friendly loan application process, clear communication throughout, and the accurate and rapid fund transfer. I wholeheartedly recommend this company to anyone considering credit card refinancing.
Complain
2
Disadvantages
Upgrade offers a line of credit with a generous limit, although it comes with high-interest rates. However, my experience took a frustrating turn when I started using this line of credit. Despite having an impeccable payment history and no credit issues, Upgrade began scrutinizing my credit and gradually reduced my credit limit to match my outstanding balance. This resulted in my available credit dwindling to zero, plummeting from an initial $20,000 down to just $4,000. Even though my account currently has a zero balance and will remain that way for a while, Upgrade's actions caused my credit score to drop inexplicably. I've chosen not to close the account, but I've lost trust in their practices and won't be using it.
Complain
4.4
Advantages
This is my second experience securing a loan with Upgrade, and the process has been remarkably convenient. Uploading documents and verifying my bank electronically were both straightforward tasks. I also have their credit card, and making payments has been hassle-free, with no penalties for early repayment. By paying off my credit cards, I was able to obtain a more favorable interest rate, which was my initial goal.
Complain
4.4
Advantages
Obtaining my Upgrade loan was an exceptionally efficient process, making it incredibly easy to secure the funds I needed. Additionally, I was granted a line of credit through an Upgrade credit card, which I found myself using multiple times.
Complain
4.6
Advantages
This company is excellent. They processed my loan application efficiently and swiftly. I would wholeheartedly recommend this company to anyone seeking to borrow money at a reasonable interest rate. Furthermore, they provide regular updates on all account activity, which is highly appreciated. This loan is particularly beneficial for improving your credit score, especially if that's one of your goals.
Complain
Overall company rating
4.1
/ 5
20 reviews
Execution of an application
4.3
Support service
4.0
Mobile app
4.0
Service quality
4.1
Your satisfaction level
4.1
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