Upgrade Personal Loans Reviewed in Depth

Upgrade personal loans

Some companies rise above the rest the moment they’re launched. Upgrade is one of those companies. They designed their debt consolidation loans and other financial products to meet the needs of borrowers who cannot do business with traditional banks. Because of that, Upgrade is widely considered one of the top online lenders in America.           

Who is Upgrade?

The San Francisco-based company launched in 2017 and now does business in all 50 states. However, personal loans are unavailable to residents of Washington, D.C. Investopedia rates Upgrade as the best overall lender for poor and fair credit borrowers. Trustpilot gives them 4.5 out of 5 stars. 

Pros of Upgrade Personal Loans

  • The minimum credit score requirement is 620.
  • Upgrade will pay your creditors directly. 
  • The minimum loan amount is low.
  • Available in fifty states.

Cons of Upgrade Personal Loans

  • Upgrade charges a steep loan origination fee.
  • Late payment fees ($10) are high.
  • APR may be up to 35.99% on Upgrade personal loans.
  • Not available in Washington, DC

Services Offered by Upgrade

Upgrade is a debt consolidation loan provider. They offer home improvement loans, medical bill loans, wedding loans, pool loans and emergency loans for borrowers who need cash immediately. Funds on all loans, if you qualify, can be available in your bank account within one business day after final approval. 

Customer Qualifications or Eligibility to Work with Upgrade

Upgrade has a minimum credit score requirement of 620, but the company may work with you if your score is as low as 560. Borrowers with lower scores may pay a higher APR and fees. Upgrade’s maximum APR charge is 35.99%. The minimum loan amount offered is $1,000, and the maximum is $50,000.

Business Details

Upgrade is a Lender, not a Debt Counseling Service

Upgrade is a debt consolidation loan provider; they are not a debt consolidation counseling service. Because of that, there are no minimum debt requirements to apply for an Upgrade personal loan. Customers at Upgrade can borrow $1,000 to $50,000 to pay off debt. Additionally, Upgrade can handle the payments if needed.       

What Upgrade Personal Loans Won’t Cover

There are some restrictions. You cannot use Upgrade personal loans for tuition, investing, or gambling. Otherwise, Upgrade has no other limitations or requirements for using your loan funds. The money can be transferred directly into your personal checking account and be available within one business day. Monthly installments for repayment begin one month later. 

How Upgrade Personal Loans Work

The online application for Upgrade works seamlessly and quickly. Applicants can fill out a brief form to pre-qualify. They are also provided with a list of loan options. Select one and Upgrade will process and approve your request within a few minutes. Funds can be in your bank account in as little as one business day later. Fixed-rate installment payments are debited from your checking account monthly for an agreed-upon 24 to 84 months.

How much?

Debt Needed to Work with Upgrade

Upgrade offers a minimum loan amount of $1,000, but borrowers are not required to use it for debt consolidation. Loan funds can be transferred in cash directly to the recipient’s bank account. Upwork offers a maximum loan amount of $50,000. Borrowers can opt to have all loan funds paid directly to creditors, regardless of the amount.

Customer Timeline When Working with Upgrade

Upgrade offers longer loan terms than most of their competitors, with options available of up to 84 months (7 years). The minimum loan term available is 24 months (2 years). Loan APRs range from 8.49% to 35.99%. Origination fees are 1.85% to 9.99% and are included in the installment payments. Funds after loan approval can be available within one business day.

  • Customer Service
  • Debt Solution Options
  • Availability
Kevin D. Flynn

Kevin D. Flynn

Kevin D. Flynn is a former financial professional, business coach, and freelance financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

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