Upgrade offers personal loans with a wide variety of loans, no prepayment penalties, and comparatively lenient credit score requirements, making the lender a flexible option for borrowers with poor or fair credit. How do you pick a lender when there are so many to choose from? Your bank may be the first place you think of when you’re in need of money. As a loyal client, wouldn’t it make sense for them to provide you the finest possible loan terms? Possibly, but it’s also possible that this isn’t the case.
Having so many lenders to choose from is a positive. The more possibilities you have available, the more likely it is that you’ll be able to work with someone you like. Furthermore, while every individual’s circumstance is unique, we can probably all agree that a lender with cheap interest rates and minimal fees, yet excellent ratings is one worth taking into consideration. What’s the point of wasting your time if you don’t need it?
As a result of these concerns, you may wish to look into alternative lending options. One of these options is Upgrade, a financial services start-up that specializes in low-cost credit solutions. Upgrade may have a less well-known brand, but that doesn’t mean they can’t provide what you need in a lender.
- An introduction to Upgrade
- In what ways may I get a loan from Upgrade?
- What Upgrade customers are saying
- Bottom Line
An introduction to Upgrade
Personal loans and lines of credit, as well as free credit monitoring and education, are all available through Upgrade, an online lending platform established in San Francisco. As an alternative to a traditional bank, Upgrade was created in 2017 by Adelina Grozdanova and Renaud Laplanche, two former executives of online lending pioneer LendingClub. They believed that an online platform could function more efficiently while simultaneously providing an improved client experience.
Even though the firm is based in San Francisco, it has other offices in Phoenix and Chicago, and employs over 350 employees. Since its beginning, the fintech firm has attracted millions of consumers..
In what ways may I get a loan from Upgrade?
Upgrade Card is a credit card and a personal loan all rolled into one, and it’s one of the company’s most popular products.
Personal loan at Upgrade
There are several places where Upgrade does not provide personal loans from $1,000 to $50,000 that are not secured by a homeowner’s property. However, in Georgia you can only get a $3,000-a-year loan and in Massachusetts you can only get a $6,000-a-year loan. Residents of Iowa, Washington, DC, and West Virginia cannot apply for personal loans through Upgrade.
Upgrade claims to have a simple and fast loan application procedure that includes checking your interest rate, selecting your loan offer, and receiving your money within a few business days. Fixed interest rates range from 5.94 percent to 35.97 percent, with durations of 36 or 60 months, depending on the type of loan being taken up (as of Nov. 30, 2021). For the best rates, Upgrade asks you to set up autopay and pay down a portion of your debt. Also known as “paying down” your debt, this means that if you ask for a loan to pay off your credit card debt, you must spend a percentage of the money you get to pay down your debt.
Additionally, each loan will have an origination charge of between 2.9% and 8%, which is subtracted from the total amount you’ll be able to borrow. If you get a $10,000 loan with a 5% origination charge, you’ll get $9,500 in your bank account. Even if you pay off your loan early, you’ll still be charged $10 for each unsuccessful internet or paper check payment attempt.
Paying off credit card debt, consolidating debt, or making home renovations are just some of the many uses for an Upgrade personal loan. An Upgrade personal loan cannot be used for a number of other purposes as well. These include post-secondary education (including tuition and accommodation and board as well as school supplies) investments (including gambling) and, obviously, unlawful actions.
At least 18 years old (unless otherwise stipulated by your state) and a bank account and a valid email address are required to apply for a loan via Upgrade. Applicants must be US citizens, permanent residents, or holders of a valid visa.
Upgrade Card at Upgrade
Credit lines of up to $50,000 are available with the Upgrade Card, which combines the features of a credit card and personal loan. It may be used everywhere Visa is accepted. The Upgrade Card does not have ATM access, but you can transfer money from your personal line of credit to your bank account without incurring a charge.
It’s easy to budget for predictable monthly payments thanks to the Upgrade Card’s set interest rate and term lengths. Depending on your credit score and other criteria, your APR might range from 8.99% to 29.99% (as of November 30, 2021). If you have a good credit score, you may be eligible for a lower interest rate on this account.
Following your pre-qualification, you’ll receive a breakdown of your loan specifics, including the credit line you qualified for, the APR, and how long you have to pay each charge on the card (this is known as a draw length). This means you might be eligible for a $1,000 loan with a 15% APR and a 24-month draw period. With a $1,000 credit line, a 15 percent APR, and 24 months to pay off your Upgrade Card balance, you’ll be able to make purchases with confidence.
Despite the fact that the terms of your previous debts will not change, Upgrade warns that your credit score or the overall market circumstances may affect how much credit you have left, your interest rate, and the length of time you have to pay off each future charge (draw).
Just like a typical credit card, the Upgrade Card lets you know precisely how much you’ll be charged each month and when you’ll have to pay back the borrowed funds. The reason for this is that you’ll be able to make equal monthly payments until you’ve paid off your whole debt at a set rate and payback date. As a result, you’ll save money on interest. Because there are no fees, the costs might be even lower. If you pay off your debt in full before the due date and don’t have any interest accrued on the balance, there are no fees.
Credit Health at Upgrade
When it comes to helping you better understand your credit, one of Upgrade’s primary goals is to provide you with Credit Health tools. In addition to the free credit monitoring, you’ll receive email notifications about potential fraud and other changes to your credit score, as well as access to a credit score simulator and other educational materials. Credit Health tools from Upgrade have no effect on your credit score.
What Upgrade customers are saying
A+ rating with the Better Business Bureau (BBB) and an average of 4.76 stars based on over 1,000 reviews. Some of these reviews use words like “simple,” “quick,” and “pain-free” to characterize Upgrade’s employees, which one person defined as being “of the greatest level,” and many individuals rave about Upgrade’s customer service.
However, you can’t rely on just one review site to find the finest personal loan company out there. On Trustpilot, you’ll discover an average rating of 4.7 out of 5 stars. Again, the overwhelming majority of the over 10,00 evaluations point out how easy the procedure was and how courteous and knowledgeable the personnel is.
You don’t have to be slavishly obedient to your lender just because you’re taking out a loan. Some of the most significant aspects that prospective borrowers seek for when learning how to acquire a loan include an easy application procedure, a stellar reputation, and the capacity to get funds fast. After using Upgrade, this is what most users get in return.
However, just because Upgrade appears to be a good lender to many, it doesn’t always guarantee that Upgrade will meet all of your needs. Consider alternate possibilities if there’s a certain aspect you’re not really fond of. Investigate your options, compare lenders, and pick the one that best suits your present requirements.