Upgrade is a fintech company that offers checking accounts, credit cards and personal loans. They’re an excellent choice for people with fair or bad credit who need cash quickly since they can fund personal loans on the same day your loan application is approved. They also prequalify applications using soft inquiries that don’t impact credit scores.
At a Glance: Upgrade Personal Loans
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
on Upgrade Website
MoneyGeek Breakdown - Upgrade Personal Loan Details and Requirements
Personal loans from Upgrade have an annual percentage rate (APR) of 5.94% to 35.47%.
Credit Score Requirements
MoneyGeek’s research estimates that borrowers need a FICO score of at least 560 to qualify for a loan with Upgrade.
Upgrade does not publicize their income requirements, but they will ask for documents to verify an applicant’s income.
Upgrade’s personal loans range from $1,000 to $50,000.
Borrowers can repay their Upgrade personal loans within 36 to 60 months.
Is Upgrade Right for You?
Since personal loan lenders have different rates and requirements, some providers may offer better products and services than others. MoneyGeek reviewed Upgrade’s personal loan offerings to help borrowers decide if this company is a good fit for their needs.
Who Upgrade Is Perfect For
Upgrade’s personal loans work best for people with fair or bad credit who need cash quickly. This lender’s minimum FICO score requirement is 560, giving individuals who are building their credit access to both cash and the opportunity to improve their scores.
Upgrade has a prequalification process that only involves a soft inquiry. Borrowers who aren’t confident about their credit don’t have to worry when getting a loan from this company. They even allow joint loans that can increase the chances of loan approval.
Upgrade has lengthy repayment terms, which is useful for folks who need lower amortizations. Additionally, this lender doesn’t charge prepayment penalties to borrowers who decide to pay off their loans early.
Who Should Not Choose Upgrade
Upgrade’s personal loans target borrowers with fair or bad credit. As such, they have higher APRs and lower loan amounts compared to other companies. Consumers with good or excellent credit can get loans up to $100,000 with lower interest rates. Plus, they won’t have to pay origination fees for their loans from some of the other lenders in the space. They may also be able to apply with a co-signer to access higher loan amounts.
Like many carriers, Upgrade gives the option to pay creditors directly in case of debt consolidation. However, that’s only attractive for folks with lower credit scores. Borrowers with good credit are better off with no-fee lenders that have lower interest rates and higher loan amounts.
How to Apply for an Upgrade Personal Loan
MoneyGeek laid out the steps you need to take when applying for an Upgrade personal loan. The process involves filling out forms, sending documents and reviewing contracts before receiving the loan.
You can get started by visiting Upgrade’s homepage and filling out your desired loan amount. After that, you’ll be asked to provide your personal details and Social Security number. Upgrade will issue a pre-approval if you pass their requirements.
Fill Out Application Form
Next, you’ll need to provide more personal and financial details as well as submit documents to verify your identity and income. Upgrade will use the information you provide to assess your creditworthiness.
Wait for Approval
After filling out the necessary forms and providing the required documents, all that’s left to do is wait for Upgrade’s approval. Factors such as your employment situation and credit history determine the length of time it’ll take for the lender to issue an approval.
Review Loan Agreement
Upgrade will create a loan agreement once you’ve passed their verification process. It’s a good idea to review the details on the document since there can be differences between the loan’s approved amounts and terms.
Sign Loan Agreement
Sign the document once you feel confident about the loan’s terms and conditions.
Receive or Direct Funds
Upgrade will then send your loan to your bank account or preferred creditors. They’ll fund the amount within the same day of your loan application approval, but you can only access the money after the receiving bank processes the transaction.
You’ll now have to pay Upgrade monthly during the loan’s term. You can pay the loan early without a prepayment fee.
What to Do if You Are Rejected From Upgrade
Your Upgrade personal loan application might be declined after you provide the lender with all the required details and documents. There are many reasons why your loan can be rejected, including low credit score, insufficient income and incomplete paperwork.
It’s not the end of the world if you end up with a rejected application. You can reach out to Upgrade to find out the reason why they rejected your loan. It’s a good idea to understand the lender’s reasons because you need to fix any issues so that future loan applications will be approved.
It may be tempting to apply to other lenders, but it’ll be better to fix issues with your application first. You might need to pay off some of your debts or find a way to increase your income. In addition, getting a joint loan or finding a co-signer can also improve your chances.
If you don’t fix your initial loan application issues, you probably find it difficult to get approval from other lenders.
Frequently Asked Questions About Upgrade Personal Loans
MoneyGeek reviewed Upgrade’s personal loan details, highlighting the company’s pros and cons for various profiles. A borrower’s personal and financial situation determines the best lender for their needs, so we answered some frequently asked questions to help consumers decide if Upgrade is a good fit.
Read More on Personal Loans
- Upgrade. "About Us." Accessed March 23, 2022.
- Upgrade. "Homepage." Accessed March 23, 2022.
- Upgrade. "Take a Step Towards Your Goals with a Personal Loan." Accessed March 23, 2022.
- Upgrade. "Why Consolidate Your Debt with a Personal Loan?." Accessed March 23, 2022.
- Upgrade. "Why Refinance Your Credit Cards with a Personal Loan?." Accessed March 23, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.