Upgrade

9.1Expert Score

Upgrade: Get a Fast Personal Loan up to $50,000

If you're looking for flexible personal loans, Upgrade may be the best way to go. With their flexible monthly payments and reasonable terms, Upgrade is the go-to option for anyone looking to score funding fast. Get up to $50,000, no hidden fees nor early repayment penalties.

Loan amounts

9.3

Approval speed

9.6

Interest rates

8.4

PROS

• Easy and extremely fast to apply
• Fast funding
• Flexible terms and monthly payments
• No fee or penalty for early repayment

CONS

• Variable origination fee
• APR may be quite high

Upgrade is a personal loan provider that offers accessible, straightforward financial solutions for individuals seeking loans ranging from $1,000 to $50,000. With loan terms between 24 to 84 months and an APR that spans from 9.99% to 35.99%, Upgrade aims to cater to a wide variety of financial needs, from debt consolidation to home improvements.

However, like any financial product, it’s crucial to understand the full picture before committing. In this review, we’ll dive deep into Upgrade’s offerings, highlight the pros and cons, and see how it stacks up against competitors.

Pros & Cons of Upgrade

Pros:

• Fast funding process: Borrowers can receive funds as quickly as one business day, which is ideal for urgent financial needs.
• No prepayment penalties: You can pay off your loan early without incurring additional fees, saving on interest.
• Customizable loan terms: With terms ranging from 24 to 84 months, you can choose a repayment plan that fits your budget.
• Flexible loan amounts: Loans from $1,000 to $50,000 allow for both small and large financial projects.
• Mobile-friendly platform: Upgrade’s app makes managing your loan, checking your balance, and making payments easy from your smartphone.

Cons:

• High origination fees: Fees range from 1.85% to 9.99%, which can significantly reduce the amount you receive upfront.
• Potentially high APR: Rates can go up to 35.99%, which might be a deal-breaker for those with excellent credit who can secure lower rates elsewhere.

Who is Upgrade for?

Upgrade caters to a broad range of borrowers, but it’s particularly beneficial for those seeking quick access to funds without a lot of hassle.

If you have a credit score of at least 560, a minimum annual income of $30,000, and need a loan for personal use such as debt consolidation, home improvement, or large purchases, Upgrade might be a good fit. They also consider more than just your credit score, including your free cash flow and debt-to-income ratio, providing some flexibility for those with lower credit scores.

Upgrade is best for…

Upgrade is ideal for borrowers who need fast access to funds and prefer a fully online experience. It’s especially appealing for those with fair to average credit scores who might struggle to qualify for loans with lower interest rates.

The lack of prepayment penalties also makes it a good choice for borrowers who anticipate being able to pay off their loan early.

Upgrade is not for you if…

If you have excellent credit and are looking for the lowest possible interest rates, Upgrade might not be your best option due to its high potential APR.

Additionally, if you’re uncomfortable with origination fees, which can take a sizeable chunk out of your loan proceeds, you might want to consider other lenders with no or lower fees.

Alternatives to Upgrade

Here are a few alternatives to Upgrade personal loans:

Upstart: Upstart offers personal loans with terms similar to Upgrade but is known for its unique approach to lending by considering your education, employment, and other factors beyond just your credit score. This makes it a great choice for those new to credit or with non-traditional financial backgrounds. Upstart loans range from $1,000 to $50,000, with APRs from 5.42% to 35.99%, often lower than Upgrade’s upper range.

Discover: Discover personal loans are a strong alternative with no origination fees, which can save you money upfront. They offer loan amounts from $2,500 to $35,000 with terms up to 84 months and APRs from 6.99% to 24.99%. If you have good credit, Discover’s lower rates and no-fee structure might be more appealing than Upgrade’s offerings.

SoFi: SoFi provides personal loans with benefits such as no origination fees, no prepayment penalties, and access to free financial advice. Their loans range from $5,000 to $100,000 with APRs from 7.99% to 23.43%. SoFi is an excellent option if you need a larger loan amount or want to take advantage of member perks like career coaching and community events.

Is Upgrade Right for You?

Upgrade offers a competitive option for those who need quick access to funds and prefer a user-friendly digital experience. Its flexible loan amounts and terms, combined with a fast funding process, make it a solid choice for a variety of borrowing needs.

However, the high origination fees and potential for high APRs mean it’s crucial to compare offers, especially if you have excellent credit or are fee-averse. If you’re someone with fair credit looking for convenience and speed, Upgrade could be the right choice. But if lower costs and better rates are your priorities, alternatives like Discover or SoFi might serve you better.

Frequently Asked Questions About Upgrade

Is Upgrade legit?
Yes, Upgrade is a legitimate personal loan provider that has been in business since 2017. It is licensed and regulated, providing transparent terms and conditions.

What is the minimum credit score required for an Upgrade loan?
Upgrade requires a minimum credit score of 560, making it accessible to those with fair or average credit.

How fast can I receive funds from Upgrade?
If approved, you can receive your funds as soon as one business day, depending on your bank’s processing times.

Are there any fees with Upgrade loans?
Yes, Upgrade charges an origination fee ranging from 1.85% to 9.99%, which is deducted from your loan proceeds.

Can I pay off my Upgrade loan early?
Yes, there are no prepayment penalties, so you can pay off your loan early and save on interest.

Does Upgrade report to credit bureaus?
Yes, Upgrade reports your payment activity to all three major credit bureaus (Experian, TransUnion, and Equifax), which can help build your credit if you make timely payments.