Personal loans can help you to get caught up on bills, consolidate debt, or cover unexpected expenses when life throws a curveball your way. More online lenders are offering personal loans, making it easier to find funding when you need it.
Upgrade offers competitive rates and online personal loans. Over 500,000 customers have used Upgrade to borrow more than $7 billion in loans.
Wondering if Upgrade is the right loan option for you? This Upgrade review walks you through some of the most important things to know about how this platform works.
Pros and Cons of Upgrade
Any time you’re comparing personal loan options, it’s important to consider what’s good or not so good about a lender. With that in mind, here’s a rundown of Upgrade’s pros and cons.
Pros
- Borrow up to $50,000 for a variety of purposes, including debt consolidation and home improvement.
- Enjoy low fixed rates on loans, with rates starting under 6%.
- No prepayment penalties for early loan payoff.
- Choose the monthly payment and loan term that fits you best.
- Get a rate discount when you enroll in autopay or if you’re a checking customer.
Cons
- Loan approval isn’t as fast as other online lenders
- Origination fee for loans.
- Loan can’t be used to pay for college expenses or to make investments.
Who Is Upgrade For?
Upgrade may appeal to a variety of borrowers who are seeking personal loans. In general, Upgrade is good for people who:
- Need to borrow up to $50,000
- Are looking for competitive interest rates on personal loans
- Want to avoid prepayment penalties
- Can enroll in autopay to get a discount
- are looking for a loan and a checking account in the same place
Upgrade loans can be used for a variety of purposes, including:
- Debt consolidation
- Home improvement projects
- Paying off credit cards
- Building a startup company or improving a business
- Making a large purchase
You could also use Upgrade loans to fund a vacation or wedding, pay for medical expenses, or purchase a vehicle. The minimum you can borrow is $1,000.
Top Features of Upgrade
Wondering what sets Upgrade apart from other personal loan lenders? Here’s how some of its top features measure up.
Loan limits
Upgrade offers personal loans of up to $50,000, which is great if you need the money for a larger financial goal. Other personal loan lenders, meanwhile, may cap loans at $35,000 or $40,000 instead.
Competitive rates
Upgrade personal loan rates start low for the most creditworthy borrowers. With other lenders, the lowest rates may be in the 7% to 9% range. So if you have a good credit score, Upgrade could be the best fit for low rates.
Rate discounts
Enrolling in automatic payments can get you a rate discount of up to half a percentage point. Upgrade also offers rate discounts for customers who have a personal loan and an Upgrade Rewards Checking account.
Joint loans
If you want or need to borrow money with someone else, it’s possible to apply for a joint loan with Upgrade. You can apply with a spouse, partner, family member, or friend, assuming you both meet Upgrade’s credit score and income requirements.
Hardship program
Upgrade offers a hardship program for borrowers who are struggling to make loan payments. This is a benefit not always available with other personal loan lenders.
How to Apply for an Upgrade Loan
You can apply for a personal loan with Upgrade online in minutes. First, you can check your rate. This does not impact your credit score.
If you like any of the rate offers you’re presented with, you can move ahead with a full loan application. You’d need to decide how much you want to borrow and what repayment term works best for you. Loan terms range from 24 to 84 months.
Upgrade will need your personal information as well as some financial information, including your:
- Name
- Date of birth
- Phone number and email address
- Home address
- Social Security number
- Annual income and income source
You may be asked to provide pay stubs or bank account information as part of the application process. Once you’re approved for a loan, which can take a few days, you can get loan funding deposited into your bank account in as little as one day.
Rating the Features
Upgrade has some impressive features and benefits compared to other lenders. To wrap up this Upgrade review, here’s more on how individual features rate.
User experience
Upgrade offers a good overall online and mobile user experience. The website is easy to navigate, so you can get your rate quote in minutes and see which loan offers you might qualify for.
There’s a detailed FAQ section in case you have questions about Upgrade’s loans that aren’t answered on the home page.
There’s also an Upgrade mobile app for Android and iOS users. Having a personal loan mobile app is a valuable feature, as you can use it to track your loan payoff progress or make payments at any time.
Not all personal loan lenders offer a mobile app, which gives Upgrade an edge.
Fees and rates
Personal loan rates for Upgrade loans range from under 6% to close to 30%. The rate you qualify for can depend on your creditworthiness, as well as the loan term and the loan amount you’re interested in.
Remember that you can qualify for rate discounts if you sign up for autopay or you have an Upgrade Rewards Checking account.
As far as fees go, you won’t pay a prepayment penalty. But Upgrade does charge late fees and origination fees.
The origination fee ranges from under 3% to 8%, which is fairly steep compared to other personal loan lenders that may cap origination fees at 5% or not charge them at all.
Your origination fee is deducted from your loan proceeds, so it’s important to factor that in when deciding how much you need to borrow.
Transparency
Upgrade is very straightforward about providing loan information, including loan amounts, interest rate ranges, and fees. You can get your rate quote and see loan offers without affecting your credit to decide if an Upgrade loan is right for you. The FAQ includes answers to a wide variety of questions you might have about Upgrade and how its personal loans work.
You can even see examples of how much your monthly payment might be, based on the loan amount, term, and interest rate. Upgrade also offers a breakdown of how the origination fee works so you can gauge what amount you need to borrow.
Flexibility
Personal loans from Upgrade have terms ranging from 24 to 84 months.
When you complete the initial rate quote process, you can tell Upgrade how much you want to borrow and see different loan offers.
You can then choose the monthly payment and the loan term that works best for your budget.
You also have the ability to choose your payment date.
Keep in mind that if you miss your payment due date, you’ll be subject to a $10 late payment fee. There’s also a $10 fee for returned payments.
Customer Support
If you need help, you can contact Upgrade by email at [email protected] or call (844) 319-3909 Monday through Friday, 6 am to 6 pm PT, or Saturday and Sunday, 6 am to 5 pm PT.
Again, the help center is designed to answer most of the questions you might have about Upgrade. In addition to the help center, you also get access to free credit monitoring and a library of articles to help you improve your credit and financial health.
Bottom Line
Upgrade could be a great fit if you need a personal loan and you’re looking for low fixed rates.
The loans are particularly suited to credit card refinancing and debt for people who qualify for the lowest interest rates.
If you’re interested in an Upgrade loan, you can get the process started by checking your rates.
Frequently Asked Questions (FAQs)
Upgrade lends amounts from $1,000 to $50,000. There are restrictions in some states. For example, loans funded in Georgia must be at least $3,005, and loans offered in Massachusetts have a $6,400 minimum loan amount.
Once your information is verified and your credit is checked, you will usually receive your money within one business day.
There are many good reasons for getting a personal loan. One of the best reasons is to consolidate your high-interest, high-payment debts into one easy-to-manage loan with lower payments.
