You will know if Upgrade approved you for a personal loan because you will receive an application decision via email. Upgrade may approve you as soon as the same day you apply, or within 2 - 5 business days, and you can check your loan status online in the meantime.
If you get approved, you should receive the funds 1 business day. Just keep in mind that approval for a Upgrade loan is never guaranteed.
Yes, Upgrade personal loans are legit because Upgrade is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Upgrade personal loans are legit is that the lender has a rating of A from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer
Why Upgrade Personal Loans Are Legit
Upgrade is registered as a business in the states it services.
Upgrade has a Better Business Bureau rating of A.
Upgrade has been around since 2016.
Upgrade has an average user rating of 3.5/5 on WalletHub.
Upgrade personal loans have a rating of 3.6/5 from WalletHub's editors.
Upgrade has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While Upgrade personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Upgrade personal loans against your other options before submitting an application.
Yes, you can refinance an Upgrade personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining Upgrade balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges. … read full answer
How to Refinance a Loan from Upgrade With a New Loan
Check your credit score. Checking your credit helps you see if you’re able to get approved with the score you have or if you need to spend some time improving it. You can check your credit score for free on WalletHub.
Get pre-qualified (if possible). Pre-qualifying shows you which lenders may approve you and what rates may be available to you. You can pre-qualify with multiple lenders for free on WalletHub.
Apply for the new loan. You can apply for the loan online, in person or over the phone. You’ll need to give the lender some personal information when you apply, like your name, address and date of birth. The lender will also need some financial information, like your employment status and income.
Wait for funds. You should get your loan within a few business days of being approved. The lender will either write you a paper check or do a bank transfer.
Pay off the old loan. Once you receive the money, you’ll need to pay off the old loan.
Repay the new loan. After the old loan is paid off, you’ll then need to repay the new loan. This could take a few months or years to do.
Refinancing a Loan from Upgrade With a Balance Transfer
The biggest difference between using a balance transfer credit card and a personal loan for refinancing is that many cards offer 0% introductory APRs. If you can pay off your loan before the introductory period ends, you won’t have to pay interest.
You should refinance a personal loan from Upgrade if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.
Finally, it’s worth noting that Upgrade does not offer personal loan refinancing services for its own loans. In other words, you can’t use a Upgrade loan to pay off another Upgrade loan and get a lower interest rate in the process.
Upgrade's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a Upgrade personal loan.
Citizenship: U.S. citizen, permanent resident or immigration visa holder
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: All states except Iowa and U.S. territories
Before you apply for any personal loan, it’s a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it’s never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub’s free pre-qualification tool.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.