How long does it take to get approved by Upgrade?

Yes, an Upgrade personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, an Upgrade personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.... read full answer

How an Upgrade Personal Loan Affects Your Credit Score

Hard pull: When you apply for an Upgrade personal loan, Upgrade will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out an Upgrade personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting an Upgrade personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how an Upgrade personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while an Upgrade personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

It takes 2 to 5 business days to get money from an Upgrade personal loan, in most cases. The Upgrade loan timeline includes around 1 day to get approved for an Upgrade loan and another 1 to 4 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.... read full answer

How to Get Money From Upgrade as Fast as Possible

• Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from Upgrade having to request additional information.
• Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.
• Get your credit score above the minimum. Ideally, you should only apply for an Upgrade personal loan once your credit score exceeds the minimum requirement of 620. That will make it easier for Upgrade to decide whether you qualify, which could lead to a quicker decision.
• Apply online. Online applications have the fastest processing times since they are automated and streamlined.

Once you get approved for an Upgrade personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 4 business days.

Applicants need a credit score of 620 to get a personal loan from Upgrade, according to multiple third-party sources. That means the Upgrade personal loan credit score requirement is in the bad credit range. To put this in perspective, most other lenders' credit score requirements for personal loans range between 585 and 700.... read full answer

Keep in mind that just having a 620 credit score is not enough to qualify you for an Upgrade personal loan. Upgrade will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you. It's also worth noting that some applicants might be able to get a personal loan from Upgrade with a slightly lower score if it's offset by other factors like an especially high income. But it's best to wait to apply until your score meets the threshold.

If you're unsure of what your current credit score is, you can check it for free on WalletHub. You can also pre-qualify for an Upgrade personal loan online to gauge your chances of getting approved with your current credit score.