Rick Bormin, Personal Loans Moderator
@rhandoo2020
Yes, Upgrade will perform a hard pull on your credit report once your loan is approved and funded. This hard inquiry will likely cause your credit score to drop by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Upgrade's hard pull will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Upgrade does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.
People also ask
How do I apply for an Upgrade personal loan?
To apply for an Upgrade personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for an Upgrade Personal Loan
- Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for an Upgrade personal loan. It doesn't hurt...
What credit score do you need for an Upgrade personal loan?
Upgrade's minimum credit score for a personal loan is of 580, according to multiple third-party sources. That means you can get a personal loan from Upgrade with bad credit, but a higher credit score will give you better approval odds and should get you better loan terms.
Upgrade Credit Score Requirement & Loan Terms
| Category | Requirements and Terms |
| Minimum Credit Score ... | 580 |
How long does it take to get money from an Upgrade personal loan?
It takes 2 business days to get money from a Upgrade personal loan, in most cases. The Upgrade loan timeline includes around 1 day to get approved for a Upgrade loan and another 1 business day after approval 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.
How to Get Money From Upgrade as Fast as Possible
- Fill out the application...
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