Yes, Upgrade will perform a hard inquiry when you apply for a loan, which may affect your credit score. This credit report inquiry will likely drop your credit score 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 inquiry 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.
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.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for an Upgrade personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Upgrade website or WalletHub's pre-qualification tool.
Enter your personal information on the application. Upgrade requires the following personal information on the application: your full name, home address, date of birth, email addres and Social Security number.
Enter your financial information on the application. Upgrade requires the following financial information on the application: your annual income and any aditional income.
Double check the application for accuracy. To ensure that your Upgrade personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Upgrade will typically provide a decision on your application within 1 day.
If you are approved for an Upgrade personal loan, you will generally receive the funds within 1 to 4 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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.
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.
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