Rick Bormin, Personal Loans Moderator
@rhandoo2020
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 |
| Loan Amount | $1,000 - $50,000 |
| Repayment Period | 24-84 months |
| Funding Timeline | 1 business day after approval |
Keep in mind that your credit score is not the only factor Upgrade will consider when you apply for a personal loan. Upgrade will consider your entire financial profile, including things like your income and existing debts, when deciding whether to approve you.
People also ask
How do personal loans affect your credit score?
Personal loans affect your credit score in the short-term and in the long-term. In the short-term, a personal loan may damage your score because it causes a hard credit inquiry and increases your debt load. But in the long-term, a personal loan can either help or hurt your credit, depending largely on whether or not you pay the bills on time. Ultimately, it’s up to you how much impact the personal loan will have.
How a...
read full answer by Adam McCann, Financial WriterCan you pay off a personal loan early?
Yes, you can pay off a personal loan early, and you can usually do so without a penalty. None of the 55 lenders reviewed by WalletHub charge a prepayment penalty, which some other lenders may charge to recoup some of the money they would have earned if the borrower paid interest for the full term.
Benefits of Paying Off a Personal Loan Early
- Reduced cost. Paying off a personal loan early can reduce the total cost of...
Are there any personal loans with guaranteed instant approval?
There are no personal loans with guaranteed instant approval. Many lenders offer the opportunity for near-instant approval, with a decision minutes to hours after they receive the application. But personal loan approval is never guaranteed under any circumstance. All lenders have some sort of requirements for approval, even those that accept people with bad credit. Plus, getting approved for a loan doesn’t mean that the applicant has the funds yet. It’s rare for a lender...
read full answer by Adam McCann, Financial WriterDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.