Upgrade Personal Loan Review

Upgrade Personal Loan Review Summary

An Upgrade Personal Loan offers quick decisions and funding, with the whole process taking 2 - 5 business days. You can get your money as soon as one business day after the loan is approved. The loans are also fairly easy to get, requiring a credit score of only 580 for approval. Plus, Upgrade loans are available to U.S. citizens as well as permanent residents of the U.S. and immigration visa holders.

The unfortunate part is that Upgrade Personal Loan have a one-time origination fee of 1.85% - 9.99% that will be deducted from the loan amount. People with bad credit will also have to deal with interest rates as high as 35.99%. And while people with excellent credit can qualify for rates as low as 7.99%, they can get better deals from other lenders.

Below, you can see how WalletHub rates Upgrade Personal Loan in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also see how they compare to loans from some other popular lenders.

Upgrade Personal Loan Rates, Fees & Other Terms

Category Rating: 66% (3.3 out of 5)

• Overall APR range: Upgrade offers fixed rate personal loans with an APR range of 7.99% - 35.99%. Their personal loan rates are fairly standard for an online lender. They’re not the cheapest on the market but not especially high, either.
• How rates are determined: The exact rate you will get largely depends on your credit score. Upgrade Personal Loan will also look at your income, recent inquiries, and more when making a decision.
• Fees: Upgrade Personal Loan come with an origination fee of 1.85% - 9.99% which will be deducted from the loan amount.
• Loan amounts & timelines: Upgrade Personal Loan offers loan amounts of $1,000 - $50,000, and their repayment terms range from 24-84 months..

Upgrade Personal Loan Requirements & Application Info

Category Rating: 86% (4.3 out of 5)

• Minimum credit score: According to multiple third-party sources, you will need a credit score of at least 580 for approval.
• Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder.
• Identification: You can apply with a Social Security number.
• Pre-qualification: Upgrade Personal Loan shows you what rates you might qualify for based on your desired loan amount, the purpose of the loan, and personal information, such as your address and income. This pre-qualification process does not affect your credit score, and it also doesn’t guarantee approval.
• Ways to apply: If you decide to apply, you can do so online or by calling Upgrade Personal Loan at (844) 311-008.
• Joint loans: Upgrade Personal Loan accepts joint loan applications, which means they allow a co-borrower to share responsibility for the loan.

Upgrade Personal Loan Reviews & Transparency

Category Rating: 76% (3.8 out of 5)

• Better Business Bureau: Upgrade Personal Loan has been in business since 2017 and has been accredited by the BBB since 2017 as well. They currently have an A+ rating from the bureau.

• Consumer Financial Protection Bureau: There have only been 34 complaints filed with the CFPB about Upgrade Personal Loan since the company started doing business in 2017. Some of the existing complaints include customers getting denied for a loan after pre-qualification and being charged too much interest for their principal balance. Upgrade Personal Loan consistently responds in a “timely” manner to complaints.

• WalletHub: Upgrade has an average user score of 3.2 from more than 800 reviews.

• Transparency: Upgrade’s personal loan APRs are openly displayed on their website, though their fees are harder to find. Upgrade does offer customers the ability to get pre-qualified for a loan online and see their potential rates. Upgrade is also transparent about their credit score requirement but it is not easily found on their website, and they don’t disclose what they require in terms of income.

Upgrade Personal Loan’s score in this category takes a small hit from their less-than-perfect transparency, despite the company’s good reputation overall.

Summary: Upgrade Personal Loan Score by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old (19 years old in Alabama and certain other states).
• Bank account: Upgrade Personal Loan are disbursed through an electronic funds transfer. You must have a verifiable U.S. bank account to receive it.
• Minimum Income: Upgrade Personal Loan does not disclose minimum income requirements.
• Late Fee: Upgrade Personal Loan also charges a late fee of $10 (after 15-day grace period).
• Prepayment Fee: There are no fees for paying off a loan early.

Upgrade Personal Loans vs. Popular Competitors

Methodology

In order to provide the most accurate review of Upgrade Personal Loan, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Terms on Upgrade Personal Loan do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.

Disclosure from Upgrade:

*Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99% and a 1.85%-9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For certain discounts, collateral may be required. Repayment terms from 24 to 84 months. For example, if you receive a $10,000 unsecured loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR and other terms of your loan may vary and you may not be presented with multiple offers. If offered, your loan terms, including your rate, will depend on credit score, credit usage history, loan amount, and other factors. Late payments or other fees, as noted in your Borrower Agreement, may increase the cost of your fixed rate loan. Certain loan offers may not be available in all states.

**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.