Posted by: Adam McCann

Upgrade Review Summary: Upgrade personal loans offer quick decisions and funding, with the whole process taking 2 - 5 business days. In addition, they’re open not just to U.S. citizens but also to permanent residents of the U.S. and immigration-visa holders who have an ITIN instead of an SSN. Plus, Upgrade personal loans are fairly easy to get, reportedly requiring a credit score of only 620 for approval.

The unfortunate part is that Upgrade personal loans aren’t really ideal for either people with bad credit or people with excellent credit. People with bad credit will have to deal with interest rates as high as 35.89%. And while people with excellent credit can qualify for rates as low as 7.99%, they can get better deals from other lenders. Upgrade’s personal loan APR range starts a bit higher than that of other online lenders because they have an origination fee of 1% to 6% of the loan amount built into the APR.

Overall, Upgrade has a high degree of customer satisfaction, along with a perfect A+ Better Business Bureau rating. Below, you can read more about Upgrade personal loans and how they compare to loans from some other popular lenders.

Terms of Upgrade Personal Loans

Range of APRs	7.99% - 35.89%
Loan lengths	36 or 60 months
Amount of funding available	$1,000 - $50,000
Approval time	1 - 2 business days
Time for delivery of funds	1 - 4 business days
Origination fee	1.5% to 6%
Fee for paying the loan off early	$0
Fee for late payment	$10 (after 15-day grace period)
Credit score for approval	620*
Minimum income for approval	Not disclosed
Other requirements(must meet each)	18 years old U.S. citizen, permanent resident or immigration visa holder SSN or ITIN U.S. bank account

*According to multiple third-party sources

Upgrade Personal Loans Rates & Fees

Upgrade personal loan interest rates are fairly standard for an online lender. Their APRs start at 7.99% and go as high as 35.89%. Some of Upgrade’s competitors have starting interest rates that are 1% - 2% lower.

People with excellent credit scores should get rates at the low end of Upgrade’s range, while people with fair to bad credit scores should expect rates toward the high end. But much more than just credit scores affect interest rates. Upgrade will look at your income, recent inquiries and more when making a decision. Upgrade’s APRs are fixed, so they will not change over time.

Upgrade personal loans do have an origination fee, which is a one-time fee to process the loan. This fee can range from 1.5% to 6% of the loan amount. But the origination fee is built into your APR, so you don’t have to worry about paying it separately. The 7.99% to 35.89% range already includes the origination fee.

Upgrade does not charge a fee for paying off a loan early. Upgrade’s fee for making a late payment is $10, but you only have to pay it if you’re 15 days late.

Upgrade Personal Loans Requirements & Application Info

Upgrade requires a credit score of at least 620 for approval, according to multiple third-party sources, though they don’t openly disclose a requirement themselves. A score of 620 is relatively low, as many lenders tend to require scores of 660 or higher. However, lenders that have lower credit score requirements are more likely to charge origination fees, as Upgrade does. Upgrade doesn’t disclose minimum income requirements, but income will certainly be something they look at during the application process.

To apply for an Upgrade personal loan, you must be a U.S. citizen, permanent resident or immigration-visa holder. You must also be at least 18 years old and have a U.S. bank account. You can apply with either a Social Security number or Individual Taxpayer Identification Number.

You can check your potential Upgrade personal loan rates online. Put in the loan amount you want and the purpose of the loan. You’ll then be directed to a screen where you’ll need to fill out a bit more personal information like your address and income. At the end, you’ll be able to see the rates you might qualify for. This pre-qualification process does not affect your credit score, and it also doesn’t guarantee you’ll be approved for a loan.

If you decide to submit an application, you can do so either as an individual or with a co-applicant. You can apply online or by calling Upgrade at (844) 311-0088.

Upgrade Personal Loans Reviews & Transparency

Upgrade’s customers haven’t filed many complaints with the Consumer Financial Protection Bureau, although the company is still very new. Upgrade has earned a top rating from the Better Business Bureau as well, giving it an overall trustworthy reputation.

• Better Business Bureau: Upgrade 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 36 complaints filed against Upgrade with the CFPB since the company started doing business in 2017. Of the 36 complaints, 14 are about Upgrade’s personal loans (as opposed to their other product, personal lines of credit).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. The most recent complaint dates to February 2019. Upgrade has responded in a “timely” manner to all existing complaints.
• WalletHub: WalletHub awards Upgrade personal loans a score of 3.5/5.

Upgrade’s personal loan APRs and fees are openly displayed on their website. And Upgrade does offer customers the ability to get pre-qualified for a loan online and see their potential rates. Upgrade could be more transparent about what they require in terms of credit score and income, though.

Upgrade Personal Loans vs. Popular Competitors

Lender	Upgrade	Marcus	Discover
APR	7.99% - 35.89%	5.99% - 28.99%	6.99% - 24.99%
Loan amounts	$1,000 - $50,000	$3,500 - $40,000	$2,500 - $35,000
Loan lengths	36 or 60 months	36 - 72 months	36, 48, 60, 72 or 84 months
Credit score required	620*	680-700*	660*

*According to multiple third-party sources

Methodology

When coming up with a rating for Upgrade personal loans, WalletHub’s editors used 23 metrics within larger groupings that included loan requirements, fees, customer satisfaction and more. Below, you can see all the factors WalletHub looked at.

• Requirements: WalletHub checked the income and credit score requirements for Upgrade personal loans. We also found out whether they require U.S. citizenship and a Social Security number.
• APR: Our editors checked what Upgrade’s interest rates are. And we looked into whether those interest rates can change over time or not.
• Fees: We read up on the fees associated with Upgrade personal loans, checking for prepayment penalties, origination fees and fees for paying late.
• Amount of funding: We looked at the highest and lowest loan amounts available and the number of months customers can take to pay them off.
• Application process: WalletHub researched the application process, plus the approval and funding timeline. We checked whether Upgrade allows joint applications and whether they have pre-qualification.
• Customer satisfaction: To evaluate customer satisfaction, our editors looked at WalletHub user reviews, Upgrade’s Better Business Bureau rating and complaints filed with the Consumer Financial Protection Bureau.
• Transparency: WalletHub determined Upgrade’s level of clarity about their loan requirements and terms.

from Wallet HubWallet Hub


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