Pros Explained

• Low minimum required credit score: While some lenders require credit scores in the fair credit range or higher, Upgrade may accept borrowers with 澳洲幸运5开奖号码历史查询:FICO credit scores as low as 580.
• Can pay creditors directly: If you’re interested in using a personal loan to consolidate debt, Upgrade offers the convenient option to pay your creditors directly.
• Low minimum loan amount: Upgrade offers loans as small as $1,000, while some lenders have higher minimum loan amounts of $2,500 or $5,000. This is useful if you don’t need to borrow a large sum.

Cons Explained

• Potentially steep origination fee: While some lenders don’t charge origination fees at all, Upgrade has origination fees of 1.85% to 9.99%.
• Late payment fee: Some lenders have no late payment fees, but Upgrade has a $10 fee if you pay late. 
• High maximum APR: Upgrade’s maximum APR of 35.99% is higher than many of its competitors; you’ll likely end up with a high rate if you have poor credit.

Types of Personal Loans Offered by Upgrade

Upgrade offers unsecured personal loans, meaning its loans don’t require any✃ collateral like a home equity or auto loan. Its loans can be used for multiple purposes, including:

• Debt consolidation
• Home improvements and repairs
• Medical or dental bills
• Weddings
• Pools
• Unexpected costs

As with most personal loans, Upgrade personal loans ha💃ve some usage restrictions—you can’t use your loan proceeds for college tuition, i🥀nvesting, or gambling.

Time to Receive Personal Loan Funds

Upgrade indicates that the online application process takes just minutes; if you pre-qualify for a loan, you can review available rates and loan offers. If you find and select an option that meets your needs, Upgradౠe may dis🥃burse your loan funds in as little as one business day.

Borrower Requirements

Borroweℱrs with fair or lower credit can apply for a loan through Upgrade, which sets this company apart from competitors with higher minimum credit✃ score requirements. Upgrade requires that borrowers have a credit score of just 580.

Upgrade Personal Loan Features

• Direct payment: Upgrade can pay your creditors directly if you’re using your personal loan to consolidate debt. This is a convenient, time-saving feature because you won’t need to pay off your credit cards or other debts independently.
• Choose your due date: Instead of requiring that you pay on an arbitrary date each month, Upgrade lets you select a payment date that makes sense for your situation.
• Discounts: Choosing autopay, paying creditors directly, having an eligible checking account, or choosing an auto-secured loan can qualify you for a discount (auto-secured loans will have different rates and terms).
• Mobile app: If you prefer to track and manage your payments from your phone, you can do so with the Upgrade mobile app, which is available on Google Play and the App Store.

Co-Signers and Co-Applicants

Upgrade allows you to apply for a loan with a co-applicant, though it doesn’t specify if it allows co-signers. Many personal loan lenders don’t allow co-signers, although there are a fair few ꦫthat do.

While lenders review the credit of co-applicants and co-signers, these individuals’ responsibilities differ. Co-applicants are joint borrowers who share equal responsibility for loan payments, while co-signers are generally only responsible for repaying a loan 🐎if the prim𝔍ary borrower defaults.

Can You Refinance a Personal Loan With Upgrade?

You cannot refinance an existing Upgrade person♒al loan directly, but you may be able to open a second loan, wit🉐h better terms, and repay the first one with the proceeds.

Customer Service

Upgrade has a comprehensive help center that ans൲wers many common questions about its personal loans, an💃d it also offers multiple options to connect with customer service.

Customer Satisfaction

Upgrade customers have positive things to say overall. The company's Trustpilot rating is 4.3 out of 5 stars across over 41,000 reviews, which is considered excellent.

Reviewers praise Upgrade's customer service, communication, and straightforward loan process. However, some express dissatisfaction with the loan approval timeline, indicating it was longer than expected.

How to Apply for an Upgrade Personal Loan 

1. Get pre-qualified: Start the application process for an Upgrade personal loan by getting pre-qualified and reviewing loan options. Doing so won’t harm your credit score, as Upgrade won’t do a 澳洲幸运5开奖号码历史查询:hard pull until you select a loan and apply.
2. Select a loan: Choose the loan with the amount, rate, and term that's right for you.
3. Provide documents and complete the application: You’ll need to provide some personal information like your name, address, and Social Security number. You may also need to provide documents that verify your income and identity, such as recent pay stubs and a copy of your ID. 
4. Get funds: After you're approved, your loan funds may be disbursed in as quickly as one business day.

Other Bank🍒ing Services and Loans Offered by Upgrade

• Auto loans and auto loan refinance
• Credit cards
• Checking account
• Savings account

Compare Upgrade with Other Person✱al Loan Lenders

The Bottom Line

Upgrade offers a decent 澳洲幸运5开奖号码历史查询:personal loan option a🐽nd is 𒀰willing to assist borrowers with credit scores as low as 580. This sets it apart from some competitors that require higher credit scores. 

Despite its flexible credit score requirements, Upgrade’s APRs are higher than some competitor offerings, and it charges origination fees of up to 9.99% for its personal loans. However, the company has great feedback overall꧒, so it may still be worth considering if you have fair credit and you’re seeking a reputable company. 

Is Upgrade Loan Company Legit?

Upgrade is a legitimate company, with accreditation from the Better Business Bureau and a positive rating from Trustpilot. The company notes that in♓ the last five years it has made more than $24 billion ꦏin credit available through its loans and credit products.

How Fast Do You Get Funds From Upgrade?

After your application has been approved, Upgrade says tha🍌t borrowers can have their funds in as so☂on as one business day.

What Are the Cons of an Upgrade Loan?

The biggest knock against Upgrade is the potential for steep loan origination fees—up to 9.99% of the amount borrowed. The cost of the fee will be deducted from your total loan amount when it is funded. The lender also charges a 澳洲幸运5开奖号码历史查询:late payment fee.

What C🐠redit Score Do You Need for a Pᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚersonal Loan With Upgrade?

According to our research, borrowers will need a 澳洲幸运5开奖号码历史查询:credit score of 580 or higher to get their loan appꦉlication approved. If your credit is not high enough, you might consider applying with a co-signer or co✃-borrower.

Methodology

To evaluate and rank personal loan providers, we collected hundreds of data points from 59 lenders, including traditional banks, credit unions, f🔥intechs, and finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and more. We grouped those facto꧃rs into four broad areas:

• Loan costs: 30%
• Loan terms: 22%
• Borrowing requirements: 24%
• Lender features: 24%

Learn more about how we evaluated personal loans in 澳洲幸运5开奖号码历史查询:our complete methodology.