Upgrade Personal Loans Review


Rating: 8 / 10 (Very good)
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Upgrade is a lending company based in San Francisco, California. It is an online lending platform that offers consumers free credit monitoring and access to personal loans of up to $50,000. The company’s co-founder and CEO Renaud Laplanche is the former head of LendingClub, an online lending company that has lent more than $28 billion to over 2 million borrowers since 2007.

Category

Direct Lender

Loan Details

Unsecured Loans

Yes

Minimum Loan Amount

$1,000

Maximum Loan Amount

$50,000

Minimum Loan Period

36 months

Maximum Loan Period

60 months

Loan Rates

5.66% to 35.97% APR

Upgrade offers fixed rates for its personal loans. An origination fee of 1% to 5% is charged which is deducted from loan proceeds.

Application

Online Application Time

 

Online Response Time

 

Qualification

Credit Score

620

Debt to income ratio

40% maximum debt-to-income ratio excluding mortgage

Active Bank Account

 

At least 18 years old

 

US Citizen or Permanent Resident

 

Upgrade enables users to check their rates without this affecting their credit score. To view their rate, borrowers must first submit simple personal information including financial, and employment details. Upgrade then provides multiple loan options from which borrowers can select the loan term that best works for them. Once approved, Upgrade sends funds directly to a borrower’s bank account within a day of clearing all verifications.

Upgrade Summary

Unlike most personal lending companies, Upgrade focuses on a borrower’s cash flow rather than income. This is the amount of available monthly funds minus all taxes and expenses. It means people with a lower salary may qualify for a bigger loan based on cash flow. A good choice for borrowers searching for quick access to personal loans with competitive rates and flexible loan options. 


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Top Rated
Our Partner
9.8 / 10

  • Unsecured Personal Loans from $1,000 to $100,000
  • Loans for Debt Consolidation, Large Purchase, Home Improvement, Medical Expenses, and more.
  • Even Compares Top Loan Providers and Matches You Instantly
  • Rates Starting at 4.99% APR 
  • Loan Terms From 24-84 Months
  • Funds Available as Soon as Next Business Day
  • Loan Search Is Free and Will NOT Affect Credit Score