Minimum Credit Score
36 or 60
1.50% - 6.00%
Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More.
Fees and penalties
Money from an Upgrade loan can be used to pay off credit card debt, consolidate debt and more.
Loans come with credit monitoring. However, the Upgrade Credit Health summary feature provides an overview of your TransUnion credit report but not a full report of all accounts. The VantageScore 3.0 offered with credit monitoring updates every seven days.
Accounts with Upgrade also have a credit score simulator tool along with weekly credit updates, trend charts and email alerts. Right now, credit monitoring is only open to borrowers. However, Upgrade does plan to eventually open up the credit monitoring product to everyone — borrower or not.
The big fee that you have to watch out for with Upgrade is the origination fee. The origination fee can take a sizeable chunk out of your loan before you even get any money. Take into consideration this fee when deciding how much money to borrow since it will decrease the amount of cash you’ll receive.
- Minimum credit score: 620
- Minimum credit history: Not available
- Maximum debt-to-income ratio: Not available
Upgrade doesn’t disclose all of the conditions used to qualify borrowers but they do list the minimum credit score accepted as 620. As far as residency and other requirements, you need to meet the following conditions:
- Be a U.S. citizen or permanent resident (or a valid U.S. visa holder)
- Be at least 18 years old or 19 in select states
- Have a verifiable bank account and email address
Upgrade loans are exclusive to certain states. You can’t get an Upgrade loan if you live in Conn., Colo., Iowa, Mass., Md., Vt., or W.Va. Upgrade doesn’t specify that you work with a certain type of employer to qualify. You do need to input your salary during the application. Upgrade may request that you turn in supporting documents like your pay stubs to support the income you claim.
Self-employed workers can apply for Upgrade loans as well, but you may have to submit more paperwork to prove your income. You could be asked to provide two years of tax documents, bank statements and other tax-related forms.
Applying for a personal loan from Upgrade
To get started with Upgrade, you can check your rate online, which doesn’t require a hard pull on your credit. You enter in preliminary information about the loan you need.
The next part of the short initial application is you putting in your name, address and annual income. Upgrade will give you a few preapproved offers based on the information.
The loan offers you receive after giving this information will include a loan amount, interest rate and term. After choosing an offer, you’ll be asked for the bank account where you want to deposit the money if your application is approved. A hard credit pull will be performed to make a final decision.
You’ll get an email asking to upload supporting documents, such as your pay stubs or tax documents to be verified. You can get funding within four business days when all of your information clears. Sign up for autopay during the application process to get the very best rates available.
Who’s the best fit for an Upgrade personal loan?
Upgrade loans can be worthwhile for someone who needs money quickly because you can get cash within four business days. You can also benefit from this loan if your credit score is less than perfect since the credit score minimum is 620.
With that said, you still may want to work on your credit before applying for an Upgrade loan or any other loan. A higher credit score is going to help you get approved for the better interest rates. Plus, Upgrade looks beyond your credit to review your credit usage and history before approving you.
An Upgrade loan may suit your needs if you’re looking for a sizeable loan for a major purchase because you can borrow up to $50,000. That’s a decent amount of money to pay off high interest credit card debt, consolidate other debt, or even fund a business.
The biggest problem area for this loan is the origination fee since there are options without one. You should shop around for loans first that don’t have an origination fee before considering this loan.
Alternative personal loan options
SoFi is an example of one lender that has No origination fee. SoFi also has longer loan term options than Upgrade. You can borrow up to $50,000. The interest rate range for SoFi is more competitive. Lenders with low interest rates generally serve borrowers with good to excellent credit. Qualifying for SoFi may be more of a challenge. Fortunately, SoFi will let you pre-qualify without a hard inquiry so you can check rates.
Minimum Credit Score
24 to 84
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.990% APR to 16.490% APR (with AutoPay). Variable rates from 5.74% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of February 15, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
See Consumer Licenses.
SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
LendingClub has an APR range and loan terms that are pretty comparable to what Upgrade has to offer. The minimum credit score required and the origination fee are similar. You can borrow up to $40,000 on a fixed rate personal loan. Pre-qualifying for LendingClub won’t impact your credit. Consider shopping with this lender to see if you can get a better rate before settling with Upgrade.
Minimum Credit Score
36 or 60
1.00% - 6.00%
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More
Marcus by Goldman Sachs®
The Marcus personal loan by Goldman Sachs Bank USA is another no-fee personal loan. The available loan terms are slightly longer than Upgrade, which could help you stretch out the loan payment. The interest rates are also comparable to Upgrade, but the no-fee aspect gives it a leg up. Shopping for Marcus loan rates also won’t trigger a hard inquiry.
Minimum Credit Score
36 to 72
No origination fee
Marcus by Goldman Sachs® offers personal loans for up to $40,000 for debt consolidation and credit consolidation. ... Read More
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