Last updated April 8th, 2020
Recommended for: Personal Loan, Debt consolidation,Personal Credit Line
Upgrade was started by two of the founding members of Lending Club, a pioneer in marketplace lending. They were part of facilitating $24 billion in loans and made credit available to over 2 million America families over the last decade. Upgrade offers an online marketplace lending platform. Their goal is to help consumers unlock their credit potential while lowering the cost of credit.
Through Upgrade, consumers can access affordable personal loans from $1,000 to $35,000 with low fixed rates that never change. Personal Loans may be used to pay off high-interest credit cards, make home improvements, make a major purchase and much more!
- Loan Amounts: $1,000 to $35,000
- Credit Score: 620+
- Terms: 36 to 60 months
- Fees: 2.9% to 8% Origination Fee and will vary by loan term
- You will require a verifiable bank account and email address
- Applicants must not reside in CO, CT, IA, MA, MD, VT, WV and WI
- Upgrade Stands Out
- Debt to income of 50%
- Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
Detailed Terms and Conditions
Loan Amounts $1000 to $35000 Required Credit Score Credit Score starting at 620+ Doesn't lend in Connecticut, Iowa, West Virginia, Vermont, Wisconsin Types of Income Salaried, self-employed with documentation, other sources if desired for loan repayment Variable Rate Option Fixed Rates only APR Range APR 7.99%-35.97%. Loan Term 36 months to 60 months Repayment Schedule Monthly - ACH automatic deduction from bank account Credit Inquiry Soft Inquiry to check rates. Loan Acceptance - Hard Inquiry Fees and Closing Costs 2.9% to 8% Origination Fee, late fees Secured Loans Unsecured Co-Signer No Direct Deposit Yes - must have a valid checking account Loan Purpose Debt Consolidation Qualifications U.S. citizen, 18+ yrs old Allows Military Yes: Loans obtained through Upgrade comply with the Service member Civil Relief Act (SCRA). Insurance Information not available Legal Documents Required U.S. Citizen, permanent resident, or living in the U.S. on a valid visa Number of Offers One offer (WebBank) Customer Service Phone, email
How is Upgrade Funded?
Upgrade received all of its funding from WebBank. WebBank is an FDIC-insured, state-chartered industrial bank that provides customized consumer and commercial financing solutions on a nationwide basis. WebBank is headquartered in Salt Lake City, Utah. Upgrade is not a bank. This partnership with WebBank is the originator of all loans obtained by upgrade.
How to contact Upgrade?
Upgrade email is firstname.lastname@example.org. To speak directly with an Upgrade Support representative, call their toll-free line (855) 997-3100 Monday-Friday, 6am-6pm, Pacific Time.
Upgrade offers consumers the ability to borrow up to $35,000 with a credit score starting at 620+ over a 5-year term. This is one of the best offers we have found in the online loan industry. The founders are veterans of the online loan business, so no surprise that they have put together a great offering. We look forward to the release of their $35,000 unsecured credit line offer. If you require a longer term or higher loan amount, we have other loan providers that you can review.
Upgrade Example, terms, fees and Rates
Loans made through Upgrade feature APRs of 7.99%-35.89%. All loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. The rate offered depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.
Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.