Reviews

Upgrade personal loan review: loans up to $50,000

Complete review on one of the most interesting loan services for people with bad/fair credit. Read and learn more:

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by José Gonçalo

08/10/2022 | Updated on 03/24/2023

Disclaimer: Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% -35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/.

**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Upgrade personal loan: fixed and affordable installments on personal loans for whatever you need

Upgrade logo
Check out our review of the Upgrade personal loan! Source: Upgrade.

Indeed, a good credit score can mean access to better loans. However, the Upgrade personal loan is proof that, with not-so-good credit, it is possible to access good amounts and interesting rates.

Upgrade logo

Upgrade personal loan: find out how to apply!

Learn how to apply for an Upgrade personal loan and get access to up to $50,000 in fixed and predictable monthly fees. Read on to learn more!

Below, learn more about this credit agency and how it can make many of your financial projects viable:

APRFrom 8.49% to 35.97% (based on creditworthiness) *The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available
Loan PurposePay off credit cards, debt consolidation, business, home improvement, large purchases, and others
Loan AmountsFrom $1,000 to $50,000
Credit NeededAt least 560 points (Fair, good, or excellent)
Origination FeeFrom 1.85% to 8.99% (the fees are deducted from the loan proceeds)
Late FeeLate payments can have fees
Early Payoff PenaltyNo early payoff penalties

Is the Upgrade personal loan a good option?

Indeed, with a fair (or even bad) credit score, it is possible to have access to good loans. In fact, the personal Upgrade loans are proof of this.

This company offers up to $50,000 at fixed interest paid between 24 and 84 months. For lower APR rates, you need to enable the automatic payments option.

In addition, Upgrade offers special options for those who use loans to pay off debts. Thus, it is possible to request that the payment be made directly to third-party creditors.

That way, you have the option of consolidating multiple debts into one. After approval, your money is released within 1 day. So, in record time, you can start taking advantage of your loan.

In addition, there are no fees for prepayment. Finally, this company offers a pre-approval service that doesn’t hurt your credit score.

The pros and cons of the Upgrade personal loan

man checking the "credit approved" option
Learn about the main advantages and disadvantages of an Upgrade loan. Source: Flickr

Advantages

  • People with fair (and even bad) credit can get a loan;
  • Loans in the amount of up to $50,000;
  • The application process that doesn’t hurt your credit score;
  • There is no fee for advance payments.

Disadvantages

  • Charge of origination fee deducted from the total amount requested in the loan;
  • Late payment fee;

What credit score do you need to apply?

Indeed, Upgrade loans are designed for people with bad/fair scores. Thus, you will need a minimum score of 560 points if you want to apply for this service.

Upgrade personal loan application process

Thus, it is possible to apply for an Upgrade personal loan without leaving home. To find out how to apply, read our post below!

Upgrade logo

Upgrade personal loan: find out how to apply!

Learn how to apply for an Upgrade personal loan and get access to up to $50,000 in fixed and predictable monthly fees. Read on to learn more!

Disclaimer: Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% -35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/.

**Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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