Upgrade Personal Loans: 2023 Review

Pros and Cons of Upgrade

Pros of Upgrade

Cons of Upgrade

Upgrade Personal Loan Terms, Rates, and Fees

Who May an Upgrade Personal Loan Be Right For?

• Consumers looking for quick $4k loans

• Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark

• Consumers who need to borrow a $2,000 personal loan

Who Upgrade May Not Be Right For

• Consumers who need to borrow large personal loans of up to $100K
• Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan
• Consumers who prefer open-end credit vs. closed-end credit

What to Watch Out for With Upgrade Personal Loans

• These quick personal loans may charge APRs as high as 35.97%

• Upgrade personal loans cannot be used for postsecondary education expenses, investments, illegal activities, or gambling of any kind

• Failing to pay and defaulting on a personal loan can have a major impact on your credit score

Upgrade Personal Loan Eligibility Requirements

• A U.S. citizen, permanent resident, or living in the U.S. on a valid visa

• At least 18 years of age (or 19 in some jurisdictions)

• Can provide a verifiable bank account

• Can provide a valid email address

Repayment Options for Upgrade Personal Loans

• Making online payments via Automated Clearing House or ACH

• Mailing a personal check 

• Calling Upgrade’s account servicing team and making a payment by phone

How to Apply for an Upgrade Personal Loan

1. Apply online. Applicants can get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. Applicants can check to see if they have any prequalified loan options from Upgrade. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
2. Verify information. Upgrade may request that you provide supporting documents for verification purposes, such as proof of income. Pay stubs, bank statements, or W-2s may serve as proof of income. Self-employed applicants may have to provide tax returns from the previous year and two years prior.
3. Accept the loan. Approved applicants may sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within one business day. You can check your bank account to confirm receipt of the proceeds.

Alternatives to Upgrade Personal Loans to Consider

• Avant: Avant personal loans range from $2,000 to $35,000 and may have terms ranging from 12 to 60 months. APRs can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%.
• Best Egg: Best Egg offers unsecured and secured personal loans ranging from $2,000 to $50,000. APRs can range from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%.
• Prosper: Prosper offers unsecured personal loans ranging from $2,000 to $50,000. Borrowers can choose loan terms ranging from two to five years. APRs on these loans can range from 6.99% to 35.99%. One of the major drawbacks with Prosper personal loans is borrowers may have to pay origination fees of up to 5% of the loan amount.
• Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.