Upgrade was launched in 2017 and provides accessible online and mobile banking and credit services in all states except Iowa, Vermont, and West Virginia. Since then, the platform has made more than $ 3 billion in credit available to more than 10 million applicants and continues to expand its online and mobile services. Although the maximum APRs are higher than those of other online lenders, Upgrade offers loans to those with bad credit history.

Loan amounts, which start at just $ 1,000, are flexible but cap at $ 35,000, less than lenders who focus on the most creditworthy borrowers. Loan terms of three and five years are available. The upgrade charges an origination fee of between 2.9% and 8% of the loan, and borrowers will be charged a fee of $ 10 if their payment is more than 15 days late or the payment is missed. carried out ; there is no discount for automatic payment. That said, upgrade borrowers aren’t subject to a prepayment penalty, so you can lower the overall cost of the loan if you’re able to pay it back sooner.

In addition to offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that allows borrowers to view their balances, make payments, and update their personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score throughout the life of your loan.

Eligibility: Prospective borrowers must have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Additionally, the lender does not require applicants to meet a minimum income requirement, although borrowers earn an average of $ 95,000 per year. Applicants must have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.

The lender also takes into account each applicant’s free cash flow, demonstrating their likely ability to make consistent loan payments on time. Ideally, applicants should have a minimum monthly cash flow of $ 800.

The upgrade increases the accessibility of loans by also allowing co-applicants.

Uses of the loan: Like most other personal loans, Upgrade Loans should be used to pay off credit cards, consolidate other debt, make home improvements, or pay for other major purchases. However, Upgrade sets itself apart from some lenders by allowing borrowers to use personal loan funds to cover business expenses. Plus, Upgrade will reimburse third-party lenders directly, making debt consolidation more convenient than with some competing lenders.

There are no specific prohibitions on the use of Upgrade Loans other than those already imposed by law.

Completion time : Once an upgrade loan is approved, it usually takes up to four business days for a borrower to receive the funds. However, if Upgrade directly repays a borrower’s loans to a third-party lender, it may take up to two weeks for the funds to clear.