Upgrade

Founded in April 2017, Upgrade is a fairly new personal loan company with a quick and easy one-page application. Applicants can get a decision in seconds with no negative impact on their credit scores.

Upgrade was founded by Renaud Laplanche and Soul Htite, both of whom were co-founders of the online loan marketplace LendingClub before founding Upgrade around ten years later. Laplanche, who is also CEO of Upgrade, was also formerly the head of LendingClub. Htite founded Dianrong, which is a large online marketplace in China.

Upgrade provides unsecured loans, which means you do not have to provide any collateral. In addition, their loans have fixed -- rather than variable -- interest rates.

Upgrade has several requirements for potential borrowers to qualify for their loans (their primary demographic is in the fair to excellent credit segment):

• You are over 18 years of age (for most states). You must be at least 19 to be eligible in Alabama and a few other states.
• You must be a US citizen, permanent resident, or be living in the US with a valid visa.
• You must have a verifiable bank account.
• You must have a valid email address.
• You must have $800 of your monthly income left over after your monthly expenses. Upgrade determines if you have enough free cash flow by looking at your income, the cost of living in your area, tax rate, and your rent or mortgage.
• You must live in one of the eligible states. Upgrade does not provide services to Colorado, Iowa, Maryland, Vermont or West Virginia.
• You must have a minimum credit score of 600. The average borrower's score is 675.
• There is no minimum income requirement.
• You must have at least 3 years of credit history.
• Your credit history, usage, and available amount are taken into consideration.
• You must have a maximum debt-to-income ratio of 40%, excluding your mortgage.

Upgrade's application process is done entirely online. If you are interested in seeing your potential interest rates, you must visit Upgrade’s home page, enter your loan amount and the reason you want to borrow, and click on “Check Your Rate.” You must then submit your personal and financial information, which includes your address, date of birth, income, and employment information.

This initial process does not harm your credit score and when you have completed these steps, Upgrade shows you multiple loan options with varying amounts and length, or they will notify you that your application has been denied and give you a reason. Your qualification for Upgrade's loans is determined by an algorithm.

Once you have chosen the best loan terms, filled out a detailed application, and agreed to the terms, Upgrade performs a hard credit check and verifies your bank account information before directly depositing your cash within the same business day.

Contact Upgrade

Phone: 855-997-3100 Hours: Monday through Friday 6 am to 6 pm, Saturday and Sunday 6 am to 5 pm PT Email: [email protected] Address: Upgrade Inc. Suite 2300 275 Battery Street San Francisco, CA 94111

Upgrade Pros

• Accredited service: As of May 18, 2020, Upgrade holds an A+ accreditation from the BBB (Better Business Bureau) and a 4.8/5 rating on Trustpilot.
• Experienced founders: Upgrade’s co-founders have years of experience with online lending.
• Credit repair support: If you are denied due to your credit, Upgrade provides you with support to improve your credit so you can be approved later on.
• Upgrade allows you to pick your payment due date.
• Upgrade’s plans can provide credit monitoring and alerts.
• Quick deposit: Upgrade's funds are transferred quickly and directly to your bank account.
• Unemployment protection: They provide programs in the case that you lose your job or go through a personal hardship. This means you can change your loan term by lengthening it or reducing your monthly payment until you are back on your feet.
• Upgrade allows co-signed and joint loans.
• Upgrade offers direct paymemt to creditors with debt consolidation loans.

Upgrade Cons

• Upgrade only offers fixed rates, as opposed to fixed and variable rates.
• Their interest rates are higher than some of their competitors.
• Upgrade charges an origination fee.
• Upgrade does not provide services to 5 states (Colorado, Iowa, Maryland, Vermont and West Virginia).

Upgrade Pricing

• Upgrade offers unsecured loans with fixed rates.
• Their loans range from $1,000 to $35,000.
• The length of these loans range from 36 or 60 months.
• Upgrade’s interest loans run from 7.99% to 35.97%.
• Upgrade charges an origination fee of 1.5% to 6%.
• There is a returned payment fee of $10.
• Upgrade charges a $10 late fee after a 15 day grace period.

Customer Testimonials

Here are some real customer reviews from Trustpilot:

This was, by far, the easiest application process I've gone through. I provided the standard identification information and suddenly was at the "Approved! Your loan will be dispersed in a few days!" screen. The funds were actually dispersed before I got the paperwork from the partner bank. Upgrade was fantastic from start to finish.

-May 16, 2020

I had a temporary cash flow problem. Upgrade helped me bridge that shortfall in a very timely manner. Thank you

-May 16, 2020

Summary

Upgrade is an online loan marketplace that focuses more on your monthly cash flow rather than your income. They offer unsecured loans with competitive fixed rates along with free credit monitoring and alerts.

Upgrade disclaimer: Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% 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/.