Upgrade 2019 Review
Founded in April 2017, Upgrade is a fairly new personal loan company with online personal loan experience.
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 Connecticut, Colorado, Iowa, Maryland, Massachusetts, Vermont, or West Virginia.
- You must have a minimum credit score of 620. 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.
- Accredited service: Upgrade holds an accreditation of an A from the BBB (Better Business Bureau).
- 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 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, which is not charged by many other online lenders.
- Upgrade does not provide services in Connecticut, Colorado, Iowa, Maryland, Massachusetts, Vermont, or West Virginia.
- Upgrade offers unsecured loans with fixed rates.
- Their loans range from $1,000 to $50,000.
- The length of these loans range from 36 to 60 months.
- Upgrade’s interest loans run from 6.99% to 35.97%.
- There is an origination fee of 1% to 6%.
- There is a returned payment fee of $10.
- Upgrade charges a $10 late fee after a 15 day grace period.
Frequently Asked Questions
What is a personal loan?
A personal loan is a large cash fund you can borrow for personal use, like paying off consolidated debt, investing in your home, a vacation, or wedding.
What makes Upgrade unique?
Upgrade is an online marketplace founded by Soul Htite and Renaud Laplanche, both of whom have years of experience in the loan service industry. They offer unsecured, fixed rate loans to borrowers with good credit.
What does Upgrade offer?
Upgrade offers unsecured personal loans and additional perks to help their borrowers. This includes free credit monitoring, alerts, and programs to help you in case you go through a financial hardship or lose your job.
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- Credit Score Required 620
- Minimum Loan Amount $1000
- Max Loan Amount $50000
- Loan APR 6.99% to 35.97%
- Time in Business Since 2017
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