Upgrade Review: One of the Few Lenders Offering a Personal Line of Credit

Upgrade Personal Loans is an online P2P lending platform founded in 2016. The lender offers affordable personal loans and gives borrowers access to credit monitoring and educational tools. it is also one of the few online lenders offering a personal line of credit. Upgrade accepts loan applicants from all states except Connecticut, Colorado, Iowa, Massachusetts, Maryland, Vermont, and West Virginia.

3.0 out of 5.0 stars3.0

Upgrade Fast Facts

Loan Amounts: $1,000 to $35,000
APR: 7.99% to 35.97%
Minimum Credit Score: 600+

• Loan Type: Unsecured personal loans
• Repayment Terms: 3 to 5 years
• Direct Lender or Marketplace: P2P lender
• Turnaround Time: Up to 5 business days
• Best For: Borrowers who need personal loans to cover large expenses

Upgrade Pros & Cons

Pros

• Offers hardship program
• Get preapproved without affecting your credit
• Allows co-signed and joint loans
• Offers direct payment to creditors with debt consolidation loans.

Cons

• Origination fee between 2.9% and 8.0% of your loan amount
• Stricter criteria for self-employed applicants
• Applicants are required to have a free cash flow of at least $1,000

Upgrade Cost of Loan

Upgrade offers flexible unsecured personal loans ranging from $1,000 to $35,000.  It also offers competitive APRs ranging from 7.99% to 35.97%. For the lowest rates, applicants must agree to automatic monthly repayments. In addition, they charge a loan origination fee of 2.9% to 8% of the loan amount. The origination fee is deducted directly from your loan amount before depositing your funds.

Upgrade Qualifications

To get started, there is a list of criteria you need to meet:

• Government-issued ID
• 18 years or older
• US citizen or permanent resident

To apply you need to have access to the following information as well:

• Monthly free cash flow of $1,000
• A maximum debt-to-income ratio of 40% 
• Have a verifiable bank account and email address

After you’ve met all the qualifications, you can get started with Upgrade by following these few steps:

1. Enter your desired loan amount and select the purpose of your loan. Click Check Your Rate
2. Enter your basic personal information and your income
3. Provide your email and choose a password to create an account
4. Review Upgrade’s terms of service and privacy policy. Click Check Your Rate

Once your application is processed, they will do a soft credit pull (that will not affect your credit). Shortly after, you will receive an email, informing you whether or not you’ve been approved for a loan, along with the interest rate. From there, you can choose to move forward with the full application, if your loan is approved, you may have your funds electronically funded in as little as a few business days.

Upgrade Reviews and Ratings

Upgrade’s BBB Rating is A+

Upgrade has one of the best online reputations in the industry. It is an accredited business by the Better Business Bureau with an excellent rating of A+. As per reviews on Trustpilot, most consumers were happy with the fast application process and extremely helpful customer service team. It scores an average rating of 4.8 stars out of 5, with more than 6,000 reviews. However, a few customers complained that they did a poor job of informing them of payment due dates and policies.

Things to remember

1. Upgrade funds its loans through Cross River Bank and Blue River Bank, which are both insured by the Federal Deposit Insurance Corporation (FDIC).
   
2. They unveiled a new personal line of credit in April 2018. Credit limits can be as high as $50,000 and you will not pay any origination fees.
   
3. Upgrade accepts loan applicants from all states except Connecticut, Colorado, Iowa, Massachusetts, Maryland, Vermont, and West Virginia.
   
4. They offer tools to help consumers understand their credit, including credit monitoring, alerts, a credit simulator, and access to free educational content.
   
5. Consumers who experience a sudden hardship, like a job loss, may qualify for a temporary reduction of their monthly payment or a permanent loan modification that extends the length of the loan.
   
6. They let you check your rate and offers with a soft credit pull, which does not impact your credit score. If you accept the offer, a hard pull is triggered. Upgrade uses the FICO 9 credit score to evaluate borrowers.
   
7. Make sure to keep in contact with Upgrade when you have any questions

In conclusion

Upgrade’s personal loans support a wide range of credit scores and incomes. Consumers can borrow loans for purposes such us paying off credit card debt, financing a home improvement, or making a large purchase. Furthermore, is also one of the few lenders that gives borrowers access to credit monitoring and educational tools.

It has an A+ rating on the Better Business Bureau.

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