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Upgrade, Inc. is a US-based loan agency. Since its launch in 2017, millions of people have applied for a personal loan with this service. It specializes in unsecured personal loans ranging from $1,000 to $50,000, and it has loan terms ranging from 24 to 84 months. They promise to disburse loan in as little as one business day. Upgrade’s personal loans are a useful tool for those facing an emergency money issue. The company’s headquarters is in San Francisco, California. Their loans are available in most US states.
|Company name||Upgrade, Inc.|
|Address||275 Battery Street, 23rd Floor San Francisco, CA 94111|
- Popular lender
- Loans up to $50,000
- Secured and joint loans
- Flexible loans options
- Mobile app to manage loan payments
- Direct payment to creditors with debt consolidation loans
- Multiple rate discounts
- Long repayment terms on home improvement loans
- Offers additional financial services
- No prepayment fees
- Good BBB rating
- Most user reviews are positive
- Origination fee
- Funding times can be slow
- Higher-than-average APRs
- Not a direct lender
- Not available in Washington, D.C.
- Hidden fees possible
- No option to choose initial payment date
Upgrade personal loans are a good option for borrowers looking to consolidate high-interest debt and build credit. This lender has a relaxed credit score requirement, making Upgrade loans stand out even more. However, the lender charges high origination fees and can have high APRs, so borrowers with perfect credit may find better options.
Types of loans
Upgrade.com primarily focuses on unsecured personal loans (up to $50,000) to be repaid in 36-60 months. The company also offers secured personal and auto loans, credit cards, and rewards checking accounts.
Borrowers usually take personal loans for different purposes, for example:
- Debt consolidation
- Home improvement
- Car financing
- Major purchase
Upgrade’s personal loans are typically for consumers with good to excellent credit. Its loans are mostly unsecured, but it does offer secured loans in some cases.
Regretfully, their loans cannot be used for gambling, investing, or college expenses.
To apply for an Upgrade personal loan, you must be:
- A U.S. citizen or permanent resident.
- Be at least 18 years old (in most states).
- Have a verifiable bank account in your name.
- Have e a valid email address and phone number.
Here are Upgrade’s minimum requirements to qualify for a personal loan. (complying with these criteria doesn’t guarantee approval.)
- Minimum credit score: 560.
- Minimum number of accounts on credit history: 1 account.
- Minimum length of credit history: 2 years.
- Minimum annual income: None.
- Source of income: wages, income from a partner, alimony, retirement, child support, Social Security payments, etc.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.