About Bankrate Score
Upgrade’s flexible eligibility requirements, range of amounts and repayment terms, plus a co-borrowing option, makes it an ideal choice for fair and good credit borrowers alike.
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About Bankrate Score
Upgrade’s flexible eligibility requirements, range of amounts and repayment terms, plus a co-borrowing option, makes it an ideal choice for fair and good credit borrowers alike.
Bankrate users taking out personal loans from Upgrade have followed the below trends and stats.
Upgrade’s loans range from $1,000 to $50,000, with the possibility of same-day approval and next-day funding. This combination makes its loans suitable to cover almost any emergency expense, from minor car fixes to midsize home repairs.
The lender is also one of the few that offers direct payment to creditors — a feature designed to simplify debt consolidation. What’s more, borrowers who use their loans to pay off debt get access to an additional rate discount, further increasing their savings.
Because Upgrade’s loans feature a range of loan amounts and repayment terms, they’re suitable for almost any purpose. This includes home improvement projects, financing a big event or a medical procedure. The lender also offers direct payment to creditors, which makes its loans a good option for debt consolidation. Unlike some lenders, it also allows its loans to be used to improve or build your business.
Upgrade doesn’t allow its loans to be used to pay for post-secondary education-related expenses, like college tuition and fees, investments, illegal activities or gambling.
Borrowers can get in touch with customer support via chat, email or phone. Support is available from 5 a.m. to 7 p.m. PT Monday through Friday and from 6 a.m. to 5 p.m. ET on Saturday and Sunday.
Upgrade’s loan application can be completed entirely online or over the phone. Borrowers can manage their accounts online or through the company’s highly-rated mobile app, which is available for both iOS and Android devices.
Upgrade has a 4.4 out of 5 score on Trustpilot with over 40,000 customer reviews as of March 22, 2024. The lender’s easy application process and quick funding are common themes among positive reviews. Issues with checking and credit card accounts seem to be the top complaints.
Upgrade and Prosper offer nearly identical loan products, but if you’re looking to consolidate debt, Upgrade may be the better option. The lender offers direct payment to creditors, something Prosper lacks.
Though its origination fees are capped higher, Upgrade’s starting APR is lower and repayment terms are more flexible. Borrowers also get access to rate discounts for enrolling in automatic payments and using a portion of their loan to consolidate debt. This, in turn, could result in bigger savings.
While both Upgrade and Upstart offer loans of up to $50,000 to borrowers with different credit profiles, Upstart is more inclusive. The lender notes that it may approve borrowers with a credit score as low as 300 — the minimum a credit score can be — and even those with insufficient credit to make a score.
Though Upstart charges a higher origination cap than Upgrade, its loans currently have a lower starting APR. This could result in a more affordable loan, depending on the borrower’s credit score.
That said, Upstart’s loan terms are much more limited, as the lender only offers two terms to choose from — 36 or 60 months. Upgrade, on the other hand, offers repayment terms ranging from 24 to 84 months. This longer repayment option may make it a better option for those looking to finance a big expense, as it can make monthly payments more affordable.
Borrowers must be of the age of majority in their state to be eligible for Upgrade’s loans. Besides that, borrowers are required to meet the standard citizenship, residency or visa requirements and have the following:
Upgrade’s application process can be done entirely online and only takes a few minutes to complete.
Overall Score | 4.7 | Explanation |
---|---|---|
Availability | 5.0 | Range of loan amounts and repayment terms, co-borrowing option and quick funding. |
Affordability | 4.2 | High APR cap, plus origination and other administrative fees. |
Customer Experience | 5.0 | Customer support is available seven days a week through email, chat and over the phone. |
Transparency | 4.6 | Not all credit requirements are disclosed, though prequalification is available. |
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.