Personal loans

Personal Loans Review 2022 Upgrade | American News

Upgrade offers personal loans for a variety of purposes, including:

The lender does not allow borrowers to use loan funds for post-secondary education expenses, such as tuition, room and board, transportation, and supplies.

To apply for an upgrade loan, fill in the requested loan amount and loan purpose. Once you provide personal information, such as your name, date of birth, and income, Upgrade will perform a soft credit check and provide you with loan offers for which you are eligible.

Once you are approved, Upgrade sends the funds to your bank or designated account within one business day, and availability of funds depends on how quickly your bank processes the transaction. The time between your Upgrade personal loan being approved and when you can access the money should not exceed four business days.

Upgrade offers borrowers fixed rate personal loans from $1,000 to $50,000, with repayment terms of two to seven years. Your rate depends on your credit profile and will range from 5.94% to 35.97%.

The lender also offers personal lines of credit from $500 to $25,000 with repayment terms of two to seven years.

The lender charges origination fees on all personal loans ranging from 2.9% to 8%. The fee is deducted from your loan proceeds. The interest rate you pay depends on your credit score, credit usage history, loan term, and other factors related to your financial profile.

There are no penalties or fees if you repay an Upgrade personal loan early.

The upgrade does not disclose a minimum credit score or debt ratio required for approval. It looks at your credit profile and focuses on what you earn versus what you spend.

The upgrade does not accept co-signers. Besides credit score, eligibility for an Upgrade personal loan also depends on credit usage and history, and you must be a US citizen or have a US visa and be at least 18 or 19 years old, depending state law. The upgrade will verify that you have a bank account and must have a valid email address.

Upgrade does not disclose the minimum credit score required for loan approval. It looks at your entire credit profile to make sure you can afford to pay the loan. You can get prequalified loan offers and verify without a credit check.

The upgrade is 100% online and has no physical branches. It operates everywhere in the United States except West Virginia and Washington, D.C.

Upgrade has been accredited by the Better Business Bureau since 2017 and has a B+ rating. On Trustpilot, Upgrade has an excellent rating of 4.6 out of 5 stars based on an average of over 20,000 reviews.

The Consumer Financial Protection Bureau received 24 complaints in 2020 about the upgrade, mostly about unexpected charges, incorrect information, and payment issues. Each complaint received a prompt response and was closed with an explanation.

In US News’ personal lender ratings, Upgrade received 4.1 out of 5 stars overall, 2.9 for affordability, 4.7 for eligibility, and 4.9 for customer service. The median overall rating of personal lenders by US News is 4.0.

Contact Upgrade Customer Service by calling 844-319-3909 from 9 a.m. to 9 p.m. EST, Monday through Friday and 9 a.m. to 8 p.m. ET on weekends.

If you have a complaint about your account or customer service, Upgrade suggests that you contact their team at [email protected]

The loan and line of credit upgrade process is completely online, including application, closing, and account management. It also has a smartphone app.

  • Those who prefer an online lender.
  • People looking for a personal loan from $1,000 to $50,000.
  • Consumers with good credit.