Upgrade personal loan rates for October 2023 make it a good choice for borrowers with less than perfect credit with a minimum 580 credit score required.
Upgrade Personal Loan Details
Who is Upgrade?
Upgrade is a financial technology company founded in in San Francisco that offers online personal loans, free checking and high-yield savings accounts, and a variety of credit card products.
Review of Upgrade Personal Loans
What we like
In reviewing Upgrade personal loans, we found several standout areas that include lower loan amounts starting at $1000 compared SoFi personal loans that start at $5,000, multiple rate discounts and loan options, and repayment terms up to seven years. And there's so much more.
$200 Bonus. Borrowers get a $200 bonus if they open a Rewards Checking Plus account and direct deposit at least $1,000**.
Joint borrower. Borrowers can add a co-applicant to their application. That may increase chances of qualifying if the co-borrower has better credit or higher income.
Funding timeline. Same-day funding is available once loan documents are signed.
Secured loan option. Borrowers can get a secured loan through Upgrade that can make it easier to qualify and lower your rate. Upgrade accepts a vehicle as collateral and says your secured loan rate could be up to 10 percentage points lower than an unsecured loan.
Competitive rates. Borrowers enjoy rate ranging from 8.49% – 35.99% (includes autopay discount), depending on credit history.
Repayment terms. Borrowers can repay SoFi personal loans in 2 to 7 years.
Credit score needed. Minimum 580 score suggested. If you apply with a co-applicant who has stronger credit, your chances of approval may increase.
Discounts to lower rate. Borrowers can lower their interest rate in several ways:
- 0.25 percentage points for setting up autopay.
- 1 to 3 percentage points when you have the lender pay off your debts directly.
- Borrowers can get up to 20% off of their personal loan rate if they have other Upgrade products like the Rewards checking account. That means if you qualify for a 24% APR, your rate could be as low as 19.2%.
Check rates without affecting your credit score. Upgrade pulls a soft credit check that does not hurt your credit score to show you what rates you prequalify for. Once you decide to accept Upgrade's loan offer a hard credit check will be pulled to verify your information.
What we like don't like
Overall Upgrade is a good choice for personal loans designed for average to poor credit but there are a few areas that could improve, for example:
Origination fee. Most personal loans come with a mandatory loan origination fee and Upgrade is no different. Upgrade's origination fee ranges from 1.85% to 9.99%. The lender takes this fee from the loan amount before you receive the funds. SoFi personal loans don't have an origination fee unless you choose one in exchange for a lower interest rate.
Minimum borrower requirements
Employment status. Borrowers either must be employed or have an employment offer to start within 90 days.
Other income can be considered. If you’re not employed, you must have income from other sources, such as retirement, alimony or Social Security benefits.
Self-employment. Self-employed applicants must provide tax documents and bank statements.
Citizenship. Must be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa.
Bank account. Must have a verifiable bank account.
Email. Must have a valid email address.
Prequalify for a Upgrade Personal Loan
Pre-qualify on Upgrade’s website by providing the following information:
- Personal information like your name, birthdate, email address and state of residence.
- How much you want to borrow and the purpose of the loan.
- Citizenship status.
- Sources of income.
At this stage of the loan process, you can preview loan offers with no hard credit pull.
