Upgrade
If you need to finance a large purchase, consolidate multiple debts, or pay for a major Home Improvement project, you may want to consider a personal loan. Personal loans are designed to be flexible, offer lower interest rates than credit cards, and have a set payoff date so that you will know when the balance will be fully paid off. Many consumers utilize personal loans So they can project their cash flows and pay for large expenses. Online lenders such as Upgrade are changing the way consumers approach personal loans. Since online lenders can offer competitive interest rates and flexible terms, there are more options for borrowers than ever before. Upgrade takes extra factors into account when they are approving an applicant for a loan, including their monthly free cash flow, And its goal is to help match consumers with loans that they can afford.
- Many different types of loans available
- Useful online mortgage calculators
Pros
- Flexible Lending allows for cosine, joint loans, and secured collateral
- Easy to achieve discounts such as auto-pay rates discounts
- A unique feature where consumers can pay creditors directly for a rate discount
Cons
- Origination fees can be up to 8%
- Late fees can be expensive
Upgrade Overview
Upgrade offers a wide variety of personal loan options through its online platform. Their loans are designed for everyday Borrowers and appeal to most credit situations and borrowing needs.
Many of Upgrade ‘s rates are comparable to similar online lenders, but they allow co-signers and secured loans in addition to a traditional unsecured personal loan.
Upgrade offers a hardship program for its borrowers who may experience sudden Financial hardships such as a job loss or change in income. The hardship program may qualify borrowers for a temporary payment or interest rate reduction or a permanent loan modification that extends the terms so the borrower can afford the payment.
How Does Upgrade Work?
Applicants can apply directly on the Upgrade website and choose the type of personal loan that matches their financial needs. For example, Upgrade has options for credit card refinancing loans, debt consolidation loans, Home Improvement Loans, and major purchase loans.
This helps Upgrade match borrowers with rates that suit their financial needs and goals. The application process advertised by Upgrade allows customers to check their rate, choose their loan, and potentially receive one day funding which means that if the applicant accepts an offer, they could receive their money as soon as the next business day.
Back to top ↑Upgrade Personal Loans Features
Since Upgrade offers different personal loans depending on the borrowers’ needs, there are a variety of terms and balances that applicants can qualify for. Loan amounts range from $1,000 to $50,000, with APRs that range from 5.94% up to 35.97%.
Origination fees for Upgrade loans range between 3% and 8% of the balance, but Upgrade also offers unique interest rate discount options.
Customers who enroll in auto-pay and receive a 0.5% interest rate discount, and customers with debt consolidation loans can receive up to 3% off of their interest rate if they pay their creditors directly.
Back to top ↑Upgrade Personal Loans Requirements
Upgrade aims to be accessible and responsible with its customers, and they utilize co-signing, joint signing, and secured loans to ensure applicants do not borrow more than they can afford.
Qualification requirements include a minimum credit history of 3 years, $800 of monthly free cash flow, and a reasonable debt to income ratio, along with other personal details. Upgrade Prides itself on its simple application and variety of loan options available to Consumers.
Back to top ↑Reliability and Customer Experience
Customers can expect a clean and positive customer service experience and will have access to Unique borrowing benefits such as co-signing, debt consolidation discounts, and the hardship program if they find themselves inside and in financial distress.
Customers should also be aware that although Upgrade offers many different loan products, the repayment terms are between 3 and 5 years which does not leave a lot of wiggle room if you need a longer Repayment period.
Back to top ↑Final Thoughts
Upgrade stands out as a powerful online lender that offers everything from debt consolidation loans to Home Improvement loans. Customers with strong credit histories can receive interest rate terms that work for them, and for borrowers who need access to credit, there are many options, including co-signing, joint signing and secured lines.
Back to top ↑* This content is not provided by the financial institution or the offer’s provider. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and does not constitute a financial or expert advice.
