When it comes to personal loans, there are many options available to borrowers. One company that has gained popularity in recent years is Upgrade. In this article, we’ll take a closer look at this lending partner and its personal loan offerings. We’ll discuss what Upgrade is, what it offers, and the pros and cons of its services. We’ll also talk about whether or not you qualify for a loan with it, what they don’t allow loan funds to be used for, and how to contact them. Finally, we’ll discuss how to apply for a personal loan with Upgrade and our methodology for this review.
Review of Upgrade
What is Upgrade?
Upgrade is a financial technology company that offers personal loans to borrowers. The company was founded in 2016 by Renaud Laplanche, who also co-founded LendingClub. Its mission is to help people achieve financial wellness by providing access to credit, tools to understand credit health and financial education.
Upgrade offers personal loans, cards, and a mobile app. The company is headquartered in San Francisco, California, and is licensed to lend in all states except Iowa and West Virginia.
Upgrade Card
The Upgrade Card is a credit card that is designed to help people pay down their debt faster. It works by allowing users to transfer their balances from other credit cards to the Upgrade Card, which has a lower interest rate. The card also offers cash-back rewards on purchases.
One of the benefits of this card is that it has no annual fee, and there are no fees for balance transfers or cash advances. The card also comes with a mobile app that allows users to manage their accounts and make payments on the go.
Upgrade Mobile App
Upgrade’s mobile app is designed to make managing your personal loan or credit card as easy as possible. The app allows users to check their balances, make payments, and view their transaction history. It also provides access to Credit Health, which allows users to check their credit score and receive personalized recommendations for improving it.
The app is available for both iOS and Android devices and can be downloaded for free from the App Store or Google Play.
Upgrade Inc
Upgrade Inc is the parent company of Upgrade, and it is a publicly-traded company listed on the New York Stock Exchange under the symbol UP. The company’s mission is to help people achieve financial wellness through a variety of financial products and services.
Upgrade customer service
Upgrade prides itself on providing excellent customer service to its customers. The company has a customer support team that is available by phone or email to answer any questions or concerns that customers may have. In addition, the company’s website has a comprehensive FAQ section that provides answers to many common questions.
How to contact Upgrade
If you have questions or need assistance with your personal loan from Upgrade, there are several ways to contact the company:
- Upgrade customer service number hours:
You can reach Upgrade’s customer service team at 1-844-319-3909.
Monday – Friday, 5 am – 6 pm PT
Saturday – Sunday, 6 am – 5 pm PT
- Email: You can email Upgrade customer service team at [email protected].
- Mail: You can send mail to Upgrade at 275 Battery Street, Suite 2300, San Francisco, CA 94111.
Upgrade personal loans
This lender is best for fast funding
If you’re in need of quick access to funds, this lender may be a good option for you. The company offers a streamlined application process and, in many cases, can provide funding within one business day. If you have a strong credit score and income, you may be able to qualify for a loan with it and receive funding quickly.
Upgrade personal loans in detail
This lending partner’s personal loans are designed to be simple, fast, and accessible to a wide range of people. Loans are available for amounts ranging from $1,000 to $50,000, with repayment terms ranging from 24 to 84 months. Interest rates start at 8.49%, and there are no prepayment penalties.
One of the unique features of this lender is its Credit Health feature. This feature provides borrowers with free access to their credit scores, as well as personalized recommendations for improving their credit scores.
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Upgrade personal loan pros and cons
Like any financial product, there are pros and cons to using its personal loan services. Here are some of the advantages and disadvantages:
Pros
- Fast funding: provide funding within one business day in many cases.
- Credit Health: offer a Credit Health feature that provides borrowers with free access to their credit score and personalized recommendations for improving it.
- No prepayment penalties: no prepayment penalties, so you can pay off your loan early without incurring additional fees.
- No hidden fees: No origination fees, prepayment penalties, or other hidden fees.
Cons
- Limited loan amounts: the amounts of personal loans range from $1,000 to $50,000. If you need a larger loan, you’ll need to look elsewhere.
- High interest rates: interest rates can be relatively high, particularly if you have a lower credit score.
- Limited loan terms: loan terms range from 36 to 60 months, which may not be ideal for everyone.
Upgrade loan requirements
There are a number of requirements that borrowers must meet in order to qualify for a personal loan. Here are some of the criteria:
- Credit score: a minimum FICO score of 620, but borrowers with higher scores are more likely to be approved and receive better terms.
- Income: Borrowers must have a minimum annual income of $30,000.
- Credit history: your credit history is looked at to determine your creditworthiness.
- Debt-to-income ratio: your debt-to-income ratio is considered when evaluating your loan application.
If you meet these criteria, you may be eligible for a personal loan from Upgrade.
What Upgrade doesn’t allow loan funds to be used for
While this lender allows borrowers to use loan funds for a variety of purposes, there are some restrictions on how the funds can be used. It does not allow loan funds to be used for:
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- Post-secondary education expenses
- Real estate purchases
- Investments
- Illegal activities
- Business purposes
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What we like and don’t like
What we like
There are several things we like about this lender’s personal loan services, including:
- Fast funding: provide funding quickly, which can be helpful
- Free credit score access: Upgrade’s Credit Health feature provides borrowers with free access to their credit score and personalized recommendations for improving it.
- No prepayment penalties: No prepayment penalties, so borrowers can pay off their loans early without incurring additional fees.
- No hidden fees: No origination fees, prepayment penalties, or other hidden fees.
What we don’t like
However, there are also some things we don’t like about Upgrade’s personal loan services, including:
- High interest rates: the interest rates can be relatively high, particularly for borrowers with lower credit scores.
- Limited loan amounts: personal loans are only available in amounts ranging from $1,000 to $50,000, which may not be sufficient for borrowers with larger financial needs.
- Limited loan terms: loan terms range from 36 to 60 months, which may not be ideal for everyone.
How to apply for the personal loans
If you’re interested in applying for a personal loan with this lending partner, the process is simple. Here’s how it works:
- Visit its website and click “Check Your Rate” to begin the application process.
- Enter your personal and financial information, including your name, address, income, and credit score.
- Choose your loan amount and term.
- Review your loan offer and choose to accept or decline it.
- If you accept the loan offer, provide any additional requested information and complete the loan process.
Methodology
To review Upgrade’s personal loan services, we researched the company’s website, customer reviews, and industry publications. We evaluated the pros and cons of its services, the eligibility requirements for borrowers, and the loan terms and amounts available. We also considered its customer service options and how to apply for a personal loan with the company.
Conclusion
Overall, Upgrade is a reputable lender that offers personal loans with fast funding, free credit score access, and no hidden fees or prepayment penalties. However, borrowers should be aware of the relatively high interest rates and limited loan amounts and terms. It’s important to carefully review the terms of any loan offer and make sure it fits your financial needs and budget before accepting it. If you have any questions or need assistance with your loan, this lending partner offers several customer service options to help you. With this information, you can make an informed decision about whether a personal loan from this lender is right for you.
