Author: Shiloh Hills
Are you cash-strapped and in need of financial assistance? Upgrade can help you. As a United States resident, you can apply for personal loans on Upgrade. The loan can be used for anything, from debt consolidation to refinancing credit cards.
If you’ve never heard of Upgrade, keep reading to find out what it is and how it works.
What is Upgrade?
Upgrade is an online lender that allows customers to borrow up to $50,000 and have the funds deposited into their accounts within a day. Founded in 2016, Upgrade provides personal loans to residents of all states except Iowa, West Virginia, and Washington.
The platform charges origination fees of 2.9% to 8%. For example, if you take out a $7000 loan with a 5% origination fee, you will receive $6650. Borrowers may also face high annual percentage rates (APRs). Upgrade provides loan payback terms ranging from 2 to 7 years (24 to 84 months).
Who is Upgrade Suitable For?
Upgrade is great for people in need of smaller loans. Its loan starts from $1,000 to $50,000. People with a fair credit score are also eligible to apply.
While Upgrade’s loans are primarily unsecured, they can provide suitable applicants with secured loans to help them qualify or get cheaper rates.
Entrepreneurs can also apply for upgrade loans, although they may need to provide more documentation than a typical employee. If you are an individual or corporate entity looking for investment loans, it’s so sad that you are not eligible to apply for an Upgrade loan.
Qualifications for a Personal Loan on Upgrade
Upgrade approves or declines personal loan requests based on the following criteria:
- Credit score: Upgrade requires a minimum credit score of 580 to approve your loan request.
- Income: While Upgrade does not publicize its debt-to-income (DTI) requirements, it does consider individuals’ free cash flow. Upgrade requires a borrower to have a free monthly cash flow of at least $1,000 and a DTI of 40%.
How to Apply For a Loan on Upgrade
Prequalifying for a rate, submitting your application, and waiting for your loan authorization are typical steps for loan applications on Upgrade.
Here is how it works:
Step 1: Check your rate. The screening process will not affect your credit score and will allow you to verify the rate you may qualify for. To find out the rates you’re likely to qualify for, enter the amount you want to borrow, personal information (your date of birth, bank records, and government-issued picture ID) and the purpose of your loan.
Step 2: Choose your loan.
Step 3: Submit your loan application on Upgrade.
Step 4: Accept an offer and submit your bank information.
After proper verification, you should receive the funds in your bank account within a few days.
Final words
Upgrade is an alternative for people with fair credit who want to receive small and quick loans. Borrowers can also benefit from Upgrade’s payment flexibility and an auto-pay discount. You can start applying for loans from the comfort of your own home by downloading the mobile app.