What You Need to Know
After Upgrade loan approval, the money could be in your account the next business day. When you receive your money depends on your loan application and your bank. All funds are generally in your account within four business days.
Upgrade offers personal loans and personal lines of credit. They also provide an auto secured loan. For this type of loan, you can use your vehicle as collateral. You give Upgrade the year, make, model, and mileage of the vehicle you want to use as collateral. Upgrade uses that information to see what type of loan you would qualify for.
Upgrade does not offer loans in all 50 states. If you live in one of the following states, you cannot apply for a loan with Upgrade:
- Colorado
- Connecticut
- Iowa
- Maryland
- Massachusetts
- Vermont
- West Virginia
Upgrade has a variety of fees. The origination fees vary from 1.5 to 6 percent, depending on your loan. There is a $10 fee if your payment is more than 15 calendar days late. This fee is also assessed if the electronic transfer fails. If you have an auto secured loan, there may be a title transfer fee.
Qualifications to Apply for Upgrade Loans
- Annual Income: Verifiable
- Job History: Verifiable
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: >620
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: Not specified
- Past Loan Denial: >30 days
- U.S. Citizenship Required: Yes, or permanent resident
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About Upgrade Loans
- Business Loans Offered: Depends on business
- Cosigner Loans Offered: Yes
- Joint Loans Offered: Yes, but must apply online
- APR Range: 7.99-35.89%
- Fixed Interest Rates: Yes
- Repayment Options: ACH or checks
- Payments Due: Monthly
- Payment Methods Fees: No
- Smallest Loan: $1,000
- Largest Loan: $50,000
- Loan Term Lengths: 30 or 60 months
History and Achievements
Upgrade started in 2016. Their headquarters are in San Francisco, California. They have locations in Chicago, Montreal, and Phoenix.
In 2018, Upgrade introduced a personal credit line. Customers can apply for up to $50,000 in a credit line. The amount you receive depends on your qualifications.
Today, Upgrade has over 250 employees. Upgrade has received awards for:
- "Best Place to Work in the Bay Area" by the San Francisco Business Time and Silicon Valley Business Journal in 2019
- "Number One Personal Loan" by Lending Tree in 2018
You can apply for an Upgrade loan online if you live in one of the states they serve.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for an Upgrade loan online or by calling customer service. You cannot apply through the mail.
What is the lowest my credit score can be?
Upgrade does not have a set credit score minimum. It depends on the applicant and their information. For the best chance of approval, your score should be above 620.
What is the smallest loan amount available?
The minimum Upgrade loan is $1,000.
What is the largest loan amount available?
The maximum Upgrade loan is $50,000. Receiving this amount depends on your qualifications.
What are the loan term lengths?
The Upgrade loan terms are 30 or 60-months.
Are the interest rates competitive?
The interest rates for Upgrade loans range from 7.99 to 35.89 percent. The actual rate you receive depends on your credit and qualifications.
Are the interest rates fixed?
Yes. Upgrade loans offer fixed rates for the life of the loan term.
What types of loans are available?
Upgrade offers personal loans, lines of credit, and auto secured loans. You can use personal loans for debt consolidation and home improvements. Other uses include making large purchases or building and improving your business.
What information do I need to apply for a loan?
Upgrade requires personal information, including name, address, and social security number. You must have a valid bank account and a valid email address. You may need to verify employment and other credit history information.
How long does approval take?
The Upgrade application only takes a few minutes. Approval may take up to a week.
How long will it take the money to enter my account after approval?
After Upgrade approves your loan, your money should be in your account in one business day. It may take longer due to your application and your bank.
If I have been denied a loan before, how long do I have to wait to apply again?
You must wait longer than 30 days before you apply for another Upgrade loan.
What are the payment options to repay my loan?
Payments are due monthly. You can make your Upgrade loan payments with automatic payments or checks.
Can I pay my loan off early?
Yes. There is not a fee for paying your loan off early.
Is my information secure?
Upgrade offers security measures that comply with federal laws. Their buildings and files are secure. Their computers have safeguards in place.
Does this loan company offer a mobile app?
Yes. The Upgrade app is available for iOS and Android.
How do I contact customer service?
Contact Upgrade customer service through phone, mail, or email. Their hours are Monday through Friday from 6 a.m. to 6 p.m. and weekends from 7 a.m. to 4 p.m. PT. You can follow Upgrade on Facebook, Instagram, and Twitter.
Bank Contact Information
Upgrade
275 Battery Street, 23rd Floor
San Francisco, CA 94111
855-997-3100
