Upgrade Personal Loan Full Review

Are you looking for a solution to your financial debts and plans, no matter where you reside? Upgrade might be the answer you’ve been seeking.

Available in all 50 states and Washington, D.C., Upgrade is a versatile personal loan that is borrowing up to $50,000 while charging interest rates as low as 8.49% APR.

Interested? Below, you will find detailed information about Upgrade’s personal loan rates, advantages, exclusive benefits, loan amounts, and much more.

Who is Upgrade?

Upgrade is financial company created by Renaud Laplanche, who is also known for being the founder and former CEO of LendingClub.

Headquartered in San Francisco, California, Upgrade has strong presence on the personal loan market, borrowing over $10 billion in loans, since its launch back in 2017.

Upgrade solidified its presence on the market in 2018, when the company unveiled a groundbreaking personal credit line designed to combine the advantages of a credit card and a personal loan.

How Upgrade’s Personal Loan Works?

Upgrade’s Personal Loan can be used to cover a wide variety of need, such as consolidate debt, cover unexpected expenses, or fund home improvements.

Borrowing anywhere range from $1,000 to $50,000, Upgrade is providing both secured and unsecured loan, eliminating the need for collateral and simplifying the application process.

No more worries about pledging your valuable assets to secure the loan – Upgrade’s got you covered.

When it comes to repayments, Upgrade offer flexible terms ranging up to 84 months, allowing you to tailor your repayment schedule according to your budget and goals.

Combine that with the competitive interest rates starting at 8.49% APR, and you have a loan that’s both practical and affordable.

Upgrade also has a pre-qualification list, which can save your time during the loan’s applications and for those with not stellar credit.

Lastly, Upgrade’s personal loans can be requested anywhere in the United States, with this personal loans being available in all 50 states and Washington, D.C.

Major Advantages

Upgrade Personal Loan comes with several compelling advantages that make it a top choice for borrowers, including:

  • No Prepayment Fee
  • Co-signer option
  • Pre-qualification list
  • No need for collateral

Still, Upgrade stands out by its simplicity. If you are applying for a personal loan to cover only a debt consolidation, Upgrade can simplify the process by making direct payments to your creditors on your behalf.

Also import to note that Upgrade offers a rate discounts up to 0.5% for customers who set up automatic loan payments.

Lastly, existing Upgrade’s customer who uses multiple products, such as a checking account, you may qualify for up to 20% off your personal loan rate.

Major Drawbacks

While the Upgrade Personal Loan offers numerous advantages, it’s essential to be aware of some potential drawbacks:

Less Flexibility

Upgrade Personal Loan lacks the option to choose the initial payment date, which may not suit borrowers seeking more control over their repayment schedule.

Origination Fee

Keep in mind that the loan might include an origination fee of up to 5%, impacting the overall cost of borrowing.

Late Payment and Insufficient Funds Fee

 It is also important to make sure you have sufficient funds in your account to cover your loan payments. Upgrade will charge up to $10 insufficient funds and late payments fee.

Rates for Lower Credit Scores

Borrowers with less-than-perfect credit may receive rates as high as 35.99% APR, which can increase the overall cost of the loan.

Prohibited uses

It is also important to note that Upgrade’s personal loans cannot be used to pay higher education, including encompassing tuition, accommodation, meals, supplies, and other associated costs.

How to Apply?

Ready to take advantages of all the possibilities of an Upgrade Personal Loan? Then, tap the green button below and learn how to apply right away.

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