Upgrade Personal Loan Review

Loan Amount:

$1000 - $50000

Minimum Credit Score:

620

APRs From:

6.98% - 35.89%

Funding Speed:

As soon as one day

Personal loan lender, Upgrade offers personal loans up to $50,000 and is available to borrowers with fair credit or better. Upgrade offers fast approval and funding with competitive APRs.

Upgrade Personal Loan Overview

Upgrades' main underwriting criteria is free cash flow. While they also look at borrowers' debt-to-income ratio and credit score, a spokesperson says, they don’t account for rent payments and other monthly expenses that can factor into your ability to repay a loan.

The idea is to keep people from borrowing more than they can afford by “having a pretty high bar in terms of how much free cash you really have at the end of the month,” says Renaud Laplanche, Upgrade co-founder and CEO.

Pros

Offers secured, co-signed, and joint loans.
Rate discount when you get a debt consolidation loan and allow Upgrade to directly pay creditors
Rate discount with autopay

Cons

High origination fee
A late fee charged if applicable

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****APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Personal loans from our partners offer APRs ranging from 3.49% to 35.99% + applicable fees. Our partners personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. * Ex. of a personal loan: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.