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Appreciate loan amounts and interest rates
When upgraded, personal loan amounts range from $ 1,000 to $ 50,000 and can be repaid over two to seven years, depending on what best suits your repayment needs. There are no early repayment penalties for early repayment of the loan.
While you need good credit to qualify for the lowest interest rate, the 5.94% upgrade minimum interest rate is competitive when compared to similar lenders. For example, the minimum APR for Payoff and Best Egg is 5.99%. You can apply to a fellow borrower with good credit to potentially get a better price upgrade.
On the other hand, if your balance is in worse shape, upgrading may not be a great option for you. The upgrade’s maximum APR is 35.97%, significantly higher than Best Egg’s rate of 29.99% or Payoff’s rate of 24.99%.
Advantages and disadvantages
This is how the upgrade works
Upgrade offers unsecured personal loans through its credit partners Cross River Bank (member FDIC) and Blue Ridge Bank (member FDIC). You don’t have to put on collateral like a house or a car to get an unsecured personal loan. You can get a personal loan for various purposes.
You cannot obtain a personal loan in all 50 states with Upgrade because the lender does not serve borrowers in Iowa or West Virginia.
After applying and approving your loan, you should receive your funds within one business day. With an upgrade loan, you do not pay a prepayment penalty, but you do pay a commitment fee of between 2.90% and 8%. You will also be charged a late fee of up to $ 10 if the lender does not receive your payment in full within 15 days of the payment due date.
Depending on what you need help with, you can send an email to the company’s customer support account. You can also call 6:00 AM to 6:00 PM PT Monday through Friday or 6:00 AM to 5:00 PM PT on the weekend.
Upgrade lists common reasons for taking out a personal loan on its homepage, such as: B. the refinancing of credit cards, home improvement, or major purchases Debt consolidation.
You must meet the following requirements to apply:
- Be a US citizen or permanent resident, or live in the US on a valid visa
- Be at least 18 years old (19 years old in Alabama)
- Have a verifiable bank account
- Please provide a valid email address
What creditworthiness do you need?
If you upgrade, you will need a minimum credit score of 620 to qualify for a loan. This minimum is similar to that of other personal lenders who have similar interest rates and loan terms. For comparison, the lowest credit score Best Egg and Payoff accepts is 640.
When you need access to your credit report, it can be obtained for free from any of the three major credit reporting agencies annualcreditreport.com weekly through April 20, 2022. This report provides information about your payment and credit history, but not your credit history. By reviewing your credit report, you can spot mistakes and find room for improvement.
You can see your score on your credit card statement or online account for free. You can also buy it from a credit bureau.
The upgrade does two soft credit requests – which won’t affect your creditworthiness – once you check your price and again accept your offer and submit your bank account information.
Once your loan is funded, the lender will run a tough loan application that will likely affect your credit score. A hard query gives a lender a full view of your credit history, but it can negatively affect your credit score.
Is Upgrade Trustworthy?
Upgrade is a Better Business Bureau accredited company, and the BBB, a not-for-profit organization focused on consumer protection and trust, is giving Upgrade one A + rating. The BBB rates companies by reviewing company responses to consumer complaints, honesty in advertising, and clarity about business practices.
Remember, a great BBB rating does not guarantee an excellent relationship with Upgrade. So be sure to read the reviews and ask friends and family about their experience with the company.
Upgrade has no current controversy. Its clean history and great BBB rating make you comfortable using Upgrade as your personal lender.
Comparison of upgrade
Although the interest rates depend on your individual situation, the interest rates of Upgrade are comparable to those offered by similar lenders. This is how Upgrade compares to the competition:
Upgrade has a lower credit score than Best Egg, but it comes at the price of a higher APR if your credit isn’t in the best shape.
However, you may be able to get a slightly lower APR with Upgrade than Best Egg. Since companies have similar APR ranges, it is likely in your best interest to obtain your rates from lenders to compare your options.
When upgrading, you pay a processing fee of between 2.90% and 8% of your total loan amount, and this fee will be included in your total APR of the loan. At Best Egg you can pay a slightly lower origination fee as the range is between 0.99% and 5.99%.
You will likely get your money in roughly the same time with both companies within one business day of approval.
Upgrade has a maximum term of seven years, while Best Egg has a maximum term of five years. If you want to spread your payments over a longer period of time, upgrade might be a better choice for you.
Upgrade and Payoff have relatively similar minimum credit requirements, but a significant difference in the maximum APR. Payoff’s highest interest rate is 24.99%, which is over 10% lower than Upgrade’s maximum APR.
Repayment personal loans are designed to help borrowers pay off high-interest credit card debt. This means that you have limited options in using your loan – you can opt to upgrade if you are not trying to consolidate credit card debt.
The upgrade will likely send you your funds faster than the withdrawal. Upgrade typically sends funds within a day of approval, while Payoff takes at least three business days.