- Loan amounts
- $1,000 to $50,000
- Term lengths
- 24 to 84 months
- Minimum credit score
- 700
Pros
- Fast approvals for most borrowers
- No prepayment penalty
- High upper limit for loans
Cons
- Can take two weeks for funds to creditors to clear
- Late fees (starting at $10)
- Origination fee up to 8.99% as of publishing
Many ConsumerAffairs readers report being pleased with Upgrade’s customer service and easy application process, which they say helped them find the right loan for their needs. “Customer service is helpful, knowledgeable and professional,” according to a reviewer in Nevada.
Joy from Wisconsin said about her experience, “The loan process was fast and easy. Everything was done online, and the instructions were simple and easy to follow. The cash arrived quickly, within a day or two, into my account. I would recommend Upgrade to a friend. Everything you need to manage your account, can be accessed through the app.”
However, there were customers who described issues with the payment process and not receiving promotional bonus offers.
Upgrade is an online lending platform that partners with several banks and financial institutions to originate loans. It does a soft credit pull to estimate your rate. Once you’re officially approved, Upgrade deposits funds into your bank account in about a day.
Upgrade stands out for its wide range of repayment terms, which are between 24 to 84 months. Plus, there’s no application fee. Upgrade also offers a smaller minimum loan amount than many other lenders.
If you’re self-employed, you’ll need additional documentation, including two years of recent tax returns and forms and bank statements to verify your income. Upgrade may verify receipt of your taxes using Form 4506-T, which can delay the process up to a week.