- Loans and lines of credit
- Loans issued by WebBank and Cross River Bank
- Credit and income profile considered in decision
eligible credit type ⓘ
Visit Upgrade to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.
|Credit Type||FICO® Score|
|$1,000 to $50,000||Loan Amount|
|6.98% to 35.89%||APR Range|
|State Licensed Lender|
|Answers BBB Complaints|
|Online Acct Mgmt|
Upgrade offers personal loans, lines of credit, and auto/title loans. They also offer credit monitoring. Upgrade loans consider your credit and income profiles when deciding on your loan.
Products and Terms
Personal loans offered through Upgrade are installment loans that range from $1,000 to $50,000. Annual percentage rates (APRs) are 6.98% to 35.89% and are in fixed terms of either 36 or 60 months. Lowest rates require autopay or paying off existing debt directly. All personal loans have a 1.5% to 6% origination fee deducted from the loan proceeds. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have required a monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early. In some cases, they may offer the option of a secured personal loan to help you qualify for a loan, or to provide you a lower rate. You can check your eligibility and rates on their site without impacting your credit score.
The Upgrade Card is a personal credit line accessible via a Visa card or having funds transferred to your bank account. Lines are from $500 to $50,000. Your rate and terms are fixed. The Visa card can be used online or are retailers that accept Visa. Line amounts vary, depending on your state of residence and your individual credit profile.
For personal loans, funds are sent within one business days but availability is dependent on how quickly your bank processes the transaction. Upgrade states, "from the time of approval, funds should be available within four business days." For the Upgrade Card, the card is sent in the mail but you can immediately access your fund via a virtual card. Funds sent to your bank account will be available in four days, similar to their personal loan.
To be eligible for a loan through Upgrade, you must be:
- A U.S. citizen, U.S. permanent resident, or living in the U.S. on a valid visa;
- At least 18 years old (19 years old in Alabama and certain other states);
- Able to provide a verifiable bank account; and
- Able to provide a valid email address.
The company's website does not state a minimum credit score or income requirements. It also does not state which states they operate in.
Self Employed Individuals are Eligible
Self-employed individuals are eligible for loans from Upgrade. They two require the two most recent years of tax returns. They do not accept tax return extensions, i.e. most recent doesn't adjust to Oct extension date. The returns must also already be on file with the IRS so they can verify receipt of taxes. They also have some income adjustments when calculating income. Check out their help center for the latest. The self-employed process may add 3-5 business days to your application time because of the IRS check.
Who is Upgrade
Upgrade was founded in 2016 and is based in San Francisco with operations in Phoenix and engineering in Montreal. The company was founded by Renaud Laplanche, the co-founder of Lending Club (a peer to peer lender). As of August 2018, the company had 300 employees, over 100,000 customers, and originated over $1B in loans. The company has raised $162M over three rounds.
Upgrade is not a bank. They partner with banks to originate loans obtained through Upgrade. WebBank, Member FDIC, originates all personal loans obtained through Upgrade. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC is the lender of the personal credit lines offered. Sutton Bank, Member FDIC, issues the Upgrade Card which allows you to access the personal credit line. Partnering with banks is a standard practice and requires the originators like Upgrade to be in compliance with bank, state, and federal regulations. The downside is the originator does not always have full control of their underwriting, i.e. they may have more stringent requirements, and they function as a middle person, i.e. there are more costs in the process which may translate into higher fees or prices.