The following requirements are required to obtain an Upgrading personal loan:
- You must be a U.S. citizen or permanent resident to enter the country.
- At least 18 years of age (19 in Alabama and other states).
- Verify that you have a bank account with a verified address and an email address.
Although Upgrade does not list a minimum credit score requirement, a representative from the company confirmed that you will need a minimum FICO score 560 in order to be eligible for a loan. When evaluating your application, the company will consider your credit score, credit usage and history. Upgrade allows joint applications if you feel your credit score is too low to be eligible for a loan at a reasonable interest rate. You may be able to qualify for lower rates and a larger loan amount if you apply with a coborrower who has a better credit score than yours. However, this comes with its own risks and pros.
A representative from the company confirmed that personal loans are available to anyone with an income of at least $20,000 Although you will need to provide documentation to prove your income, Upgrade may still consider your income when reviewing your application. For self-employed applicants, you may be required to provide additional documentation to prove income.
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You may be eligible for a second loan even if you have an existing personal loan with Upgrade. Upgrade claims it will consider a number of factors to determine eligibility.
Who should get an upgrade personal loan?
Upgrade loans are similar to personal loans in that they can be used for many purposes. These include consolidating debt or paying large expenses. They can’t be used to finance post-secondary education, student loans, investing or gambling.
Upgrade is a great option for large expenses such as home renovations because of the long loan terms and the high loan amounts. It is important to note that your creditworthiness may affect your ability to qualify for larger loan amounts. According to Experian credit bureau, Upgrade’s minimum credit score of 560 is considered to be in the upper range of “poor”. This allows for greater flexibility for borrowers with less than stellar credit. Upgrade offers auto secured loans, which use the borrower’s vehicle as collateral. This can be a great option for those who aren’t eligible for an unsecured loan at reasonable rates. Before you take out a secured loan, be aware of all the pros and cons.
Upgrade’s APR range may be higher than other competitors like SoFi and LightStream. If you have good credit, you might be able get better rates elsewhere.
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Upgrade provides multiple financial products, beyond personal loans, including a credit card and rewards checking account as well as free credit monitoring services. This can make it a great option for people who need a single source for all of their financial needs. Customers who have a rewards check account can get up to 20% off on upgrades loans and cards. Although there are benefits to multiple Upgrade products, it is important to evaluate each product before you sign up in order to determine if it is right for you.
How to apply for an upgrade loan
Here’s how you can apply for an Upgrade loan if you have decided that it is right for your needs.
Rates. Before you apply, you can view your rate on Upgrade’s site. Some personal information such as name, address, income will be required. Upgrade will conduct a soft credit review, but it won’t affect your credit score.
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Select the offer you like. Upgrade will send you a list with loan offers, including the amount, term and rate, once you have submitted your information. Based on the information available, choose the offer that interests you.
Accept the offer and provide the documents. After you accept the offer, you will need to provide certain documents to verify your income and identity. You will need to submit copies of your government-issued IDs, pay stubs and bank statements. Upgrade will give you a list of tasks to complete and documents to submit to finalize your application. Your Upgrade account allows you to check the status of your application
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Wait for your loan funds to arrive. Once you have accepted the offer and completed all verifications, your funds should be available within one working day. If you have a debt consolidation loan, funds may take up two weeks to clear. Upgrade will conduct a credit inquiry once your loan has been funded. This could affect your credit score.