Do you want to learn about all the features of the Upgrade personal loan? At Responsible Economy, we present you with all the characteristics that Upgrade loans offer, along with a comparison to the best personal loans for bad credit scores. Let’s get started!
Features
In this section, we analyze in detail all the features:
Fees
Upon loan approval, Upgrade may apply an origination fee ranging from 1.85% to 9.99%.
The good news is, you won’t have to worry about any prepayment fees.
Interest rate
The loan’s interest rate ranges from 8.49% to 35.99% APR. Keep in mind, this rate can vary based on factors such as your credit score, loan purpose, and requested amount. While a higher rate might appear tempting, it’s wiser to strive for the lowest rate to ensure the loan remains advantageous for you.
Terms
You have the option to repay the loan over a period of 2 to 7 years. Upgrade provides favorable terms for loan repayment in this range.
Amount
The minimum requestable amount is $1,000, and the maximum is $50,000. Both figures are favorable, considering many banks have significantly higher minimums.
Credit score
Upgrade does not provide information about a minimum credit score. You can apply for a soft credit to see your interest rate without it affecting your credit score.
Summary table
Here is a summary table with al features:
| Feature | Details |
|---|---|
| Fees | Origination Fee: 1.85% to 9.99% |
| Interest Rate | 8.49% APR to 35.99% APR |
| Terms | 2 to 7 years |
| Amount | $1,000- $50,000 |
| Credit Score | Upgrade does not specify a minimum credit score requirement |
Best personal loans
We have created a comparative table of Upgrade with the best personal loans for bad credit score. You have the key features of each loan:
- APR: 8.99-25.81%
- Terms: 2-7 years
- Amount: $5,000-$100,000
- Credit Score: no
- APR: 7.99-25.49%
- Terms: 2-12 years
- Amount: $5,000-$100,000
- Credit Score: 660
- APR: 6.50-35.99%
- Terms: 3-5 years
- Amount: $1,000-$50,000
- Credit Score: no
- APR: 10.50-29.99%
- Terms: 2-5 years
- Amount: $5,000-$40,000
- Credit Score: 640
- APR: 8.24-35.97%
- Terms: 2-7 years
- Amount: $1,000-$50,000
- Credit Score: 560
- APR: 8.99-35.99%
- Terms: 3-5 years
- Amount: $2,000-$50,000
- Credit Score: 600
- APR: 11.69-35.93%
- Terms: 3-5 years
- Amount: $1,000-$50,000
- Credit Score: 560
- APR: 6.99-24.99%
- Terms: 3-7 years
- Amount: $2,500-$40,000
- Credit Score: 660
- APR: 9.116-29.99%
- Terms: 3-5 years
- Amount: $2,000-$45,000
- Credit Score: 640
Pros
We have compiled a list of all the advantages of Upgrade loans:
- Low minimum interest rate
- Checking your rate won’t affect your credit score
- No prepayment fees.
- No required credit score.
Cons
You also have a list of all the negative features of Upgrade loans:
- Very high highest interest rate.
- Origination fees
Requirements
The minimum requirements to obtain a personal loan with Upgrade are:
- Being a resident of the United States.
- Being over 18 years old.
- Completing the online process
- Having stable and steady income.
Loan Calculator
We’ve developed a personalized loan calculator that provides a clear overview of your interest payments. This tool enables you to perform different calculations, helping you plan effectively and minimize interest expenses. Employing this intelligent approach could lead to substantial long-term savings on interest:
Upgrade Loan Calculator
Conclusion
Our analysis suggests that you should contemplate choosing Upgrade solely if you can secure the lowest attainable interest rate, as the higher rate might not be competitive. Moreover, it's essential to factor in the origination fee, which could potentially be relatively significant.
Frequent questions
Here is a list of the most frequently asked questions about Upgrade loans:
More information about Upgrade
We have created a table with information about Upgrade:
| Information | Description |
|---|---|
| Website | https://www.upgrade.com/ |
| Phone | (844) 319-3909 |
| [email protected] | |
| https://twitter.com/upgradecredit | |
| https://www.instagram.com/upgrade_credit/ | |
| https://www.linkedin.com/company/upgrade-inc./ |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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