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Key takeaways
- Upgrade is a fintech company that offers a range of financial products, including personal loans and a rewards checking account.
- Their personal loans cater to individuals looking for debt consolidation, home improvements, or other major expenses with competitive interest rates.
- The Upgrade Rewards Checking account stands out for its lack of fees and cash back rewards on everyday purchases.
Upgrade is a digital-only fintech company that just might be the answer if you want a no-fee rewards checking account or need to get a personal loan but have a poor credit score. The company is best known for offering loans with competitive interest rates and low credit requirements. Today, they offer a full range of banking products including a Rewards Checking account where you can earn cash back to the tune of 2% on debit card purchases, pay no monthly fee, and no overdraft fee. True, you’ll have to meet certain requirements to get the best rewards, but that’s the story with any bank.
Want to see if Upgrade is right for you? Check out our review below and find out if Upgrade’s products suit your needs.
What is Upgrade?
Upgrade is a relatively new digital-only financial technology company, having been founded in 2017 by Adelina Grozdanova and Renaud Laplanche. It started off with personal loans aimed at consumers looking to consolidate debt, make home improvements, refinance credit cards, or pay for a major purchase. The company now offers lines of credit, rewards checking accounts, high-yield savings accounts, and credit monitoring tools. If you’re comfortable with online and mobile banking – Upgrade is fully digital with no branch locations – then its products can be a good low-cost choice.
Open a Checking Account Today and Get Loans up to $50,000!
Upgrade Personal Loans at a Glance
Upgrade is best known for its personal loans, and for good reason. Here’s a quick overview:
- Loan amounts: $1,000 to $50,000
- APR (Annual Percentage Rate): 8.49% to 35.99%, depending on your creditworthiness.
- Loan terms: 24 to 84 months. Can go up to 7 years on home improvement loans of at least $30,000.
- Fees: Origination fee: 1.85% to 9.99% (It is deducted from the loan proceeds.) Late Payment or Failed Payment Fee: $10. There are no prepayment penalties.
- Time to funding: As fast as one business day after all verifications are completed.
- Loan availability: Loans are available in all 50 states and Washington D.C.
Upgrade offers joint, secured, and unsecured loans. Secured personal loans require you to put up your car as collateral but offer lower interest rates. If you have poor credit, a secured loan or joint loan can increase your chances of being approved, getting a larger amount, and/or a lower interest rate.
Fast Loans and Easy Banking
“I’ve opened up my first loan account about two years ago and love the loan process because it was quick and easy. After, two years I finally trusted this Fintech and also opened a checking and savings account through them because I also trust the bank they utilize. It’s easy to see and manage my accounts through their dashboard.” SOKHEANG SIV
Upgrade Loan Advantages
Multiple Rate Discounts
Upgrade offers various discounts on interest rates, which can make a considerable difference over the life of a loan. You can qualify for a discount if you:
Set up automatic payments
Use all or the majority of your loan to pay off an existing debt
Use your car as collateral for a secured loan
Open a Rewards Checking Account with Upgrade
Fixed Interest Rates
Upgrade personal loans come with fixed interest rates meaning your interest rate will remain the same throughout the life of your loan. Unlike variable interest rates that change with market conditions, fixed interest rates remain the same making it easier to budget, pay off your loan, and avoid surprise rate hikes.
Secured and Joint Loans
You can get a secured or joint loan with Upgrade. Adding collateral or applying with someone who has good to excellent credit can help you qualify for a bigger loan and/or a better rate. Both credit profiles are taken into account when you apply for a joint loan and both applicants are responsible for repaying the loan. In the case of a secured loan, remember, that if you default the lender can seize your collateral, ie your car.
Adjust the Monthly Payment Date
It’s not always feasible to pay on the assigned due date. That’s why Upgrade lets you adjust when your payment is due within 15 days before or after your given date. Thanks to this feature you can pay your loans when their due and avoid late fees.
Direct Payment to Creditors with Debt Consolidation Loans
For individuals looking to consolidate debt, Upgrade is the way to go. The company streamlines the process by offering direct payment to creditors. This not only simplifies the borrower’s finances but can also expedite the debt payoff process.
Secure your Upgrade personal loan today!
Low fixed rates – No prepayment fees – Fast funding.
I Got a Loan with a Low Credit Score
“What a relief!!! With my credit score in the 600’s I was able to get a loan to consolidate all my debt into one payment. Received the funds within a couple of days directly into my checking account.” Loretta Rodriguez
Check if You’re Eligible & Apply for a Loan
What Factors does Upgrade Consider?
Eligibility for an Upgrade loan is based on several factors, including:
Credit score: The minimum credit score is 560, lower than for most lenders. A higher credit score generally means a lower interest rate.
Income: While your income is considered to ensure you can afford the monthly payments, there is no minimum annual income. Upgrade will consider alternative forms of income including from a partner, alimony, retirement, child support, and Social Security payments.
Credit history: You must have at least one credit account and a minimum of two years of credit history to qualify.
Debt-to-income ratio: The maximum debt-to-income ratio is 75% and that includes your mortgage and the loan you’re applying for.
To check your eligibility, you can visit Upgrade’s website and apply. The process only takes a few minutes. You’ll be able to see if you’re approved and check your rate, all without impacting your credit score.
What are Upgrade’s Loan Qualifications?
Upgrade has standard loan requirements. To qualify you must:
- Be a U.S. citizen, permanent resident, or living in the U.S. on a valid visa
- Be at least 18 years old (19 in Alabama)
- Have a verifiable bank account
- Have a valid email address
How to Apply for an Upgrade Personal Loan
Applying for a loan with Upgrade is straightforward:
1. Prequalify to check your rate: Fill out the form on Upgrade’s website to see the loan amount and rate you’re eligible for at no cost to you. The process does not impact your credit score since Upgrade only does a soft credit check at this point and you are under no obligation to take a loan if you don’t like the ones offered.
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2. Choose your loan: Review your personal loan offers and choose the one that best suits your needs.
3. Complete the application: Provide additional details and documents like W-2s and pay stubs to verify your information as required. Upgrade now does a hard credit check so your credit score may dip temporarily.
4. Await approval: Upgrade will review your application and may request additional documents. It typically takes one to three days to approve applications.
5. Receive funds: Once approved, the funds will be in your bank account within one business day.
OMG
“Never in a million years could I have imagined a loan process that would be this easy, or this quick! My application was submitted on a Wednesday afternoon. I had an approval within an hour or so. Two days later, the funds were already in my bank account. Wow!” Freddy M
Take Advantage of Upgrade’s Promotional Offer!
Upgrade is currently running a promotional offer: Get $200 when you apply for a personal loan AND open a Rewards Checking Plus account. All you have to do is direct deposit at least $1,000 in the first 45 days.
Get a Rewards Checking Account
Upgrade partnered with FDIC-insured Cross River Bank to offer a Rewards Checking account. The Rewards Checking account lets you earn cash back with your debit card, has no monthly fees, and no minimum balance requirement. It is an excellent complement to Upgrade’s personal loan services, allowing you to manage your finances on one site and easily earn cash back rewards with a debit card – use anywhere Visa is accepted.
To access its top-tier benefits, you must have an active account, meaning you add at least $1,000 in monthly direct deposits. If you qualify, you can get up to 2% cash back on purchases, add a Performance Savings account with a 5.07% APY, receive ATM rebates, and get up to 20% lower rate on your Upgrade personal loan.
Upgrade to Rewards Checking!
Get paid up to 2 days early. Earn up to 2% cash back on everyday purchases. Enjoy no monthly fees.
Upgrade to Rewards Checking!
Get paid up to 2 days early. Earn up to 2% cash back on everyday purchases. Enjoy no monthly fees.
Cash Back Rewards
Earn up to 2% cash back on everyday expenses from convenience and drug stores, gas stations, select monthly subscriptions, restaurants, and your phone bill. You must have an active account to earn 2% cash back and the maximum you can get is $500 per calendar year. If you have direct deposit, you can earn an unlimited 1% cash back on everything else (even if you’re account isn’t considered active.)
No Fees
Online banks generally offer checking accounts with lower fees and Upgrade is no exception. Upgrade’s Rewards Checking account comes with no monthly fees, no overdraft fees, no transfer fees, and no minimum balance, which can add up to significant savings.
ATM Fee Reimbursement
Upgrade doesn’t have its own ATMs nor is it part of an ATM network but it does offer ATM fee rebates – up to 5 per calendar month, making it more convenient to access cash when you need it. To qualify, your account must have been active the prior month.
Rate Discounts
You can get a rate discount of up to 20% on a personal loan with Upgrade when you have a Rewards Checking account.
Early Direct Deposits
No matter how much money you deposit into your account monthly, you can get your direct deposit up to two days early with Upgrade. It’s easy to set up your direct deposit, simply contact your payroll department to get started.
Pair with Performance Savings
Besides a Rewards Checking account, Upgrade offers a high-yield savings account called Performance Savings. If you have an active account and a monthly direct deposit of $1,000 you can get a 5.07% APY. For comparison, the national average for savings accounts is 0.46% APY.
The Best Rewards Checking
“Upgrade was easy and saved us so much money! Everything was seamless. I would highly recommend.
The rewards checking is even better and we are gaining so much ground financially.”
Kristi Hepner Foley
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Final Thoughts
Upgrade is a good choice if you want a personal loan with competitive interest rates, fast funding, and pre-approval. Or if you’re looking for a fee-free checking account that also offers cash back rewards and early direct deposit. Take a look at what it has to offer, compare products, and choose the best option for you.
