Get up to $50,000 with a low, fixed rate personal loan

Personal loans are a form of debt where you borrow money in one lump sum. Loans differ from credit cards, in that credit cards allow you to borrow and reborrow money in increments up to a specific credit limit. Personal loans through Upgrade have a fixed interest rate, unlike some traditional credit cards, so you know exactly what you’ll pay each month and when you’ll finish paying back your loan.

You can use a personal loan to achieve a lot of different financial goals!

Here are just some of the ways people use personal loans:

• Debt consolidation
• Paying off high-interest debt
• Home improvement expenses
• Important purchases
• Unforeseen necessary expenses

A personal loan through Upgrade gives you a fixed interest rate that never changes, unlike variable interest rates that change with market conditions. The fixed interest rate eliminates the risk of surprise interest hikes and the set payoff date gives you a clear date that you’ll be out of debt.

No, checking your rate won’t affect your credit score because we only perform a soft inquiry. Only you are able to see soft inquiries on your credit report.

Hard inquiries may impact your credit score and can be viewed by third parties.

Soft inquiry:

• Checking your rate to see what personal loan offers you may qualify for
• Accepting your offer

Hard inquiry:

• Funding your personal loan through Upgrade

You can check your rate in minutes with no impact to your credit score. Upgrade is proud to offer an easy application with fast decisioning.

You’ll know at the end of your application whether you’ve been approved.

Yes! Upgrade offers ways to save money on interest for qualified customers who:

• Set up autopay during their application
• Use all or part of their loan to pay off existing debt
• Use their car as collateral for a secured loan
• Own a home and secure their loan with built-in fixtures like ceiling fans, bookshelves, and light fixtures

If you are a homeowner, you can receive a discount if you choose to secure your loan with built-ins in your home, such as ceiling fans, bookshelves, and light fixtures.

Plus, unlike a home equity loan or HELOC, your home will not be used as collateral, your rate will be fixed, and there’s no home inspection or additional paperwork required.

You can learn more about the discount for homeowners when you check your rate.

Your monthly loan payment will depend on several factors including:

• Your loan amount
• Your interest rate
• Your APR
• Your loan length

You can use our personal loan calculator to estimate your monthly payment.

Personal loans through Upgrade have fixed interest rates, so your rate is locked in once you agree to the loan terms and funding. Your loan offer information includes the total amount of interest you can expect to pay over the course of your loan if you make all your required monthly payments on time. This keeps your payments stable and predictable, though late or missed payments can result in additional interest and fees.

Variable rates can go up and down depending on different market conditions which can lead to higher-than-expected interest costs, particularly in turbulent economic times when interest rates may fluctuate.

Through Upgrade’s platform, you may be offered a choice between an unsecured loan or securing your loan with your car. Homeowners may be eligible to secure their loan with built-in fixtures like ceiling fans, cabinets, and light fixtures.

Secured loans require you to offer something valuable, such as your car, as collateral. If you default on your loan, the collateral you offered may be taken. Alternatively, unsecured loans don’t require collateral, but typically have higher interest rates than secured loans.

Either way, don’t be afraid to shop around for the best personal loan interest rate!

A hard inquiry, also known as a hard credit pull or hard credit check, is what most people think of when they think of a credit inquiry. These pulls happen when you apply for new credit such as a credit card, personal loan, or mortgage and are visible by third party creditors. Hard inquiries usually appear on your credit report and might temporarily impact your credit score.

Soft inquiries or credit pulls, on the other hand, are not visible to third party creditors viewing your credit report and have no effect on your credit score. Examples of situations that may involve a soft inquiry include lenders pulling your credit to determine your eligibility for pre-approved offers, potential employers performing a background check, or landlords checking your credit when you apply for an apartment.

Upgrade’s application process has three simple steps.

1. Check what rate you qualify for online (this won’t impact your credit score)
2. If you qualify, choose the loan offer that best fits your needs
3. Receive funding within 1 business day of clearing verifications

We hope you’ll find our application process simple, straightforward, and seamless!

Qualified applicants can borrow $1,000 to $50,000 with a personal loan through Upgrade. If you’re approved for a loan, you should receive your funds within a day of clearing necessary verifications.

See what your monthly payment could look like with our personal loan calculator.

Eligibility for a loan through Upgrade is based on several factors, including your credit score, credit usage, and payment history, as well as your loan amount and loan term.

To qualify for a personal loan through Upgrade, you must:

• Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa;
• Be at least 18 years old (or older if residing in a state where the majority age is older);
• Be able to provide verifiable bank account information and a valid email address.

Joint applications may not be available for all personal loan offers.

We look at a number of factors when you apply for a loan, so it is possible that you may still be eligible for a loan offer.

Even if you don’t qualify, applications won’t hurt your credit score since we only do a soft credit check.

If you are concerned about your credit, we have plenty of resources to help get you back on track.

Loans terms offered through Upgrade vary from 24 to 84 months with Annual Percentage Rates (APRs) of 7.74%-35.99%.

Once you apply and get approved for an offer, you can decide what loan term works best for you. And remember, you can always pay your loan off early with no hassle or early payoff fees!

Yes! Upgrade accepts joint applications. Applying with another person may help you qualify for a bigger loan and/or a better rate.

In a joint application, the credit profiles of both applicants are taken into account and both applicants are jointly responsible for repaying the loan.

To check your rate, you only need some essential information like your name and address.As we review your application, we may request documents from you in order to verify information such as your income and identity. These may include:

Identity Verification:

• Government-issued ID (e.g., driver’s license or passport)

Income Verification:

• Pay stub
• W-2 form
• Tax return

Employer name and contact details

Bank account information for direct deposit

We’ll notify you through your Upgrade dashboard if any documents are needed. To avoid delays, we recommend checking your dashboard regularly.

Tip: The sooner we verify your documents, the sooner we can finalize your loan.

Yes! You can adjust your payment date to the day of the month that’s best for you up to 15 days before or after your assigned payment date. Your account must be in good standing.

Please note that changing your due date can affect the interest you pay at the end of your contract because finance charges accrue daily. While changing your due date doesn't change your monthly payment amount, moving it to a later date may result in you having to pay an additional amount once your contract matures. This additional amount covers any interest accrued because of the change.

After you accept your loan offer, you can expect to get your money within 1 business day of clearing verifications†. Be sure to check your email or Upgrade dashboard for any document requests, since we may ask for certain documents to verify your identity before finalizing the loan.

No, there are no prepayment fees for paying off your loan early. If you’re ready to pay off your loan before the end of your loan term, we welcome you to do so! Simply make additional payments in your Upgrade dashboard.

Debt consolidation is a common way to improve your credit health as it allows you to pay off multiple debts at once.

Debt consolidation generally has a positive impact on your overall credit score and can really help you get out from under your debt.

Learn more about how debt consolidation can help your credit score.