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

When you check your rate to see what offers you may qualify for, we perform a soft credit inquiry. A soft inquiry won’t impact your credit score.

Once you accept an offer and your loan is funded, we perform a hard credit inquiry. Third parties can see this inquiry and it may impact your credit score.

Upgrade is proud to offer an easy application with fast decisioning. You can check your rate in minutes with no impact to your credit score. You’ll know at the end of your application whether you’ve been approved.

Upgrade offers a number of discounts! Customers who set up autopay during their application, use all or part of their loan to pay off existing debt, and/or use their car as collateral for a secured loan could all qualify for a discount and save money on interest.

Your monthly loan payment will depend on several factors including your loan amount, your rate, how long your loan terms are.

Personal loans through Upgrade have fixed interest rates, so your rate is locked in once you agree to the loan terms and funding. This keeps your payments stable and predictable.

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.

At Upgrade, we offer loans with fixed interest. That means 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.

Late or missed payments can result in additional interest and fees.

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. 

Through Upgrade’s platform, you may be offered a choice between an unsecured loan or securing your loan with your car. 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.†

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 19 in Alabama and other select states; 
• Be able to provide verifiable bank account information and a valid email address.

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 7.99%-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.

We want to make sure your loan funds get to you and no one else! So as we review your application, we may request documents from you in order to verify information such as your income and identity. 

Upgrade will keep you updated and we recommend you check your dashboard for document requests. The faster we can verify your information, the faster we can finalize your loan!

Absolutely! You can always adjust your payment date in your dashboard. Keep in mind that if you extend your billing period by a day or more, you may pay additional interest over the life of your loan.

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.

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. It’s easy and there are no early payoff fees.

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.