If you find yourself low on cash, consider a personal loan to help cover some of your expenses. Upgrade is an online company that partners with banks to provide loans to people who need them. They offer outstanding customer service, and they can give excellent rates to people who have a high credit score and are willing to set up autopay for their loan payments.
What Is Upgrade?
Upgrade was founded in 2017 as a completely online financial option for customers. It offers a range of financial products, including personal loans. The company is known for low, fixed rates and a quick application and funding process. It’s based in San Francisco, and its founders aimed to provide a better experience to customers at a lower cost.
However, Upgrade doesn’t offer the loans itself and isn’t a direct lender. It partners with banks to provide loans to users. Cross River Bank, Blue Ridge Bank, and Sutton Bank are all partners listed on Upgrade’s website, and WebBank was a previous partner. All of these banks are FDIC members, which means they’re insured for up to $250,000 for each person who’s deposited money in their institution. This membership ensures your money stays safe when you get a loan or make a deposit to Upgrade.
How Long Does Upgrade Take To Review a Loan?
Generally, Upgrade takes around one day to review and approve loans. You can expect to receive the money from your Upgrade loan in around two to five business days. While this is the average length of time, some customers receive their funds more than five days after applying. The amount of time you’ll need to wait depends a little on how quickly your bank processes the transaction from Upgrade.
If the company needs more information from you to process your application, you may not receive an approval within one day, however. You can keep track of your application’s status by checking your account and looking at your to-do list.
How To Apply for a Loan Through Upgrade
Before Upgrade reviews your loan, you’ll need to complete the application process. Thankfully, Upgrade makes that easy for you. Follow a few simple steps to start the process of applying for a loan.
Fill Out Upgrade’s Application
First, go to Upgrade’s homepage and navigate to the personal loans section. You’ll need to fill out a short form that tells Upgrade how much you’ll need for your personal loan and the reason you’re looking for a loan. Next, you’ll fill out another form that asks for basic information, including your name, address, and date of birth. You may also need to provide proof of your income.
Create an Upgrade Account
Once you finish the form, you’ll need access to your account through Upgrade. If you’ve used this site before, you can simply sign in, but otherwise, you’ll need to create an account before you can continue. An Upgrade account allows you to track your to-do list and see if the company needs any further information from you before they can review your loan request. Remember, Upgrade won’t affect your credit score, since they only perform a soft inquiry into your credit.
Select an Offer
Once you’ve received your loan offer, you can look at your available offers. Be sure to review the loan terms and rates, so you can find the best loan for you and your circumstances. Once you choose the loan you like, you’ll need to provide a bit more information, including your Social Security number.
What Do Customers Think of Upgrade?
Customers give Upgrade positive reviews on several review sites, including Credit Karma, where it has a score of 4.5 out of 5. Many reviewers note that the application process is quick and simple, and they received their funds within a few days. They also praise the customer service, saying that their experiences with Upgrade representatives were positive and professional.
WalletHub users gave Upgrade a more average review of 3.6 out of 5. They also felt the process was easy and fast. The customers on WalletHub appreciated the possibility of low APRs and high loan amounts. However, they also noted that Upgrade’s APRs can be quite high, and the site charges a small fee to process the loans.
Tips To Speed Up Review Process
If you’d like Upgrade to process your loan application as quickly as possible, follow these tips.
- Be careful when you fill out your application. Make sure all the information is correct, so Upgrade doesn’t need to ask for more information or complete more research.
- Review your credit report before you apply. If you see anything wrong, dispute it right away.
- Try to raise your credit score. Upgrade doesn’t list an official minimum credit score, but users have noted that Upgrade may expect a minimum score of 620.
- Check your account often. Look at your account frequently to ensure you can respond to any requests for information right away.
- Make sure you qualify. Review Upgrade’s requirements before applying for a loan to make sure you will be able to qualify for one.
Is Upgrade Right for You?
Upgrade can be a fantastic option for people who need a quick loan, especially if they have a high credit score. If you have a steady source of income, you can even set up autopay and put a portion of your paycheck toward your loan payments. Upgrade often offers better loan terms for users who do this.
You can also apply for a joint loan with another person through this company. Upgrade will look at both people applying for this kind of loan, so you may improve your chances of better loan terms if you apply with someone who has a high credit score.
If you’d like a loan for higher education, however, you’ll need to look for a different lender. Upgrade loans can’t be used for several things:
- Postsecondary education
- Any illegal activity
Upgrade also can’t loan to anyone located in Washington, D.C. It tends to offer smaller loans that range from $1,000 to $5,000, so if you need a large loan, Upgrade may not be a good fit for you.
If you need a loan, Upgrade can be an ideal option. They offer a simple and quick application process, along with fast transfers of funds that arrive within two to five business days on average. Upgrade aims to offer a positive experience for all its customers, and reviews say they often deliver just that.
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