Upgrade Personal Loans

How To Apply For an Upgrade Personal Loan

One of the most common pain points when it comes to loans is the absurd amount of red tape. However, with Upgrade loans, things are a little bit different. Upgrade personal loans offer low fixed rates, affordable monthly payments, and no prepayment fees. Loans of up to $35,000 can be used to refinance credit cards, consolidate debt, fund home improvements, and assist in major purchases.

So how does the process work? Upgrade's typical loan process usually looks like this:

Step #1: Rate Check

Prospective borrowers can determine their rate and how much they could qualify for within minutes with no obligation and no credit score impact.

Step #2: Choose an Offer

After checking the rates, borrowers can review multiple loan options and decide which offer is best for them.

Step #3: Get Fast Funding

Just how long does it take to get money from Upgrade? Upgrade's fast funding feature sends the money directly to your account within a day of clearing the necessary verifications. This means that you wouldn't have to wait for lengthy home appraisals that come with refinancing your home or home equity loans.

Step #4: Other Upgrade Loan Requirements

During the Upgrade loan review process, borrowers may be asked to submit additional documents for information verification. These documents may come in the form of financial documents and identification.

Upgrade personal loans usually take about 2-5 business days depending on the completeness of your application. Once approved, funds will be sent to the borrower's account within four business days. Note that this would depend on how fast your bank processes these types of transactions.

Are There Any Fees with Upgrade Loans for Home Improvement?

As mentioned above, Upgrade borrowers are subject to an origination fee. All Upgrade personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Qualified applicants also have the freedom to pay their loans early as Upgrade personal loans do not have prepayment fees. Like other lenders, Upgrade also reserves the right to charge subsequent penalties and fees for late payments.

How Does Upgrade Compare to Other Lenders?

Choosing the best home improvement lender depends on a myriad of different factors. Don't just rely on Upgrade personal loan reviews when trying to make an informed decision. During these uncertain times, it's always best to have enough know-how when it comes to making important financial decisions. Here are some things to consider when choosing the best home improvement lenders:
Competitive Rates

This should be the first thing you look for as rates vary from one financial institution to another. It's worth mentioning that loans from Upgrade have competitive rates compared to other home improvement loan lenders. However, note that your actual rate will still depend on your credit score, credit usage history, loan term, and other factors.

Quick Processing

Usually, loan application processing takes about three to five business days of review time. When it comes to Upgrade loans, expect to receive funds within four business days once your loan application has been approved.

Fewest Fees

When applying for loans, it's important to factor in the number of fees you would have to pay. Upgrade charges a one-time origination fee which is deducted from your total loan funds. It's also best to pay attention to your payment schedule as Upgrade charges late fees. With Upgrade personal loans, borrowers may incur a late fee of up to $10 if your payment is not received in full within 15 calendar days of your payment due date.

Repayment Terms That Suit Your Needs

What's great about Upgrade is that you have the freedom to choose from the loans that you qualify for and pay it back over 36 or 60 months with a fixed rate. Yes, you read that right. Upgrade's rate will never increase.

Consider Getting Pre-Approved

Upgrade allows you to check your rate to see which offers you may qualify for. This involves a soft inquiry that is only seen by you and won't impact your credit score. After going through the pre-approval process, you will then receive a pre-approval letter. A pre-approval letter means that you have met the minimum borrowing requirements based on information obtained from your credit report. However, receiving a pre-approval letter DOES NOT guarantee the approval of your loan application as the pre-approval process does not take into account other factors that Upgrade collects from your official online application.