Our rating is based on a combination of expert staff and user ratings.
- Educational and Financial Planning Tools Available
- Good For Credit Card Debt Consolidation
- Not Available In All States
- Origination Fees of 1.5% - 6%
|APR||7.99% – 35.89%|
|Loan Amount||$1,000 – $50,000|
3 to 5 Years
Upgrade is an online lender that offers not only personal loans, but also lines of credit, credit monitoring, and educational tools. It was founded by Renaud Laplaunche, the former head of Lending Club. In an attempt to keep people from borrowing more than they can afford, Upgrade is a rare type of lender to consider loan applicants’ free cash flow. Upgrade also allows for a high DTI (debt-to-income) ratio, with a maximum of 60%. If you run into a sudden hardship, as an Upgrade borrower you can apply for a temporary reduction of your monthly payment or a permanent reduction that lengthens the term of the loan.
Upgrade loans are suitable for a wide range of credit scores and incomes. Borrowers need to have a credit score of 620 or higher and must have a free cash flow of least $800 left over after paying bills each month. That being so, the ideal borrower for Upgrade has a strong cash flow and a need to consolidate debts.
Upgrade’s fixed-rate loans are mostly used to pay off credit cards or consolidate debts into a single loan. With its credit health tools such as free educational content, credit monitoring, alerts, and credit simulator, Upgrade is designed to help customers improve their finances for good.
How to Qualify
You can apply for a loan on Upgrade’s website. You will need a minimum credit score of 620 and your DTI ratio must not exceed 60%. You can check your credit score on Upgrade with a soft credit pull, meaning you will not lower your credit score by checking. There is also a minimum annual income of $35,000 and a minimum monthly free cash flow of $800. Upgrade is currently unavailable to borrowers in Colorado, Connecticut, Iowa, Maryland, Vermont, or West Virginia. Upgrade will use a hard credit pull before finalizing your loan, which will lower your credit score.
Upgrade does not list any additional fees beyond the origination fee of 1.5-6%.