Upgrade Personal Loans
- Best for: Fair-credit borrowers consolidating debt who want their creditors paid directly
- What Sets It Apart: Direct payoff to creditors with a rate discount; no single minimum credit score; optional car or home-fixture collateral, which can lower the rate
- Cost: 7.74% to 35.99% APR, the lowest with autopay and direct payoff; 1.85% to 9.99% origination fee, deducted from the loan; late fee up to $10; no prepayment penalty
- Features: $1,000 to $50,000, with a higher minimum possible in some states; 24- to 84-month terms; funds sent within one business day of verification; joint applications
- Pros: Rate check doesn’t affect your credit score; several rate discounts; fast funding
- Cons: Origination fee up to 9.99%; APR up to 35.99%; creditor payoffs can take up to two weeks
Choose an Upgrade personal loan if your credit is fair and you’re consolidating debt, since Upgrade can pay your creditors directly and discount your rate for it. Budget for its origination fee of up to 9.99%, taken out of the loan up front. With strong credit, compare its annual percentage rate (APR), which includes the fee, with no-fee lenders’ APRs.
Upgrade’s fixed-rate personal loans run from $1,000 to $50,000, though the minimum can be higher in some states. There’s no single minimum credit score, and Upgrade weighs your income and employment along with your credit history, so fair credit can still qualify.
Key Features
- Annual percentage rate (APR) of 7.74% to 35.99%, origination fee included (the lowest rates need autopay and direct payoff of part of your existing debt)
- Origination fee of 1.85% to 9.99%, deducted from the loan before it’s paid out
- Terms of 24 to 84 months
- Funds sent within one business day of clearing verification
- Late fee of up to $10 after 15 days, $10 for a failed payment, and no prepayment penalty
Pros
- Rate checks don’t affect your credit score
- Direct payoff to your creditors, which can earn a rate discount
- Lower rates available with autopay, or with Upgrade’s Rewards Checking Plus account once it receives $1,000 or more a month in direct deposits
- Homeowners may qualify for a lower rate by pledging built-in fixtures, not the house
- Joint applications, which can improve the amount or rate you’re offered
Cons
- The fee comes off the top, so in Upgrade’s own example a $10,000 loan with a 5% fee pays out $9,500
- APRs as high as 35.99%
- Payments sent straight to creditors can take up to two weeks to arrive
- No published figures for how much each discount saves
- Pledging your car for a lower rate puts it at risk if you default
If your credit is fair and you’re consolidating, choose direct payoff and autopay, since Upgrade’s lowest rates require both, and keep paying your cards until the payoffs post. With good-to-excellent credit, also get a quote from a no-fee lender, and compare the two APRs for the same amount and term, since Upgrade’s APR already includes its fee.
Learn more about Upgrade Personal Loans or see how it compares to the best personal loans for fair credit.
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