Upgrade Personal Loans Full Review

Personal loans of up to US$50,000!

Upgrade Personal Loans is an American company that offers personal loan plans ranging from $1,000 to $50,000 with a repayment period of up to 60 months, allowing the debt to be paid off over 5 years!

During the application process for Upgrade, the company requests more information about the purpose of the loan money. In this regard, the customer can use the funds to consolidate debts, refinance credit cards, make home improvements, or purchase a more expensive item.

Additionally, the customer can use the money for other expenses, as long as it does not significantly involve business resources, as it is not the focus of the personal loan type offered by Upgrade.

If, during the loan repayment period, the customer has the ability to pay off the entire amount at once, they can settle it in advance without any impact on credit or additional charges.

Therefore, if you believe that Upgrade’s personal loan service may meet your needs, continue reading this article.

Who is Upgrade?

Founded in 2017, Upgrade is a financial technology company working to provide various financial solutions to the public, aiding in making better decisions and finding different paths for day-to-day financial matters.

To facilitate its financial products, Upgrade has partnerships with various banks and institutions in the country, including Cross River Bank, Sutton Bank, Blue Ridge Bank, and WebBank, bringing FDIC members to enhance the reliability of the process.

With over 1.7 million personal loans issued throughout its history, Upgrade has received various awards recognizing the quality of its services.

How do Upgrade Personal Loans work?

As mentioned earlier, Upgrade is a financial technology company that collaborates with banking institutions to facilitate its products. In this regard, customers can apply for personal loans ranging from $1,000 to $50,000. Repayment terms vary, primarily between 36 and 60 months.

The monthly payment date can be set and changed by the customer. Additionally, early repayment can be made without any penalties.

Upgrade Personal Loans offers fixed interest rates based on the loan amount and repayment period, usually up to a maximum of 35% APR according to the country’s main credit rules. In any case, as the customer inquires about the loan, they will know exactly the amount to be paid in the repayment installments.

The application for personal loans is entirely done online, mainly through the contact form. After the credit check, the customer may receive a proposal, and if accepted, the money will be deposited into the account within 24 hours. Additionally, Upgrade is currently offering a reward of $200 with the Rewards Checking Plus.

What are the benefits of applying for a loan at Upgrade?

• Full-service financial company: Upgrade offers a range of financial solutions beyond personal loans, including credit cards and savings, assisting customers in different life situations.
• Competitive rates: According to Upgrade, the company can provide good rates compared to the market. Additionally, fixed values help the customer know exactly how much they will pay the following month, without surprises.
• Clear and easy application: Upgrade provides a fully online application process that is clear and quick, with a user-friendly platform even for those new to the personal loan market.
• Money in up to 24 hours: Customers who complete the entire process can receive the money in their account within 24 hours after approval. However, it is always subject to the availability of bank conditions.

Possible Drawbacks

Indeed, Upgrade’s service is quite efficient and secure. However, the rates may not always be pleasing to everyone, and customers may explore other alternatives in the American market.

Additionally, the maximum value of $50,000 may be considered low for some needs, especially for cases like student financing, where dedicated loans for such purposes might be sought.

Want to learn how to apply?

To succeed with the application and ensure timely receipt of the funds into the account, the customer needs to fully understand all the conditions before applying on the website.

Written by

Gabriel Gonçalves