![]() ![]() Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage. Furthermore, the lender does not require applicants to meet a minimum income requirement, although borrowers make $95,000 per year on average. ![]() ![]() Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.Įligibility: Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.īeyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through there are no discounts for autopay. Two- to seven-year loan terms are available. Loans amounts, which start at just $1,000, are flexible but cap out at $50,000. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. ![]()
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