How to obtain a loan through Upgrade
To obtain a loan from Upgrade, you will need to complete the personal loan application process on their website.
Prequalify for a personal loan
When you fill out an Upgrade loan application, the first step is to decide whether to apply individually or jointly. After that, you will need to provide your personal details, including your address, date of birth, and annual income.
At this stage, Upgrade will conduct a soft credit check, which will not affect your credit score. This process is also known as prequalifying for a personal loan.
Verify your information
If you prequalify, the next step is to verify the information you submitted in your application. Specifically, Upgrade may request a government-issued ID, along with recent pay stubs and W-2 forms. This documentation helps the lender assess your ability to manage a new personal loan.
Accept your loan offer
Once you have verified your information and received approval, you will need to sign a loan contract to accept the offer. After accepting the loan offer, Upgrade will perform another soft credit inquiry and can often disburse your funds within one business day.
After your loan is funded, Upgrade will conduct a hard credit inquiry, which may cause a slight drop in your credit score. It is common practice for personal loan lenders to carry out hard credit inquiries to evaluate a borrower’s creditworthiness.
If Upgrade does not approve your personal loan application, it might be time to focus on enhancing your chances. Improving your credit score and addressing any inaccuracies on your credit report can take time, so patience may be required during this process.
How Upgrade stacks up against other personal loan providers
Even if you think Upgrade matches your needs for a personal loan, it’s always a good idea to explore and compare other lenders. Here’s how Upgrade measures up against other similar personal loan providers.
| Upstart | Best Egg | Upgrade | |
|---|---|---|---|
| Minimum credit score | 300 | 580 | 580 |
| APRs | 6.60% – 35.99% | 6.99% – 35.99% | 7.99% – 35.99% (with discounts) |
| Loan amount | $1,000 – $75,000 | $2,000 – $50,000 | $1,000 – $50,000 |
| Repayment term | 36 or 60 months | 36 to 60 months | 24 to 84 months |
| Origination fee | 0.00% – 12.00% | 0.99% – 9.99% | 1.85% – 9.99% |
| Funding timeline | Funds may be received within just one business day. | Funds may be received within just one business day. | Funds may be received within just one business day. |
| Bottom line | Among the three options, Upstart has the most flexible eligibility criteria and the best chances of getting approved. On the downside, it does impose a higher origination fee and provides only two repayment options. | Best Egg needs a higher credit score compared to Upstart, but fair credit is sufficient. If your credit is excellent, Best Egg offers some of the most attractive rates available in the market. | Upgrade shares many features with Upstart, but it allows you to include a co-borrower on your loan. Additionally, it provides two discounts on rates, one of which is available for enrolling in automatic payments. |
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