Our evaluation of Upgrade
To establish our star rating for personal loan companies, LendingTree evaluated 22 data points across three main categories:
- Accessibility: We focused on whether lenders provided loans to nontraditional borrowers and those lacking excellent credit scores. Additionally, we examined if lenders conducted soft credit pulls and if they were clear about eligibility criteria beyond just credit scores.
- Rates and terms: We sought to determine if the rates, terms, amounts, and fees from lenders were not only clear but also competitive.
- Repayment experience: This category was assessed based on lenders’ reputations, the availability of customer support, and any unique benefits they offered.
These data points encompass every stage of the process involved in shopping for, applying for, borrowing, and repaying personal loans. For example, a five-star lender has flexible eligibility criteria, allows you to prequalify without any commitment, and assists you in paying off your balance.
The 22 data points, gathered directly from the lenders, shape the overall rating. We consistently score lenders, occasionally giving partial points, enabling you to make direct comparisons while shopping around.
LendingTree does not receive payment for these reviews, and lenders do not influence their content. Through our reviews and ratings, we strive to provide our users with the objective and comprehensive information necessary to make the best decisions possible.
FAQ
Is Upgrade a legitimate option?
Upgrade is indeed a legitimate lender providing personal loans with annual percentage rates (APRs) — encompassing both interest and fees — reaching as high as 35.99%. Financial experts view APRs below 36% as affordable.
Does Upgrade check your income?
Yes — when you apply for a personal loan, Upgrade will confirm your income to ensure you can manage your minimum monthly loan payments. Upgrade does not list a minimum income requirement on its website.
How much can you borrow from Upgrade?
You can borrow between $1,000 and $50,000 from Upgrade, provided you meet the eligibility criteria. If you’re looking to borrow more than $50,000, lenders such as SoFi and LightStream offer loans that go up to $100,000, and BHG Financial can provide personal loans of up to $250,000.
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