Upgrade is a fintech firm that offers different varieties of loans through mobile banking. It started its journey to aid its customers in making good financial decisions in 2017. It is headquartered in San Francisco and runs two other branches in Pheonix and Montreal. If you are finding it hard to decide whether to choose Upgrade or not, the following review will be a great help.
Upgrade offers personal loans of $500-$50,000 with an APR of 5.94%-35.97%. The firm promises its customers a debt-free life within just 24-84 months. You can get rid of multiple high-interest debts on credit cards and others. More than $15 million American people have already controlled their financial hardship with the help of this firm. The firm has lent more than $7 billion affordable credit to its users. You can check your accounts without any fee through the firm’s Rewards Checking offer. Additionally, the firm gives a 2% cashback reward on common everyday spending. The majority of the customers’ review on Upgrade says that the firm approves personal loans quick and easy. The whole process is smooth and the users of this firm fully recommend its services to others.
What can You Do with Upgrade Personal Loans?
You can use Upgrade personal loans to:
- Consolidate your debts
- Refinance your credit cards
- Improve your home and
- Purchase large properties
How Upgrade Works?
- Check your rate without hurting your credit score: Once you have decided to take a personal loan from Upgrade, you have to check your rate first. The monthly APR ranges from 5.94%-35.97%. Mainly, your annual percentage rate (APR) depends on your credit history. Upgrade will check your credit score before approving your loan. If you have an excellent credit score, you can get enjoy the lowest APR. The firm doesn’t disclose their requirement on credit score. While checking your rate, you’ll have to provide your required loan amount and a valid loan purpose. Then, the firm will run a soft and quick credit check on you. The whole process takes only a few moments. Remember, checking your rate doesn’t hurt your credit score.
- Choose the best option: Upgrade will present the available loan options after checking your financial background. You have to choose the best suitable loan offer for yourself. The good news is you get to decide how many months you need to pay off your loan. Upgrade offers you a repayment term of 24-84 months.
- Consolidate your debt: If you accept one of those options and place a loan request, Upgrade will run a detailed credit check on you which will take 24 hours max. This time your credit score may hurt a little bit but it will get better once you have paid off your debts. The next day, you will receive your desired money and with this money, you can pay off multiple debts. This process will save you time because you won’t have to be worried about making multiple payments each month.
Benefits of Consolidating Debt with Upgrade
- Take control of your financial situation: For some people, multiple debts mean multiple interests and a huge burden on the shoulder. This makes their lives miserable and they lose control of their financial situation. If you are in the same situation, debt consolidation might be the best solution. Consolidating your debts means you will have to make only one monthly payment each month. Because you are getting rid of all other debts with an Upgrade personal loan. So, it will be easier for you to manage a single monthly payment and control your life easily.
- Lower your interest rate: As you are paying off all your high-interest debts, you are lowering your costs. In addition, the APR of Upgrade loans is lower than the average interest rates charged by other lenders. That means you are paying less interest every month.
- Fixed interest rate: Upgrade interest rate doesn’t change over time. Moreover, there are no hidden fees that might enhance your cost. You can go on your monthly payments without worries because your interest rate is fixed.
- Get out of your debt faster: Clearly, debt consolidation is the best way to get out of debt sooner. There are many debt relief companies that can help you to be debt-free faster. The more you can pay, the sooner you will be debt-free. Upgrade lets you decide how fast you want to pay off your debt. Notably, you can pay off your debt earlier and the firm won’t charge you any prepayment penalty.