A: Upgrade is
a legitimate online lender
with a proven track record since its founding in 2017. It has an A+ rating with the Better Business Bureau and has limited complaints posted with the Consumer Financial Protection Bureau.
Is upgrade a legitimate company?
A: Upgrade is
a legitimate online lender
with a proven track record since its founding in 2017. It has an A+ rating with the Better Business Bureau and has limited complaints posted with the Consumer Financial Protection Bureau.
Is upgrade a direct lender?
Upgrade is
a direct online lender
that opened its doors in 2017. It offers personal loans and a line of credit known as the Upgrade Card. … Depending on your credit history, you may qualify for APR options ranging from 5.94% to 35.97%.
What bank does upgrade loans use?
Upgrade is not a bank. We partner with banks and other financial institutions to originate loans obtained through Upgrade.
Cross River Bank
, a New Jersey state-chartered commercial bank, Member FDIC, originates personal loans, auto refinance loans, and personal credit lines.
Does upgrade call your employer?
Upgrade may request the name of your employer, the telephone number
, and your date of hire, if applicable. We may also request certain income documents in relation to your employment.
Does upgrade ask for proof of income?
Upgrade requires
two recent years of tax returns and most recent bank statements
to verify income for self-employed (sole proprietor) borrowers. It may also request additional documentation.
Does Upgrade do a hard pull?
At Upgrade, when you check your rate for a personal loan we perform a soft inquiry on your credit report, which does not impact your credit score.
If you receive a loan through Upgrade, we will perform a hard inquiry
, which may impact your credit score.
What credit score do you need for Upgrade?
Upgrade requires a
minimum credit score of 580
. This makes Upgrade a good option for borrowers with fair or poor credit who need access to small loan amounts. Still, the most competitive rates are reserved for the most creditworthy applicants.
What credit score do I need for an Upgrade loan?
While a minimum credit score of only 620 is needed to qualify, we think Upgrade is a better fit for borrowers with credit scores of
680 and above
. This is due to the higher range of APRs that borrowers with lower credit scores will likely receive if they apply to Upgrade.
How do I know if my upgrade loan is approved?
To check the status of your application, please
log in to your Upgrade Account to access your Account Summary
. Please make sure that you have completed all items on your To-Do List. Upgrade will also keep you updated on the status of your application by email.
How long does upgrade take to approve loan?
It takes
2 to 5 business days
to get money from an Upgrade personal loan, in most cases. The Upgrade loan timeline includes around 1 day to get approved for an Upgrade loan and another 1 to 4 business days to receive the funds after approval.
Which credit bureau does upgrade pull from?
If you accept the offer, a hard pull is triggered. Upgrade uses the
FICO 9 credit score
to evaluate borrowers.
Does upgrade report to credit bureaus?
Nerdy tip: Activity on the Upgrade Card is reported to bureaus as a line of credit, but without a total credit line limit.
Upgrade does report a balance and fixed payments
, but since the total credit limit is not reported, credit utilization is not affected.
Does upgrade credit card call your employer?
To verify your employment,
Upgrade might request your employer’s name, telephone number
, and your date of hire. The lender may also ask for specific income documents. After you apply and have your loan approved, you will likely get your cash within one business day.
Does upgrade have prepayment penalties?
Personal Loans and Upgrade Card with personal credit line obtained through
Upgrade do not have any prepayment fees
, so you can pay your loan off at any time.
How do creditors check your income?
Lenders May Ask for Income Information
They typically ask about your income
on credit applications
and may require proof, in the form of a pay stub or tax return, before finalizing lending decisions. Sometimes creditors ask for proof of employment and the name of your employer on credit application as well.
