Important disclosure

Upgrade Personal Loans Calculator & Overview

Carla Soto
Updated 11 Aug 2023
Fact checked

Upgrade logo

Founded in 2016, Upgrade offers access to personal loans for its customers, with available credit of almost $20 billion. This San Francisco-based lender has operations offices in Chicago, Phoenix and Montreal. They also provide consumers with products such as the Upgrade card with a personal line of credit, rewards checking, and credit monitoring and educational tools.

A personal loan can be obtained for a variety of reasons, such as urgent kitchen renovation, unforeseen car repairs, or the intention to pay off high-interest credit card debt. If you think an Upgrade personal loan is the best financing option for you, crunch the figures to see if you can afford the EMIs (equated monthly installments). Let the Upgrade personal loans calculator do the work for you.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

An overview of Upgrade personal loans

Like other lenders, Upgrade offers its own list of features and benefits. Look at the list below so you can determine if they fit your personal expectations and payment preferences:

  • Loan amounts: minimum $1,000; maximum $50,000
  • Loan terms: between 24 and 84 months
  • Loan fees: 1.85% to 8.99% origination fee; $0 prepayment penalty
  • Loan flexibility: Same day approval and same day funding for most customers
  • Interest rates: from 7% to 27.24% APR

 

Requirements for an Upgrade personal loan

To apply for a personal loan from Upgrade, you must meet the following requirements (though these do not guarantee approval):

  • Be at least 18 years of age
  • Be a US resident or have a US visa
  • Have a valid email address
  • Have an active bank account
  • Have a minimum credit score of 560
  • Have a maximum debt-to-income ratio of 75%

 
Look at the profile of an average borrower of Upgrade personal loans:

  • Average loan amount: $10,000
  • Average loan term: 60 months or 5 years
  • Most common loan purpose: debt consolidation or credit card refinancing
  • Average credit score: 672
  • Average annual income: $80,000

 

Upgrade personal loan calculator

Loan Amount

$20,000

Term

3 months

Upgrade

Upgrade personal loans

Estimated Month Repayments
Interest Rate
17.98%
APR
Repayment Period
6 months
to 60 months
Loan Amounts
$1,000
to $50,000
Cover that unexpected expense or plan for your next big purchase with a fixed-rate loan instead of a high-interest credit card.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

 

Pros and cons of Upgrade personal loans

Pros

  • Can borrow as little as $1,000
  • Qualified borrowers can receive up to $50,000
  • Flexible repayment terms
  • No prepayment fees
  • Allows co-signers

 

Cons

  • Charges high origination fee
  • Penalties for late payments
  • High interest rates

Frequently asked questions

What are the minimum and maximum loan amounts for an Upgrade personal loan?

Upgrade offers personal loans between $1,000 and $50,000.

What are the repayment terms for an Upgrade personal loan?

You have between 24 and 84 months (from 2 to 7 years) to repay your personal loan from Upgrade.

What interest rates does Upgrade personal loan offer?

Interest rates for a personal loan from Upgrade can range between 7.96% and 35.97%.

What is the expected turnaround time for an Upgrade personal loan?

Qualified borrowers can expect same day approval and/or same day funding of their Upgrade personal loan.

What is the required credit score to qualify for a personal loan from Upgrade?

Loan applicants must have at least a credit score of 560 to apply for an Upgrade personal loan.

What is the required DTI ratio to qualify for a personal loan from Upgrade?

Loan applicants must have a maximum DTI ratio of 75% to apply for an Upgrade personal loan.

Does Upgrade offer a discount for auto-payments made on personal loans?

Yes. Upgrade provides a 0.50% rate discount for automatic payments on personal loans.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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