Like Upstart, Upgrade is committed to improving access to credit, which means you may qualify for a loan even with a lower credit score. You can check your rate before applying officially, and Upgrade provides both unsecured and secured loans of up to $50,000, with funding typically available within one business day. However, be aware that Upgrade charges an origination fee of up to 9.99% and may impose relatively high interest rates.
Upgrade also offers various discounts, including those for setting up autopay, using a loan to pay off existing debt, and opening a secured loan rather than an unsecured one. Additionally, they are currently offering a $200 welcome bonus for those who are approved for a loan and open a new Upgrade Rewards Checking Plus account. To qualify for the bonus, you must receive direct deposits of at least $1,000 into your checking account within 45 days of account opening.
