Created by the financial technology company Upgrade and issued by Sutton Bank, the cards blend features of both credit cards and personal loans. You can use them to make purchases wherever Visa cards are accepted, and pay down your balance by making equal monthly payments with a fixed interest rate.
Upgrade's Rewards Checking accounts are provided by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. ... Rewards associated with Upgrade cards, when applicable, are provided by Upgrade, Inc. Personal Loans and Auto Refinance Loans are made by Upgrade's lending partners.
Upgrade's minimum credit score requirement is 560, which is on the upper end of the “poor” range, according to credit bureau Experian. Borrowers with bad credit may qualify for an Upgrade loan, although Upgrade will look at multiple factors, including income and credit history, when evaluating applications.
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.
A progressive, privately held independent, community bank, Sutton Bank has consistently been named one of the top small business and agricultural lenders in the State of Ohio. ... Our employees live and work in these communities, and participate in the decisions of local business organizations.
If you receive a loan through Upgrade, we will perform a hard inquiry, which may impact your credit score. A new borrower may see a small drop in their credit score when they receive a new loan, but the score typically climbs back up with time and on-time payments.
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.
Is Upgrade Reputable? Upgrade has been accredited by the Better Business Bureau since 2017 and has a B+ rating. On Trustpilot, Upgrade has an excellent rating of 4.6 out of 5 stars based on an average of more than 20,000 reviews.
Upgrade is the closest lender to Upstart out there. They offer the same loan amounts and have similar credit score requirements, interest rates and fees — both charge origination fees as high as 8%.
The Upgrade Visa® Card with Cash Rewards is a closed line of credit but functions similarly to a revolving credit account, meaning you can take out multiple draws until your total balance reaches your borrowing limit.
Upgrade offers fixed-rate personal loans of up to $50,000 to borrowers with fair credit or better. The application process is entirely online, and applicants can get approved and receive their funds in as little as one day and within four days.
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.
LendingClub and Upgrade are nearly identical in terms of loan amounts, loan terms, fees and rates.
All loans originated through the Upgrade platform are issued by WebBank, Member FDIC.
Easy membership eligibility
There is one requirement that you must meet in order to apply for a loan. Because PenFed is a credit union, you must be a member of the credit union to use its services.
Upgrade is an online financial services company offering personal loans, credit lines, and checking accounts. Here is a quick overview of Upgrade's strengths and weaknesses: Pros: 3.4/5 average rating among users.
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. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.
Created by the financial technology company Upgrade and issued by Sutton Bank, the cards blend features of both credit cards and personal loans. You can use them to make purchases wherever Visa cards are accepted, and pay down your balance by making equal monthly payments with a fixed interest rate.
Upgrade may verify income by requesting financial information like pay stubs, bank statements, or W-2 forms. In other cases, they'll just use credit report information.
Check your rate.
Like many of its competitors, Upgrade offers an online prequalification process that won't impact your credit score. To check the APR you're likely to qualify for, indicate how much you want to borrow, the purpose of the loan and personal information.
As a credit card: Use it to make purchases, which are converted to installment loans at a fixed interest rate. If you carry a balance beyond the due date, you can repay it in equal monthly installments over a set period. The card itself is issued by Sutton Bank.
While you aren't able to directly transfer existing debt balances to your Upgrade Card, you can make a draw from your account online to have funds sent directly to your bank account. Once the funds are in the bank account of your choice, you can make payments toward the balance you wish to pay through your bank.
Can You Get the Same Card Twice? It turns out the answer is yes and no. Although a bank might open multiple checking or savings accounts for the same customer, most card issuers will not allow you to have multiple accounts with the same exact credit card.
Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.