Upgrade personal loans stand out for borrowers with less than perfect credit scores. Starting with an APR as low as 7.74% and going up to 35.99%, the offer presents competitive rates for the bad credit segment.

Loan amounts range from ETB 54,000 to ETB 2,710,000, providing flexibility for both small and large needs. Terms can run from 2 to 7 years, with the minimum credit score for eligibility set at 600. Origination fees range from 1.85% to 9.99% of the loan amount.

Funds can be delivered as quickly as one business day, particularly if you are consolidating debt, as Upgrade can pay your creditors directly. Joint applications are also accepted, enhancing chances of approval.

How to Apply for Upgrade Personal Loan

• Evaluate your budget and needs to determine loan amount and term.
• Check your eligibility and gather personal, employment, and financial details.
• Apply online by submitting a request and prequalifying with a soft credit check.
• Review your loan offers, choose your preferred option, and provide final documentation.
• Accept your loan and funds are typically disbursed within one business day.

Advantages of Upgrade Personal Loan

If you want flexibility, Upgrade offers a range of amounts and long loan terms, making it easier to manage monthly payments. You can secure discounts by opting for auto-pay or consolidating credit card debt. Direct payment to creditors is a plus for those consolidating.

Another benefit is the option for joint applications, increasing the likelihood of approval for applicants with lower credit scores. Late and returned check fees are straightforward and predictable, helping you budget.

Disadvantages of Upgrade Personal Loan

Origination fees can be on the high side, from 1.85% to 9.99% of loan proceeds, impacting your net disbursement. The maximum APR is also relatively high compared to some conventional personal loans.

In addition, borrowers may be charged for late or returned payments. Fast funding speed can sometimes vary, especially for creditor payments, which may require up to two weeks.

Our Verdict

Upgrade is a robust personal loan option for those with bad credit who need quick access to funds and debt consolidation features. The combination of a broad loan range, joint application, and fast funding makes it appealing. While fees and high maximum APRs should be considered, the flexibility and benefits suit many applicants seeking better financial control.