Upgrade presents a compelling option for personal loans, with rates starting as low as 7.74% and the possibility to borrow up to ETB 2,668,000. Terms stretch between 24 and 84 months, making repayment highly flexible. Importantly, Upgrade does not require a minimum annual income, catering especially to low-income earners. Funding is straightforward and can be received as quickly as one business day after approval. The minimum acceptable credit score is 580, lowering barriers for many potential borrowers.

How to Apply: Step-by-Step Process

1. Check your eligibility based on credit score and desired loan amount.
2. Complete a straightforward online application specifying your information.
3. Receive and review your rate offer; compare terms as needed.
4. Upload or verify required documents for identity and income confirmation.
5. Accept the loan agreement and receive funds, typically by the next business day.

Advantages of Upgrade Loans

One major advantage is the fast funding process. After final approval, money can often be available within one day, ideal for urgent needs. Additionally, the long repayment terms up to 84 months help make monthly payments more manageable, especially for those on lower incomes.

Furthermore, there is no minimum income requirement, making it accessible to more applicants. This, combined with the reasonable credit threshold, means more people can qualify for much-needed funding.

Potential Downsides to Consider

It’s important to note that the highest advertised interest rates can be steep, reaching up to 35.99%. Borrowers with less-than-ideal credit or incomes often receive less favorable rates.

Upgrade also charges an origination fee, ranging from 1.85% to 9.99%. This fee, deducted from your loan, can diminish the amount received upfront.

Our Verdict

Upgrade stands out for its accessibility and speed. Flexible terms, quick funding, and a low credit score threshold make this loan a standout for low-income borrowers. However, always review your specific rate and repayment obligations to ensure they’re manageable. If you need fast personal funding and have moderate credit, Upgrade could be an excellent choice.