With a personal loan through Upgrade, you can borrow $1,000 to $50,000. Funds are sent directly to the account that you choose within a day of approval.†

If you’re ready to pay off your loan before the end of your term we welcome you to do so. There are no prepayment fees! Check out this blog for more tips on how to make the most of your loan.

With a personal loan through Upgrade you get a fixed rate and term with a clear pay-off date. This can translate into savings while eliminating the surprises of a high-interest credit card with rates that can change any time. Funds are sent within a day of approval, so you can get started right away on your debt consolidation goals.†

Debt consolidation allows you to combine multiple credit card debts and/or personal loan payments into one monthly payment. You’ll make a single monthly payment instead of one for each credit card and loan. You’ll also have a date when you’ll be debt free - for example, if you get a loan with a 36 month term, you’ll know that your debts will be paid off in 36 months. Lastly, personal loans through Upgrade offer fixed interest rates. This means your interest rate will  never go up, you can easily predict how much you’ll pay each month, and you may save on interest over time!

The Debt Payoff option may appear when you check your rate with Upgrade. It allows you to use all or part of your loan to pay off existing debt. If you’re approved for a personal loan and select this option, you’ll tell Upgrade which credit card debts or personal loans you’d like us to pay and how much of your new loan you’d like to put towards this debt. Upgrade will coordinate sending the funds from your new personal loan to your previous creditors.

A balance transfer happens when you move debt from one account to another. This can help you lower your interest rate, but it has a few downsides. For one, you’ll typically be charged a balance transfer fee between 3-5% of the amount transferred. You may also have a low balance transfer card limit, which will keep you from transferring your full balance. Additionally, you won’t be able to transfer a balance from the same issuer. And since you’re transferring one credit card balance to another, you may still deal with variable interest rates that can cost you more money over time.

On the other hand, a personal loan gives you a fixed interest rate and a set date when you’ll have paid off your debt.