You may have the option to select a debt payoff loan where Upgrade arranges to pay off your credit card or personal loan balances directly using the funds from your new loan. Here’s how it works:
- You tell us which credit card(s) or loan(s) you'd like to pay down and how much.
- Once your loan is approved, we'll arrange for those accounts to be paid down directly using your new loan.
- You get the remainder of your loan proceeds in your bank account. Easy!
If you choose this option, you'll tell us which credit card(s) or loans you'd like to pay down and how much. Once your loan is approved, funds will be sent directly to your credit cards, personal loan creditor, and to your bank account.
Here's an example:
You are approved for a $15,000 debt payoff loan and you provide instructions to pay off your Visa Card balance of $10,500. Once your loan is approved, the one-time origination fee of $750 is deducted from your total loan amount, the $10,500 is sent directly to your Visa Card account, and the remaining $3,750 is sent to your bank account.