Upswing Line of Credit
Benefits at a Glance
Rate Reducer
If you make your payments on time, you should be able to pay lower interest. Simple, right?
Upswing lines of credit start as low as 249% APR, your new rate if you convert from an existing line. Better yet, every six months* of on-time payments get you another 10% off your APR.
What will my APR be when I join Upswing?
As low as 249%
How will Rate Reducer work after that?
You'll get 10% off your APR for every six months of on-time payments.
What's the lowest APR I can get?
149% APR
How do missed payments work?
- You will lose all progress towards your next rate reduction if a minimum payment is more than 10 days late.
- If you make your missed minimum payment within 10 days of the due date, you will continue to earn progress towards your next rate reduction.
- You can start earning rate reduction again for on-time minimum payments once you've made all late payments.
- Rate reduction you’ve already earned will not be lost.
Fee Saver1
Lower fees mean it costs less to borrow. And who doesn't want that?
An Upswing line of credit will never have a draw fee over 10% of the amount drawn. And after six months* of repayments, that can drop to 5%.
What will my draw fee be when I join Upswing?
10% of the amount drawn
How will Fee Saver work after that?
After six months of on-time payments, your draw fee will drop again to 5% of the amount drawn.
How do missed payments work?
- You will lose progress earned toward Fee Saver if a minimum payment is more than 10 days late.
- If you make your missed minimum payment within 10 days of the due date, you will continue to earn progress for that payment.
- You can start earning progress towards Fee Saver again once you've made all late payments.
- Reduced fees you've already earned will not be lost.
1Fee Saver is only available on lines of credit that charge transaction fees. Please see your line of credit agreement to determine if Fee Saver is applicable to you.
*12 biweekly/bimonthly payments or 6 monthly payments greater than or equal to the minimum payment due.
Frequently Asked Questions
How does Rate Reducer work?
APRs start as low as 249%. After that, you'll earn reduced interest with on-time payments: For every six months of on-time payments, you'll get 10% off your APR, to a minimum of 149%. Your reduced APR will automatically take effect starting on the first statement period that opens on or after the date you earn the reduced rate.
Example:
You join Upswing, and your APR is 249%. After making six on-time monthly payments, your APR will reduce to 239% when your next statement opens.
Can I lose Rate Reducer?
If you miss a minimum payment, you will not earn any rate reduction for that payment period. If you make that payment within 10 days after the scheduled due date, you will not lose any already accrued rate reduction. If your payment is more than 10 days late, however, you will lose all progress towards your next rate reduction. You will never lose reduced rates that have already been applied to your line of credit.
How does Fee Saver work and when will I be eligible?
As soon as you enroll in Upswing, your draw fee will be reduced to 10% of the amount drawn (where applicable).1 After six months of on-time payments, your draw fee will be reduced to 5%. Your reduced fees will automatically take effect starting on the first statement period that opens on or after the date you earn the reduced fee. Draws fees cannot be reduced below 5%.
Example:
You join Upswing, reducing your draw fee to 10%. After making six on-time monthly payments, your draw fee will drop to 5% when your next statement opens
Can I lose Fee Saver?
If you miss a minimum payment, you will not earn any progress towards Fee Saver for that statement period. If you make your minimum payment within 10 days after the scheduled due date, you will not lose any already accrued progress towards Fee Saver. If your payment is more than 10 days late, however, you will also lose all progress towards Fee Saver. You will never lose reduced fees that have already been applied to your line of credit.
How can I qualify for a larger line of credit?
Whether you qualify for a larger loan amount depends on your payment history, including whether you made successful, timely payments on previous loans.
Can I pay off an Upswing line of credit early without penalty?
Yes, and no prepayment penalties or charges will be assessed. However, you will only accrue progress towards the Rate Reducer and Fee Saver features by making your scheduled minimum payments. You do not accrue any progress if you are not carrying an outstanding balance.
What is the interest rate?
Please visit our Rates & Terms page to see rules specific to your state.