error This company may not service all states.

Upgrade, founded in 2016, is an online marketplace lender, connecting borrowers with various loan options from lenders in its network.

Upgrade offers fixed-rate personal installment loans that can be used for refinancing, debt consolidation, and other large expenses/purchases. You can expect the following from a loan through Upgrade:

  • Personal loan amounts - $1,000 to $50,000
  • Personal loan rates - 6.94% to 35.97% APR (As of January 2021)
  • Personal loan Terms - 36 to 60 months

Upgrade does not disclose a minimum credit score requirement, but a borrower should strive to have fair credit, if not good to excellent credit, to qualify for the best rates and terms.

Keep reading for pros and cons, plus Upgrade reviews from real customers.

The Good

  • Simple Loan Application Process
  • Joint Applications
  • No Prepayment Fees
  • Free Credit Monitoring
  • Customer Reviews

Simple Loan Application Process

Upgrade's intuitive initial online loan application only takes a few minutes to complete. You simply select the loan amount you are looking to borrow; describe the reason for taking out the loan; and provide your name, address, date of birth, income, and email address. From there, you'll see your preapproved loan offers from Upgrade's lending partners.

Once you select an offer, Upgrade will get in touch to complete any necessary verification. Upgrade has extremely fast approval and funding times. Once you accept a loan offer, Upgrade will transfer money to your bank account within a day of clearing necessary verifications.

Joint Applications

Upgrade accepts joint applications and cosigners. Not all lenders offer this option when applying for a personal loan. It is particularly beneficial for borrowers with poor credit who may not be approved on their own, or for those who would like to get the lowest interest rate possible by applying with a stronger credit score than their own.

No Prepayment Penalty Fee

Upgrade does not charge a prepayment penalty fee if you'd like to pay off your loan faster than the end of your loan term. Doing so can save you more money on interest.

Free Credit Monitoring

This lender offers free credit score monitoring services through its website. This is available for borrowers and non-borrowers alike, who are wishing to improve their credit. 

Upgrade's credit health services provide the following:

  • Credit score basics, including access to your VantageScore, latest credit report, and credit health insights.
  • Personalized recommendations with Upgrade's credit score simulator.
  • Weekly updates, credit trending charts, and email alerts.

These services can ensure that you know where your credit score is at any time. 

In addition, Upgrade also has a variety of educational articles and resources that can help you understand how credit scores work and how you can make sure that yours is in good condition.

Customer Reviews

Of the 240+ Upgrade loan reviews, 86 percent of customers gave the company 5 stars.

Many customers highlight good experiences with customer service, in addition to a fast loan application, and equally fast processing and transfer of funds.

Complaints are minimal, but some customers remark that the origination fee is higher than they would have liked and/or expected.

The Bad

  • Unavailable in Iowa and West Virginia
  • Loan Origination Fee
  • Late Payment and NSF Fees
  • State Loan Minimums

Unavailable in Iowa and West Virginia

It is important to note that Upgrade personal loans are not offered in Iowa and West Virginia. If you are looking for an installment loan and reside in either of these states, you will need to look for another lender.

Loan Origination Fee

Upgrade charges a 2.9 percent to 8 percent origination fee. This amount is deducted from the loan prior to customers receiving their funds in their bank account. Though this is typical for the industry, some competitors do not charge origination fees.

Late payment and NSF Fees

Be aware that Upgrade has a $10 late fee, which is applied if your full payment hasn't been received within a grace period of 15 days from your due date.

In addition, if you try to make a payment, but your payment or check is returned or rejected by your financial institution, there is a non-sufficient funds (NSF) fee of $10.

If you are having trouble making loan payments, Upgrade urges borrowers to contact customer support for options before you look into debt settlement companies.

State Loan Minimums

The minimum loan amount available in Georgia and Massachusetts varies from the $1,000 available in all other eligible states:

  • Georgia minimum loan amount - $3,005
  • Massachusetts minimum loan amount - $6,400

This may restrict borrowers who are looking to borrow just a small amount.

The Bottom Line

Upgrade offers personal installment loans with a simple application process and an equally fast approval process. Once a borrower has accepted a loan offer from one of Upgrade's network lenders, money can be deposited into the borrower's bank account within 24 hours, though it can take up to four business days for your financial institution to make the funds available.

Through Upgrade, you can count on ideal loan terms of 60 months, fixed interest rates, and no prepayment fees if you are able to pay your personal loan off early. However, keep in mind that the company does charge an origination fee, but it is included in your quoted APR.

On top of that, Upgrade helps to provide credit monitoring with a VantageScore credit score simulator and suggestions for improvement. This is a unique and beneficial offering, especially if you are looking to increase your credit score by taking out a personal loan.

The majority of Upgrade loan reviews are positive, with the majority of customers awarding 5 stars, suggesting that it is a reliable company for your personal loan needs.

Have you taken out a personal loan from Upgrade? Let us know about your experience with a quick review below.

View Best Personal Loan Companies

*Personal loans made through Upgrade feature APRs of 6.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

bestcompany guarantee

Best Company guarantees your satisfaction if you choose a company that has earned this distinction. If you're not satisfied after 30 days, simply let us know and we'll give you $100. Yes, it’s really that simple.

Learn More

User Reviews

Star Rating

4.8
starstarstarstarstar_half

246 Reviews

Review Breakdown

5 star
86%
4 star
11%
3 star
2%
2 star
1%
1 star
1%

Sentiment Criteria

Value for your money
starstarstarstarstar_half
Quality of product or service
starstarstarstarstar_half
Customer service
starstarstarstarstar_half
Company trustworthiness
starstarstarstarstar_half
search cancel
starstarstarstarstar

Ardelle Faralli

January 26th, 2021 Sicklerville, NJ

Customer service was great & very helpful. Didn't take long to get approved & receive the money in my account. My credit cards I chose were paid off quickly. I've paid off other expenses & I feel good that I only have one monthly bill to pay instead of multiple bills. Thank you Upgrade so much!

starstarstarstarstar

G Dukes

January 25th, 2021 Pittsburgh, PA DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Great application process - I had already gotten a credit card from Upgrade, and decided on using them for a debt consolidation load. Everything online, quick results, fair offer - I have no complaints!

starstarstarstarstar

Glenn Martin

January 25th, 2021 North Richland Hills, TX

The process was quick and easy went smoothly

starstarstarstarstar

David Sawyer

January 24th, 2021 ,

It was fast and convenient. The staff was real helpful.

starstarstarstarstar

Mim Lauj

January 21st, 2021 Hudson, WI DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

So far so good! I had been stressing out about applying for a loan for a long time to pay off my credit card. I felt ashamed of my debt and didn't really want to deal with a person. I finally got around to looking at some of the online lenders. With Upgrade, I liked that I could see what my rate would be at various loan amounts and time frame to pay back before I decided to apply for the loan. Other lenders also have that capability without impacting your credit score too. Upgrade had the best rate for me and I like that there's no hidden fees. I applied after 7 pm on a Thursday, got approved Friday morning and had the funds deposited into the funds I requested on Tuesday. The first payment is due 30 after funds are released, but I like that I can change the payment date after that if it doesn't work out. It's been a huge relief knowing that I can be done with my debt in 3 years or sooner, versus the never ending battle with my credit card.

starstarstarstarstar

Justin Montgomery

January 20th, 2021 Cleburne, TX

Great from rates and to process the loan

starstarstar_borderstar_borderstar_border

Ruben Alconero

January 18th, 2021 Rochester, NY DETAILS arrow_drop_down
Value for your money
starstarstarstarstar_border
Quality of product or service
starstarstar_borderstar_borderstar_border
Customer service
starstarstar_borderstar_borderstar_border
Company trustworthiness
starstarstarstar_borderstar_border

I had an upgrade loan in the past which was completed overnight a few years ago, this one took over two weeks. I had to have a three way call with my bank, and fill out an employment verification form while I am employed. I was then told with 23 years at American Airlines i was considered to be in a shaky business. The paperwork to my employer was repeatedly sent to my manager as he was the person applying for the loan. When all that was sorted out, I was told Upgrade needed verification that it was my manager that sent it. I said he sent it from his email, what more do you want. I have a 800 plus credit score and a six figure income, and felt as if I had been bankrupt applying for a 3rd rate loan... I was really surprised being a prior customer. I honestly almost pulled the application and went to Prosper.

starstarstarstarstar_border

Joseph King

January 18th, 2021 ,

My interactions with their employees have been positive but their loan sign up system seems a little clunky. I applied for the loan and signed up for PenFed on December 21st. I received a call from Upgrade around December 30th thru January 2nd who advised my sign up for PenFed sign up didn't register and the person I spoke to said they would update their system. I received another call on January 5th about the same issue and was advised that this time it was noted. The funds finally cleared on January 8th. The calls weren't unpleasant and their employees were helpful, but it appears there could be some issues with capturing all the relevant information at the time of sign up.

starstarstarstarstar

David Bankowski

January 16th, 2021 Melbourne, FL

Simple Easy and quick funding. Would recommend to my friends.

starstarstarstarstar

Clara Goodreau

January 11th, 2021 Kansas City, KS

Upgrade was very professional. This loan went through very fast, with no problems. They were very friendly and very helpful. All taken care of on the internet and a phone call. I really appreciate all the help and how fast it all took place. Thank you so much, CG

starstarstar_borderstar_borderstar_border

Jones no

December 28th, 2020 Peoria, IL DETAILS arrow_drop_down
Value for your money
starstarstarstar_borderstar_border
Quality of product or service
starstarstarstar_borderstar_border
Customer service
starstarstar_borderstar_borderstar_border
Company trustworthiness
starstarstarstar_borderstar_border

I had to call in almost half a dozen times after I applied. I almost just was about to give up. The only reason I stayed was because your interest rate was slightly better. This was probably one of the worst experiences I have ever had and believe me I’ve had a few.

starstarstarstarstar

Steven Bishop

December 28th, 2020 Anchorage, AK DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Very easy to get ahold of. God customer service. Always friendly on the phone

starstarstarstarstar

MONICA CRUZ

December 21st, 2020 Albuquerque, NM

Very easy to apply. They transferred funds fast and easy.

starstarstarstarstar_border

Nancy Trimble

December 17th, 2020 Newark, NJ

It was so easy to get my loan..and quick!

starstarstarstarstar

JW

December 15th, 2020 , DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

It was very easy to get the loan. The process was quick and painless. The terms were fair and repayment was very easy with the automatic withdrawals from my checking account. If I need to change the date of the automatic withdrawal I have that option as well. I am very pleased, this is my 2nd loan

starstarstarstarstar

Lee Blanchard

December 14th, 2020 Absecon, NJ DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Approval in 1 day. I received funding the following day, and the cards I consolidated were paid off within 3 days. Great application process, quick approval and a VERY competitive rate. I would definitely recommend Upgrade!

starstarstarstarstar

Jackie Moore

December 14th, 2020 Philadelphia, PA

The application process was easy and the website user friendly. The processing time was very quick and efficient, with the monies deposited within one day after approval.

starstarstarstarstar

Julie Guyette

December 8th, 2020 Hales Corners, WI

From start to finish, the process was seamless, the folks professional, the funds delivered quickly. Upstart was such a help to me and my budget -- I am so appreciative!! Thanks much!!

starstarstarstar_borderstar_border

Concerning Fees

December 7th, 2020 Tiverton, RI DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstarstarstarstar_border
Customer service
starstarstarstarstar_border
Company trustworthiness
starstarstarstarstar_border

Smooth approval process. HOWEVER, the origination fee is outrageous and leaves a bad taste. I understand companies go into business to make money, but the "origination fee" combined with the above than average interest rate is concerning and out of control. I was desperate to obtain a credit card consolidation loan and this was a last option. Only recommend this as a last ditch effort.

starstarstarstarstar

Anita Sanders

December 7th, 2020 Forest Park, IL DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar_border
Company trustworthiness
starstarstarstarstar

It was extremely easy to apply and receive the loan & everything was done electronically and the funds were distributed sooner than anticipated. The interest rates are better than another company that I used previously and is allowing me to consolidate my loans. Great Company! I am very pleased with my service !

starstarstarstarstar

Andrew Kuron

December 7th, 2020 Pittsburgh, PA

Was much easier than I had expected, safer too

starstarstarstarstar

Carl Johnson

November 30th, 2020 Greenville, NC

The process was very easy and enjoyable.

starstarstarstarstar

Valerie MacKenzie

November 29th, 2020 Augusta, ME

The process has been fast and easy. The part I dislike the most is having to have the first payment taken out of my account automatically.

starstarstarstarstar

Kimberly Byrd

November 22nd, 2020 Lake Havasu City, AZ

The loan process was simple and fast. I am grateful for the opportunity.

starstarstarstarstar

Lori A

November 18th, 2020 Port Richey, FL

Amazing customer service! I was very pleased with the whole experience. So easy to do the paperwork and was happy how fast the process went

starstarstarstarstar

Tara Howerton

November 18th, 2020 Cave Springs, AR

Fast, efficient process. And soooo easy!

starstarstarstarstar

Tony Knock

November 14th, 2020 Cincinnati, OH DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Could not make getting a loan easier. Done with app in minutes funded in 48 hours. Amazing!

starstar_borderstar_borderstar_borderstar_border

Sylvia

November 13th, 2020 Columbia, SC DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

Easy to apply. But after loan was approved I was locked out of their website. My personal information is in their records. I will notify the State Attorney General and the Cyber Crime Div. of the FBI

starstarstarstarstar

Jessica miller

November 13th, 2020 Houston, TX

The employee's were very nice an polite, they really walked me thru every step to getting my loan started such a great group..

starstarstarstarstar

mmcquain

November 3rd, 2020 New Port Richey, FL DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Good, fast communication. Easy application process with quick approval time. Monies transferred quickly and I'm on my way to better financial health. Thank You Upgrade!!

starstarstarstarstar

Tim Endersby

October 31st, 2020 Lakebay, WA

Easy to work with, fast approval, decent interest rate

starstarstarstarstar

Robert Ponticelli

October 25th, 2020 Tucson, AZ

I enjoyed the entire experience. Follow through was steady and quick. No pressure, just a comfortable feeling. I knew that I was dealing with a top notch company. I would not hesitate to recommend them to any family member or friend.

starstarstarstarstar

Joe Johnson

October 22nd, 2020 Denver, CO

I wanted to consolidate some debt. The service was fast and friendly and Ihad my funds in a few days!

starstarstarstarstar

Michael B

October 21st, 2020 Farmington, NM

The process was fast and simple. Excellent service overall. Will recommend to family and friends and will use Upgrade in the future with no hesitation.

starstarstarstarstar

Joe M

October 20th, 2020 Marquette, MI

Great service and very efficient process

starstarstarstarstar

Kathy Mills

October 19th, 2020 Columbus, GA

Great experience from start to finish. Quick approval and funds disbursement. Recommend highly to anyone with Good rated credit and above.

starstarstarstarstar

Donnette

October 18th, 2020 New York, NY

I like upgrade because it gives me a chance when nobody will a chance to consolidate my credit cards that was killing me . The process is easy and fast , And it gives me a completely Lay out about my loan and how the payment Is going to be .and it’s affordable . They saw that My payments history was excellent despite the fact that my credit cards were high and they give me that chance to run with it. I can’t say that there’s anything that I don’t like about them

starstarstarstarstar_border

Arthur Hubbard

October 18th, 2020 Gladwin, MI

Very simple took about a week would recemend

starstarstarstarstar

Sylvia

October 17th, 2020 Houston, TX

That I didn’t have to send anything in just rely on my social security number, name & date of birth. That’s all that was needed to get a loan. Most loans require copy of this & that!! But it was so nice & easy!!!

starstarstarstarstar

Stephen Romano

October 14th, 2020 Georgetown, MA

Sign up for loan was quick and well organized on website. Loan review and approval was quick and dispersal of funds to credit card companies was efficient.

starstarstarstarstar

sexyj76

October 13th, 2020 Fontana, CA DETAILS arrow_drop_down
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

Very easy to apply for. I have bad credit and they were still able to provide a loan for me. Customer service was friendly and very knowledgeable of what I needed done on my end to make sure the process ran smoothly.

starstarstarstarstar

Debra

October 2nd, 2020 Tumbling Shoals, AR

The speed of the whole process without hidden agendas....

starstarstarstarstar_border

Karen Robinson

October 1st, 2020 Fort Lauderdale, FL

The loan process was very quick and simple. Thank you for giving me a chance to clean up my debt by consolidating my credit cards. I will be highly recommending your company.

starstarstarstarstar

Joshua Wolf

September 30th, 2020 Hopewell, VA

I like how the service was quick and responsive to meet my needs!!!

starstarstarstarstar

JAMES E GOOCH

September 28th, 2020 West Branch, MI

very smooth transaction and professional thank you

starstarstarstarstar

JTE

September 28th, 2020 Victorville, CA

I like that it only took couple days to get approved and money sent in to my account.

starstarstarstarstar

Kctexas

September 16th, 2020 Fort Worth, TX

It was a great experience. Super easy with no hassles.

starstarstarstar_borderstar_border

James B MCDONALD

September 15th, 2020 Jonesboro, GA

Slow to get back on docs needed and status response

starstarstarstarstar

Bogdan Mihail

September 15th, 2020 New York, NY

Very nice people and helpful with the process for getting the loan and submitting the necessary documents

starstarstarstarstar

Kathy Armijo

September 7th, 2020 Rio Rancho, NM

I did not experience any problems or issues. I did not feel rushed to complete and the process was easy.