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Upgrade

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368 User Reviews

7.4

Overall Score

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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–$50,000
  • Personal loan rates — 6.94%–35.97% APR (As of January 2021)
  • Personal loan terms — 36–60 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.

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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.

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The Bad

  • Unavailable in Iowa and West Virginia
  • Loan Origination Fee
  • Late Payment and NSF Fees
  • State Loan Minimums
  • Cosigners Not Accepted

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.

Cosigners Not Accepted

Upgrade does not accept cosigners. If you have less-than-perfect credit or are unable to qualify for an Upgrade loan for any other reason, it can be a helpful option to apply with a creditworthy cosigner.

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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.

*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.

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Star Rating

4.8

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368 Reviews

Review Breakdown

5 grade

86%

4 grade

10%

3 grade

2%

2 grade

1%

1 grade

1%

Sentiment Criteria

Value

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Quality

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Service

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star star star star star

Beatrice Mahoney Holly Springs, NC

i found Upgrade by accident and it was the best thing that could have happened. I applied for a loan for a much needed work truck. I had my funds in the bank within 2 days.Fastest and no fuss loan ever applied for and received.I am truly thankful to Upgrade.So you know,we found a truck within my loan range and came home with it today.we are very happy and it's thanks to Upgrade.

1 week ago

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Karolyn Kellum Sacramento, CA

The ease in applying online, the clear step by step process to complete the application and submit the needed documentation, and the follow-up letting you the status of your application and approval.

1 week ago

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Rosa Germosen East Providence, RI

Upgrade was one of the first companies that gave me a chance, took a loan and paid off some debts and I felt so relieved, so thanks Upgrade. Now I took another loan now , hoping to pay back soon. Great people, I would recommend 100%

2 weeks ago

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Phillip Boutwell Mobile, AL

Best loan company ever . Easy process to apply and almost as easy approval. I now have 2 loans with Upgrade both with low monthly payment s . The help when I needed it . Will be a customer for life . Thank you Upgrade for the help!!!!

2 weeks ago

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Ron Jones Phoenix, AZ

I was paying over $600 a month for a bad loan. Another $75 for credit cards. I was able to pay under $300 per month for more money. I love the loan however I can't wait to pay it off.. lol

2 weeks ago

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Karencita Z Cedar Hill, TX

So far it was not hard at all to get a loan with upgrade I was offered a loan and a line of credit so now I’m able to keep my finances in check. I am one of those persons that I am capable of making monthly payments but I was not able to consolidate my payments due to credit score but with upgrade It gave me the opportunity to do it

1 month ago

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Denise Smiarowski Rocky Mount, NC

Very difficult to contact waited almost an hour several times. Don't like the fact you are forced to join penfed to finalize the loan. Website is difficult to navigate

4 days ago

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Richard Johnson Cleveland, OH

They were fast and efficient. The money was in my account in a business day and I was able to handle business!

5 days ago

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Xavier San Antonio, TX

Upgrade is amazing! Easy no hassle application. Received my loan in 2 days. I highly recommend them!

1 week ago

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momkapo Irvine, CA

Process is quick and easy and I got funded quickly. I know my credit is far from stellar so I was happy this is an option.

1 week ago

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D. Michael Murray Garden Valley, ID

A good experience but the process was a little lengthy. Wait times on phone were extremely long while waiting for representative to discuss loan application.

1 week ago

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Guru Houston, TX

Super Quick Approval Loan Process. 5 Star rating. Even for immigrants like me... Kudos to the team in believing and giving loan to people who are in need. Thank you...

2 weeks ago

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Sarah White Oakland, CA

I like the programs offered by the company. I don't like how difficult it is to speak with someone in customer service. I've called and been put on hold two times for more than an hour and never reached anyone. The online options are not extensive enough for a customer to be able to answer or solve their own questions or problems.

2 weeks ago

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chris patrick Houston, TX

Absolutely amazing helped me pay off a credit card that seemed like I was never going to be ave to have a zero balance. Automatic payment makes it even hassle free

3 weeks ago

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Ellie Cusick Matthews, NC

Applies for a loan thru CreditKarma. Was approved and filled out the info requested and then it just sat in a holding status. Tried to contact them twice - once on hold for 15 minutes and then for 48 minutes before getting thru. Was told I needed to complete another step to get the money which was very vague on their webs site. It did not say it was required and was applying for a credit union in a state I don't live in so very confusing. Once I got a person on the phone, she was very helpful.

1 month ago

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Allen Stoner Mesa, AZ

From the first hello to the last good bye , nothing but joy in dealing with the wonderful woman on the other end my anxiety of calling eliminated THANK FOR BEING THERE IN MY TIME OF NEED

1 month ago

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Tracey Silverwood Chicago, IL

Simply the easiest loan process and with amazing rates. I would recommend to anyone. Received the recommendation from Credit Karma on a Tuesday by Saturday have everything all approved and processed.

1 month ago

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Laramie and Margie Beck Ada, OK

It took a month to finalize the loan. It took minimum of 3 days to get an email response and an hour or more on hold on the phone when I was told I had to call to finalize. May want to step up the amount of employees to meet the volume of incoming communication. I was very pleased to get a loan, when most companies turned me down. So I am pleased in the end, but the process needs work.

2 months ago

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cecigilbert25 Arlington, TX

I currently have an Upgrade card with a $4k balance. When I received a preapproval for a loan (cs 643) and credit card balances that exceeded $20k, I was really hesitant because I didn’t want a hit on my credit then receive a denial. After a couple of weeks, I applied and was immediately approved for $20k loan. Had I know it was that easy, I would’ve applied for slightly more, but I paid off 4 of my high interest cc and my Upgrade card. With such a low repay amount for the loan, I can double up & pay if off faster. Thank you Upgrade!

3 months ago

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Allen Wentzville, MO

I had a lot of offers for a loan from many other loan companies, but I gave Upgrade a try because of the lower interest rates and if I paid half on my credit cards I would get even better rates. So I did it and it was very easy. I am pleasantly surprised at how fast and friendly the process worked. My credit cards are paid off and I have money in the bank. The thing is, I don't normally do this, but I'm glad I did. My credit score will go up since credit card debt is High Impact and 35% of your score. I want to say Thank you to upgrade for helping me out. You are Amazing and I will keep you as my #1 go to loan company!!

5 months ago

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Cindy Ranshaw Alpena, MI

I didn't believe it was possible but it was quick, professional, no problems and completed in 3 days! What a relief!!! Thank you.

3 weeks ago

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Brendaliz Echevarria Kissimmee, FL

Honestly I was in a pinch at the moment of getting the loan and the answer was pretty quick. Thanks for your help when I needed it!

3 weeks ago

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Patrick Robinson Arlington, VA

Great experience! Upgrade gave me the chance no one else would and now I’m able to get my priorities organized a lot more efficiently.

3 weeks ago

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luke duncan Hendersonville, NC

Customer service sucks. My email never got replied to three weeks later, (and still waiting) but everything is to the point and set in stone. Two way street. What you read is what you get but one on one help is limited

4 weeks ago

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Cindy Little New York, NY

The loan process was very easy, and very fast. My accounts were paid off/remained sent to my bank account within a couple days of applying for the loan.

1 month ago

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Heather Rodriguez Grand Rapids, MI

Hello. So far so good. However, one of the credit cards hasn’t been paid yet. How do I get that fixed. According to your site it has been sent, but no payment was posted for the card ending in 5330.

1 month ago

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Buddy Wake Forest, NC

The application is simple & easy The approval time was very fast. When I called for info the agent was very friendly & knowledgeable. Would recommend to everyone

1 month ago

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Mary Hanak Ennis, TX

The company was quick at reviewing my information and processing my loan quickly. It was an easy process. And the payments are more reasonable than other options.

1 month ago

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David Calabrese Toms River, NJ

Very easy application process. Got approved for exactly what I needed to pay off credit card debt. Good rate considering my credit score. Thanks Upgrade for helping me get back on track with my life

2 months ago

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Caring Human Being Wyckoff, NJ

It was so easy, convenient and fast. The whole process was not stressful at all and I was approved for my loan very quickly. The whole experience was very straightforward and convenient. I strongly would recommend applying to Upgrade to anyone who needs a loan for any reason.

2 months ago

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Blaine Sylvania, OH

I was impressed with the very thorough vetting process. They took great pains to ensure that I was who I said I was. In these days of rampant identity theft, it is comforting to see a company go the extra mile to ensure applicant integrity.

3 months ago

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Raul Sostre Richmond, VA

Words can not describe how valuable and awesome Upgrade is to me. I got approved for a credit card and got approved for a bank loan for home improvements. This has turned out to be a blessings in some many ways applying for Upgrade. Better than all credit banks combined!!

3 months ago

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George Cooley Salt Lake City, UT

It was One of the easiest lones I had ever done, The associat I worked with was AMAZING HE IS AN ASSET TO YOUR COMPANY AND I HOPE HE IS DOING WELL IF AT ALL POSSIBLE AND HE IS STILL WITH YOUR COMPANY I WOULD LOOK FORWARD TO WORKING WITH HIM AGAIN I DON'T REMEMBER HIS NAME MAYBE YOU COULD LOOK BACK AND HAVE HIM CALL ME THANK YOU

3 months ago

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Angela Bandy Reno, NV

Incredibly easy and simple process. Getting the funds quickly helped a lot!

23 hours ago

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Thomas Keith Fort Mill, SC

Overall very good experience. The one strange thing is that I didn't know that the loan was being funded by the Pennsylvania Credit Union. So, the funding could have occurred much earlier than it did. I kept checking the website, and it kept asking me IF I wanted to join the Pennsylvania Credit Union, and since I don't live in PA, I have no need of that. I even called Upgrade, and was told "everything was in order and the loan should be funded very soon. Only later did I call back again, and find out that in order to get this loan, I needed to join that credit union. And it had a $20 fee to start, but the rep said that Upgrade would cover it. So, my recommendation is that when you have an institution funding a loan, that you clearly state that the consumer MUST join in order to get the loan. And note that any joining fees will be waived. That would speed the process up; cut down on customer service phone calls, and the consumer would appreciate it.

4 months ago

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Mim Lauj Hudson, WI

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.

6 months ago

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allen bradley Ann Arbor, MI

the experience was painless and fast. it was easy to fill out the form. I will most definitely use this service for a loan again if needed.

1 month ago

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KTW-187 CALIFORNIA Los Angeles, CA

Just got a loan and credit . So far everything is good. Paid down credit cards. Haven't used any credit from the card yet. Very easy to apply and approved in minutes.

1 month ago

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Sheila Davis Wichita Falls, TX

Great customer service and timely response. My application was received, processed and funded within 10 days for my home renovation project.

1 month ago

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Pirategirl1128 Shelbyville, KY

This is my second time doing a loan with upgrade the first time for some reason was wayyy easier. The second one took forever but when i called the rep was very helpful.

1 month ago

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Thomas Allen Utica, MI

Fantastic group of people. They made the process simple and easy. I tried several other lenders and by far the simplest set of process were handled by Upstart. I would recommend them to everyone!

3 months ago

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Peter Villar CA

Fast approval and great rates and no prepay penalty

1 day ago

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William Holmes Nashua, NH

Fast easy loans nothing but Professionals

5 days ago

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Jerry

It was an easy process and I received the funds quickly.

6 days ago

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Diana Gonzalez Los Angeles, CA

They made it super easy to apply and get the loan.

1 week ago

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David Reisenbichler Benton Harbor, MI

Overall a very easy process start to finish. I compared Upgrade to other companies and they offered the lowest interest rate. I approved the loan app on a Sat and Monday morning my money was there. Now my collections are all consolidated and off my credit report, and I’m saving money monthly as well with the payment.

4 months ago

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Peterbilt 379 Exeter, NH

I don't dislike anything. This was a very easy and relatively quick process

1 week ago

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Dolores Noles San Antonio, TX

Everything on line was easy to use. No problem and quick response.

1 week ago

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Joseph King ,

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.

6 months ago

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Fran Klineline Brookings, OR

The loan process was fast and easy. I would recomend this Company to my friends.

3 weeks ago

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