Upgrade is an online lending platform founded in 2016 by Renaud Laplanche and Jeff Bogan, both of whom previously held high positions at the peer-to-peer lending platform, Lending Club. The company is headquartered in San Francisco and aims to help consumers get better credit options, both now and in the future. Loans are issued by its lending partners, one of which is WebBank, Member FDIC. 

Upgrade offers three main services:

  • Personal installment loans — to help pay off credit card debt, for debt consolidation, business, home improvement, a large purchase, or more
  • Fixed-rate lines of credit — advertised as an alternative to a credit card or a home equity line of credit
  • Upgrade credit health tools (free) — credit monitoring that helps consumers understand their credit reports as seen by credit bureaus and gives simulations and suggestions for improvement

Its unsecured personal loans offer fixed rates and can be applied for online or over the phone. Here are some basic details about Upgrade’s fixed-rate loans with low annual percentage rate ranges.

  • Personal loan amounts — $1,000 to $35,000
  • Personal loan APRs — 7.99% to 35.97% APR* (As of June 2020)
  • Personal loan Terms — 36 to 60 months

While these fixed-rate interest ranges start with low interest rates for people with excellent credit and good credit, consumers with bad credit (if they can even get approved) won’t be offered the lowest rate or the highest loan amounts. They are likely going to see APRs over 30 percent. While this is certainly not as bad as payday loans, applicants should keep that in mind when applying.

Will an Upgrade loan application show up on your credit report?

First, you can check your rate without impacting your credit score. This option to check your rate will initiate a soft credit pull, which doesn’t affect your report.

After the pre-approval process is completed, users can pick the loan amount and term that fits their budget and timeline. You can use your Upgrade personal loan as a debt consolidation loan, to get relief from high-interest credit card debt, to make a large purchase, or almost any other financial goal you seek.

If you qualify, you can see different personal loan rates and terms and choose which works best for you. Once your loan is funded, there is a hard credit pull, which will show up on your credit report when the loan funds are disbursed to your checking account.

Basic personal loan eligibility requirements:

  • U.S. citizen, permanent resident or foreign nationals living in the United States with a valid visa
  • At least 18 (19 in some states)
  • Verifiable bank account
  • Valid email address
  • Minimum credit score: 600

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

The Good

  • Contract Length and Maximum Loan Amount
  • Joint Applications
  • No Prepayment Fees
  • Simple Loan Application Process
  • Free Credit Monitoring

Contract Length and Maximum Loan Amount

Upgrade offers several options for loan repayment terms, including a long contract length and large maximum amount to its borrowers, all depending on their credit history and other factors. The maximum loan term for its personal loans is 60 months. These are not short-term loans. This is a longer loan term, which might be beneficial for individuals who need time to pay off the amount they have borrowed.

The maximum amount that can be borrowed from Upgrade is $35,000. This is a large loan maximum compared to what most other online lenders offer. These features make Upgrade loans a reasonable option for potential borrowers interested in debt consolidation or saving money while paying back student loans or credit card debt.

Joint Applications

While it may be called a personal loan, Upgrade does allow joint applications.

No Prepayment Fees

Upgrade's lending platform charges no prepayment fees.

While borrowers can always make the set monthly payments set up at the beginning of the loan, this policy also gives them the option to pay off the loan early. Paying off the loan early can save you interest.

If you want to pay it off, all at once, you should contact customer service for your payoff amount.

Simple Loan Application Process

Upgrade’s intuitive initial online loan application takes a few minutes at most. Potential borrowers simply select the loan amount they are looking to borrow; describe the reason for taking out the loan; and provide their name, address, date of birth, income, and email address. From there, they'll see their preapproved loan offers.

Once they select an offer, Upgrade will get in touch with them to complete any necessary verification. Upgrade has extremely fast approval and funding times. Once the borrower accepts the loan offer, Upgrade will send their money to their bank account within a day of clearing necessary verifications.

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. Knowledge is power.

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The Bad

  • Time in Business
  • Loan Availability
  • Loan Origination Fee
  • Late Payment and NSF Fees
  • State Loan Minimums

Time in Business

Upgrade is a personal loan lending company that has only been in business since 2016, and therefore might not have as much experience as other financial institutions that have been in business much longer. However, the company’s employees certainly have experience in online lending, with close connections to Lending Club.

Loan Availability

Upgrade personal loans are not offered in the following states:

  • Iowa
  • West Virginia

People looking for an installment loan will need to look for another lender.

Loan Origination Fee

Upgrade charges a 2.9% to 8% 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.

The Upgrade website gives an example of what exactly this may look like for you:

"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."

Late payment and NSF Fees

If you try to make a payment, but your payment or check is returned or rejected by your financial institution, there is a fee of $10.

Additionally, keep an eye out for the $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.

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

State Loan Minimums

While Upgrade personal loans are available in Georgia and Massachusetts, the minimum loan amount available in these states is more than $1,000. This may restrict borrowers who are looking to borrow just a small amount.

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

The Bottom Line

Upgrade is a relatively new personal loan lender focused on providing a great experience to its borrowers. Its unsecured personal loans aren’t for everyone, although the company doesn’t list a minimum credit requirement.

Consumers can expect a simple application process and an equally fast approval process. Once a borrower has accepted the loan, Upgrade deposits the money into the borrower's bank account within 24 hours, though sometimes it can take up to four business days for your financial institution to make the funds available.

With Upgrade as your lender, 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.

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 7.99%-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. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

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User Reviews

Star Rating

4.9
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186 Reviews

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andreardixon

June 22nd, 2020 Ozone Park, NY

The customer service and the entire was professional and fast.

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Asheley E James

June 7th, 2020 Osceola, IN DETAILS arrow_drop_down
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The approval was quick and the funds were in my bank in a matter of a few days.

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Dixie Sanders

June 4th, 2020 Irving, TX

It was very easy and very quick. I had the money I needed within days.

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Ava Tolds

June 2nd, 2020 Missouri City, TX

I liked the easy process. Request for documents ,submit then wait for decision. What I didn't like was the interest rate.

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Arthur Raybold

May 26th, 2020 Belfast, ME

Easy to apply, love the complete online experience!

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Vinit -

May 23rd, 2020 Columbia, MD DETAILS arrow_drop_down
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Upgrade staff was very responsive. Though it took a little longer to fund the loan but considering current Covid crisi, it is understandable.

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James Grandison

May 13th, 2020 Charlotte, NC

I thank upgrade for submitting a loan,that was fast and on time. And I would recommend them to anyone. Even when I'm through paying back I will continue to work with them. Thanks!

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Marcus Williams

May 10th, 2020 Tehachapi, CA

From application to funds deposit was just over 48 hours...excellent company !

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Randy Bowman

May 9th, 2020 Tustin, CA DETAILS arrow_drop_down
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Quick and easy. It is the second loan that I have taken out with Upgrade. I am credit card debt free.

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Henry J Braun

May 4th, 2020 Kew Gardens, NY

I had credit card debt of about $18,000 every code was at least 24% interest I got in touch with upgrade to consolidate everything and I have to say it was a very good experience took a few days but I did get approved

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Kimberley Blankenship

April 15th, 2020 Minneapolis, MN DETAILS arrow_drop_down
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It was very quick and easy the application was very straight forward would go through them again

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Deborah Lazarri

April 12th, 2020 Turlock, CA DETAILS arrow_drop_down
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The first time I worked with Upgrade everything went a little bit more smoothly than this time, but considering we are in the middle of the COVID-19 pandemic and I’m sure there are problems with that I can honestly say things went as well as can be expected. I am grateful for the loan and the ease of paying automatically.

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Sasha Goriounova

April 11th, 2020 Chapel Hill, NC

The funds arrived quickly after approval. Some delay with approval, but that's not unexpected at a time like this.

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Lisa Crocker

April 8th, 2020 Chester, VA DETAILS arrow_drop_down
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What a great experience! It was seamless and professional. And some of the best interest rates to be found. If you're looking to consolidate debt to a lower interest rate, this is your company!

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Heather

April 4th, 2020 Middleboro, MA DETAILS arrow_drop_down
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Great customer service, very knowledgable, and helpful. Helped with any questions I had. Turn around was in a timely manner.

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Jim Robertson

March 28th, 2020 Castro Valley, CA

Easy applying, my loan was approved and funded in a timely manner.

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Marlen Zapata

March 26th, 2020 ,

I saw an offer on Credit Karma and was pre-approved. Once I applied the approval followed thru quickly and in a matter of a couple of days; my credit cards were paid off and now I have consolidated my bills with no hassle. Easy, clear and concise. Agent called and confirmed my information was very professional, cordial and assisted me with my concerns and questions. I will be recommending Upgrade with my friends and family. Thank you.

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WorshipLeader

March 16th, 2020 Manila, AR DETAILS arrow_drop_down
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My experience with Upgrade was very easy and stress free! It was a fast process and the friendly service was delightful!

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George Christon

March 12th, 2020 Plattsburgh, NY

I was very pleased with my experience with Upgrade. My lone was processed fast,and the reps.were cuortius.I would recomend upgrade to my friends.

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Smith

March 4th, 2020 Brooksville, FL DETAILS arrow_drop_down
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Timely,fast, courteous, reasonable rates, easy to apply, good support.

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William Cameron Taylor

February 27th, 2020 Norcross, GA DETAILS arrow_drop_down
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So easy and straight forward to get application reviewed, approved, and money sent directly to my account!

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Tee

February 13th, 2020 Columbus, GA

Awesome company getting the loan was easy, recommend to all in need of a loan

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manuel romero

February 13th, 2020 Phoenix, AZ

Excellent customer service and prompt responds.

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Kristin Russell

February 12th, 2020 Vista, CA

So it wasn’t as quick and easy as I hoped - I had to provide several different paystubs and W2s to verify my income, due to weird stuff with my company last year - but honestly it was still waaaaay easier than getting a loan from most lenders. Got a good rate from an established credit union, auttomatic payments, and had the funds within a couple days of approval. Would definitely recommend for personal loans.

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Chris Mandrell

February 3rd, 2020 Riverside, CA

First off I would like to think Upgrade for approving my loan. I couldn’t get a loan from my bank and every other loan offer was Super high Interest and APR. The process was easy the customer service was awesome!! I will recommend any of my friends or family members looking for a loan to Upgrade. Again thank you very much for approving my loan. I am on the way to financial stability, lower monthly payments and paying way less in interest with no more minimum payments!! I’m so thankful and excited for this new chapter in my life!! Thank you from bottom of my heart Upgrade!!!

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Keith Daniels

February 3rd, 2020 Centerburg, OH

Very quick response and thorough with explaining questions.

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Steve Wharton

January 27th, 2020 Montague, NJ DETAILS arrow_drop_down
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It was a quick process, quick approval, and quick deposit. It’s only been a week, so I can only attest to thus far, but as of now, 5 stars.

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Lamarwash

January 27th, 2020 Chandler, AZ

Seems to be a good company, very helpful Quick and easy approval process... so far so good

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Ashlynn Vaughan

January 27th, 2020 Detroit, MI

Super easy process, loan rate was low percentage. Glad to have all my credit card payments lumped into one.

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Berlin325

January 21st, 2020 Acton, CA

My experience with Upgrade was super great. The first processes were done in less than 30 minutes. Then I went to bed and by the morning when I went to check I was approved. I got approved for an amount that I asked for. It took less than 4 days to received my money... I was very thankful I was able to pay off some bills. Upgrade is a very good company and I would recommend them to anyone.

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Awesome Bert

January 18th, 2020 Snellville, GA DETAILS arrow_drop_down
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It’s been awesome to begin getting back in financial order! Upgrade is a great technology platform that’s made it so seemless and easy to accomplish what I needed! Appreciate the opportunity to partner with the folks at Upgrade!

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David Raidman

January 14th, 2020 Fairfax, VA

My experience with Upgrade was great. Very quick and easy process. I had funds in my account within days.

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C.S

January 12th, 2020 Issaquah, WA DETAILS arrow_drop_down
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Smooth and easy process, Upgrade did their best to ensure everything went smoothly with little to no hassle. The representative I spoke to was very helpful and contacted me right away to troubleshoot additional information that was provided on my end.

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Lawrence Wojick

January 8th, 2020 Corona, CA DETAILS arrow_drop_down
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Very easy n helpful. Easy to navigate online. Respectful staff that were willing to help

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Oreste

January 8th, 2020 Douglasville, GA DETAILS arrow_drop_down
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I have good experience with upgrade. Good customer care good understanding and take care my need.

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Elizabeth

January 4th, 2020 Palmyra, VA

The process was easy both online and phone assistance. I am very pleased with the terms of the loan and payment options.

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BARBARA

December 25th, 2019 Alicia, AR DETAILS arrow_drop_down
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Fast easy process. Above and beyond my expectations from a loan company. Friendly customer service. I give a 5 star rating. Highly recommend Upgrade! Would use again for my financial needs!

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Matthew

December 20th, 2019 New Deal, TX DETAILS arrow_drop_down
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Quick service. Money was deposited within 24 hours. I highly recommend.

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Grady Hepburn

December 19th, 2019 Miami, FL

it was a nice and easy experience to apply for

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Hector

December 18th, 2019 Bethany, CT

With so many scammers out there, I was a little apprehensive in giving all of my personal information, but I took a chance and everything has worked out as promised. The process was super easy and I got a quick decision and the money was deposited in my account as stated. Would definitely recommend.

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Amanda

November 17th, 2019 Sparland, IL

The filing prices was quick and easy and getting the funds was fast too!

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Charles foley

November 17th, 2019 Hot Springs, AR DETAILS arrow_drop_down
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They did what they did not long on progress to get approved

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Cheryl Jackson

November 11th, 2019 Chicago, IL

Very good customer service. Briana was great.

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Bonnie O.

November 11th, 2019 Union, SC DETAILS arrow_drop_down
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I applied for a loan that was needed in an emergency and I felt that Upgrade processed my application swiftly. I was able to attend to the emergency and did not have to worry about being approved. The loan was also funded in a timely manner.

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Robert Zarro

November 10th, 2019 Old Bridge, NJ

It was a easy process to apply for loan. Customer service team were very helpful and had my money deposited into my account within 4 days of getting my approval I highly recommend Upgrade fir your personal loan needs

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Layne Porter

November 9th, 2019 Heath, OH

Got a pre-approved letter for a loan. Went online to check rate and it said couldn't approve without a co signer.... WHAT A SCAM!!!! Get person's hopes up and then crashed..... DON'T SEND ME ANY MORE LETTERS OR EMAILS!

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Dan

November 4th, 2019 Grand Forks, ND DETAILS arrow_drop_down
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The setup was easy and didn't take too long. Overall customer service was okay and within a couple of days everything was ready to go.

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Randy

October 27th, 2019 Pinedale, WY

My experience with Upgrade was extremely pleasant and professional. Everything was approved quickly and my money was put into my account in a timely manner. I was treated as a human being not a robot, the Upgrade team I worked with were very friendly and professional.

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Shardai

October 23rd, 2019 Brooklyn, NY DETAILS arrow_drop_down
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The overall process was easy and all the representatives I spoke to were knowledgeable and answered all questions. The only issue I did have was the partner agreement you have with PenFed credit union. I would not have wanted to open a bank with them nor have my personal financial information with another bank.

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Cory moyer

October 21st, 2019 Myerstown, PA

Yous guys were really easy to deal with, very straight forward