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Upgrade

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494 User Reviews

7.4

Overall Score

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LAST UPDATED: December 1st, 2021

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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494 Reviews

Review Breakdown

5 grade

86%

4 grade

10%

3 grade

3%

2 grade

1%

1 grade

1%

Sentiment Criteria

Value

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Quality

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Service

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Calixto Delgado

I had applied to my bank for a consolidation loan two or three weeks before and was given a ridiculous interest rate and a lower amount than I requested. And it took days to find out any information on my loan. I took a chance with upgrade and in 24 hours had approval and money in the bank, within 48 hours my credit cards were paid off. And also my interest rate was more than half of what my bank had offered. I am very satisfied .

1 week ago

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Stan Renteria Haslet, TX

Like Best: 1) Ease of application; 2) nice terms options (better than the competition); 3) great rates. Liked Least: A couple of things: 1) The selfie app using my iPhone didn't work. I tried it several times, restarted my phone during my trials, ended up having to e-mail my pic. After e-mailing my pic, I continued to see on the website that I was still missing my pic! 2) Email from "support": I received a follow-up request from "support", while I had been looking for emails from "Upgrade". I missed the e-mail. It was timely, but I didn't recognize it and missed it. Overall, great outcome. Had to work at it a little.

4 weeks ago

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Ceohgoodwin Albany, GA

I am honored to have had a great experience applying for a loan. It was fast and very easy to complete. I will continue to do business with Upgrade because they truly will upgrade you.

4 days ago

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Ruth Mobile, AL

It was a little slow at first trying to make sure my documents were received but the entire process was handled very well

4 days ago

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Jasmin Vega Miami Beach, FL

The response time was amazing. I applied online and in less then 48 hours I was approved and the money was in my account.

4 days ago

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Linda Xiong Sacramento, CA

I find the experience to be easy. The only thing I want to mention is that when I had the debt loan send payments it took awhile for my cards/bank to receive the money but there was nothing to let me know that “hey, it’s still processing so don’t worry”. I do know that there was a description stating it will take a few days but nothing on the daily. Not a big problem but, just some feed back. 👍🏻

1 month ago

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Michael Griffin

The process was easy and very fast. Great customer service when I needed it and it was easy to contact someone.

1 week ago

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Christine Fenton Huntington, NY

If anyone is looking for a personal loan, look no further than UPGRADE. This is the easiest and fastest company I ever dealt with. I will always go back to UPGRADE for my financial needs.

1 month ago

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Wanda Boozer Lexington, SC

It was very easy to obtain the loan. I filled the application on line , click submit and within hours I had been approved. My funds were dispersed within days. I got a low interest rate on my loan and am very happy.

1 month ago

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alesia d. Alpharetta, GA

What can I say, "fast turn around". I received a loan to pay of credit card debt. Credit card companies received their payment within a couple of days. Now I'm on a fixed payment that suit my budget.

1 month ago

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Elaine Bradford

Customer service gave me the runaround for weeks before they finally looked into where over half of my funds went to. No one ever answered any messages I sent, and wait times to speak with representatives are over an hour and a half, and then you’re rushed to get off of the phone. I did finally get all of the funds, which is why I gave 3 stars, but I honestly regretted getting the loan after dealing with them for weeks.

1 month ago

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Henry T. Mera Queens, NY

I'm grateful for the 3-5 day quick turn around to be approved and receive the funds. It's been a while since I've opened a loan, I had forgotten about the fee to open one. Came at a hefty $420 fee from a $10K loan. Here's hoping I can pay them off and showcase I can be a trusted candidate for future ones. Very happy with the service. Thank you!

1 month ago

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Horton PhD. Indianapolis, IN

This personal loan was done in an efficient, thorough, and quick manner. The cash requested was deposited in my bank account to pay off one of my credit cards. The interaction via email has been outstanding! Please continue with your excellent customer service! I am well pleased with the service the company has provided.

2 months ago

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Pixel426 Rosedale, MD

Bank funding was fast, but loan repayment is taking a very long time. Customer Services is severely lacking. Phone lines don't work, and email is answered by a bot, taking 3-5 days. I'm at the point where I'm feeling nervous, and that's not cool!

1 month ago

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Eric St John Leedey, OK

All of the agents where completely help and had extreme patience with me. Made me feel important and not just another customer. Would recommend to anyone

1 month ago

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Edwina Aiken, SC

The loan process was very quick and easy. The response to my email was less than 24 hrs. The wait time to speak with a representative needs a much shorter hold. Overall I was well pleased with my experience with UPGRADE.

2 months ago

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MIDGE KAMMER Winchester, CA

Easy to work with and very nice customer service folks. They checked on me to help make sure everything went smoothly and efficiently. The whole process has been such a joy.

2 months ago

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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.

4 months ago

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paul Martin Coventry, RI

They were very efficient and very quick, had funds within a few days. Would use again if needed.

1 week ago

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Jeff Martin

Great loan experience. I was approved in less than 90 minutes. The funds were in my bank account within 48 hours.

3 weeks ago

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Yolanda M Bradford Warren, MI

This is great company to business with, no hassle loans. You know what your payment will be upfront.

3 weeks ago

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Renae Strandberg Surprise, AZ

They were friendly and great to work with on getting approved and the rates based on my credit is pretty reasonable

4 weeks ago

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Monique Green Henrico, VA

No dislikes at all.You provide them with the documents they request, and if approved, you will receive your funds in no time.Very legit Company.

1 month ago

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Elizabeth Makurat Farchette Miami, FL

Upgrade has been great! I applied online and was approved right away. Money was direct deposited just as they explained. Perfect service so far

1 month ago

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Ashley Behringer Grapevine, TX

It took about a month to get approved so that’s frustrating. Other than that I was happy to see my credit score improve after using the loan to consolidate debt, but I’m still on my first month so still feeling it out.

2 months ago

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Edwin Torres New York, NY

What I liked most was the quick responsiveness for an emergency. There was no time wasted money was sent right away. My dislikes were the fees to the 3rd party bank. I was not given all the money approved for.

2 months ago

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[email protected] Roseville, CA

I applied for a small loan, to help streamline my debt. Upgrade has a good reputation, so when I received a pre-approved letter in the mail, I decided to go with them. It was an easy process, and the customer service representative was extremely helpful. I will recommend them to any friends who need this service.

3 months ago

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LequesneBullies Palm City, FL

Remarkably smooth transactions and interfacing. Pleasant communications and hardly anything to complain about. Mature response staff via phone and email. A pleasant experience (which is A LOT more than you can say of some)

3 months ago

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Shea Checotah, OK

Overall it has been great except for the amount it said I was preapproved for was actually less than what I got but this loan helped me payoff some stuff and now I just have 1 payment versus multiple and I’m saving over $500 a month.

3 months ago

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Kari Hickey Seabrook, NH

Easy to work with and quick loan turn around.

2 days ago

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Pasha35 Lincoln, NE

Hassle free! Easy to work with. Quick response time.

3 days ago

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Rhonda Sue Evans Toledo, OH

The process was simple and quick. Recommend!

4 days ago

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Larry Krieg Findlay, OH

Very easy process, and very helpful and professional!

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%

4 months 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!!!!

4 months 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

5 months ago

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Larry Delano, PA

Fast easy process always there to help with lower interest rates

1 week ago

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Danny LaMunyon Crossville, AL

It was by far the easiest experience that I have ever had with a small loan.

1 week 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!

7 months 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.

8 months ago

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Julie Mayer Grand Island, NE

Quick response and deposit. I have not had a payment due but I assume it will be easy

2 weeks ago

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B WALKER Warner Robins, GA

The process was easy and very fast! Very easy terms to understand, and extremely helpful staff!

2 weeks ago

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Lilia Holly Corona, CA

Upgrade helped me when I was desperately in need of help. Very quick and easy process.

2 weeks 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!!

9 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.

10 months ago

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Jacob Gonzalez Houston, TX

Easiest loan process and best interest rate I have ever experienced. Pleasantly surprised and amazed with Upgrade!

1 month ago

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René Lockhart

Getting a loan with Upgrade was the quickest and easiest experience I’ve ever had! I would definitely recommend!

1 month ago

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Ralph Rivera Santa Rosa, TX

The whole process was very easy, when it came to submitting the necessary documents. Customer service was great!

1 month ago

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Desara Stapp North Richland Hills, TX

They made it very simple and straightforward. I needed help as I had an operation and they came through!

1 month ago

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Brittany Fairfield Urbana, IL

Easy application process, quick turn around time for both approval AND getting my funds. Fantastic company!

1 month ago