Best Company Guarantee Upgrade Logo

Upgrade

check_circleVerified

star star star star star
761 User Reviews

7.7

Overall Score

error This company may not service all states.
See states serviced
LAST UPDATED: August 12th, 2022

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.

thumb_up

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.

Visit Site

thumb_down

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.

gavel

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.

Was this content helpful?
thumb_up Yes thumb_down No

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 $200. Yes, it's really that simple.

Learn More

Star Rating

4.8

star star star star star

761 Reviews

Review Breakdown

5 grade

87%

4 grade

10%

3 grade

2%

2 grade

1%

1 grade

1%

Sentiment Criteria

Value

star star star star star_half

Quality

star star star star star

Service

star star star star star_half

Trustworthiness

star star star star star_half
cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down
info
check_circle

Review Source

star star star star star

Ms. CEE Philadelphia, PA

Three words "Your The Best" Upgrade you was there at the time I needed assistants. I fell a few steps back with your help I can move forward. The process was quick and easy . The funds was there like you said "One Business Day". I give you what you ask for to get the loan and Upgrade approved what I needed. Thank you so much Upgrade. If I ever need you again I will keep you #1 on my list.

3 days ago

star star star star star

kelvin williams Newnan, GA

I did a personal loan with upgrade to pay off a Net credit loan. Dealing with the two companies were literally night and day with the same credit score there was a 40% interest reduction with the Upgrade loan. Unlike the net credit monthly payments where the balance doesn't go down after making a payment when I made a monthly payment to Upgrade, I could actually see the balance decrease. Upgrade is Highly recommended.

1 week ago

check_circle

Review Source

star star star star star_border

gricel valdez AZ

Upgrade was the first loan company I went to for a bill consolidation loan. They advertised low rates, fast approvals and easy paperwork. They did everything perfect. Customer service was excellent. The turn off was all the paperwork. Everytume I thought my loan was done it was " we still need this" or "were missing that." They were very thorough so if your in a hurry these people aren't the ones. If you can wait the rates and fees are worth it!

5 days ago

check_circle

Review Source

star star star star star

Alice Kirchgatter Los Angeles, CA

Upgrade is amazing! The process for pre approval didn’t impact my credit and that was a big deal for me. It was such a breeze for the approval and I received my funds the following day. Their online system makes it easy to understand as to where you are with your loan. I highly recommend upgrade if you are needing extra cash for whatever reason.

5 days ago

check_circle

Review Source

star star star star star

margaret dickens Albuquerque, NM

We were just talking about how pleasantly surprised we are with our loan process! We've seen Upgrade on the internet and had offers through mail. Finally decided to check and saw there were lots of good reviews. The application process, the quick feedback regarding the process and the simplicity have really made a great impression on us! The website and app are very user friendly as well!

3 weeks ago

star star star star star

Anna Seattle, WA

Upgrade is quick and easy to apply specially when it comes to personal loan. I got approved right away but it took me about a week to get the money to get deposited into my account.

1 week ago

star star star star star

Cynthia Saludo Los Angeles, CA

Upgrade is a legit, reliable, and safe company to apply for a loan. Funding is fast as soon as approved and requirements are met. I’m so grateful to receive the money via bank account transfer to pay all my credit card bills. A life saver. Will truly recommend to friends and family.

3 weeks ago

check_circle

Review Source

star star star star star

Csm1971 Louisville, KY

The expedience of the application and approval process was great. They have a reasonable interest rate and customer service is also very good.

3 days ago

check_circle

Review Source

star star star star star_border

Michael T. Williams Salisbury, MD

I have had a few times when I needed cash for some unexpected issues and Upgrade saved the day! Easy to deal with and very fair, would recommend giving them a chance.

6 days ago

check_circle

Review Source

star star star star_border star_border

barry shapiro Dover Plains, NY

Had a positive experience with my personal loan,but a negative experience withThe Upgrade Card personal credit line.They had me approved before they included a extra condition to join a credit union of which I objected,so I had my app withdrawned.Then I was invited to re-apply and then turned down.I have positive credit experience with a still active upgrade card account but they will not allow me to access the account

2 weeks ago

check_circle

Review Source

star star star star star

Disaster Das Montreal, QC

Upgrade has been extremely pleasant to deal with. The entire loan application process is easy, efficient, and painless. This is my second Upgrade loan and I highly recommend them.

3 weeks ago

check_circle

Review Source

star star star star star_border

Shirley A. Martin Houston, TX

Applying for the loan was almost simple, I was and still am having problems with getting into and changing my password. I follow all the instructions and still get your information is incorrect. I have no idea what my loan /account number is, and I am very uneasy not being able to check my account file when I want to! This is my FIRST time dealing with this company!!!

1 month ago

check_circle

Review Source

star star star star star

nancy clark Chicago, IL

it was quick and easy, showed interest rate and montly payment amount. all information you needed to know about your loan. web site very easy to find things, if yu have questions.

1 month ago

check_circle

Review Source

star star star star star

Big GW Clovis, NM

This company is very pleasant to work with. Easy forms to do and quick decisions. They constantly keep you up dated through out the process. I would highly recommend them for all your financial needs.

1 month ago

check_circle

Review Source

star star star star star

Brenda Wade Goodlettsville, TN

This was easy! I am not real tech savvy so ease of use was important. The time it took to get the deposit was very reasonable. I would recommend your service to my friends. Thanks to Credit Karma for the referral.

1 month ago

star star star star star

Leedunn28 Middletown, NJ

This was the easiest and quickest transaction ever.I applied for a debt consolidation loan.I was approved in a day and funds transferred the next.I highly recommend Upgrade .They made the whole process stress free.

1 month ago

check_circle

Review Source

star star star star star

Arthur Hayes Atlanta, GA

I couldn’t believe it was so simple. I thought I would have to go through hoops to get an approval. I was wrong just a couple of clicks and I had a 5 figure loan. It certainly was the best experience I had!

1 month ago

check_circle

Review Source

star star star star star

Russell Williams TN

I searched for personal loans through several different lenders, I was drawn to Upgrade through the ease of application, their quick response and service. The whole process was easy and efficient. I would recommend Upgrade to anyone needing a loan. Very professional, a pleasant experience.

2 months ago

check_circle

Review Source

star star star star star

Jay Fort Lauderdale, FL

The company made it absolutely easy to apply. I posted the requested document and within two days I was informed that the loan was approved. Within 2 days the money was in my account and within a week all my outstanding balances were covered.

2 months ago

check_circle

Review Source

star star star star star

Kara Rotheram Seymour, CT

The process was very easy, when calling customer service they were very knowledgeable and friendly.

4 days ago

check_circle

Review Source

star star star star star

Richard Johnson Baltimore, MD

Quick and easy. I like the process of filling out the application and information online!

6 days ago

check_circle

Review Source

star star star star star

Sheila Turner Merrillville, IN

Experience was a great one Service was exactly timely informative step-by-step I never got lost in the loop

1 week ago

check_circle

Review Source

star star star star star

Cathy Bryner Newville, PA

Simple application process and fast delivery of funds into my account. Explained the process and flexible payment dates! 100% recommend to my friends and family!

1 month ago

star star star star star

JP Houston, TX

My overall experience is pretty good. It was a bit of long wait for the process but we got it done. I am thankful for them, I have paid off all my bills.

1 month ago

check_circle

Review Source

star star star star star_border

LaDonna Dehoyos Chicago Heights, IL

I was pleased with the process of the loan application, However; I'm very upset that this affected my credit as before applying for the loan, it stated that my credit score wouldn't be affected.

1 month ago

check_circle

Review Source

star star star star star

SJ Las Vegas, NV

Upgrade is there to help you when you need. The app and staff are very user-friendly and easy to work with. Staff is friendly and helpful. I would definitely recommend upgrade to help you with financial means

2 months ago

check_circle

Review Source

star star star star star

Mary Asaro St Louis, MO

Best thing I have done in a long time! The process was simple, quick and amazingly easy. Wish I had done it 6 months ago and saved myself a lot of interest paid on my credit cards.

2 months ago

check_circle

Review Source

star star star star star

Paige Spivey Columbus, OH

This was my first personal loan and the application process was super easy and fast. I submitted the necessary documents and had my money the very next day. Would highly recommend to others looking to take care of credit card debt.

3 months ago

check_circle

Review Source

star star star star star

Andy Sosenko Lorain, OH

Good experience dealing with Upgrade. Was a little misleading, thought it would have went much quicker with pre approval. Also should have asked for all information needed at one time, instead of keep having to submit info multiple time.

3 months ago

check_circle

Review Source

star star star star star

Linda De Marco Brooklyn, NY

The application was very simple everything was explained and documented fast and easy. Didn’t have to wait forever loan was approved immediately and was sent fast. People there are very helpful I would recommend upgrade to anyone who needs a loan

3 months ago

check_circle

Review Source

star star star star star

Shelly Constant Portland, OR

The process was super easy and fast. Recommended by credit karma

3 days ago

star star star star star

Wilfred Gordon New York, NY

I like how they make the lending process easy and simple to understand.

5 days ago

check_circle

Review Source

star star star star star

Macyface

The online application process was quick and easy. Upgrade approved my loan on a Friday and the money was in my account by Monday. The rate was a lot less than my credit cards and now I only have one payment to keep track of. Upgrade let me choose the duration of the loan and also allowed me to choose my payment day. I couldn’t be happier with this company!

4 months ago

check_circle

Review Source

star star star star star

E. Flores Lewisville, TX

Very easy application process. Lower APR than all the others I looked at. Very helpful and friendly customer service. And, quick deposit of funds into my account. Iwas able to pay off all of my credit cards and finish paying my student loan just 2 business days after filling out my application! I've already recommended Upgrade to family and a few friends to get their finances under control.

5 months ago

check_circle

Review Source

star star star star star

Jerralyn Barton Mundelein, IL

Customer Service was impeccable! It was an excellent experience all the way around!

1 week ago

check_circle

Review Source

star star star star star_border

George Campbell Scranton, PA

Quick and easy loan at a reasonable rate and term for my credit score. I was able to consolidate my credit card debt and now I can focus on increasing my credit score.

1 month ago

check_circle

Review Source

star star star star star

Rodney Seniff South Bend, IN

Super easy and painless. This is my second loan from upgrade. They have had the best interest rates and terms. I’m one happy customer.

1 month ago

check_circle

Review Source

star star star star star

chea haynes

Victor helped me with my loan. He was wonderful!! I could even understand him 😂. He was great answered all my questions

1 month ago

check_circle

Review Source

star star star star star

barbara staples Chicago, IL

Upgrade did as they said my funds were in my acct , next day when I receied myfunds I was busy paying off debt. thank you Upgrade .

1 month ago

check_circle

Review Source

star star star star star

Rebecca Richardson Houston, TX

Quick efficient processing of applications and clear directions. Thorough and user-friendly communications between lender and customer, friendly service and no fuss.

2 months ago

star star star star star

Melissa Prairie Grove, AR

This was the quickest loan approval I’ve ever had! Super simple and great experience overall with loan amount and showing of estimated loan payments.

2 months ago

check_circle

Review Source

star star star star star

Beverly Woods Cleveland, OH

Just when I thought I couldn’t get any help I found upgrade, it’s been really helpful, an easy access to solve financial stresses, I feel it’s my second breath!!

2 months ago

star star star star star

Ronald Howerton Jackson, TN

I like the fact that it was all done on line ,no meeting anywhere or waiting for an answer quickly done in a matter of minutes,thanks again…great streamline loans …

2 months ago

check_circle

Review Source

star star star star star_border

mustafa Bellwood, IL

PROS: Upgrade doesn't waste your time. You have decent credit...APPROVED, $$$ in your acct next day, simple as that. I most definitely consider UPGRADE a lending partner. CONS: High credit SCORE doesnt matter, FEES, APR shown tend to change upon accepting offer. Confusing to say the least, other than that, UPGRADE is a decent lending partner.

3 months ago

check_circle

Review Source

star star star star star

greg byrne Rio Rancho, NM

Upgrade has been a real pleasure to work with. This is a First-Rate company. I am highly impressed with their professionalism and efficiency. I recommend Upgrade to anyone looking to consolidate their credit card balances.

3 months ago

check_circle

Review Source

star star star star star

Leslie Smith Lubbock, TX

It was very easy to get my loan. It took a few days for the money to show up at the old loan company, so be patient. The Upgrade loan is the right size and HALF the interest rate, so I'm happy.

3 months ago

check_circle

Review Source

star star star star star

Justin Twitty Noblesville, IN

Application process was very easy for both there credit card and the personal loan definitely keeping them around, plus there mobile app is very easy to use all around great experience

3 months ago

check_circle

Review Source

star star star star star

Evelyn Doan Tade Green Hill, TN

Upgrade made it very easy to apply for the loan.

3 days ago

check_circle

Review Source

star star star star star

Derek Harrison Dallas, TX

The fast approval process was excellent 👌 👏 👍🏽

4 days ago

star star star star star

Cindy Walker Newcastle, OK

It was easy and fast and a great experience!

5 days ago