error This company may not service all states.

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.

Visit Site

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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215 Reviews

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Robert Ponticelli

October 25th, 2020 Tucson, AZ

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

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Joe Johnson

October 22nd, 2020 Denver, CO

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

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Michael B

October 21st, 2020 Farmington, NM

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

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Joe M

October 20th, 2020 Marquette, MI

Great service and very efficient process

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Kathy Mills

October 19th, 2020 Columbus, GA

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

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Donnette

October 18th, 2020 New York, NY

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

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Arthur Hubbard

October 18th, 2020 Gladwin, MI

Very simple took about a week would recemend

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Sylvia

October 17th, 2020 Houston, TX

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

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Stephen Romano

October 14th, 2020 Georgetown, MA

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

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sexyj76

October 13th, 2020 Fontana, CA DETAILS arrow_drop_down
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Very easy to apply for. I have bad credit and they were still able to provide a loan for me. Customer service was friendly and very knowledgeable of what I needed done on my end to make sure the process ran smoothly.

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Debra

October 2nd, 2020 Tumbling Shoals, AR

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

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Karen Robinson

October 1st, 2020 Fort Lauderdale, FL

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

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Joshua Wolf

September 30th, 2020 Hopewell, VA

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

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JAMES E GOOCH

September 28th, 2020 West Branch, MI

very smooth transaction and professional thank you

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JTE

September 28th, 2020 Victorville, CA

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

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Kctexas

September 16th, 2020 Fort Worth, TX

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

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James B MCDONALD

September 15th, 2020 Jonesboro, GA

Slow to get back on docs needed and status response

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Bogdan Mihail

September 15th, 2020 New York, NY

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

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Kathy Armijo

September 7th, 2020 Rio Rancho, NM

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

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Jimmy Caviness

September 5th, 2020 Houston, TX

The process was super simple customer service was very helpful on gotten me through the process notifications were sent throughout the process I would highly recommend upgrade to anyone.

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Jason Sutherland

September 2nd, 2020 Georgetown, TN

Easy and hassel free. Received funds quickly and the staff I talked to was extremely friendly and helpful.

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Christopher Wolfington

September 1st, 2020 Nampa, ID DETAILS arrow_drop_down
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It was fast and simple to get what I needed

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Brisn

August 30th, 2020 Madison, MS

Easy terms and great help to rebuild my credit!

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Neal Sutherland

August 26th, 2020 Houston, TX DETAILS arrow_drop_down
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Outstanding streamlined process for approval and actually follows through on what they state.

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Juan MENDOZA

August 16th, 2020 Santiago de los Caballeros, 25

Excellent service my load was approved very fast just an weeks

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Dcl102572

August 16th, 2020 West Chester, OH

Overall great so far! The only thing is once u accept the loan it’s impossible to get thru to live agent on the toll free line. I waited for 50 min and still no one. So I asked to be called back and no one still has yet to call.

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Laura Giampaolo

August 4th, 2020 Romeo, MI DETAILS arrow_drop_down
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Easy application. People were helpful and kind. Fast payoffs on cards!

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M H

July 29th, 2020 Phoenix, AZ

Easy and fast. Great experience. Thank you.

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Roman Fazio

July 23rd, 2020 Spring, TX

I found it very easy to apply for the loan.

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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!