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. Its loans are made by its partner bank, 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 $50,000
  • Personal loan APRs — 6.99% to 35.97% APR*
  • 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 unlisted, though several third party resources state 620

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 with for its personal loans is 60 months. These are not short-term loans. This is very lengthy 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 $50,000. 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.

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:

  • Colorado
  • Connecticut
  • Iowa
  • Maryland
  • Vermont
  • West Virginia

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

Loan Origination Fee

Upgrade charges a one to six 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

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?

*Loans made through Upgrade feature APRs of 7.99%-35.97%. All loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. 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.  All loans made by WebBank, Member FDIC.

 

 

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User Reviews

Star Rating

4.9
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135 Reviews

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miguel solis
October 3rd, 2019 Danville, AR DETAILS
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Super easy to obtain, easy to fill out the application, extremely easy to obtain the credit, the money was deposited in 4 days as they said. 100% recommended. Very happy with this company.

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yvette branch
October 1st, 2019 Little Rock, AR

The process of requesting the loan was fairly simply and there was absolutely no regrets of applying for a loan with Upgrade. I am already thinking about requesting another loan, once I repay my first loan.

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Ted Johnson
October 1st, 2019 Pleasant Grove, UT DETAILS
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I recently did a loan with Upgrade and it was easy to do everything online. The step by step process was easy to navigate and they gave me quick feedback on the decision. The interest rate is a little high, but fits perfectly to what I need and can get right now.

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Tasha Bowie
September 30th, 2019 Baton Rouge, LA

The entire process was very fast and efficient. I applied online, and received the funds I requested two days later. I have no complaints.

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G. williams
September 23rd, 2019 Rock Island, IL

when i first thought of taking out a loan for a large purchase I was hesitant thinking these peoples were going to rake me over the coals since I had some blemishes on my credit report. Overall, everyone I encountered was professional and kind. They explained all loan aspects to my satisfaction and I am very pleased to know that I can move forward without worrying. The terms of the loan was fair and manageable.

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Linda E
September 10th, 2019 DETAILS
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Upgrade is very user friendly, respectful of the client's situation and needs and doesn't tie you up with a lot of red tape. Very fast and efficient service!

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Ethan
September 9th, 2019 Hightstown, NJ DETAILS
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From checking rate and terms to finalizing the loan the process, it was effortless and easy. The user interface is simple and accessing all relevant information is quick. Loans were approved and deposited fast and the customer support is just fantastic. Its a great company, great product and should be on everyones radar if you're looking for a loan.

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Octavia
September 6th, 2019 Olathe, KS DETAILS
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It was quick and informative. My money was in my bank account in 1 day, and one of my charge accounts was paid off immediately. It came at a time of desperate need.

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Tony
September 4th, 2019 Vancouver, WA

Easy application process prompts and clear process loan in timely matters thank you !!

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Jeffrey Baker
September 4th, 2019 Naples, FL DETAILS
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Very professional and friendly to deal with.

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Moe
September 4th, 2019 Myrtle Beach, SC

Easy . Quick . Sample . Excellent job . I recommend to any one with average credit scores looking for a loan

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Caron
August 29th, 2019 Springfield, IL DETAILS
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From start to finish the whole process was quick. I was contacted by one of Upgrades representative to confirm my information and within days the funds were in my account. Will use them again if necessary.

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Ms E
August 28th, 2019 Shakopee, MN

I applied for a loan to consolidate my debt. The process was fast and painless! I had my decision within minutes of submitting my information and the money was in my bank amount the next morning. Awesome experience!

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Dan
August 27th, 2019 Dothan, AL DETAILS
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My experience with Upgrade has been magnificent. The easy online application took only a few minutes to complete and nothing about the process was mysterious or confusing. A representative called to ask if I had any questions. He was courteous and informative. The entire process took less than three days from application to funding. It was a simple, comfortable experience through out the process.

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lisa guillory
August 13th, 2019 Lafayette, LA

This company made my decisions very easy and convenient. Money was in my account in 1 business day, I would suggest doing business with Upgrade.

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Michael Morales
August 13th, 2019 Douglas, AZ DETAILS
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This was my second loan do applying was easy and quick

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John
August 13th, 2019 Wellsville, KS

Quick and easy steps to completing application. Fast turn around.

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Jake Turtle
August 5th, 2019 Mebane, NC

The process was essentially seamless meaning I submitted my information and I was told I have a matching lender who could do the loan based on my credit file. Once the remaining identifiable parts were addressed the funds were immediately deposited into my checking account and before I knew it the loan process had been finalized. Great customer service and attention to details on both sides of the process.

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RC
August 5th, 2019 Corcoran, CA

So far i am not very impressed. I finished every thing online as asked and then received a call. I spoke with the rep and gave everything that was asked. The rep stated you should hear back today or tomorrow and then get your funds. I havent heard back at all. I also sent them an email and it was never responded to. I will call next week to see what the hold up is. Everyone else shows they either got their money immediately or were left on read for weeks.

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Eddie Boom
August 1st, 2019 Sevierville, TN

Great informative assistance, they were so quick to get me the right loan I needed thanks

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John
July 30th, 2019 Dacula, GA

The process was simple and I received my funds quickly at a great rate.

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W
July 29th, 2019 Little Rock, AR

It was quick and easy. I also received my money once I was approved very quickly.

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Hybrid
July 29th, 2019 Warren, MI

Easy transaction, very transparent and efficient. Was very pleased

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RC
July 8th, 2019 Sikeston, MO DETAILS
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Fast and customer service friendly. I love being able to watch my credit score each month. This is my second loan with Upgrade. When my credit debt got to high and couldn’t pay off. Upgrade was here to help me!!

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Adrian de Jesus
July 3rd, 2019 Hayward, CA DETAILS
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Applying was very easy and straightforward. I was able to get the best interest rate for the most amount of money. Accepted prequalified rate and $ on Wednesday night and woke up Friday morning with the money in my account. Will recommend every time you need a personal loan.

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Darrell Corbitt
June 28th, 2019 Goshen, KY

Easiest loan I ever applied for. The Best!!!

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Tim
June 25th, 2019 Winston-Salem, NC

They were amazing, applied on line, the next day we had our money. No hassle. We are very pleased,

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Jacob Glenn
June 18th, 2019 Mount Ulla, NC

Very easy process. Application was reviewed and approved within a couple of days and funds in my bank account before the end of the week. Customer service was very helpful.

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Tabitha Christmas
June 12th, 2019 DETAILS
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Very easy loan process. Wish the interest rates were lower. Very friendly and helpful staff.

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Timothy Baker
May 29th, 2019 Rocky Mount, NC

My experience was great. Made my loan go so smooth and easy no problems. Got my money quickly in two days.

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Mattie Shelby
May 22nd, 2019 Chicago, IL DETAILS
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Wow it was not a complicated process just a few major documents such as proof of income W2 ‘s things of that nature and your bank routing information and your checking account number and it was like magic what a wonderful experience

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Reese
May 10th, 2019 Pleasant Grove, UT DETAILS
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Upgrade gave me a loan when other people wouldn't. The rate is reasonable and I was treated with courtesy and respect. They give you helpful information to improve my situation and to help get better rates in the future.

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Dwomanofgod
April 24th, 2019 Thaxton, MS DETAILS
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My husband and I are very pleased with our experience with this company. We had debated on applying for 2 months with our soft inquiry stating we were approved. We finally decided to apply on 4/19/19. We received a email on 4/20/19 that we were approved and the money was in our bank account and ready to use on 4/24/19. Best experience ever in a loan process! Thank you UPGRADEand JESUS for a successful loan and process❤🙋‍♀️

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Jan
April 11th, 2019 Patterson, LA DETAILS
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Great Customer Service they verify that all information is correct and what you requested. Quick Approval Decision when applying online.

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ANDREW CAMPBELL-YOUNG
April 4th, 2019 Lansing, IL DETAILS
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Just pay your loan back on time it will make the lending process so much easier Upgrade rocks and I will definitely take another loan out with them if needed again in the future

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JH
March 26th, 2019 Evansville, IN DETAILS
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It was easy, all online. I consolidated credit cards and it will really help me out. I asked to revise the payment due date after I was approved and they took care of it with no hassle at all.

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Ed Thompsonmanfred
March 19th, 2019 Ellenton, FL

process was very easy to follow. very timely, no hassle what so ever. Very satisfied.

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Ruth
March 8th, 2019 Loganville, GA DETAILS
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Upgrade gave a me chance to correct my situation within time as needed. Also, they work with however situation that comes through to make sure everything is well secured.

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Joni O’Brien
February 25th, 2019 Pennsville, NJ

Great experience, upgrade made getting a loan quick and painless . Communicated with me through the process . Highly recommend .

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d.brown
February 19th, 2019 Hattiesburg, MS

at first i thought this was another letter in the mail offering you 40k scam mail. turns out to be the real deal fix rate approval in 48hrs money in the bank less than 36hrs.

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N.Perusina
February 19th, 2019 Miami, FL

Easy to apply. Submitted information requested and was funded within 48 hours.

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Vern
February 12th, 2019 Silsbee, TX

Delivered my loan quickly and effortlessly. Need a follow up on my repayment

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Lupe
February 6th, 2019 Las Cruces, NM

I submitted my application with Upgrade because I found myself needing a little bit of help. Upgrade came through for me very quickly and efficiently, which I am extremely grateful. Paid off my designated accounts.

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Sharon
February 4th, 2019 Minneapolis, MN

The application process was quick and painless. Your online application process was very straight forward. I spoke to one of your reps and he was very helpful. I give you a rating of 5 out of 5. Sharon Olund

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armando
February 4th, 2019 Sacramento, CA

the representative genuinely listened to my needs and assisted me through the process

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Phil
December 31st, 2018 Champaign, IL

The loan process was easy, response was immediate. Very satisfied with the overall service.

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Israel Z.
December 31st, 2018 Las Vegas, NV

Quick & Easy. I applied and in less than 48 hours I was approved and money was quickly deposited into my account. Thank you Upgrade!

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Tom
December 31st, 2018 New Carlisle, OH

They are very easy to deal with answers all your questions

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Carolyn S. Stillwell
December 31st, 2018 Henderson, NV

Good rate. Well organized approval process. Quick approval and funds. Would recommend this lender to others.

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Ruth
December 14th, 2018 Loganville, GA DETAILS
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Upgrade has help me out so much since the past year. My credit has improved tremendously! Just excited and would refer friend along with family.