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Upgrade

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8.2

Overall Score

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LAST UPDATED: February 1st, 2023

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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885 Reviews

Review Breakdown

5 grade

87%

4 grade

10%

3 grade

2%

2 grade

1%

1 grade

1%

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C B Goose Creek, SC

I was looking for a personal loan to consolidate my 2 credit cards that I had to use for car repairs. I have a Credit Karma account and it had a $50 Karma guarantee to attempt at applying to a personal loan. My credit had been not so great and I have been working to rebuild it since I got sick and had to leave my professional career behind and go on disability. However, life doesn't stop just because you get sick. It has been 7 years since leaving work and having any negative hits hurts your credit. The 1st attempt for a PL was not a success; I was denied. Another one kept popping up but turns out it was like a site that took your information then went looking for a personal loan. The next was Upgrade; I have to admit, I had never heard of them, but remember I was out of the loop for years with the world and credit. I attempted to do the online direct pay (to pay of CC) and they didn't work with one of my banks. I was about to withdrawal my application; however, I called just to make sure that was the case, they didn't work with my bank. The representative confirmed that but said I was still eligible for a direct pay to my bank account then I could use the money to pay off the CC. I was about to say NO again and withdrawal my application, but the representative was listening carefully to my needs and hesitation. Thanks goodness because he was able to correct my misinformation and inform me in a kind manner that a lower interest rate loan was still possible for me with upgrade. That is very unsual for a PL because normally if you don't do direct pay to the creditors; applying for a loan where they pay you and you are responsible to do the proper thing with the money they make sure they get theirs back by charging a higher interest rate. Interest could be almost doubled. This fella took the time to tell me it would one go up 1/2 a point or maybe a whole point but it was not nearly the significant difference I anticipated. I was approved I think by the end of that night or it may have been the next day and then the funds were in the next day. I immediately transferred the deposit and paid off my two CC and now I have one loan with a much lower rate than a CC and also a no pre payment penalty. I can save on interest if I pay it off early. I am thrilled the representative was kind and attentive; listening to my personal needs one a loan and was able to provide me with a great loan. Now the big thing; is to put away the CC and just pay the loan. Use any extra cash to save for ER and also pay the loan of quicker if possible. I would certainly tell my friends and family about this company. I hope if you are reading this review and try them out too; you have awesome success as well! Remember; only Jesus Saves and have Merry Christmas and a safe and happy New Year!

1 month ago

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Charzy01 Kalāheo, HI

Convenience and ease of application process. Once approved, funds were so quickly available. One improvement to recommend would be more options in paying off personal loans with companies or banks as the options available were limited.

2 weeks ago

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Matthew Ayers

The loan approval process could not have been easier or quicker. I was pleasantly surprised and very impressed with how easy the process was. Definitely not what I’m used to working with when with big banks and other institutions. It was actually an enjoyable process.

3 weeks ago

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ENRIQUE GODINEZ Norwalk, CA

Greeting a loan and a credit card was expeditious, very little paperwork, the process took a few minutes and I had my money deposited in my bank account by the next business days, less than 24 hours. These people are truly amazing. I transaction was all automated, but the experience is equally important. I would recommend this company to all of friend or to any other customer that is ready to deal, in a hassle free, fast, efficient, and professional manner, when shopping for a loan. Also, the Rates given to me are very, very nice and in line with a good FICO score.

1 month ago

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TH Whittier, CA

Wow! Upgrade was an easy process, over the phone. They dod a soft credit check and emailed offers to review. Once I selected the best option for me, I was approved and funded the next day.

3 weeks ago

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fran Perrysburg, OH

a great grand child showed up for Christmas. he lives in Iowa with his mom and i hadnt seen him in 4 and a half years so i needed money for his gift. the other great grand children had many gifts but he had a few. the money did not get into my account till after Christmas.

1 month ago

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Brenda Email Fayetteville, NC

We have been with upgrade for awhile now. Three loans total. The first one was a little over the top with verification , but this better with each loan -Understandably because fraud hampers us all. The staff is friendly and the service is quick.

1 month ago

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John Hargrave

Loan application was fast and easy to complete. I had an exceptional opportunity to purchase a backhoe worth 10-15000$ for 6700$ I had part of the purchase price and was not sure I could come up with the rest but thanks to Upgrade loan I was able to purchase the backhoe.I am in the process of setting up a Landscaping business starting in the spring I have prospects in place to make a six figure income for next year.Thank you so much for helping me get things underway.

1 month ago

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ray kellum Chicago, IL

One of the best experiences I've had in quite some time. Very easy process with updated access. The amount of loan was great and transformation was fast. Awesome loan to apply from.

1 month ago

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Peggy Milton Carrollton, TX

The thing I appreciated most was the communication during the application process. I was kept apprised of the progress and informed when there was something I needed to complete.

1 month ago

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MariaDeV Roseburg, OR

I did a debt consolidation loan and the whole process was simple and quick. I was able to select the best terms and options available to me and choose when and how my payment would be taken out. Thanks Upgrade!!

1 month ago

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Shakia L Morristown, NJ

Very quick and straight forward. The agent I spoke with was very friendly and explained the process. I will definitely recommend. Thank you.

3 weeks ago

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Carrie Ranges Gilbert, AZ

Only thing I was not aware of was the fees being high. Other than that, very easy to apply and received the money within a couple of days. Very pleased!

3 weeks ago

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Cmillersr Mesa, AZ

It is a fast easy way to apply for a loan either by phone or online.I have done both and it was friendly and fast with no hassles at all. I’m completely satisfied with Upgrade and thank you

2 months ago

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Stephen A. Smiarowski Rapid City, SD

Everyone I spoke with was helpful and knowledgeable in their job. The Upgrade team made the loan process easy and fast. I was walked through all the steps I needed help with. Everything was accomplished using a smart phone. Upgrade worked with me, and is working with me to achieve financial health. Go to Upgrade first. Stephen A. Smiarowski

3 months ago

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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.

5 months ago

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Audrey Studivant Raeford, NC

My loan experience with Upgrade was exceptional. The loan process was short and I received my loan within 24 hrs. I'm a very satisfied Upgrade customer.

2 months ago

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paul zywicki Yampa, CO

It was very easy to apply The response time was excellent The money was in my bank account when they said it would be Definitely put the app on your phone

2 months ago

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Penny Davis Vancouver, WA

I was skeptical when I first applied and expected a long drawn out process. Much to my surprise the process was quick and smooth and funds were deposited quicker than I thought they'd be. Wonderful experience!

3 months ago

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Gilbert Hanford, CA

Quick, simple and easy! There was an invitation to apply for a Visa card. I did and was approved and as a new customer, they initiated to give me another loan to pay other credit cards.

3 months ago

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Hannah Garison Chicago, IL

This was the best decision I’ve ever made. Took no time at all, wasn’t bombarded with numerous phone calls, and it was the simplest process. Highly recommend and thankful I stumbled upon upgrade!

3 months ago

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Ashley Morgan Antigo, WI

Quick and easy to apply for loans. Never had any problems and any concerns were quickly addressed by customer service. Paid off my first loan early without complications or hidden fees. Applied for my second almost a year later, was approved and funds dispersed in a few short days. Appreciated the reliability for a family vacation and now preparing for the birth of our next baby.

4 months ago

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Yvonne Tangang Jefferson, GA

My experience with Upgrade was very smooth and professional. I applied for a loan on a Wednesday and by Friday I had the money in my bank account. My only thing is that my payment was due the very next month, it would have been good to give a month or two of grace period.

4 months ago

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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.

6 months ago

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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!

6 months ago

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Jeremy hamilton Seattle, WA

Great and fast. Love this company respond quickly and completely took care of everything!

3 weeks ago

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Jan Heath Nashville, TN

The process was exceptionally simple and fast. Much faster than I expected. I would definitely recommend this company to anyone looking for a loan.

2 months ago

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Richard Kaiser Harker Heights, TX

Very easy loan process, good interest rates, this is my second loan from them. I will chose Upgrade in the future for my small loan needs.

2 months ago

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Cynthia Jenkins Magnolia, DE

.y experience with upgraded was awesome I was surprised they.gavee the money I needed to consolidate my credit cards I rate them a A+

2 months ago

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Ryan Vett McKees Rocks, PA

Upgrade was the simplest loan process I've ever had to deal with. Quick approval, great customer service and amazing bonus offers.

1 month ago

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larry Fort Myers, FL

not enough customer contact during the process

6 days ago

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Robert George Sevierville, TN

After some problems with computer I was able to get the loan I was looking for. Upgrade had the best rates for what I needed and was able to get cards paid off so there is only one payment and at a much lower rate.

4 months ago

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G.H.F Frisco, TX

Upgrade is transparent in presenting its products and the associated costs for the term of the loan. Very easy to initiate and complete the loan process. I would use them again.

4 months ago

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Jerrica James-Wallace Houston, TX

Approval fast and consistent, paid my credit cards down and had a little extra left over, not to mention the monthly payment is very reasonable. I highly recommend this company

5 months ago

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Brenda Newago Eau Claire, WI

This process was streamlined and helpful. Using Upgrade is not only easy but included are resources in how to pay off the most harmful debts first. I definitely would refer my friends and family to Upgrade.

5 months ago

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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.

6 months ago

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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!!!

6 months ago

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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.

7 months ago

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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.

8 months ago

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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.

8 months ago

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Cam Hall Richmond, VA

Upgrade is a cool up and comer with a shiny start-up feel, but it can feel disjointed. As an account holder and even a recipient of one personal loan I'm still offered personal loans as if I'm a new customer and when I applied for the personal loan none of my bank account info transferred over. Account management is simple and easy, but overall it feels like they're still figuring it out.

5 months ago

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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!

10 months ago

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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.

10 months ago

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rosemarie iglesias Cleveland, OH

I loved the fact that it was a fast and simple process. I will recommend to many!

1 month ago

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Bianca Bloise Miami, FL

Fast and clear procedures. Easy to apply. Fair rates and great customer service.

1 month ago

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Nicholas Merolle Allentown, PA

Was a very smooth and easy process. The agent I spoke with was helpful and nice.

1 month 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.

1 year 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!!

1 year 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.

2 years ago

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Christopher Janeau Luling, LA

My experience with grade was quick, simple, and effortless. The process was better than I have experienced in the pass 20years. I purchased my first home 20years ago and just recently closed on my 2nd new home a few weeks ago. I needed to get rid of some credit card depth and I reached out to several companies and upgrade was one ok f them. My experience and their process was superb. I could not have asked for anything better. I told them what I needed and they sent me different options to choose from. Then the money was in my account like promised. I would recommend "Upgrade" for your next loan because its time to UPGRADE!

4 years ago