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Upgrade

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286 User Reviews

7.4

Overall Score

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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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286 Reviews

Review Breakdown

5 grade

86%

4 grade

10%

3 grade

2%

2 grade

1%

1 grade

1%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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star star star star star

HERMENEGILDO Fort Lauderdale, FL

Applying for this loan was easey and waiting for the loan approval was fast.

1 day ago

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Bill Hinton Fredericksburg, VA

The entire process was quick and friendly.

1 week ago

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cecigilbert25 Arlington, TX

I currently have an Upgrade card with a $4k balance. When I received a preapproval for a loan (cs 643) and credit card balances that exceeded $20k, I was really hesitant because I didn’t want a hit on my credit then receive a denial. After a couple of weeks, I applied and was immediately approved for $20k loan. Had I know it was that easy, I would’ve applied for slightly more, but I paid off 4 of my high interest cc and my Upgrade card. With such a low repay amount for the loan, I can double up & pay if off faster. Thank you Upgrade!

1 week ago

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Raul Sostre Richmond, VA

Words can not describe how valuable and awesome Upgrade is to me. I got approved for a credit card and got approved for a bank loan for home improvements. This has turned out to be a blessings in some many ways applying for Upgrade. Better than all credit banks combined!!

1 week ago

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George Cooley Salt Lake City, UT

It was One of the easiest lones I had ever done, The associat I worked with was AMAZING HE IS AN ASSET TO YOUR COMPANY AND I HOPE HE IS DOING WELL IF AT ALL POSSIBLE AND HE IS STILL WITH YOUR COMPANY I WOULD LOOK FORWARD TO WORKING WITH HIM AGAIN I DON'T REMEMBER HIS NAME MAYBE YOU COULD LOOK BACK AND HAVE HIM CALL ME THANK YOU

1 week ago

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Richard W Duncan Kilgore, TX

I had a great experience the people were great and did what they said they would do I will recommend them to anyone that needs a loan just a great company and staff thank you

1 week ago

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David Reisenbichler Benton Harbor, MI

Overall a very easy process start to finish. I compared Upgrade to other companies and they offered the lowest interest rate. I approved the loan app on a Sat and Monday morning my money was there. Now my collections are all consolidated and off my credit report, and I’m saving money monthly as well with the payment.

2 weeks ago

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May ,

Very helpful and professional! Easy process!

3 weeks ago

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Vance Harper Tampa, FL

Customer service was great. Quick response and effective processes. So far there is nothing to dislike. I hope it stays that way.

3 weeks ago

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Aaron Birmingham, AL

Was a very smooth process and received funds in a timely manner.

3 weeks ago

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Charmaine Chaddan Jersey City, NJ

Quick responce on results of loan status.

4 weeks ago

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Earl VanBramer Exeter, NH

Loan was easy all online and funded very quick like 2 days

4 weeks ago

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Mth Win Oak Creek, WI

Fast, Efficient, Excellent service. Enjoyed working with them.

4 weeks ago

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Patricia Hall ,

I was very satisfied with how quick and easy it was to get a loan. I was able to pay off a high interest loan. Thank you!

1 month ago

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Scott Sparling Lancaster, CA

The loan process was extremely simple. The customer service was top-notch and I would highly recommend Upgrade!

1 month ago

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sanantoniopedro San Antonio, TX

They believed in me and I am thankful for it.

1 month ago

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Mark Kopasz Lewis Center, OH

Quick, Easy and completely online. The easiest loan experience I've had to date.

1 month ago

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Carl High Point, NC

Very user friendly my funds were deposited within three days

1 month ago

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Gpop Honolulu, HI

It was a easy application. The only problem we encountered was not understanding exactly what documents are being requested. As the application was completed towards the end of the month, a bank statement is not always available.

1 month ago

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Agnes platzer ,

The service was great and it was easy to apply

1 month ago

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Thomas Keith Fort Mill, SC

Overall very good experience. The one strange thing is that I didn't know that the loan was being funded by the Pennsylvania Credit Union. So, the funding could have occurred much earlier than it did. I kept checking the website, and it kept asking me IF I wanted to join the Pennsylvania Credit Union, and since I don't live in PA, I have no need of that. I even called Upgrade, and was told "everything was in order and the loan should be funded very soon. Only later did I call back again, and find out that in order to get this loan, I needed to join that credit union. And it had a $20 fee to start, but the rep said that Upgrade would cover it. So, my recommendation is that when you have an institution funding a loan, that you clearly state that the consumer MUST join in order to get the loan. And note that any joining fees will be waived. That would speed the process up; cut down on customer service phone calls, and the consumer would appreciate it.

1 month ago

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Jessica Columbia, MD

Extremely easy application, the paydowns to my credit cards and remaining funds were sent/deposited extremely fast! Excellent company to work with! Thank you!

1 month ago

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john schmidt Hilton, NY

Easy and fast, Don’t hesitate and applying

1 month ago

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Dillon Kirkwood ,

Very easy to complete all required questions. Quick approval response.

1 month ago

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Evelina Marquez Jersey City, NJ

Fast,reliable.Approved my loan with less paperwork.Got my money in 4days

1 month ago

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Grady Dassie ,

Easy approval and the staff is very professional

1 month ago

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Sheila G. Brooklyn, NY

I think the process was quick and efficient.

1 month ago

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Douglas Sims Nashville, TN

Loan process was easy to understand and navigate. Support team was very helpful and professional through the loan process.

2 months 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!!

2 months ago

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Marilyn Detroit, MI

Great customer service. Everyone was thorough and addressed all of my concerns

2 months ago

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Robert Pond ,

I like the virtual nature of being able to borrow money! I think the old brick and mortar model is dead. While my loan was eventually funded, it took longer than I expected (over 1 week), there was a lack of transparency to a degree, customer service (1st call was not helpful), further calls to customer service were handed better, and the resolution member/team assigned to my account to get me funded did an outstanding job!

2 months ago

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eddie palomo Union City, CA

Simple process, approval quickly, u can adjust ur due date. So far so good, very favorable rate

2 months ago

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Hope Bernstein Longmont, CO

Fast, easy, and painless. Was quick and simple from start to finish.

2 months ago

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John C Bridgewater Southfield, MI

All of my questions were answered so I could understand the loan process. The person was very nice and making sure that all of my questions were answered to my satisfaction.

2 months ago

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Cherrie Mooers Meridian, ID

Upgrade was quick and easy to use, they had great communication and loan was received sooner then expected

2 months ago

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Shari Escamilla Detroit, MI

Very quick and easy for my 2nd loan. I wouldn't go anywhere else!!

2 months ago

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Tracy Moore Mobile, AL

It has enabled me to consolidate bills. I received my money in a timely fashion after my approval.

2 months ago

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Eddie Brooklet, GA

Once the company got all the needed information, it was a very quick decision. When I was approved the money was in my account faster than I was told it would be. The whole process was fast and easy. I highly recommend.

2 months ago

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john urbanyi Denison, TX

It was quick and easy to apply and got a great interest rate. Money was deposited quickly

2 months ago

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Yolanda Williams Arlington, TX

The application process with Upstart is easy and the website is honest!! All questions about fees and interest rates are answered upfront!! I would encourage any one that need a loan to go with Upstart you will not be disappointed!!

2 months ago

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Ardelle Faralli Sicklerville, NJ

Customer service was great & very helpful. Didn't take long to get approved & receive the money in my account. My credit cards I chose were paid off quickly. I've paid off other expenses & I feel good that I only have one monthly bill to pay instead of multiple bills. Thank you Upgrade so much!

2 months ago

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G Dukes Pittsburgh, PA

Great application process - I had already gotten a credit card from Upgrade, and decided on using them for a debt consolidation load. Everything online, quick results, fair offer - I have no complaints!

2 months ago

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Glenn Martin North Richland Hills, TX

The process was quick and easy went smoothly

2 months ago

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David Sawyer ,

It was fast and convenient. The staff was real helpful.

2 months ago

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Mim Lauj Hudson, WI

So far so good! I had been stressing out about applying for a loan for a long time to pay off my credit card. I felt ashamed of my debt and didn't really want to deal with a person. I finally got around to looking at some of the online lenders. With Upgrade, I liked that I could see what my rate would be at various loan amounts and time frame to pay back before I decided to apply for the loan. Other lenders also have that capability without impacting your credit score too. Upgrade had the best rate for me and I like that there's no hidden fees. I applied after 7 pm on a Thursday, got approved Friday morning and had the funds deposited into the funds I requested on Tuesday. The first payment is due 30 after funds are released, but I like that I can change the payment date after that if it doesn't work out. It's been a huge relief knowing that I can be done with my debt in 3 years or sooner, versus the never ending battle with my credit card.

2 months ago

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Justin Montgomery Cleburne, TX

Great from rates and to process the loan

3 months ago

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Ruben Alconero Rochester, NY

I had an upgrade loan in the past which was completed overnight a few years ago, this one took over two weeks. I had to have a three way call with my bank, and fill out an employment verification form while I am employed. I was then told with 23 years at American Airlines i was considered to be in a shaky business. The paperwork to my employer was repeatedly sent to my manager as he was the person applying for the loan. When all that was sorted out, I was told Upgrade needed verification that it was my manager that sent it. I said he sent it from his email, what more do you want. I have a 800 plus credit score and a six figure income, and felt as if I had been bankrupt applying for a 3rd rate loan... I was really surprised being a prior customer. I honestly almost pulled the application and went to Prosper.

3 months ago

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Joseph King ,

My interactions with their employees have been positive but their loan sign up system seems a little clunky. I applied for the loan and signed up for PenFed on December 21st. I received a call from Upgrade around December 30th thru January 2nd who advised my sign up for PenFed sign up didn't register and the person I spoke to said they would update their system. I received another call on January 5th about the same issue and was advised that this time it was noted. The funds finally cleared on January 8th. The calls weren't unpleasant and their employees were helpful, but it appears there could be some issues with capturing all the relevant information at the time of sign up.

3 months ago

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David Bankowski Melbourne, FL

Simple Easy and quick funding. Would recommend to my friends.

3 months ago

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Clara Goodreau Kansas City, KS

Upgrade was very professional. This loan went through very fast, with no problems. They were very friendly and very helpful. All taken care of on the internet and a phone call. I really appreciate all the help and how fast it all took place. Thank you so much, CG

3 months ago

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