Upgrade
Verified
4.8
7.4
Overall Score
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.
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.
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.
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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