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Upgrade

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8.2

Overall Score

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LAST UPDATED: February 21st, 2024

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 terms — 24, 36, 48, 60, 72, and 84 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. 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

  • Loan Origination Fee
  • Late Payment and NSF Fees
  • State Loan Minimums

Loan Origination Fee

Upgrade charges a 1.85  to 9.99 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.

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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 up to 84 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 Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. 

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Star Rating

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4.9

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1,018 Reviews

Review Breakdown

5 grade

87%

4 grade

9%

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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B Deeter Glendale, AZ

This is my second rating. Company does paper work within a day. Money gets allocated fast. I had a BOA Visa card and after first year interest went up to 29.99. I’ve been with them since 2003 had 6 grand children savings and they gave me . Something but screwed me on my card interest and had the nerve to ask why I was leaving REALLYI got 14% with upgrade and am gratefull

4 weeks ago

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AnnMarie Lake Worth, FL

Within 24 hours of applying, the money was deposited into my account. No hassles. It was one of the easiest financial application I’ve ever experienced.

1 day ago

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Janicea Tandy

This is my 3 loan from Upgrade the Application and process is so easy , the money I need was in my Account within forty eight hours . I had a question about my loan. I called into customer service. The representative was very friendly and Knowledgeable Giving me the correct information I needed . On the schedule from 1-10 definitely a ten ,

2 weeks ago

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Randy D.

The application process was very easy to navigate. The instructions for completing the application were very clear and concise. The interest rate was good, and the terms made it worthwhile. I haven't experienced the loan repayment function, but I feel it will be a continuation of the wonderful service so far.

1 month ago

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Francis Di Ienno Oxford, PA

I loved the quick and easy process all done online. Much easier when not having to be speaking with different people. After the loan is disbursed when they should show the exact amounts to all vendors, they should include the ones that a paper check has been issued to.

1 month ago

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Craig Geffert

Overall our experience has been wonderful. Easy to apply and to submit any information and funding was amazingly fast. Contacted customer service, one time just to ask a question and they were fast and friendly.

1 month ago

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Cristina Rodriguez

Quick on know if I got the loan or not. Life saver on quick deposit in the back once approved. Good automatic payments.

4 weeks ago

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Sandy H Fuquay-Varina, NC

Upgrade made applying for and being approved for a loan so easy! It didn’t hit my credit until I was approved, and the loan was processed. And I had the money in my account within a couple of days. Excellent!

2 months ago

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Linda McGill Lorton, VA

Great personalized communication and follow-up by assigned loan officer. This is by far the best application experience with a lender. Approval was smooth, fast, and easy with no unnecessary hassles compared to most other lenders.

3 months ago

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LA Jollie

Super simple process — was surprised how easy the approval process was. Quick deposit and easy to understand terms and payback options.

1 month ago

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Tyrone Hall Odenton, MD

I requested a $30,000 personal loan and was approved in one day and received my funds in 2 days to my bank account. The process was so easy and fast.

2 months ago

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Terri Main Bridgeport, CT

Easy to apply. Lowest rate available. Automatic payments.

4 days ago

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Captanker Russ GA

This is the most hassle free and dependable loan company on the web. Their website keeps all your information in one place and it’s easy to track. The card offers decent rewards and a reasonable interest rate. Two thumbs up.

4 months ago

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David West Burlington, KY

Unbelievably easy, filled out the application and the money was disbursed the next day. I already have another loan through Upgrade and that one was just as simple. This will be my first stop if ever I need to take another loan.

5 months ago

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Johnny Palm Coast, FL

Finding the Upgrade loan website was the most comfortable experience to deal with. I have been Searching the Internet for credit card and personal loans for quite some time and Upgrade jumped out and made me feel like I was understood from the get go. If anyone wants to make their financial goals become realistic without all the guess work then Upgrade is the way to get started.

5 months ago

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Rob30phx

I just want to give a sincere Thank you to this Upgrade Team. This is the second time now, that y’all have been so generous as to bail me out of a tight situation. No hassle, no headaches, no worrying. My advice is to take care of Upgrade and Upgrade will for sure take care of you in the event u might need a little “boost” in finances. Thank you all!

6 months ago

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copperjr Macon, GA

WOW, got a loan thru upgrade at a lower APR%. with larger loan amount. the big guys turned me down, one said my credit payment history was just to good and denied me. it was smooth and simple, called to confirm loan because it just was to easy, just wanted to confirm it was not a scam. received money in my account within 3 days. UPGRADE IS THE WAY TO GO. THANK YOU.

8 months ago

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Patrick DeGuire Chula Vista, CA

Amazing customer service. So thankful for your help with funds to apply to my debt consolidation.

2 weeks ago

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Stan Pugh

I liked the ease of the process and reps i talked to were courteous and professional.

3 weeks ago

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IAN SMITH LaBelle, FL

The application process was simple and the service was reliable, efficient, and responsive.

4 weeks ago

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randell bowen Denison, TX

the speed of which my request was handled and the knowledge and friendliness of the lady i talked to on the phone

1 month ago

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Leslie L.T. Marrero, LA

The process was quick and easy. I was approved for a debt con loan 1st, however the system would not accept the creditors information to be paid off. I had to do a personally loan. The difference between the two loan was the interest rate. Over all the process was still very quick and easy to do.

6 months ago

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sarah healy Hawthorne, CA

Easiest process ever. Paid off 2 high interest cards in full, payment sent by Upgrade, the rest deposited in my account in less than 48 hours and I paid 3 more myself. Saving so much money and my payment is more than half of what I was paying my cards directly. Thank you!

6 months ago

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Jen McCullough

I wanted a way to consolidate debit and pay it down at a reasonable rate. I was skeptical about the process but Upgrade made it very easy from the application to payout process. I am still new to this but am excited to get better control of things with the help of Upgrade,

7 months ago

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Erinjean87 San Diego, CA

Used upgrade in a pinch. Was able to pay it off early without being penalized. Easy to use website.

1 month ago

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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 year 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.

2 years 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!!

3 years 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.

3 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!

5 years ago

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Robert R

The process was very easy! Upgrade kept me updated all throughout the process! I will continue to use this Company!

2 months ago

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Christopher Lenz

Very quick and efficient work getting a loan. Much better offer from any company I looked at. I would suggest Upgrade to anyone!

3 months ago

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Marci Matonis Brigham City, UT

This company is an absolute lifesaver. I’ve used them twice for debt consolidation loans. From start to finish you have your money in a day or two. I just can’t say enough good things!

6 months ago

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Cindy O

I have applied for a loan more than once each time was easy fast as I needed it to be. and right on point need a loan this is the one to get I highly recommend this loan company

7 months ago

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Whoshotchu ZO Sik Fort Knox, KY

I submitted a request for a loan on a Sunday evening and received favorable news that night. Monday morning I was approved and the funds deposited into my account Tuesday morning.

8 months ago

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Carolyn Peters Midlothian, VA

My experience with Upgrade has been great and I say this because customer support is fast, understanding, knowledgeable and respectful. Application is easy and their decision are just.

8 months ago

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Deborah Nasce Toms River, NJ

Great company to do business with. Fast and efficient

2 weeks ago

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Denise McManus Katy, TX

It was easy to apply and I had a quick answer.

3 weeks ago

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Julie

Very easy to work with and quickly resolved my loan

3 weeks ago

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Daphne Thompson Rockville, MD

My loan process was seamless, I searched for the best rate possible and found it at Upgrade. The swift process and professionalism that I received from start to finish was excellent. Thank you Upgrade for assisting me at my time of need as well as making this process seamless. If you need a loan! you need UPGRADE

9 months ago

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William D Howell Sr Tavares, FL

This is my second Upgrade personal loan and I have nothing but good things to say. The application process was easy and I was approved and my money sent to my account very quickly. I have never had any issues with Upgrade and will continue to use them in the future.

10 months ago

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Brent Carter Cedar Hill, TX

I was skeptical at first, since it was all done online without any contact, but was very easy and painless to get a loan to help consolidate my debt into one payment. Interest is high, but it was just as high as my credit cards. Is a great option for debt consolidation loan.

11 months ago

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sherry lucas Petersburg, WV

Convenient, quickly credited, NEVER debits you early and I have a payoff date.

1 month 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 year 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 year 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.

1 year 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.

1 year 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!

1 year 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!

1 year 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.

1 year ago

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