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Upgrade

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7.7

Overall Score

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LAST UPDATED: November 30th, 2022

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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856 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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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

3 weeks 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

1 month ago

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Crystal Connell Denver, CO

Upgrade is an awesome company. They always gave me good customer service and provided me with options to fit my situations. I would recommend this company

1 week 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 weeks 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

3 weeks 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!

1 month 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.

1 month 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!

1 month 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.

2 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.

2 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.

3 months 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 weeks 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.

3 weeks 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+

3 weeks 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.

2 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.

2 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.

4 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!

4 months ago

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Margaret Porter Anniston, AL

Quick and easy and feels very secure. My money was deposited the next day and two of my largest bills paid down. Such a load off my shoulders

1 month ago

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Sylvia Sanchez Fremont, NE

The application process was very easy to do, my agent was very knowledgeable and made the process easy. I had my loan in deposited in my account in 1 and a half days. Highly recommend.

2 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

3 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.

3 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.

4 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!!!

4 months ago

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Sidney Bates New York, NY

The accuracy of recommendations were accurate and timely. Thank You!

1 week 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.

3 months ago

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gricel valdez AZ

Upgrade was the first loan company I went to for a bill consolidation loan. They advertised low rates, fast approvals and easy paperwork. They did everything perfect. Customer service was excellent. The turn off was all the paperwork. Everytume I thought my loan was done it was " we still need this" or "were missing that." They were very thorough so if your in a hurry these people aren't the ones. If you can wait the rates and fees are worth it!

3 months ago

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Alice Kirchgatter Los Angeles, CA

Upgrade is amazing! The process for pre approval didn’t impact my credit and that was a big deal for me. It was such a breeze for the approval and I received my funds the following day. Their online system makes it easy to understand as to where you are with your loan. I highly recommend upgrade if you are needing extra cash for whatever reason.

3 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!

8 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.

8 months ago

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Willie Washington Dothan, AL

What I like about the company most is they are very nice and give good rates. They are prompt with their transactions.

3 weeks ago

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DQ Española, NM

I applied in the late morning and received my acceptance the same afternoon. Funds were into my bank account the following morning.

1 month ago

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Michael crovkett Grand Rapids, MI

They help me out with a loan. Wonderful operators that are willing to go to extra mile for their customer.

1 month ago

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G. Daniels

Applying for the loan was an easy process. Upgrade provided several loan options to fit my budget. They paid off my creditors within days of approving my loan.

3 months ago

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Anna Seattle, WA

Upgrade is quick and easy to apply specially when it comes to personal loan. I got approved right away but it took me about a week to get the money to get deposited into my account.

4 months ago

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barry shapiro Dover Plains, NY

Had a positive experience with my personal loan,but a negative experience withThe Upgrade Card personal credit line.They had me approved before they included a extra condition to join a credit union of which I objected,so I had my app withdrawned.Then I was invited to re-apply and then turned down.I have positive credit experience with a still active upgrade card account but they will not allow me to access the account

4 months ago

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Disaster Das Montreal, QC

Upgrade has been extremely pleasant to deal with. The entire loan application process is easy, efficient, and painless. This is my second Upgrade loan and I highly recommend them.

4 months ago

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nancy clark Chicago, IL

it was quick and easy, showed interest rate and montly payment amount. all information you needed to know about your loan. web site very easy to find things, if yu have questions.

4 months ago

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Big GW Clovis, NM

This company is very pleasant to work with. Easy forms to do and quick decisions. They constantly keep you up dated through out the process. I would highly recommend them for all your financial needs.

5 months ago

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Brenda Wade Goodlettsville, TN

This was easy! I am not real tech savvy so ease of use was important. The time it took to get the deposit was very reasonable. I would recommend your service to my friends. Thanks to Credit Karma for the referral.

5 months ago

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Leedunn28 Middletown, NJ

This was the easiest and quickest transaction ever.I applied for a debt consolidation loan.I was approved in a day and funds transferred the next.I highly recommend Upgrade .They made the whole process stress free.

5 months ago

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Arthur Hayes Atlanta, GA

I couldn’t believe it was so simple. I thought I would have to go through hoops to get an approval. I was wrong just a couple of clicks and I had a 5 figure loan. It certainly was the best experience I had!

5 months ago

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Brila Vlogs Middletown, CT

Everyone was very nice that i dealt with making all the steps of getting my loan easy and comfortable. Everything was explained to me each step as i went through the process. thanks again. Brian

5 months ago

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Lisa Cato Lake City, FL

I cannot say enough good things about Upgrade. The rates are fair, affordable and the terms are flexible. I loved the no hassle application process and the quick turnaround on the dissemination of funds.

3 months ago

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SHAN S Kings Mountain, NC

What I liked most was how easy it was to link my bank account to get approved. It was hassle-free and convenient. I was able to pay my phone bill and the pay back process was weekly that helped majorly to make on time payments.

3 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.

6 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.

6 months ago

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Andy Sosenko Lorain, OH

Good experience dealing with Upgrade. Was a little misleading, thought it would have went much quicker with pre approval. Also should have asked for all information needed at one time, instead of keep having to submit info multiple time.

7 months ago

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Linda De Marco Brooklyn, NY

The application was very simple everything was explained and documented fast and easy. Didn’t have to wait forever loan was approved immediately and was sent fast. People there are very helpful I would recommend upgrade to anyone who needs a loan

7 months ago

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Joaquin Montez Broomfield, CO

I really like that they offered me a loan based on my credit and not having to have collateral as well. The process only took a few days which was very nice. The loan helped me to pay off a couple of credit cards for me and my wife to lower a big chunk of our monthly bills

8 months ago