finder.com's rating: 3.98 / 5.0
★★★★★
Bottom line: Upgrade is a quick choice for borrowers who haven't been able to qualify with a bank. But it still has relatively strict criteria — and high rates — when compared to similar online lenders.
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Upgrade Personal Loans Review: Good Lender with Fees
Edited by Megan B. Shepherd
- Max. Loan Amount
- $50,000
- APR
- 9.99% to 35.99%
- Min. credit score
- 580
Our verdict
A fintech lender offering fast funding and rate discounts, even for borrowers with below-average credit scores.
Upgrade offers personal loans to borrowers with below-average credit who may not qualify with most lenders. While the company gets praise for fast funding and customer service, it charges an origination fee and APRs can run high. You can find better loan terms elsewhere if your credit is good, but for those with subpar credit, it’s worth considering.
Best for: Borrowers with below-average credit who don’t mind paying an origination fee.
Pros
-
Below-average credit accepted
-
Great customer reviews
-
Co-applicants permitted
Cons
-
Origination fees from 1.85% to 9.99%
-
Income requirements not disclosed
-
Stricter eligibility criteria for self-employed applicants
Is Upgrade legit?
Yes, Upgrade is a legitimate loan marketplace. It partners with Cross River Bank and Blue Ridge Bank, which are both FDIC-insured. Its website is protected by McAfee security software, and it offers multiple easy-to-read privacy policies to help you understand how it uses your personal information.
What makes Upgrade shine?
Upgrade stands out for its ease of application and fast funding for borrowers with lower credit scores. You can prequalify for a loan in a few minutes with a soft credit check, so you’ll know if you qualify immediately and without dinging your credit.
It offers rate discounts if you set up autopay, use all or part of your funds for debt consolidation or use your car as collateral to secure the loan. You can also apply with another person on a joint application to increase your chances of approval and possibly get a lower rate.
Upgrade offers flexible repayment terms from two to seven years and the ability to change your payment date — with no prepayment penalty if you want to pay your loan off early. The company also gets high marks from previous borrowers on Trustpilot and the Better Business Bureau (BBB) website for its customer service and fast turnaround.
Where Upgrade falls short
On the downside, Upgrade charges an origination fee on its loans, which is deducted from your loan. For example, if you’re approved for a $10,000 loan with a 5% origination fee, the total amount sent to your bank account is $9,500 — but you still pay interest on the full $10,000. So, if you have good to excellent credit, you could save on this fee by going with another top personal loan lender like Lightstream or SoFi.
And while Upgrade has relatively relaxed eligibility requirements, you still need to show regular income and meet certain debt-to-income ratio requirements. Loans for self-employed require you to show the past two years’ tax returns.
Lastly, while customers generally praise it, Upgrade also has a fairly high number of complaints on the BBB site.
Upgrade loan details
| Loan amount | $1,000 to $50,000 |
| APR | 9.99% to 35.99% |
| Interest rate type | Fixed |
| Minimum credit score/credit range | 580 |
| Origination fee | Origination fee of 1.85% to 9.99% |
| Loan term | 2 to 7 years |
| Turnaround time | 1 to 4 business days |
| Fees | Late payment fee up to $10 after 15 days Failed payment fee $10 No prepayment fee |
| Availability | Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia |
Upgrade contact info
| Phone number | 1-844-319-3909 |
| Customer service hours | Weekdays, 5 a.m. to 7 p.m. PT Weekends, 6 a.m. to 5 p.m. PT |
| support@upgrade.com | |
| X (formerlyTwitter) | @UpgradeCredit |
| @UpgradeOnFacebook | |
| @Upgrade_Credit |
How to qualify for Upgrade
Upgrade doesn’t state its minimum income requirements, but it says you’ll need to meet these minimum requirements to qualify:
- Be a US citizen, permanent resident or living in the US on a valid visa
- Have a credit score of at least 580
- Be at least 18 years old (19 years old in Alabama and certain other states)
- Have a verifiable bank account
- Have a valid email address
Once you get past the preapproval stage and want to apply formerlywith a hard credit check, you’ll need to provide proof of income and possibly other documentation. Self-employed individuals must provide their last two years’ tax returns.
How to apply
Upgrade is known for its streamlined application process. Here are the steps to get started:
- Check your rate. Prequalify online with a soft credit check to view your offers.
- Choose an offer. Review your loan offers and decide which works best for your situation and budget.
- Finish applying. Apply with a hard credit check and provide any requested documents.
- Wait for funding. Once your application is completed and verified, you could have funds within one business day.
How Upgrade compares to other lenders
1 - 5 of 5
Upgrade reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.41 out of 5 stars, based on 2041 customer reviews |
| Trustpilot Score | 4.4 out of 5 stars, based on 40,836 customer reviews. |
| Customer reviews verified as of | 22 August 2024 |
Upgrade gets overwhelmingly positive reviews from thousands of customers on Trustpilot and the Better Business Bureau website. It’s rare to see such a high customer rating on the BBB site, as it’s more frequently used to lodge complaints against businesses. Overall, borrowers seem happy with the fast application process and Upgrade’s helpful customer service team.
However, several hundred customers leave complaints about Upgrade on the BBB site, which is typical for a financial services company with a high transaction volume. These less-than-happy customers report billing errors, loans that were denied after preapproval and a lack of communication around payment due dates and policies.
What do people on Reddit say?
Most of the chatter on Reddit about Upgrade is positive. Several conversations revolve around application and funding time. In these exchanges, people report that it can take 14 days or longer to complete the application process and receive their loans.
Other discussions are about prepayment penalties (there are none), discharging Upgrade loans in bankruptcy and credit scores decreasing after taking out a loan.
Frequently asked questions
Is Upgrade a trustworthy lender?
Upgrade is accredited by the BBB with an A+ rating and has overwhelmingly positive reviews on Trustpilot. However, it’s not a direct lender. Upgrade is a fintech company that matches customers with loans from their partner lenders, who are all Member FDIC.
What bank does Upgrade use for personal loans?
Upgrade currently offers personal loans through Blue Ridge Bank and Cross River Bank.
Is it hard to get an Upgrade personal loan?
No, it’s not very difficult to get a personal loan through Upgrade. The company states its minimum credit score is 580 and it has a reputation for working with borrowers with below-average credit. If you want to be sure you qualify, you can do so on the Upgrade website with a soft credit check.
Is the Upgrade mobile app easy to use?
Yes, Upgrade’s mobile app is user-friendly and easy to navigate. It’s available in both the Apple and Google Play stores, where it’s highly recommended by users. In fact, Apple customers have rated it 4.9 on a 5-point scale, while Google Play customers give it 4.7 stars.
Popular personal loan reviews
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-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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Christi Finder
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Anndy Finder
September 01, 2018
Hi Leslie,
Thanks for your question.
Yes, you can make a lump sum payment on your Upgrade loan as they don’t charge a fee or penalty for repaying a loan early.
I hope this helps.
Cheers,
Anndy
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Leslie
September 01, 2018
Can I make a lump sum payment on my upgrade loan