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.
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.
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.
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 right away if you qualify for a loan – and there’s no obligation to apply.
Upgrade is also notable for its rate discounts. 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 with 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 customers on Trustpilot and the Better Business Bureau (BBB) website for its customer service and fast turnaround.
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 will be $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 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 – and self-employed individuals need to show the past two years’ tax returns to qualify. Lastly, while the company gets generally high marks from customers, it has a fairly high number of complaints on the BBB site.
Minimum credit score/credit range | Not disclosed |
APR | 7.99% to 35.99% |
Loan amounts | $1,000 to $50,000 |
Terms | 2 to 7 years |
Approval turnaround | 1 to 4 business days |
Availability | Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia |
Fees | Origination fee of 1.85% to 9.99% |
Other fees | $10 late payment fee |
Upgrade doesn’t state what its minimum credit score and income requirements are. But it does say that you’ll need to meet these minimum requirements to qualify:
Once you get past the preapproval stage and want to apply formally with 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.
Upgrade is known for its streamlined application process. Here are the steps to get started:
View these top lenders or choose two or more and select Compare to see how they stack up.
Upgrade personal loans
8 Great
APR
7.99% to 35.99%
Loan term
2 to 7 years
Loan amount
$1,000 to $50,000
Min. credit score
580
Best Egg personal loans
8.6 Great
APR
7.99% to 35.99%
Loan term
3 to 5 years
Loan amount
$2,000 to $50,000
Min. credit score
640
Achieve personal loans
6.8 Standard
APR
8.99% to 29.99%
Loan term
24 to 60 months
Loan amount
$5,000 to $50,000
Min. credit score
620
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 BBB 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 have also left complaints about Upgrade on the BBB site, which is typical for a financial services company with a high transaction volume. These less-happy customers report billing errors, loans that were denied after preapproval and a lack of communication around payment due dates and policies.
Yes, Upgrade is a legit online lender. 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.
While Upgrade doesn’t have a stated minimum credit score requirement, online sources suggest it’s around 580. However, you can always prequalify with Upgrade regardless of your credit score. Doing so doesn’t affect your credit.
No. But these lenders are sometimes confused with each other because their names and loan products are similar. Both cater to bad and fair credit borrowers and charge origination fees. However, Upstart has a lower starting interest rate than Upgrade.
Upgrade has several discounts. You could snag a discount by setting up autopay on your loan, using all or part of your loan proceeds to pay off your creditors, by securing the loan with your car or by applying with a creditworthy co-applicant.
No. Upgrade is a lending platform that offers personal loans through its bank partners, Cross River Bank and Blue Ridge Bank.
Yes, Upgrade has a debt payoff loan option where it arranges to pay your creditors for you. This can save you the effort of having to send funds out of your bank account.
You can contact Upgrade by calling (844) 319-3909 Monday to Friday, 5 a.m. to 7 p.m. PT, or on weekends from 6 a.m. to 5 p.m. PT. You can also send an email to support@upgrade.com.
Anna Finder
Editor
You are about to post a question on finder.com:
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
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
Leslie
September 01, 2018
Can I make a lump sum payment on my upgrade loan