Many or all of the companies featured compensate us. Compensation and research may determine where and how companies appear. Learn more
  1. Home
  2. Personal Loans
  3. Upgrade Review

Upgrade Personal Loans Review

450 Customer Comments & Reviews - see all comments
Our content is free because we may earn a commission when you click or make a purchase using our site. Learn more.
Upgrade is a lending company based in San Francisco, California. It is an online lending platform that offers consumers free credit monitoring and access to personal loans of up to $50,000.

The company’s co-founder and CEO Renaud Laplanche is the former head of LendingClub, an online lending company that has lent more than $28 billion to over 2 million borrowers since 2007.
 
VIEW RATES

How Do We Rate Upgrade?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Our Overall Rating: 3.1 / 5 (Very good)

Although Upgrade is a young company, it is already making waves in the online personal loan market thanks to its competitive offerings and streamlined application process. Unlike most personal lending companies, Upgrade focuses on a borrower’s cash flow rather than income, which means people with a lower salary may qualify for a bigger loan based on cash flow.

Upgrade is an overall good choice for borrowers searching for quick access to personal loans with reasonable rates and flexible loan options. 

Upgrade Loan Specifics

Loan Specifics - 4 / 5

Upgrade loans have a flexible price range, ranging from $1,000 to $50,000, and have a fixed term length of 24, 36, 48, 60, 72, or 84 months. They take only minutes to tell customers if they were approved or not for the loan they applied for. If approved, the amount will be directly deposited into a customer's bank account in 24 hours (after clearing verifications).

There are a few things Upgrade loans cannot be used for, including post-secondary education, investments, illegal activities, or gambling of any kind.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$1,000.00
Loan Maximum
$50,000
Term Length
24, 36, 48, 60, 72, or 84 months. 
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
Undisclosed
Disbursement Time
Within 1 business day†
Credit Insurance
No
Unemployment Protection
No

Representative Loan Sample

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-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/.

Upgrade Qualification

Qualifications & Flexibility - 3.5 / 5

Upgrade does a soft credit check first to get customers rates they qualify for. Then, once the customer applies for an specific loan, they do a hard credit pull on their score. Upgrade loans require a minimum FICO score of 620, but applicants should keep in mind that Upgrade also looks at how much money they have left at the end of the month after expenses. This means applicants with lower scores might be approved for better rates if they have enough cash flow.

Applicants must have at least $1,000 left to be approved for a loan.
Minimum FICO Score
620
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
40% maximum debt-to-income ratio excluding mortgage
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes

Upgrade Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Upgrade offers loans within a 7.99%-35.99% APR range. A customer's actual rate will depend on their credit score, credit usage and history, loan term, and other factors.

The best rates are only available for applicants with excellent scores and who authorize automatic payments.

They charge an origination fee of 1.85 to 9.99%, and will charge customers a $10 fee for any failed electronic or check payment attempts.

If you miss your payment with Upgrade, they will charge up to $10.
APR Range
7.99%- 35.99%
Origination Fee
1.85 to 9.99%
Missed Payment Penalty
Up to $10 if your payment is not received in full within 15 calendar days of your payment due date

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Upgrade Reputation

Customer Service and Reputation - 3.5 / 5

Upgrade is a BBB-accredited business and has an outstanding A+ rating and 868 customer reviews with them.

It also has an excellent 4.8 out of 5 Trustpilot score, and only 4 complaints on the CFPB. This is noteworthy considering Upgrade was founded only recently, in 2016.
Type of Institution
Peer to Peer
Year Founded
2016
BBB Rating
A+
Trust Pilot Rating
4.8 out of 5
Consumer Financial Protection Board (CFPB) Complaints
4
Date Collected
2020-03-25

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-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. 

† Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Headquarters Address
275 Battery Street, 23rd Floor, San Francisco, CA, 94111
Homepage URL
https://www.upgrade.com
What We’re Hearing From Our Readers
Are you a customer of Upgrade Personal Loans?
Submit a comment and tell other people about your experience!
Our Comment GuidelinesTips for Writing Effective Comments
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

Customer Comments

Loading Reviews ...
F
fivsweet
7/9/2022
What an AMAZING company. I am a very satisfied first time customer and all I can say is, you can believe what they say. Very quick, from start to finish maybe seven days. I am going to rate this company a 10.
Was this comment helpful?
HelpfulNot Helpful

adriannelowthert
7/8/2022
My experience is a lot different than most of these comments. I was approved almost immediately and got my money within 3 days. I had a majority of the money sent direct to cc’s to pay them off and remainder to my account for things I needed to do. My payment is less than what I was paying for my cc payments so it all worked out in my favor
Was this comment helpful?
HelpfulNot Helpful

A
Audrey B
7/7/2022
Have used this company 3 times. I have not had a problem and the money arrived to my bank in a timely manner. Interest rates are not that bad compared to other places I checked. Payment options are good. I usually pay them back in 3 years, but they also do 5. Without this company, I would not have had the home improvements that I desperately needed. The negative reviews are from people who are not satisfied about anything. I did a thorough check before applying for a loan. First process took a little longer, but it would have been the same at a bank. Submitted all the paperwork they requested and was approved in about a week. The second and third were a breeze, only took 4 days. My... Read More
Was this comment helpful?
HelpfulNot Helpful

deleonpolicek9unit403
7/6/2022
Helped me finalize my fathers passing tied up the loose ends. It was an easy application process. They took care of the rest. Very happy would recommend to friends.
Was this comment helpful?
HelpfulNot Helpful

ragman1944
7/6/2022
When I applied for a loan with Upgrade, I knew my credit score was almost 700 and I have a solid payment history with my financial obligations. I thank them for looking at my overall credit report and approved my loan request in a matter of two business days. I give this company a 4+ rating in customer service Thanks - Richard G.
Was this comment helpful?
HelpfulNot Helpful

j.moralesjr13
7/5/2022
Loved the service the opportunity the rates given the circumstances and the ease of the application process also the incentives of using the debit card thank you all!!
Was this comment helpful?
HelpfulNot Helpful

greatsimondholdings
6/28/2022
I have tried a couple of Banks, In my opinion, Upgrade is one of the best I have seen, Very efficient, easy to work with, I got my loan in 3days, credit card in a day. It was all quick and easy, staffs were always very polite and knowledgeable. Although the interest rate might be a ittle challenging, but it's great that it was easy and simle to get when needed.
Was this comment helpful?
HelpfulNot Helpful

friedrich.ramona
6/28/2022
Simple & Quick application process. Minimal documents required to be sent. FAST!!!!! From application to approval, it took 45 minutes. It took only 1 business day to receive my funds. After receiving my funds I called Upgrade Customer Service with a question regarding Direct Payment to my credit card company & the phone was answered in 1 ring by a pleasant, friendly & helpful representative.
Was this comment helpful?
HelpfulNot Helpful

S
Sean P
6/28/2022
One of the best things customers advocate decisions made easy and viewing rights thanks
Was this comment helpful?
HelpfulNot Helpful

seanhfo
6/28/2022
I don't often write reviews, but thought I would now. I have had 3 loans, and a credit card with UPGRADE and have nothing but good things to say about them. From the time I apply for the loan, I usually receive the money in my account within in a few business days. Their website is easy to use, and they even provide your payoff. The company is legit and transparent. I will definitely continue doing business with them.
Was this comment helpful?
HelpfulNot Helpful

Our Partner

Personal loans from $1,000 to $50,000

  • Loan APR range: 7.99% - 35.99%¹
  • Fast Funding. Money is sent to your bank account within a day of clearing any verifications
  • Transparent terms and absolutely no prepayment penalties
  • Access to free credit monitoring, alerts, and features to help you understand your credit
  • No obligation and no impact to your credit score when you check your rate
  • Dedicated to serving since 2016
READ FULL REVIEW >
VIEW RATES

Related to Personal Loans

Top Articles
Suggested Comparisons