We may receive a fee if you click on the links below. Compensation does not influence rankings. Not all brands are featured. 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 ...
C
Cassandra S
7/1/2024
i just received my loan funds from this company. I am very surprised at how quickly the money hit my account. I also paid off 3 credit cards directly. I am on my way to being debt free (except for this loan!) I really think this company is great! I had to call to activate my debit card and the gentleman I spoke to was polite, knowledgeable and friendly. Great customer service!!
Was this comment helpful?
HelpfulNot Helpful

Dave T
6/26/2024
Will finish a 36 month loan with Upgrade for a home improvement next month, and have already been approved for another 36 month loan for additional home improvements. I have not had any issues with funding of the loans and have been approved in a matter of days. Thank you Upgrade.
Was this comment helpful?
HelpfulNot Helpful

V
Valerie
6/24/2024
I was surprised at how easy it was to apply. Upgrade made it really easy. I would highly recommend
Was this comment helpful?
HelpfulNot Helpful

rocknroger92107
6/23/2024
Probably the easiest loan I’ve ever applied for. The process was very easy. The only thing I had to upload was two of my most recent bank statements. And they even knocked down your percentage if you pay off some of your cards with revolving credit which I took advantage of, and they paid off five cards for me and the rest of the money in my bank account within three business days also, you get to pick the length that you want to pay the loan off, which was very nice. I would highly recommend this company to anybody that’s trying to improve their credit and pay off credit cards that they’ve let get out of hand instead of making minimum payments. You’ll actually pay everything off within 2... Read More
Was this comment helpful?
HelpfulNot Helpful

johnsuggs316
5/29/2024
Easy application process, great communication, fast approval. Thank you Upgrade for the consideration and loan. Highly recommend.
Was this comment helpful?
HelpfulNot Helpful

R
Rose P
5/6/2024
I found some of the requirements for the loan and correction of my mailing address which was an UPGRADE error absolutely rediculous( i.e: a self photo holding up a handwritten note with loan information, balances, interest rate etc with my elbow, face and note showing clearly) to change my checking account mailing address. Another peeving situation was I was pestered daily to fund said checking account with at least $1000 before I even qualified for the loan Also to activate my ATM card which they sent to a wrong address daily. When I received my loan I immediately transferred a large sum to my checking account at Upgrade. It’s been a week and they are still holding the funds “... Read More
Was this comment helpful?
HelpfulNot Helpful

draynoha
4/25/2024
I have been with upgrade for 2.5 years and they are a blessing to deal with. No Hassle, straight forward answers, simple app to deal with once your account is open and started, great % rates for they loans and Savings. I have no complaints and look to them first as I make various financial moves, especially in my home projects.
Was this comment helpful?
HelpfulNot Helpful

blania581
4/22/2024
Easy, fast & friendly staff!! Funds were deposited in my account within a couple of days of being approved!
Was this comment helpful?
HelpfulNot Helpful

L
Linda P
4/15/2024
Received a random Credit Union statement in the mail. Says I have an open account with them. Called them to say I never opened the account and wanted it closed immediately. They said the account was tied to a loan application with a company called Upgrade Loans ,which I didn't do either. Then they hung up on me. I called Upgrade to find out what was going on and they wanted all types of personal info, (SSN, DOB ect.) I told them they had my full name address , email and gave them the account # at the Credit Union. Amazingly they could not locate any account in hmyname unless we provided the personal info. I have credit freezes on all 3 credit Bureau's, Checked my reports and no mention of... Read More
Was this comment helpful?
HelpfulNot Helpful

J
jeffrey g
4/8/2024
This was a quick and easy process that when all was done and said took no more than 3 days to actually see my credit card paid off and a little extra in my account.
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