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Upgrade Personal Loans Review

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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.
 
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How is Upgrade rated?

Breakdown

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

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 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. 

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 9.99%-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
8.49%- 35.97%
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 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. 

† 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
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Customer Comments

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E
Elizabeth E
11/25/2020
Easiest loan I’ve ever gotten. All online, no phone conversations. One bank statement and two paystubs is all that I supplied. Credit score of 680 and consolidating credit card debt and no questions asked. Received funds within a week.
6 People found this helpful.
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ugkpin
5/12/2020
Like so many other comments I thought I was scammed as well because it took forever for them to get back with me. So, emailed them and twice got that my application was still being processed. With this COVID-19 affecting so many people's employment and finances, I believe everyone is looking for help. I then called and my information was pushed through and two day later my loan was in the bank. Now, I'm just that closer to being debt free. Despite the three week wait, Upgrade came through just in time .
6 People found this helpful.
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prilbro5472
5/18/2019
Fast and easy process. People were great to work with and money went right to my bank. They also give the option to take care of your bills for you.
6 People found this helpful.
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A
Ann M
10/28/2018
I doubted I would be approved as my credit score, to my knowledge was 595. But in about 4 days I found out my Loan was approved, and in three more days my loan was in my bank account ready to pay of higher interest credit card debt. I spoke with Upgrade staff several times in the course of providing documentation; they were professional and courteous at all times, and very helpful. I was skeptical of internet funding, but they seem to be a legitimate company and I am saving 6% interest on my credit cards--well worth the small loan origination fee (approx. $240.00) in my specific case.
6 People found this helpful.
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F
frankie
9/17/2021
Initial application process was very easy and fees very clear, HOWEVER, the whole process took over 2 months due to complete lack of communication that one of my forms did not upload in their system, although it showed received on my end. I waited...and waited...and waited. For a month, then called in (waited on hold for 1/2 hour) to get a representative. The representative was VERY nice, but informed me that they had not received any supporting documentation, and that I also needed to upload another document, which did upload properly. Then I waited...and waited...and waited...another 2 weeks. Called BACK and reached another representative - only about 10 minutes this time, who was also... Read More
5 People found this helpful.
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S
Stacey M
6/2/2021
I thought this was a scam or something but I applied and it was deposited in my account 2 days later. I was shocked but Im glad I needed that 5k
5 People found this helpful.
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nzingaknight52
5/17/2021
I was approved for a 10,000 loan; yes the process was fast and they deposited the money the next day. However, lets look at the numbers my credit score is a 703 but they indicated 689. my first payment of 461 was due and paid but when I reviewed the payment it looked likes this $179.90 principal and 240.74 in interest. REALLY! I'm not keeping this loan for three years. I will be paying it off in 3 months.
5 People found this helpful.
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B
Barbara
2/9/2021
Super easy loan process . All done on my smart phone. Interest. rate was the best offer I got. Money was transferred to CC Company and into my checking. Very fast and easy.
5 People found this helpful.
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B
Brian P
10/7/2019
Extremely easy process and funded in a few days. Customer service was very helpful and answered all my questions
5 People found this helpful.
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big2007sky
10/5/2021
Company misled me on a personal loan. Stated I was pre-approved then rejected after submitting proof of income even after stating income during pre-approval process. Placed me on hold and left me hanging for over an hour with no answers. I have a good credit score but heavy CC debt so I was hoping for a personal loan in order to reduce CC interest. They ‘recommended’ I apply again even after being denied. Sure. Nothing like taking another credit report hit on broken potential promises. Customer service is well below average. Usually I’m smart enough to smell predatory lending but the legitimately thought they were giving me some help to get back in my feet. Never again.
4 People found this helpful.
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Personal loans from $1,000 to $50,000

  • Loan APR range: 9.99%- 35.99%
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  • Transparent terms and absolutely no prepayment penalties
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