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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 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
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Customer Comments

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Randy C
9/2/2021
Hello Loan Services, I called and canceled my loan before funds were deposited into my UW checking account. The lady from customer service informed me during the call that the loan was officially canceled. Then the lady went onto say that I should call my bank to stop the deposit. So one moment, you are telling me the loan is canceled then the next moment she tells me I should call my bank to stop deposit. If she wasn't sure, then she should of consulted with her Supervisor on directions before giving me false information. Very very frustrating and confusing. Then I go back to work thinking and trusting your in place systems. Just to find out after work, the... Read More
3 People found this helpful.
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earningonline9565
8/5/2020
In my case, I applied through the Nerd Wallet portal, which suggested that I should try to get a loan rather than another credit card in my case, since I was doing consolidation anyway. They did come through for me; the total approval process was fairly quick, for which I'm grateful, which was around 3-4 days. They did send the money as directed, to several card accounts, and the difference was sent to my checking account; it was very helpful and appreciated overall. I would like to suggest though, for the company, if anyone from the bank ever reads these comments, the following: 1. At the moment that a true "hard pull" is going to be generated, for the sake of consumer clarity... Read More
3 People found this helpful.
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michaeldanielpayne
7/20/2020
Do not apply here if you are self employed! The offered me $2000 preapproved through my Experian account. Then when I reported I am self employed, they dropped it to $500 approval. I wasn't interested in this for the money, I just wanted an additional account to make small purchases and continue to build my credit. My credit score is almost 700 and I have tons of credit available with a utilization rate of 17%. I was approved for an Amex Card yesterday with ZERO issues. After I accepted the $500 offer, they then asked me for ID front, ID back, selfie photo, TWO YEARS OF TAX RETURNS, and TAX TRANSCRIPT DOCUMENT ORDERED FROM THE IRS. If this wasn't rediculous enough for a... Read More
3 People found this helpful.
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L
LBD
6/4/2019
I was very impressed with how quick the process was from beginning to end. I applied and within 4 days received the funds. All of the documentation was available and expectations were clear.
3 People found this helpful.
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R
Rob
3/26/2022
Look, at the end of the day there is a bank in New Jersey underwriting these loans & lines of credit. Upgrade is merely an unnecessary layer of fact-finding that plays on the borrower's assumption of internet peer-to-peer-like convenience. You would be no worse off, and likely do better, at a local credit union. There is no P2P anymore. What started out as a good idea has been completely taken over by bankster go-betweens and algorithms even they can't define. And a word about 'Pre-Approvals'... At the top of this page an editor has rightly pointed out that not all pre-apps end up getting loans. However, this begs the question: how are pre-apps determined? Because it seems to me... Read More
2 People found this helpful.
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harleydavis085
9/6/2021
False advertiser. Get u to pull your credit through pre approval and then don't offer what u were pre-approved as excellent for. I have excellent credit. False advertiser that lowers your credit and gives a let down result after
2 People found this helpful.
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Robert L
6/10/2021
Waiting for a loan approval for only $2000 for 2 weeks. No response from emails to support. No telephone number to contact.......752 credit score and no debt I am in limbo for $2000
2 People found this helpful.
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D
Dyana K
6/5/2021
Very easy process. No surprises. Loan was funded within days. My only challenge is not being able to reach anyone by phone. Getting questions answered is difficult. But overall happy with the process.
2 People found this helpful.
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sabbiral1
6/4/2021
I submitted my application for a loan. Now I am stuck. The application has not been processed for 4 days now. I have been on hold to speak to an agent for hours for last 3 days. No one answers. Such a crappy customer service!! Garbage!! Garbage!! Garbage!!!!!
2 People found this helpful.
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sabbiral1
6/4/2021
I submitted my application for a loan. Now I am stuck. The application has not been processed for 4 days now. I have been on hold to speak to an agent for hours for last 3 days. No one answers. Such a crappy customer service!! Garbage!! Garbage!! Garbage!!!!!
2 People found this helpful.
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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
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