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Upgrade personal loans review

Last updated:  

Borrow up to $50,000 with this up-and-coming lender.

finder.com’s rating: 4.4 / 5.0

★★★★★

  • Best for getting a personal loan quickly.
  • Pick something else if you don't want to pay a high origination fee.

$50,000

Max. Loan Amount

6.98% to 35.89%

APR

600

Min. Credit Score

Details

Product NameUpgrade Personal Loans*
Min. Loan Amount$1,000
Max. Loan Amount$50,000
APR6.98% to 35.89%
Interest Rate TypeFixed
Min. Credit Score600
Origination Fee1.5% to 6%
Late Fee$10
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround TimeAs few as 1 business day(s)
Go to Upgrade's website

First, am I eligible?

To qualify for an Upgrade personal loan, you’ll need to meet the following requirements at a minimum:

  • US citizen or permanent resident with a valid visa
  • At least 18 years old
  • Valid bank account
  • Valid email address
  • Minimum credit score of 600
  • Monthly free cash flow of $1,000
  • Maximum debt-to-income ratio of 40% — excluding mortgages

Pros

  • Could get funds within a day of clearing verifications**
  • Get preapproved without affecting your credit
  • Hardship program allows you to defer two payments
  • Get access to free credit monitoring
  • Available in 44 states

Cons

  • Only two loan term options: 3 years or 5 years
  • High origination fee that ranges from 1.5% to 6%
  • Must have at least $1,000 in free cash flow a month to qualify
  • Stricter eligibility criteria and more documentation required for self-employed applicants

What states are Upgrade personal loans available in?

Upgrade works with residents of all states except:

  • Iowa
  • Colorado
  • Maryland
  • Vermont
  • West Virginia

Compare Upgrade to other personal loan providers

Updated November 17th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

Upgrade line of credit

Upgrade unveiled a new personal line of credit in April 2018. Credit limits can be as high as $50,000 and you won’t pay any origination fees.

Each time you draw from your line of credit, you may be eligible for a different rate — between 6.49% to 35.89% — depending on the amount and term, which will last anywhere from 12 to 60 months. You’ll only pay interest on the amount you borrow, and since an Upgrade line of credit is unsecured, you won’t have to provide any collateral to borrow.

What do borrowers have to say about Upgrade personal loans?

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.5 out of 5 stars, based on 639 customer reviews
Trustpilot score4.8 out of 5, based on 4,541 customer reviews
Customer reviews verified as of21 August 2019

Overall, borrowers seem happy with the fast application process and Upgrade’s helpful customer service team. However, a few customers complained that Upgrade did a less-than-stellar job of informing them of payment due dates and policies.

How do I apply?

You can apply for an Upgrade personal loan online by following these steps:

  1. Click the Go to Site button on this page to visit Upgrade’s application.
  2. Enter your desired loan amount and select the purpose of your loan. Click Check Your Rate.
  3. Enter information about yourself, including your income and date of birth.
  4. Provide your email and choose a password to create an account.
  5. Review Upgrade’s terms of service and privacy policy. Click Check Your Rate.

What information do I need to apply?

Have the following information and documents on hand before applying:

  • Government-issued identification such as driver’s license or passport
  • Recent pay stubs
  • Recent bank statements

Step-by-step application process with screenshots

What happens after I apply?

After you submit your application, Upgrade assesses your information. If you’re eligible for a loan, you’ll see the rates you qualify for. At this point, you’ll provide supporting documentation to verify your personal and financial information.

Self-employed applicants

If you’re self-employed, it’ll likely be harder to qualify for a loan with Upgrade. Be prepared to provide the following information when you apply:

  • Two years of tax returns. Include all pages and the forms that came with it, such as Schedule K-1, Schedule C, Form 1099 or any other relevant tax form. Upgrade might request a transcript of your tax returns or ask for more documentation.
  • Most recent bank statement. Provide a bank statement from the account that best reflects your personal income — it could be your personal or your business account.
  • Annualized income. Calculate your annual income by adding up your income for the current year, dividing that number by the number of months that have already passed this year and then multiplying it by 12. Then, compare it to last year’s income. If last year’s income is less, use an average of the two years on your application. If it’s more, use this year’s income.
Go to Upgrade's site

How do repayments work with Upgrade?

Your first loan payment is due one month after Upgrade deposits loan funds into your account. Payments are due on the same day each month, but if you run into trouble, Upgrade allows you to change your repayment date or make a partial payment.

Your first payment will be an automatic ACH deduction from the bank account you used to apply for the loan. To change your payment method, log in to your online account and select Manage Payments.

You’ll pay a $10 late fee if your monthly loan payment isn’t received within 15 calendar days of your payment due date. And if your loan payment is more than 31 days past due, it will be reported on your credit. To avoid unnecessary fees and penalties, look into autopay.

Bottom line

An Upgrade personal loan offers access to funds as fast as one day of clearing verifications. However, good credit is required, and the monthly free cash flow requirement could hinder some borrowers. You’ll want to compare other providers and loan options, including personal loan providers like Upgrade, to find what works best for your needs.

Frequently asked questions

Important Information
**Accept your loan offer and your funds will be sent electronically 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 should be available within four (4) business days.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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2 Comments

  1. Default Gravatar
    Leslie
    September 1, 2018

    Can I make a lump sum payment on my upgrade loan

    • AvatarStaff
      Anndy
      September 1, 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

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