Upgrade is an online lending company that was started in 2016. It provides personal loans for all types of consumers, such as those looking to consolidate debt, refinance their credit cards, fund home improvements, and make big purchases. You can also sign up for free credit score monitoring, which is a credit health tool that helps you better understand your credit score, get customized recommendations, and even receive weekly updates to track your progress.
Upgrade has also recently rolled out a personal credit line which works similarly to a credit card but differs in that it comes with a fixed rate for each draw. This can especially be useful for those who do not qualify for a personal loan but still need access to quick funds.
Upgrade Loan Types and Terms
|Loan amount||$1,000 – $50,000|
|Repayment terms||36-60 months|
|Minimum credit score||600|
|Lender type||Marketplace Lender|
Who Upgrade is Good For
- Consolidating Debt
- Major Purchases
- Refinancing Credit Cards
While Upgrade’s APR rates (ranging from 5.99%-35.89%) aren’t the lowest out there, if you have a fair credit score and financial profile, you may be able to lock in a lower interest rate than what you’re already paying on your credit cards. This makes it a great option when it comes to refinancing or consolidating debt.
Borrowers can also benefit from obtaining quick funds to pay for a major purchase, such as home renovations or a vacation.
Upgrade has no minimum credit score needed to apply, meaning they’ll take your entire financial profile into consideration—including credit history, score, employment status, income, etc—when determining your APR and whether or not you get approved.
- No application or prepayment fees
- Easy loan application process
- No credit score minimum
- Helpful online tools, such as free credit score monitoring and personalized recommendations
- You can check rates without a hard credit check
- Once approved, borrowers will receive funding within 1-4 business days
- Interest rates are all fixed, meaning borrowers won’t have to worry about their rate increasing over time.
- All loans come with a 1.5% to 6% origination fee
- Interest rates are higher than some competitors
- Not available in all 50 states, including CO, IA, MD, VT, and WV
- Limited repayment period of 36-60 months
- Forgetting to include any necessary documents in the application process could delay your approval.
How to Apply
Upgrade makes it easy to apply for a personal loan and the process only takes a couple of minutes. After filling out some basic information, such as your name, location, and income, you can get pre-approved for a personal loan or a personal credit line and find out your rate. Additionally, you can get rates with only a soft credit check, which will not affect your credit score.
Once you select the offer you’ve qualified for, Upgrade will then conduct a hard credit check to view your financial profile and make a decision. If you are approved, you can expect funds transferred directly to your bank account within 1-4 business days.
Terms & Requirements
Upgrade currently offers two loan products: personal loans and personal credit lines. Let’s take a look at the terms and requirements involved for their primary product, personal loans.
- Upgrade does not have a minimum credit score. Loan approval is based a borrower’s entire financial profile, including credit score, credit history, income, and more.
- To be eligible for an Upgrade personal loan, borrowers must be a U.S. citizen, permanent resident, or living in the U.S. on a valid visa. They must be at least 18 or 19 years old (depending on the state) and able to provide a valid email address and bank account.
- Upgrade does not charge a prepayment or application fee
- Personal loans come with a 1.5% to 6% origination fee
- APR ranges from 6.98%-35.89%
- A personal loan amount ranges from $1,000 to $50,000
- Failed payment attempts will incur a $10 fee from Upgrade
- Late fees also incur a fee of up to $10, which is assessed once per late payment
- Repayment term is between 36-60 months, which is pretty limited. Borrowers can likely find other personal loan providers offering a longer repayment period if need be.
Privacy & Security
Unlike many other online personal loan lenders, Upgrade does not offer a live chat feature. They do, however, provide an email address, phone number, and social media accounts to get in touch.
When sending an email inquiry to Upgrade to test their response time, Upgrade replied in 27 minutes.
While Upgrade has only been in the personal loan game for a few years and is still unavailable to all 50 states, it can be a good option for those who need to secure a personal loan quickly, since it only takes 1-4 business days to receive funds.
Their loans are also a good option for those with a fair credit score who may be able to secure a lower interest rate. Just keep in mind that their limited repayment terms prevent borrowers from taking advantage of lower monthly payments, even if that means paying less interest in the long-run.
Overall, Upgrade is a decent option for obtaining a personal loan, but if you have a high credit score and a solid financial profile, you can probably find better rates with another online lender.
275 Battery Street
San Francisco, CA 94111
Disclosure: Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.