We receive advertising fees from the brands we review that affect the ranking and scoring of such brands.
Advertiser Disclosure
Upgrade Personal Loans Logo

Upgrade Reviews

8.7

bestfor-icon Borrowing small sums if needed

andrewo
Written by Andrew Omalley

About Upgrade | Read More

9

LS Score

9

Credibility

9

Support

8

Accessibility

Visit Site
Opening Hours Opening Hours drop-down-btn
Mon-Fri 5am-7pm PT
Sat-Sun 6am-5pm PT
Contact Information Contact Information drop-down-btn
  • support@upgrade.com
  • (844) 319-3909
  • Headquarters: 275 Battery Street, 23rd Floor San Francisco, CA 94111, USA
Social Media Social Media drop-down-btn
facebook-icon twitter-icon instagram-icon linkedin-icon

Upgrade Personal Loans Review

Upgrade deals with people who are looking to get a personal loan in most states and will cater to a wide range of needs. The useful mobile app can be used to manage your loans with there being a lot of flexibility when it comes to repayments.

Upgrade Personal Loans Highlight

580

Min Credit Score

8.49-35.97%

APR. Fixed Rate

$1K-$50K

Loan Amount

24-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

1.85-9.99

Origination Fee

None

Prepayment Fee

1 days

Funding Time

Pros & Cons

drop-down-btn
  • con-icon Offers a small minimum loan amount
  • con-icon Deals with credit scores of at least 580
  • con-icon No early prepayment fee
  • con-icon Quick time to funding
  • con-icon Solid mobile app to manage loans
  • con-icon Charges origination fee
  • con-icon Late fees in place

Loan Purpose

drop-down-btn
  • Credit Card Refinance
  • Debt Consolidation
  • Home Improvement
  • Major Purchase

Loan Type

drop-down-btn
  • Secured Personal Loans
  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans
View rates

Upgrade Personal Loans Terms & Requirements

You are able to choose between a fixed rate and variable rate loans. There are also different term lengths you can choose between. Upgrade will usually deal with people who have a credit score of at least 580. Available loan sizes will be between $1,000 and $50,000.

Upgrade does not currently charge any early prepayment fees, but there is a 1.85% to 9.99% origination fee in place when you initially take out a loan. The origination fee is instantly deducted from the borrowed sum.

If you miss a payment, you will be charged a late fee. Generally, the max debt-to-income (DTI) ratio allowable will be 75%. If you’re consolidating debt, you will have the option to make direct payments to creditors. You will also be able to change your monthly payment due date as you see fit.

Qualification Requirements

  • Living in a participating state
  • Credit score of at least 580
  • Certain income requirements
  • Max 75% DTI
  • US citizen or permanent resident 

Required Information

  • Primary loan purpose
  • Current address
  • Loan amount required
  • Social Security Number
  • Country of citizenship
  • Monthly expenses
  • Bank account information

Application Steps & Time Frames

The process of getting a loan from Upgrade is very simple. There are three main steps that you are going to have to follow and you will then be good to go. You can fill out the initial application online in just a few minutes.

There is no obligation in place at this point in time and no hard credit check, you will then be presented with all of the available loan options.

You can figure out which of these options is the best fit for your needs. Once you have then officially applied for a given loan, you will be subject to a hard credit check.

You will be then required to accept a loan offer. Once everything has been verified, you should then get credited with the borrowed sum within a day of approval.

State Availability

- Available in all states

Upgrade Debt Relief Review

Upgrade allows people to consolidate their debt through a personal loan. The online lender aims to help people get better control over their existing debt, as well as hopefully reduce their overall rate. The ultimate goal is to get out of debt at a faster rate.

Upgrade Debt Relief Highlight

580

Min Credit Score

$1K

Minimum Debt Amount

$1K-$50K

Loan Amount

8.49-35.99%

APR. Fixed Rate

8.49-35.99%

APR. Variable Rate

24-84 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

1.85% to 9.99%

Origination Fee

None

Prepayment Fee

1

Funding Time

Pros & Cons

drop-down-btn
  • con-icon No application or prepayment fees
  • con-icon Easy loan application process
  • con-icon No credit score minimum
  • con-icon Check rates without a hard credit check
  • con-icon All loans come with a 1.85% to 9.99% origination fee
  • con-icon Interest rates are higher than some competitors
  • con-icon Limited repayment period of 36-60 months

Debt Relief Product Types

drop-down-btn
  • Debt relief consultation service
View rates

Upgrade Debt Relief Terms & Requirements

There are some great customization options available through the debt consolidation loans at Upgrade. You are able to choose how much you pay each month, which will alter the term length of the loan. The options when it comes to term lengths generally range between 24 months and 84 months, which provides plenty of flexibility.

Upgrade charges a 1.85% to 9.99% origination fee, which will be deducted from the total loan sum you get. There are also late fees in place, but you will not be charged any penalty for paying off your debt at an earlier point in time.

You can borrow as little as $1,000 and up to $50,000 through Upgrade. There are both fixed and variable rates available, while the minimum acceptable credit score will usually be around 580.

How to Apply

There are three core steps involved with getting debt relief through Upgrade. You will initially need to go through a simple application process. This will take just a few minutes and you will not be subject to a hard credit check at this point in time.

You will be shown a number of different loan options. You can figure out which one of these options is going to be most in line with your debt consolidation needs.

Qualification Requirements

  • Living in a participating state
  • Credit score of at least 580
  • Certain income requirements
  • Max 75% DTI
  • US citizen or permanent resident

Required Information

  • Primary loan purpose
  • Current address
  • Loan amount required
  • Social Security Number
  • Country of citizenship
  • Monthly expenses
  • Bank account information

Application Steps & Time Frames

Once you select a given offer, you need to accept its terms and submit a formal application. This sees you submitting to a hard check and providing documentation to verify important info. Once all of the proper verifications have been completed, you will then usually get your funds within a single business day.

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

faq-icon

FAQ’s

Does Upgrade offer 24/7 customer support?

While there is no 24/7 customer support at Upgrade, you will be able to get in touch with the support team every day of the week during certain hours.

Is there an Upgrade mobile app?

Yes, you can download the Upgrade app from the iOS or Google Play Store. It can be used to manage your Upgrade products.

What are common uses for Upgrade personal loans?

Many people use Upgrade personal loans to refinance credit cards, consolidate debt, make home improvements, and to make major purchases.

Customer Support

There is plenty of good support available to Upgrade customers. As this is an online lender, everything is going to be done in a way that is hands-off, so you don’t need to physically go to a location to resolve your issues.

Unlike certain lenders, the Upgrade support team works 7 days a week, so you can always have someone at hand at some point during the day to help you with your issues. There are many ways to contact the support team. Generally, the responses tend to be high quality and extremely helpful, as well as being prompt.

 

Privacy & Security

Upgrade’s privacy policy states that they do not sell or share user information with financial companies, affiliates, or other parties. Additionally, Upgrade uses security measures and safeguards that comply with federal law to ensure user personal information is not breached.

It has a five-star rating with the Better Business Bureau, with the reviews from customers being very good for the most part. Since launching in 2016, it has helped more than one million customers to borrow over $19 billion. Therefore, it is a reputable company that is well able to cater to your needs in a safe and secure manner.

In Conclusion

Upgrade is definitely one of the leading options if you are looking for a personal loan or debt relief. It has a wide range of different options for its users, allowing you to find a specific product that fits your exact needs. Upgrade caters to people who are looking to borrow small and big sums alike, as well as catering to relatively low credit scores.

Brand Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-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 1.85% to 9.99% 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 lending partners can be found at https://www.upgrade.com/lending-partners/.

Fast Funding Disclosure: *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.