Upgrade offers personal loans in most U.S. states with amounts ranging from $1,000 to $50,000. Beyond loans, the company provides credit cards, a rewards checking account, and free credit monitoring tools.
APRs range from 7.74% to 35.99%, and borrowers can pre-qualify with a soft credit pull that won't affect their score. Upgrade accepts credit scores as low as 580, making it one of the more accessible online lenders for borrowers with fair credit.
How We Rate Upgrade
At Financer, all lenders go through a thorough research and review process. Here's how we rate Upgrade:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Upgrade?
Yes, we recommend Upgrade as a legitimate personal loan provider. They work with bank partners to offer competitive rates, and their fast application process makes them a solid option for borrowers with fair to good credit. Skip to our full review below to see how we rate Upgrade across all categories.
Upgrade Overview
Founded in 2017 by Renaud Laplanche (who also co-founded LendingClub), Upgrade has grown into one of the larger online lending platforms in the U.S. The company partners with banks and credit unions to fund its loans.
Upgrade isn't just a lender. They've built a full financial ecosystem that includes personal loans, credit cards, a rewards checking account, and free credit monitoring tools.
Here's a quick summary of Upgrade:
| Overview | Details |
|---|---|
| Loan type: | Personal loans (unsecured and secured) |
| Loan amount: | $1,000 - $50,000 |
| Loan term: | 24 to 84 months |
| APR: | 7.74% - 35.99% |
| Min. credit score: | 580 |
| Origination fee: | 1.85% - 9.99% |
| Late fee: | $10 per late payment |
| Funding speed: | As fast as 1 business day |
| Requirements: | 18+ years old, U.S. citizen or resident, active bank account, regular income, valid email and phone |
Who Is Upgrade Best For?
Upgrade personal loans work best for borrowers who have fair credit scores (580-669) and need funds quickly. The platform is particularly useful if you want to consolidate high-interest credit card debt, since Upgrade can pay your creditors directly.
Upgrade is a good fit for borrowers who:
Have fair or challenged credit (scores as low as 580)
Want to consolidate credit card or other unsecured debt
Need a co-borrower or joint application option
Want fast funding (as soon as one business day)
Prefer a lender that also offers credit monitoring tools
Upgrade personal loans are typically unsecured, but the company may offer eligible applicants a secured loan option to improve approval odds or access a lower rate.
Keep in mind that Upgrade does not offer loans in Iowa, West Virginia, or Washington, D.C. Loan amounts in Colorado start at $3,001.
Upgrade Pros and Cons
Pros
Accepts credit scores as low as 580
Loan amounts from $1,000 to $50,000
Funding as fast as one business day
Joint and co-borrower applications available
No prepayment penalties
Checking account holders get up to 20% lower rates
Free credit monitoring through Credit Health Tools
Upgrade shines with its accessibility and speed. The pre-qualification process uses a soft credit pull, so checking your rate won't hurt your score. Direct creditor payments for debt consolidation are a nice bonus.
Cons
Origination fees of 1.85%-9.99% are deducted from loan proceeds
APRs can reach 35.99% for lower credit scores
Not available in Iowa, West Virginia, or Washington, D.C.
Best rates require Autopay and direct debt payoff
Maximum loan cap of $50,000 is lower than some competitors
The origination fee is the biggest drawback. It gets deducted from your loan amount upfront. For example, a $10,000 loan with a 5% origination fee means you only receive $9,500 in your account, but you still repay the full $10,000 plus interest.
Products Offered
Upgrade has expanded well beyond personal loans. Here is the full lineup of products:
Personal loans - $1,000 to $50,000 for debt consolidation, home improvements, or major purchases
Lines of credit - Flexible borrowing with a draw period
Auto refinance - Refinance your existing car loan for potentially lower rates
Credit cards - Several cards including Cash Rewards, Triple Cash Rewards, and Bitcoin Rewards
Rewards Checking - Earn cash back on everyday purchases with rate discounts on Upgrade products
Credit Health Tools - Free credit score monitoring with weekly updates
Upgrade Credit Cards
Upgrade also offers a range of credit cards. All cards carry $0 annual fees:
| Card | Annual Fee | APR | Key Feature |
|---|---|---|---|
| Upgrade Cash Rewards | $0 | 14.99%-29.99% | Unlimited 1.5% cash back on payments |
| Upgrade Triple Cash Rewards | $0 | 14.99%-29.99% | 3% cash back on Home, Auto, and Health |
| Upgrade Bitcoin Rewards | $0 | 14.99%-29.99% | 1.5% back in bitcoin on payments |
| Upgrade Card | $0 | 14.99%-29.99% | Basic card with no annual fees |
Upgrade Rewards Checking
The Upgrade Rewards Checking account offers cash back on everyday expenses. The real benefit is the rate discount - checking account holders get up to 20% lower rates on Upgrade loans and cards.
Upgrade also provides free credit monitoring through their Credit Health Tools. You get weekly credit score updates, email alerts when something changes, and educational resources to help you understand what impacts your score.
How Upgrade Works
Upgrade launched in 2017 and has processed millions of loan applications since. The company works with bank partners to fund loans, which means the actual lender on your loan agreement will be one of Upgrade's partner banks.
The platform is designed for borrowers with fair to good credit. You'll need a minimum FICO score of 580, though borrowers with scores above 700 will qualify for significantly better rates.
Upgrade Loan Requirements
To apply for an Upgrade personal loan, you need to meet these basic requirements:
Minimum credit score of 580
At least two accounts showing on your credit report
Debt-to-income ratio of 75% or lower
U.S. citizen or permanent resident
At least 18 years old
Active bank account with regular income
Self-employed borrowers can still apply, but expect to submit additional documentation. Upgrade typically asks for two years of tax returns and recent bank statements to verify income.
Meeting these requirements does not guarantee approval. Upgrade considers your full financial picture, including your income, existing debt obligations, and credit history.
Rates, Fees, and Payment Terms
APR and Origination Fees
Upgrade's APR ranges from 7.74% to 35.99%. The lowest rates are reserved for borrowers who enroll in Autopay and agree to pay off existing debt directly through Upgrade.
Origination fees range from 1.85% to 9.99% and are deducted from the loan proceeds. So if you borrow $10,000 with a 5% origination fee, you receive $9,500 in your account but repay the full $10,000 plus interest.
Example: A $10,000 loan with a 36-month term and 17.59% APR (which includes a 13.94% yearly interest rate and a 5% origination fee) would have monthly payments of about $342. The total cost over the life of the loan would be approximately $12,293.
Use a loan calculator to estimate your specific monthly payment before you apply.
Payment Terms
Repayment terms range from 24 to 84 months (2 to 7 years). A $10 fee is charged for late payments (if not received within 15 days of the due date) and for returned payments. There are no prepayment penalties, so you can pay off your loan early without extra charges.
How to Apply for an Upgrade Loan
Check your rate
Visit the Upgrade website and complete a short application. You'll see potential loan offers within minutes. This step uses a soft credit pull, so it won't affect your credit score.
Choose your loan
Review the loan options available to you. Compare amounts, terms, and monthly payments. Select the offer that best fits your budget and financial goals.
Get funded
Accept your offer and complete the verification process. Upgrade may request income documentation, ID verification, or bank statements. Once approved, funds are typically deposited within one business day.
How Financer Rates Upgrade
Upgrade earns solid marks for its accessible lending approach and straightforward application. The company accepts borrowers that many traditional banks would turn away, and the pre-qualification process makes it easy to check rates without commitment.
That said, the origination fees are higher than what you'll find at some competitors. If you have excellent credit (740+), you can likely find lower APRs elsewhere. Upgrade's sweet spot is borrowers in the 580-700 FICO range who need funds quickly.
Reputation
Upgrade holds an A+ rating with the Better Business Bureau. The company was founded by Renaud Laplanche, who previously co-founded LendingClub, one of the first major online lending platforms.
Borrower feedback is generally positive. Users consistently praise the fast application process and quick funding timeline. The most common complaints involve origination fees being higher than expected and occasional credit line adjustments on credit card products.
Website and Functionality
Upgrade's website is clean and easy to navigate. The three-step application process takes less than 10 minutes, and you see loan options immediately after submitting.
The mobile experience is smooth, with a well-designed app that lets you manage payments, check your credit score, and track your loan balance. Account login is straightforward and secure.
Customer Support
Upgrade offers customer support by phone and email. Response times are generally quick, though live chat is not available. Phone support is a standout for an online lender, as many competitors only offer email or chatbot support.
Customer service representatives are knowledgeable about loan terms, the application process, and troubleshooting account issues.
Does Financer Recommend Upgrade?
Yes. Upgrade is a legitimate, well-established lender that fills an important gap in the market for borrowers with fair credit. Their product ecosystem (loans, cards, checking, credit monitoring) creates genuine value beyond just the loan itself.
The biggest consideration is cost. Origination fees and potentially high APRs mean you should compare Upgrade against other personal loan options before committing. Use our comparison tool to see how Upgrade stacks up against other lenders.
Upgrade Alternatives
If Upgrade doesn't fit your situation, several alternatives are worth considering. Here's how they compare:
| Lender | Loan Amount | APR | Max. Term | Min. Credit Score |
|---|---|---|---|---|
| PersonalLoans.com | $1,000 - $35,000 | 5.99%-35.99% | 6 years | 580 |
| Upstart | $1,000 - $50,000 | 6.4%-35.99% | 5 years | 300 |
| CashUSA.com | $500 - $10,000 | 5.99%-35.99% | 6 years | 580 |
| Prosper | $2,000 - $50,000 | 6.99%-35.99% | 5 years | 640 |
More Upgrade Reviews
What Users Are Saying
Upgrade holds strong ratings across major review platforms. Borrowers frequently mention the simple application, fast approval, and clear loan terms as positives. The most common complaints relate to origination fees and rate variability based on creditworthiness.
Add Your Rating
Have you used Upgrade? Leave your review now and help other borrowers make informed decisions.
Disclaimer: Personal loans made through Upgrade feature APRs of 7.74%-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/.
Frequently Asked Questions About Upgrade
Is Upgrade legit?
Yes, Upgrade is a legitimate lending platform founded in 2017 by Renaud Laplanche, who also co-founded LendingClub. Upgrade holds an A+ rating with the Better Business Bureau and partners with FDIC-insured banks to issue loans. The company is headquartered in San Francisco with additional offices in Phoenix, Montreal, and Chicago.
What credit score do you need for an Upgrade loan?
Upgrade requires a minimum credit score of 580 to apply. You also need at least two accounts on your credit history and a debt-to-income ratio of 75% or less. Borrowers with higher credit scores will qualify for lower APRs and better loan terms.
Does Upgrade do a hard credit pull?
Upgrade does a soft credit check when you pre-qualify, which does not affect your credit score. If you accept a loan offer and proceed with the full application, Upgrade will perform a hard credit inquiry at that point, which may temporarily lower your score by a few points.
How long does it take to get funded by Upgrade?
After accepting a loan offer and completing verification, funds are typically deposited into your bank account within one business day. The full process from application to funding usually takes 2-5 business days, depending on how quickly you provide any requested documentation.
What are the risks of an Upgrade loan?
The main risks include origination fees of 1.85% to 9.99% that reduce your loan proceeds, and APRs that can reach 35.99% for borrowers with lower credit scores. Late payments incur a $10 fee and can negatively impact your credit score. Make sure the monthly payment fits comfortably within your budget before borrowing.
Is Upgrade better than Upstart?
Both lenders serve different needs. Upgrade accepts credit scores as low as 580 and offers loans up to $50,000 with terms up to 84 months. Upstart uses AI-based underwriting and may approve borrowers with limited credit history. Upgrade offers more product variety (cards, checking, credit monitoring), while Upstart may offer lower rates for some borrowers. Compare both to find the best fit for your situation.
