21 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

  • Personal loans up to $50,000
  • No prepayment fees
  • Credit lines from $500 to $25,000
  • APRs of 8.49%-35.99% APR
Exclamation Mark IconThis company has below average rating which means some customers might have not been satisfied with the service.
Chosen 9,738 times
  • Fast Funding
  • APRs from 4.6%
  • High Acceptance Rate
  • No Repayment Penalty Fees
Chosen 31,181 times
  • Loans from $250 - $35,000
  • Repayment terms from 6 - 72 months
  • Access to hundreds of lenders
  • APRs from 5.99%
Chosen 6,816 times
  • Loans from $200 to $10,000
  • Large network of lenders
  • Repayment up to 12 months
  • Bad credit history accepted

Upgrade Review 2023

Upgrade offers personal loans in most US states and also offers other products such as credit cards and credit monitoring services.

Upgrade personal loans range from $1,000 to $50,000 in all states except Colorado, Iowa, Maryland, Vermont, and West Virginia.

Borrowers can pre-qualify without hurting their credit and the loan application process is quite straightforward.

How We Rate Upgrade

At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate Upgrade:

Application process⭐⭐⭐⭐
Loan terms⭐⭐⭐⭐
Customer support⭐⭐⭐

Do We Recommend Upgrade?

Yes, we recommend Upstart as a reliable lender marketplace. Skip to our full review below and see how we rate Upgrade.

Here’s what we’ll cover in this review:

Want to skip the details? Jump to our final verdict here.

Upgrade Overview

This well-established company has received over 8 million loan applications in the last two years. Upgrade delivers a fast online banking system that makes borrowing a breeze.

Their customer-focused systems make Upgrade an easy option when you’re in need of a personal loan.

Here’s a quick summary of Upgrade:

Loan type:Personal loans
Loan amount:$1,000 – $50,000
Loan term:24 to 84 months
APR:8.49% to 35.97%
Min. credit score:580
Origination fees:From 1.85% to 8.99%
Late fees:$10 per late payment
Weekend payout:No
Requirements:At least 18 years old
U.S. citizen
Active bank account
Regular income
Valid phone number and email

Personal loans are not their only offering. Upgrade also offers credit monitoring which allows you to keep track of your credit score.

They are well-known for their credit consolidation card which allows you to transfer balances from other high-interest cards onto their lower interest rate credit card.

Chosen 1,967 times
  • Personal loans up to $50,000
  • No prepayment fees
  • Credit lines from $500 to $25,000
  • APRs of 8.49%-35.99% APR

Upgrade is ideal for borrowers who:

  • Want to add a co-borrower to their loan application;
  • Have bad or fair credit scores;
  • Want to consolidate credit card or unsecured debts;
  • Need help rebuilding their credit profiles; and
  • Want an affordable and flexible loan. 

With Upgrade you can easily apply online for an affordable loan, get approved, and pay your monthly installments using a mobile app.

Whether you want to consolidate credit card debt, buy a car, start a business, or move out of your parents’ house, Upgrade has a loan that will meet your needs.

Upgrade offers everything from a small loan to settle a debt or a larger loan to buy a car.

Upgrade Pros and Cons

Upgrade offers low minimum loan amounts and direct payments to third-party creditors. There are no prepayment fees and they allow joint applications.


  • High initial sign up fee – 1.5% and 6.0% of your total loan amount

  • They don’t yet offer mobile banking

They charge origination fees and some loans can attract high APRs. Some lenders also offer higher loan amounts than Upgrade which caps it at $50,000.

Products Offered

Upgrade offers a wide range of credit products, including:

  • Personal loans
  • Lines of credit
  • Auto refinance
  • Upgrade credit cards

Upgrade personal loans can be used as debt consolidation loans, to refinance credit cards, or pay for home improvements.

Upgrade also offers a range of cards:

CardAnnual FeeAPRFeatures

Upgrade Cash Rewards
$014.99-29.99%Unlimited 1.5% cashback on payments

Upgrade Triple Cash Rewards
$014.99-29.99%Unlimited 3% cashback on payments for purchases in Home, Auto, and Health categories

Upgrade Bitcoin Rewards
$014.99-29.99%Unlimited 1.5% back in bitcoin on payments

Upgrade Card
$014.99-29.99%Get the credit you need with no fees

The Upgrade Rewards Checking account offers 2% cash back on everyday expenses and 1% cashback on everything else. Customers also receive up to 20% lower rates on Upgrade loans and cards.

With Upgrade, you can monitor your credit score for free by using their Credit Health Tools. It helps you understand your credit score, get weekly updates on your credit score, email alerts, and more.

Who Is Upgrade Best For?

Upgrade personal loans start from just $1,000 up to $50,000, making Upgrade a great option for borrowers looking for smaller loans.

While Upgrade may help borrowers with fair credit get approved, those with higher scores are likely to avoid the high APRs.

An Upgrade loan is typically unsecured, but the company may offer eligible applicants a secured loan to make it easier to qualify or access a lower rate.

When considering Upgrade, keep in mind that the company does not offer loans in Iowa, West Virginia, or Washington, D.C.

How Upgrade Works

Upgrade opened its doors in 2017 and has been helping Americans gain control over their finances easily. An Upgrade loan is ideal for borrowers with fair or bad credit (a FICO score of 689 or lower) or those wanting to rebuild their credit.

Loan Requirements

Lenders approve or decline personal loan applications for a number of reasons, based on various factors.

Although lenders have their own underwriting requirements they typically include reviewing your credit profile and your employment status.

Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is a right fit for you.

Here are the loan requirements when applying for an Upgrade loan:

  • A minimum credit score requirement of 560.
  • A minimum of two accounts on credit history.
  • A maximum debt-to-income ratio of 75% or less.

Example: A loan of $10,000 with a 36-month repayment period and an APR of 23.4% would cost $389 per month. The total interest would be $4,004.

If you’re self-employed, you might want to consider a personal loan from Upgrade. Keep in mind that self-employed applicants will likely have to submit additional documents during the application process than employees.

To qualify for an upgrade, you must submit two years of tax returns and your most recent bank statement to verify your income. It may also ask for additional documentation.

Rates & Fees

Upgrade’s origination fees range from 1.85% to 9.99% per loan and it is deducted from the loan proceeds. If you have excellent credit, you may want to work with a lender that doesn’t charge origination fees.

Upgrade deducts the fee from the loan amount. For example, if you take out a $10,000 loan with a 4% origination fee, you’ll receive $9,600 in your bank account.

The estimated annual percentage rate (APR) on Upgrade loans is between 8.49% and 35.99% APR and loan amounts range from $1,000 to $50,000.

💡 Tip: If you want to find out how much you could repay on your loan, use a loan calculator before you apply.

Payment Terms

The repayment terms for a personal loan are up to 72 months.

Fees are charged for late or returned payments. For returned checks or electronic payments, a $10 fee is charged, and if you don’t make your full payment within 15 days of the due date, a late payment fee of up to $10 will be charged.

How to Apply for an Upgrade Loan

Step 1

Check Your Rate

Visit the Upgrade website and apply online in minutes. See your rate with no obligation or impact to your credit score.

Step 2

Choose your loan

Review multiple loan options and decide which offer is best to help you achieve your financial goals.

Step 3

Get funded

Accept an offer and you should receive the loan funds in your bank account within a day of clearing necessary verifications.

Chosen 1,967 times
  • Personal loans up to $50,000
  • No prepayment fees
  • Credit lines from $500 to $25,000
  • APRs of 8.49%-35.99% APR

How Financer.com Rates Upgrade

Our opinion of Upgrade is positive. They are easy to contact and quick to respond. They have streamlined their application process and have made online borrowing easier than ever.

The Upgrade product offerings are lower in interest than some of their competitors. However, they are definitely not the cheapest lender around.

Their terms are explained well and are simple to understand.

With over $2 billion already extended in credit to their borrowers, they are without a doubt worth considering next time you need a personal loan.

Compare Upgrade with other lenders to find the best loan offering available to you. You can also read Upgrade loan reviews below.

Compare personal loan rates here


With over 8 million applications under its belt Upgrade has perfected the fast application process. They are known to be reliable and easy to contact.

Borrower reviews have found Upgrade to respond promptly via email, text, or call.

Although they are an online-based lender their customer service is easy to contact if you need to speak to a real person.

What sets them apart from other lenders is that they want to provide a service that not only reduces the amount of interest and fees you pay throughout your loan period but helps you increase your credit score for future investments.

Website and Functionality

Based on our experience and the customer feedback we have received Upgrade’s website is simple and easy to navigate.

The simplicity allows you to find the offering you are looking for easily without having to scroll through a lot of junk to find it.

Upgrade has taken a no-nonsense approach to their site. The Upgrade three-step online application process takes less than 10 minutes to complete and you get loan options right away.

Their login facilities are easy to use, clear and concise. They have managed to keep their appearance honest, reliable, and easy to follow.

Customer Support

Their customer support from what we have experienced is good. They don’t offer an online chat but they do respond to emails quickly.

One other positive is they answer their phone which is a big bonus for an online lender.

Their customer service representatives are informed and able to answer any questions regarding the application process or loan terms.

They can take a few working days to reply but their response time is largely timely.

Does Financer.com recommend Upgrade?

Yes. Based on our experience they offer a great service for those who don’t have their finances in order.

They also offer several good resources that help you consolidate debt such as their Upgrade card as well as a credit health service that helps customers actionably improve their credit score.

Upgrade’s straightforward and honest approach ensures that their borrowers know all the terms of their loan agreement and can make an informed decision quickly regarding using their services.

You can read more Upgrade reviews below.


Is Upgrade loans legit?

Yes, although they have only been around since 2017, they are legit. The company might be new to the game, but they are not.

Their co-founders pioneered fintech over a decade ago. They have over 200 staff and 4 offices. They are members of the BBS and Equal Housing Lending.

Does Upgrade check credit?

Yes, they do an initial soft credit check on your credit score when you apply. However, this does not affect your credit score.

Once the application is processed, they will do a full credit check which will have an impact on your credit score.

Can I get a loan over the phone?

No, applications are done via their website upgrade.com

Where is Upgrade located?

Upgrade has four offices San Francisco – Headquarters, Montreal – Engineering Center, Phoenix – Operations Center, and Chicago – Engineering Center.

Where can I read Upgrade reviews?

Read customer reviews about Upgrade at the bottom of this page.

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. The 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. The 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 Alternatives

Here’s a list of alternatives to Upgrade and how they compare:

LenderReviewsLoan AmountAPRMax. Loan TermBad Credit?
PersonalLoans.comView$500 – $35,0005.99-35.99%Up to 6 yearsYes
BadCreditLoansView$500 – $5,0005.99-35.99%Up to 2 yearsYes
CashUSA.comView$500 – $10,0005.99-35.99%Up to 6 yearsYes
Fast5KLoansView$500 – $35,0005.99-35.99%Up to 5 yearsYes

More Upgrade Personal Loan Reviews

What Users On the Web Are Saying

Upgrade gets 4.6 out of 5 stars on Trustpilot, with some users looking for more functionality:

Some users were unhappy about how their repayments were handled and Upwork doesn’t seem to be quick to respond to complaints online.

More User Reviews – Add Your Rating

Read more reviews on Financer.com from verified users below.

Have you used Upgrade before? Leave your review now.

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Reviews of Upgrade

Upgrade is rated 92 out of 313 companies in total rating and got an average review score of 2.5 based on 21 reviews. Their weakness is Interest & Costs and their strength is Website & Functionality.
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Edward M. 1 review | August 15, 2023
General Review
No real upside.
Pay down (ahead of time and in larger than minimum payments) after making regularly scheduled and unscheduled large payments to pay off quickly they continuously lower available credit but they continue to spam me to take out new loans. I will pay it off and close the account, not worth the shady practices they deploy.
Post reply
Fallon Whaley 1 review | July 26, 2023
General Review
Absolutely nothing.
I would love to give zero stars if I could. I have done nothing but pay on my debt from them as well as pay down my other credit card debt by thousands of dollars. I have not taken a draw in many months, simply made my payments on time and yet this company regularly decides to lower my limit so that every time my credit score goes up, it goes right back down some due to them repeatedly lowering my limit. They claim it’s due to delinquency/public record, yet the one and only public record is something that is 7+ years old at this point and was on my report before I opened an account with upgrade
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Lisa Reed 1 review | May 27, 2023
Personal Loan Review
Quick Determination
This company promises a lower APR if you are paying off credit card debt, but after you go through the entire process you will find out that "your credit card company does not accept payment from us". They will not offer to mail in the payment for you if their payments are not accepted electronically, you will be forced to take a different type of loan that does not directly pay off your cards (you have to take the full amount and pay them off yourself) and lose the lower APR, raising it approx 2%. I have done multiple debt consolidation loans and have NEVER come across this issue. Both my cards were from major banks BofA and Barclays, not a small local bank. Seems like an unethical way to lure someone in and then get a higher rate out of them.
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Kim cox 1 review | May 4, 2023
General Review
Good for bad credit
Not good for a personal banker. They do not make it easy to get your money and are absolutely NO help. Sections on the app never work! This place is VERY disappointing
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Jeanne W. 1 review | April 28, 2023
Personal Loan Review
The application process is quick
They in addition to the monthly payments I made, they took three more payments from my bank. They refused to refund me right away. It's been 18 days, and they only refunded one of the three extra payments I didn't authorize. They told me they were done and then stopped responding to my messages.
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Charlene Haynes 1 review | April 25, 2023
Personal Loan Review
Paid off credit card very quickly
Heartless! My son and only child died a horrific death! I fell behind one payment of almost $600 a month. Supposedly they understood until the following year. And decided to give me a negative mark on my credit because I was grief stricken and didn’t work 6 months! Heartless so don’t do it because unexpected things happen in life! They suck!
Post reply
Andrew Bruemmer 1 review | April 20, 2023
General Review
Line of credit you can draw on when needed.
Will lower your credit limit despite excellent repayment history hurting your credit score. Yet they still spam you all the time to apply for another loan. Then you try to open a SAVINGS account and they want W2’s, multiple year tax forms and tax transcripts. They don’t need all that to open a deposit account. Very scammy practice. Avoid Upgrade.
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Jason DEL 1 review | April 14, 2023
General Review
Horrible company in wveryway possible, tried to call me a liar on a fraud case wven with a police report DO NOT US3 THIS COMPANY
Post reply
Sarah Muller 1 review | April 3, 2023
Personal Loan Review
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Michael Privette 1 review | March 30, 2023
Personal Loan Review
None None None
Tried to open a business line of credit. They said all approved "please call" I did and they wanted all my personal info not the business info. So i asked again they said it was a personal loan. I I wanted a business loan would have to start all over again
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