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Upgrade Personal Loans Review 2025
Our Take
Upgrade is a legit lending company that offers a wide range of personal loan options with convenient repayment terms, several interest rate discounts, and money funding as soon as the next business day. Besides other positive features, the service accepts applications from fair credit borrowers. However, if you’re interested in the lowest possible rates and have a good credit score, Upgrade’s personal loans may be a bit overpriced for you.
Pros and Cons of an Upgrade Personal Loan
Pros
- No fees for paying a loan early;
- Autopay, direct pay, and reward checking discounts;
- Secured and joint loan options are available;
- The ability to change your payment date.
Cons
- Interest rates are higher compared to some competitors;
- Steep origination fees;
- The service charges late fees.
Things to Know About an Upgrade Personal Loan: Review In Nutshells
Upgrade is an online lending company based in San Francisco. As it’s not a direct lender, Upgrade personal loan options are issued by its lending partners, which are Cross River Bank and Blue Ridge Bank. An Upgrade loan can be from $1,000 to $50,000. The company accepts borrowers with good to fair credit, although each lender from its network may set its specific requirements. Below are the key features of Upgrade personal loans.
Fixed Rates
At Upgrade, you can get a fixed rate loan, meaning that your APR won’t fluctuate over the loan life. As your loan payments are predictable, it becomes easier to budget and manage your money.
Direct Payments
Upgrade can transfer loan funds to cover your existing debt directly to a creditor. More than that, there’s a direct pay discount of 1 to 3 percentage points. This not only simplifies the consolidation process but also allows you to save on your loan.
Secured and Co-Applicant Options
Besides providing unsecured personal loans, Upgrade also has secured loans for bad credit and allows co-applicants. Borrowers with less-than-perfect credit scores can bring their cars as collateral or add a co-applicant to get a loan with more favorable terms.
Multiple Rate Discounts
Besides a perk offered for a direct payment, Upgrade also offers interest rate discounts for automatic payments and reward checking. An auto pay provides a reduction of about 0.5 percentage points. Reward checking allows Reward Checking Plus holders to get an up to 20% discount.
The Ability to Manage Your Loan via the Mobile App
Upgrade has a convenient mobile app with multiple loan- and money-management tools. One of the best features is that you can change your loan payment date. However, the company notes that extending your due date by a day or more may result in paying additional interest over the loan life.
Fast Funding Times
You can get loan proceeds in as little as one business day after clearing verification. Upgrade asks borrowers to check their emails and dashboards after submitting applications. There may be additional document requests from lenders to complete the verification procedure.
A Broad Range of Loan Amounts and Repayment Terms
Both minimum and maximum loan amounts can meet various customers’ needs. Upgrade borrowers can request installment loans for bad credit between $1,000 and $50,000. The repayment terms are also flexible and range from 24 to 84 months.
APRs and Fees Can Be Higher Than Average
Upgrade offers loans at higher APR compared to some other personal loan lenders. An estimated APR can be between 9.99% and 35.99%, which also includes an origination fee of 1.85% to 9.99% of the loan amount. The actual rate depends on how much you borrow, the repayment period, your credit score, and your credit usage history.
What Products and Services Does Upgrade Offer?
Here’s the list of products and services you can get via Upgrade:
- Personal loans;
- Debt consolidation loans;
- Home improvement loans;
- Auto loans;
- Auto refinancing;
- Credit cards;
- Checking accounts;
- Savings accounts.
Who Is Upgrade Good for?
Upgrade can be a perfect fit for borrowers with fair credit who need money quickly. Whether it’s a major purchase or a small emergency, you can request a suitable loan amount and repay it in affordable installments. Also, it can work for you if you need to consolidate debt. The service offers direct payments to creditors, making the process convenient and offering an extra interest reduction.
If you’re looking for an online lending service with the lowest possible rate while having good or excellent credit, Upgrade loans are more likely to seem expensive for you.
Am I Eligible for Upgrade Personal Loans
To be eligible for Upgrade personal loans, you need to meet the following requirements:
Additionally, you may be asked to meet some extra criteria that can vary by lender. They include:
How Can I Get an Upgrade Personal Loan?
Upgrade offers personal loans with a quite simple application procedure. You need to follow these steps to apply:
- Pre-qualify via the Upgrade website. The service provides an opportunity to check your rate and estimated loan terms without affecting your credit score. To do this, you need to fill out a pre-qualification form.
- Review loan offers. If you’re potentially eligible, the service will show you several offers you can qualify for. Compare them and choose a loan offer at better terms.
- Complete an application. At this stage, you may be asked to provide some supporting documents. Then, you need to submit your application form. Make sure to check your email and dashboard after submitting. There may be additional document requests from lenders to complete the verification procedure.
- Get a loan approval decision. Upgrade lenders perform hard credit checks, so it may take you about two business days to get a response from a loan provider.
- Receive your funds. If approved, a lender will make a direct deposit into your valid bank or checking account specified in your application form.
Compare Upgrade vs. Other Lenders
Before settling on a particular lender, it’s recommended to shop around and evaluate offers from several loan providers. As each lender may have its unique requirements and terms, comparing loans can help you get the best deal that meets your current needs.
| Upgrade | SoFi | Upstart | Rocket Loans | |
|---|---|---|---|---|
| Our Rating | 4.5 | 4.5 | 4.5 | 4.0 |
| APRs | 9.99% – 35.99% | 8.99% – 29.49% | 7.8% – 35.99% | 8.99% – 29.99% |
| Fees | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 | Optional 6% fees | Origination fees of up to 12%Late and NSF fees of $15 | Origination fees of up to 9%Late and NSF fees of $15 |
| Minimum Credit Score | Not Specified | Not Specified | 300 | 640 |
| Loan Amounts | $1,000 – $50,000 | $5,000 – $100,000 | $1,000 – $50,000 | $2,000 – $45,000 |
| Repayment Terms | 24 to 84 months | 24 to 84 months | 36 to 60 months | 36 to 60 months |
| Funding Times | One business day after clearing verification | 1-3 business days | 1 business day | Next or same business day |
| Who It Suits for? | Fair-credit borrowers who need the money quickly | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Poor credit borrowers who can’t qualify for traditional personal loans and want to get reasonable interest rates | Fair credit borrowers who need to cover various personal needs |
Methodology: How We’ve Made an Upgrade Review
BadCredify’s reviewed Upgrade based on several parameters, such as:
- Loans cost;
- Accessibility and eligibility;
- Repayment terms;
- Customer experience;
- Application process;
- Funding times.
We conducted a thorough website research and contacted Upgrade’s representatives to make sure the information provided on the website was accurate. We also checked out how its customer service works. Our insider underwent a pre-qualification process to get a better understanding of estimated loan terms and APRs.
FAQ
What credit score do I need to qualify for an Upgrade personal loan?
As Upgrade partners with many personal loan lenders, there’s no unified requirement. Each of them may set their own eligibility criteria. It’s recommended to have a credit score of at least 620 to qualify. However, borrowers with lower credit scores can also get loans from Upgrade. Just keep in mind that the lower your FICO rating, the higher the APR you can be offered.
How fast can I get a personal loan from Upgrade?
An average borrower typically gets a personal loan from Upgrade as soon as the next business day after clearing verification. However, it may take a bit longer if you provide the needed documents with delay.
Is it safe to borrow money from Upgrade?
Upgrade is a trusted company that has worked for over 5 years and has accreditation from the Better Business Bureau. However, you need to make sure your potential loan corresponds to your current financial situation. If you’re not sure about your ability to repay the funds on time, it’s not safe to go into debt, no matter what lender you deal with.
