Upgrade Personal Loans Review (2024)

Get pre-qualified for a personal loan. Checking rates won’t affect your credit score

Enter $2,000 - $100,000

What is Upgrade?

Upgrade offers an excellent solution for individuals seeking unsecured personal loans. With a minimum credit score requirement of 660, these loans are accessible to a wide range of borrowers. Loan amounts can reach up to $50,000, providing ample flexibility for various financial needs.

One of the key advantages of Upgrade personal loans is their fixed interest rates and terms. This means that borrowers can enjoy the stability of consistent monthly payments throughout the repayment period, which typically spans 3, 5, or 7 years. Additionally, Upgrade's customer-friendly approach includes the absence of prepayment penalties. This allows borrowers to save money by paying off their loans early if they choose to do so.

When it comes to convenience, Upgrade personal loans shine. The application process is designed to be simple and straightforward, ensuring a hassle-free experience for borrowers. Moreover, funding can occur as quickly as the next business day, making Upgrade a speedy option for those in need of prompt financial assistance.

Upgrade rates & terms (at a glance)


Varies depending on borrower

Loan term:

2 - 7 years

Loan amounts:

$1,000 - $50,000

Hidden fees:

Charges origination fees from 2.9% to 8%

Minimum credit score required


Extra perks:

Joint applications allowed, direct payments to third-party creditors + mobile app

Fund availability

As fas as next business day

How does Upgrade work?

Here's a simplified breakdown of how Upgrade operates:

  1. Application: Begin by applying for a loan conveniently through Upgrade's website or mobile app.
  2. Credit Assessment: Upgrade employs its proprietary algorithm to assess your creditworthiness, taking various factors into account.
  3. Loan Offer: If approved, Upgrade provides an estimate of your interest rate and loan terms, ensuring transparency and helping you make an informed decision.
  4. Fund Disbursement: Upon accepting the terms, Upgrade promptly deposits the approved loan amount into your designated bank account.
  5. Repayment: Over the course of your loan term, you will make regular monthly payments to Upgrade, adhering to the agreed-upon repayment schedule.

Upgrade's streamlined process, user-friendly online interface, and commitment to customer satisfaction make it a reputable choice for individuals seeking personal loans. With fixed rates, flexible terms, and the ability to save through early repayment, Upgrade offers borrowers a convenient and reliable lending solution.

What types of loans does Upgrade offer?

Upgrade provides borrowers with two distinct types of loans to cater to their financial needs:

  1. Personal loans: Upgrade offers unsecured personal loans that can be utilized for various purposes. These loans come with fixed interest rates and terms, providing stability and predictability for borrowers. Repayment periods typically span 3, 5, or 7 years. Notably, Upgrade does not impose prepayment penalties, enabling borrowers to save money by paying off their loans ahead of schedule.
  2. Auto refinance loans: For individuals looking to refinance their auto loans, Upgrade offers specialized auto refinance loans. With fixed interest rates and terms, borrowers can enjoy consistent monthly payments and potentially reduce their monthly expenses. Similar to personal loans, Upgrade does not levy prepayment penalties, affording borrowers the flexibility to save on interest by settling their loans early.

Upgrade's commitment to inclusivity is evident in their credit score requirements. Personal loans are available to borrowers with credit scores as low as 660, while auto refinance loans are accessible to individuals with credit scores as low as 640. Additionally, both loan types provide borrowers with substantial borrowing power, offering personal loans with amounts up to $50,000 and auto refinance loans with amounts up to $100,000.

By offering these loan options, Upgrade ensures that individuals with varying credit profiles have access to financing solutions tailored to their specific needs. Whether borrowers require funds for personal expenses or seek to optimize their auto loan terms, Upgrade provides transparent terms, competitive rates, and the flexibility to save through early repayment.

Pros and cons of Upgrade personal loans

Here's an improved version highlighting the pros and cons of Upgrade personal loans:


  • Effortless and speedy application process: Upgrade provides a user-friendly online application and mobile app for convenience. Their proprietary algorithm assesses your creditworthiness, and upon loan approval, they provide an estimate of interest rates and terms. Once accepted, funds are swiftly deposited into your bank account.
  • Quick fund disbursement: Approved loans from Upgrade can be deposited into your bank account as early as the next business day, ensuring prompt access to the funds when needed urgently.
  • Accessibility for lower credit scores: Upgrade accommodates borrowers with credit scores as low as 660, making their personal loans accessible to individuals with fair credit.
  • Fixed interest rates and terms: Upgrade personal loans feature fixed interest rates and terms, allowing you to have a clear understanding of your monthly payments and the loan duration.
  • No prepayment penalties: Upgrade stands out by not imposing any prepayment penalties, giving you the flexibility to save money by paying off your loan early.


  • Comparatively higher interest rates: Upgrade's interest rates might be higher compared to some other lenders due to their willingness to work with borrowers who have lower credit scores.
  • Potential high origination fees: Upgrade charges an origination fee on their personal loans, which can reach up to 6% of the loan amount. This fee should be taken into consideration when evaluating the total cost of the loan.
  • Limited availability in certain states: Upgrade's services may not be available in all states. To verify availability, it is recommended to check their website or contact the company directly.

Considering these pros and cons, Upgrade personal loans offer a convenient and streamlined application process with quick fund disbursement. They are particularly suitable for borrowers with fair credit scores. However, it's important to be aware of the potentially higher interest rates, origination fees, and the limited availability in certain states. By weighing these factors against your specific needs, you can make an informed decision about whether Upgrade is the right choice for you.

Compare personal loan rates in May, 2024

Are there alternatives to Upgrade personal loans?

Upgrade is just one of several alternative lenders that provide personal loans. If you're exploring other options, here are some popular alternatives worth considering:

  1. Upstart: Upstart is an online lender that caters to borrowers with fair credit. Using a proprietary algorithm, Upstart evaluates creditworthiness and offers loans with amounts reaching up to $50,000.
  2. SoFi: SoFi is a prominent financial technology company that offers a range of financial products, including personal loans and student loans. Known for competitive interest rates and excellent customer service, SoFi is a trusted choice for many borrowers.
  3. LendingClub: As a peer-to-peer lending platform, LendingClub connects borrowers directly with investors. Offering personal loans of up to $40,000, LendingClub often features lower interest rates compared to traditional lenders.
  4. Prosper: Prosper, similar to LendingClub, is a peer-to-peer lending platform specializing in personal loans. With loan amounts reaching up to $40,000, Prosper frequently offers attractive interest rates that compete favorably with traditional lenders.

These alternatives provide borrowers with additional choices beyond Upgrade, allowing you to compare offerings, interest rates, and terms. By considering these options, you can make an informed decision that aligns with your financial goals and specific requirements.

Is Upgrade a reputable loan provider?

Upgrade is a highly regarded lender with a solid reputation in the industry. Established in 2016 and headquartered in San Francisco, California, Upgrade operates as a reputable financial technology company. It is duly registered as a lender in the states it serves and boasts an impressive A+ rating with the Better Business Bureau.

Upgrade offers personal loans and auto refinance loans, extending its services to borrowers with credit scores as low as 660. These loans feature fixed interest rates and terms, typically spanning 3, 5, or 7 years. A notable advantage is Upgrade's commitment to customer satisfaction, evident in their policy of not charging any prepayment penalties. This flexibility allows borrowers to save money by paying off their loans ahead of schedule.

The positive reputation of Upgrade resonates with borrowers, as reflected in their average user rating of 4.6 out of 5 stars on Trustpilot. Furthermore, WalletHub's editors have given Upgrade an average rating of 3.6 out of 5 stars, further reinforcing its standing as a reliable lending option.

How to apply for a loan with Upgrade

To apply for a personal loan with Upgrade, follow these steps:

  1. Visit Upgrade's website or access their mobile app.
  2. Locate and click on the prominent "Apply Now" button.
  3. Provide essential personal information, including your name, address, and Social Security number.
  4. Enter accurate details regarding your income and employment situation.
  5. Share your bank account information to facilitate fund disbursement.
  6. Grant Upgrade permission to access your credit report, which helps determine your loan eligibility.
  7. Review the loan offer presented to you by Upgrade. If you find the terms satisfactory, accept the offer.
  8. Once you've submitted your application, Upgrade will diligently review the provided information and make you an offer.
  9. If you choose to accept the offer, Upgrade will promptly deposit the funds into your bank account within one business day.

While applying for a loan with Upgrade, it's important to bear in mind the following factors:

  1. Eligibility: To apply for a loan, you must be a U.S. citizen or a permanent resident with a valid Social Security number. Additionally, you must be at least 18 years old and have a minimum annual income of $12,000.
  2. Credit Score Requirement: Upgrade requires a minimum credit score of 660 for loan approval.
  3. Origination Fee and Interest: If approved for a loan, Upgrade charges an origination fee ranging from 2% to 6% of the loan amount. Additionally, interest will be applied to the loan, with the rate offered determined by your credit score and other relevant factors.

By following these steps and considering the important criteria, you can confidently navigate the loan application process with Upgrade.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.