Upgrade Personal Loans Review: Great Rates, Fast Funding

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Upgrade offers consumers a new way to apply and receive secured personal loans for up to $35,000 with APRs ranging from 7.46% to 35.94%.

Plus, the minimum credit score needed to qualify is 620; scores at 680 and higher will secure a more positive range of APRs, though.

That’s the basic information you’ll need to consider whether Upgrade Personal Loan services are right for you. Keep reading to learn all the details and decipher whether or not you’re ready to apply today!

Online Personal Loans
Upgrade Personal Loans review
On Upgrade's Secure Website
Upgrade Personal Loans
  • Loan Amount
    $1,000 - $50,000
  • Est. APR
    7.46% - 35.97%
  • Learn More
  • Loan Details

Upgrade Personal Loans Pros and Cons


  • Fixed rates and payments with a clear pay off date.
  • Flexible loan options: explore multiple options and pick the loan amount and term that best fits your budget and timeline.
  • Fast Funding. Money is sent to your bank account within a day of clearing any verifications.**
  • Automatic payments and ability to customize the due date: manage your account online or via the mobile app
  • No prepayment penalties.
  • Access to free credit score monitoring, educational tools, and personalized recommendations to help you understand and make the most of your credit.


  • Only 3 and 5-year terms available
  • Personal loans are not available to residents in Washington D.C.
  • Those with a credit score of 619 and lower will not qualify
  • Origination fee can start at 2.9% and go to 8.99%
  • Less competitive APR than other companies
  • $10 late fee after a 15 day missed payment

What is Upgrade?

Upgrade is a personal loan originator that supports a wide range of credit scores and incomes. Moreover, Upgrade offers competitive rates and fees comparable to other online lenders and offers joint, secured, and co-signed personal loans.

If you’re looking to consolidate other unsecured debt, Upgrade is the way to go. Not only do they offer an additional, unique line of credit called the Upgrade Card to all customers, but they also offer credit monitoring and continued education to help users improve their credit scores over time.

How Do Upgrade Personal Loans Work?

Upgrade personal loans request that all customers input their current debt and income ratios into the system to see what dollar amount and APR percentage can be granted.

Once the customer proceeds with their inquiry, Upgrade will conduct a small credit pull that does not touch the credit score. This specific pull will only show the customer what they qualify for, giving options to choose from and a time window to make that decision.

If the customer decides to move forward with one of the allotted options, Upgrade will then conduct a hard credit pull, potentially altering the credit score but also granting the loan proceeds.

Once accepted, the bank of choice will receive the loan amount to the specified account within one business day and monthly payments will ensue.

Upgrade Personal Loans Review

Borrowers with good and excellent credit scores are going to get approved with a low APR, oftentimes known as single-digit APRs.

Such credit scores usually range from 680 to 850. This is good for anyone in a good standing stance. If your credit score is under 680, you’ll still get various loan options, but the APR may go upwards, topping out at 35% depending on your recent history. This may trigger customers with lower credit scores to consider other options.

The origination fee stipulation is also another item in the review that needs attention. Upgrade’s origination fee takes a rather large percentage, meaning if you’re asking for $20,000 in loan amount, you may potentially only receive $19,000 of that dollar amount, repayable on a 3- or 5-year loan term.

Luckily, you can pay off the loan early with absolutely no penalties. Extensions past 5 years will never be granted, so be sure to get it paid off in a timely manner.

Upgrade Personal Loan Features & Benefits

Considering Upgrade prioritizes debt consolidation to grant loans to customers, they offer a 1-3% rate discount incentive if the requested reason is to settle other debts.

Upgrade will directly send funds to the creditors that you owe instead of having you place the money in other financial areas.

An additional 0.5% rate discount incentive is applied if you sign up for autopay monthly payments, too.

Thankfully, Upgrade doesn’t automatically hurt your credit score; in fact, it checks the rates that you’re eligible for with a soft credit pull that has absolutely no impact on your credit score. The hard pull only happens if you decide to accept the rate and loan granted to you.

With Upgrade, you will be able to add a co-signer to the loan to improve your qualifying chances. Just as you can use a vehicle that you own as collateral on any Upgrade secured loan.

However, the value of the vehicle is what will be considered upon applying, which means the vehicle itself can be seized if payments are not made on time.

If a sudden hardship were to happen, Upgrade may grant you a temporary reduction on monthly payments. Further detail may be discussed at the time of hardship.

As previously discussed, Upgrade is all about helping people with a range of credit scores, from fair to good, with minimal fees.

Though they prioritize debt consolidation, Upgrade personal loans can also be used for credit cards, upgrading the home, and funding a new business.

All in all, the best benefits and features of Upgrade are:

  • Flexible Payment Options
  • Fast Loan Funding Time
  • No Prepayment Fees
  • Low Fixed Rates
  • Autopay Discount
  • Cosigned Applications Accepted
  • Reports Payments to All Three Credit Bureaus

How to Qualify for an Upgrade Personal Loan

It is important to note, that to qualify for an Upgrade Personal Loan you must met the requirements, which consists of:

  • U.S. Citizen or Permanent Resident
  • Verifiable Bank Account & Email Address
  • 18+
  • 620+ Credit Score
  • 3 Year Credit History
  • 2 Accounts on Credit History
  • $800 Monthly Free Cash Flow
  • 55-65% Max Debt to Income Ratio

Where Are Upgrade Personal Loans Available?

Currently, Upgrade offers personal loans in all states except: Connecticut, Colorado, Iowa, Massachusetts, Maryland, and West Virginia.

Upgrade Personal Loan Fees Explained

As previously discussed, origination fees do start once the loan is secured by the borrower, totaling anywhere from 2.9-8% of the total funding.

Outside of that, Upgrade does charge $10 late fees on payments that come in after the due date. Failed payment penalties are also $10 for each rejected check or electronic payment.

There is no check processing fee and no repayment penalty if you’d like to put more money towards the principal monthly.

How Does Upgrade Compare to Other Lenders?

While Upgrade is certainly a great place to take out a personal loan, it is import to consider all options.

#1. Upgrade vs. Upstart

Upstart has an estimated APR of 6.95-35.99%. The loan terms offered are the same, either 3 or 5 years.

The loan amount granted is the same, anywhere from $1,000 to $50,000. The difference is borrowers with a 580-credit score or higher can apply versus the 620 needed for Upgrade Personal Loans.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. Cash USA

Cash USA has an estimated APR of 5.99-35.99%. The loan terms offered differ, ranging from 90 days to 72 months. The loan amount granted differs, ranging from $500 to $10,000.

Cash USA allows the borrower to select the best loan option for them and their needs because it’s not a direct lender. Quick approval and granting of funds with an array of credit score customers.

>> More: CashUSA Review

#3. Upgrade vs. Payoff

Payoff has an estimated APR of 5.99-24.99%. The loan amount granted goes up to $35,000.

Borrowers with a 640-credit score or higher may apply. Payoff has no prepayment fees or late fees, but it is only used for any type of debt consolidation. No joint applications are accepted. A 0-5% origination fee may apply.

>> More: Payoff Personal Loans Review

#4. Upgrade vs. Prosper

Prosper has an estimated APR of 6.95-35.99%. The loan terms offered are the same, either 3 or 5 years.

The loan amount granted differs, ranging from $2,000 to $40,000. Borrowers with a 640-credit score or higher may apply. Origination fees may apply, ranging from 2.4-5%. Prosper personal loans are typically used for healthcare and dental procedures.

The debt-to-income ratio must be under 51% and proof of annual income must be provided.

>> More: Prosper Personal Loans Review

Can I refinance a personal loan with Upgrade?

No, refinancing is only available with auto loans through Upgrade.

What can these personal loans be used for?

Upgrade primarily helps with debt consolidation, but can also be used for credit cards, home improvement projects, and large purchases.

How long does it take to deposit the granted funds into a bank account?

The loan proceeds only take one business day to be deposited into the bank of your choosing. The fund availability depends on how fast your bank processes the transaction, which typically takes no more than four full business days.

Is Upgrade Legit?

Yes, Upgrade has an A+ rating with the Better Business Bureau for its credibility and is applauded for its fast-funding times, great customer service, and product suite.

What is the personal loan application process like?

It’s entirely online, all you have to do is enter all the requested personal information needed to get your rates. A soft credit pull will be done at this time, and you’ll be able to choose from the options. Once selected and all paperwork is signed, a hard credit pull will occur and the funds will be deposited shortly after.

How do you get approved through Upgrade?

You’ll get approved based on your credit usage, history, education, and monthly income. A valid bank account and email address are needed to receive a personal loan from Upgrade.

What Credit Score Do You Need for An Upgrade Personal Loan?

The bare minimum for Upgrade to consider loaning funds to any borrower is 580, but most people get approved when they submit a 620-credit score.

How Do You Get Approved for An Upgrade Personal Loan?

First, see if you prequalify by checking your rates. Then, review the loan options granted with the amounts and the rates combined. Once you choose the loan that works best for you, accept it and sign all the required documentation. Then, wait for the funds to be available in the bank anywhere from 1-4 business days later.

Does Upgrade Allow Co-Signers for Personal Loans?

Yes, the loan processing agency does. In fact, you’ll have a better chance at approval with a lower APR if a co-signer signs up with you.

Bottom Line: Upgrade Personal Loan Review

To summarize, Upgrade Personal Loans has a great number of selling points for borrowers to take advantage of, especially for those of you looking to consolidate debt.

All you need is a 620+ credit score and you’re on your way to finding some of the best loan options with manageable APRs.

Borrow up to approximately $35,000 to help your current financial circumstances and pay it back in either 3 or 5 years.

These secure loans will allow you to add a co-borrower to the application and it won’t pull at your credit in a negative way until after you accept the loan and sign all of the appropriate documentation.

Plus, the loan proceeds typically get to your back by the next business day, depending on how fast your bank processes the funds. Just be sure that you’re in one of the eligible states, which doesn’t include Connecticut, Colorado, Iowa, Massachusetts, Maryland, or West Virginia. Remember that the origination fee may range and can potentially change the amount you’re looking to borrow. Try to make every payment to avoid the $10 late fee and you’ll be good to go!

Jennifer Pacheco

Jennifer Pacheco attended the University of Dartmouth, Massachusetts where she earned her degree in English Writing & Editorial Work. She is a seasoned personal finance writer with over 5 years of professional work under her belt, and supplies easy-to-read information that’s educational, engaging, and conversational to help you make the most of your money.