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Upgrade

Upgrade

 4.8/5 (563 ratings)
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About Upgrade

Upgrade is an online and mobile banking solution that offers personal loans, credit cards and deposit accounts. With Upgrade, customers can combine online and mobile banking with affordable loans and cards, high-yield savings accounts and rewards checking accounts. Customers also benefit from free credit monitoring, alerts and credit education tools. Upgrade’s fully online service offers fast transactions, simple approval and easy banking.

Overall Satisfaction Rating

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Pros

  • Fast approvals
  • Loans up to $50,000
  • 4% APY on savings accounts
  • Same-day transfers up to $100,000

Cons

  • $10 late fee on loans
  • High origination fee

Bottom Line

Upgrade has multiple personal loan options to fit borrowers' needs. Its fees are higher than some of its competitors charge. Upgrade’s newly added high-yield savings account and rewards checking account help stretch your dollar further.

Top Upgrade Reviews

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Rated with 5 stars
Verified

The whole process was very easy and quick. From start to being approved was only a few minutes and the money was in my bank account the next day. I will definitely look into this ...

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Rated with 5 stars
Verified

The whole experience from start to finish was quick, easy and painless. It was very easy to apply and I received an answer immediately. There was no hassle or fuss. It was an unex...

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How does Upgrade work?

Upgrade caters to customers who need support with building credit and offers different options for personal loans. Its loans can be used for purposes such as home improvement, major purchases and debt consolidation.

You can apply online, choose your loan type and amount (up to $50,000) and receive funds within days of being approved. There are no prepayment penalties, and low rates are available for qualifying customers.

The company also recently added checking and savings accounts to its line of products. You can open both accounts online, and your money is FDIC-insured through Cross River Bank.

Upgrade products

Upgrade offers a variety of financial products to customers:

Personal loans: Upgrade’s loans come with fixed rates and monthly payments. Loans as low as $1,000 are available. You can check your rate on its website for free and without affecting your credit score.

Premier Savings: The company’s Premier Savings account is designed to help you reach your financial goals faster. It features an annual percentage yield that’s several times higher than what you’ll see at most brick-and-mortar banks — and even many online-only banks. You’re able to transfer money between your Upgrade account and outside banks on the same day for free.

Rewards Checking: Using your debit card for purchases earns you between 1% and 2% unlimited cash back. You’ll get 2% back at places and on purchases like:

  • Gas stations
  • Restaurants
  • Monthly subscriptions
  • Utility and cell phone bills
  • Convenience stores

Everything else nets you 1%. You also get a 20% lower rate if you apply for an Upgrade loan or card.

Upgrade interest rates and fees

Upgrade’s personal loans typically have annual percentage rates (APRs) between 7.96% and 35.97%. The lowest rates require autopay. Rates vary based on your credit score, your credit usage history, the loan term and other factors.

For example, a $10,000 loan with a 36-month term and a 17.98% APR (13.94% yearly interest rate plus a 5% origination fee) provides $9,500 after fees and requires a monthly payment of $341.48, according to Upgrade. Origination fees at Upgrade range from 1.85% to 8.99% at the time of publishing. Late fees start at $10.

Upgrade’s checking account has no ATM, account or transfer fees.

Squirreling money away in your savings account earns you 4% APY on balances of at least $1,000. There aren’t any monthly or transfer fees to worry about, even on same-day online transfers of up to $100,000 between banks.

Upgrade FAQ

How long does it take for Upgrade to approve a loan?

It usually takes from two to five business days for Upgrade to approve and fund a loan. After approval and verification, the lender sends funds within one business day.

Does Upgrade do a hard credit pull?

If you decide to move forward with a loan, Upgrade does a hard credit check. You can check your rates through Upgrade without a hard credit pull.

What credit bureau does Upgrade use?

Upgrade says that if you apply for a loan, you’ll only see a hard inquiry on your TransUnion report.

Where can I use Upgrade’s card?

You can use the Upgrade card everywhere that Visa credit cards are accepted, except ATMs.

Does Upgrade have monthly account fees?

Upgrade’s checking and savings accounts do not have any monthly account fees or transfer fees. In addition, its checking account has no ATM fees.

Is Upgrade legit?

Upgrade is a good loan company for those who prefer simplicity and flexibility. Upgrade offers loans of up to $50,000, which is more than some of its competitors. The company has APRs starting at 7.96% at the time of publishing. While origination fees are fairly high, costs may balance out for some customers due to the lack of prepayment penalties and lower rates. Those looking for high-yield deposit accounts will find Upgrade’s percentages to be greater than most of the competition.

Upgrade Reviews

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1 featured review
How do I know I can trust these reviews about Upgrade?
  • 4,187,669 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: Aug. 16, 2022

I am happy with the experience. The process went quick and I like how Upgrade help you pay for the credit cards. I understand that there is a fee deducted from the loan. But the only problem is that the fee is high! Upgrade should look at this and reduce the fee amount. It takes you from the amount you apply for to a lower amount. Which is too much depending on how much you wanna borrow.

Upgrade response

Hello Mohamed,

We’re sorry to hear you were dissatisfied with your experience at Upgrade.

We make it a priority to take into account our customers' concerns to try and improve our level of customer experience.

We appreciate that you took the time to let us know that our service level didn't meet your expectations.

16 people found this review helpful

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 21, 2022

    I received several loan offers from different financial institutions. I found Upgrade to have the best offer even though it didn't cover the full balance of my credit card debt, it covered most of it. I was able to set up the monthly payment amount that I requested and when my loan was approved I was able to select the monthly payment date that was convenient for me.

    Before I completed my loan application I received a call from a very nice representative who did not push me into completing the application but provided me with the information I needed to help me make a decision. I didn't rush it and I gave it a couple of weeks to think about it when I realized this was a good offer that I should take. When my loan was approved the larger portion of the loan was paid to my credit card to pay it down. The lesser amount was deposited into my checking account. All of this was done within 2-3 business days so it was fast. I found the entire process to be easy and convenient and I appreciate it.

    Upgrade response

    Hello Melanie,

    We appreciate your feedback.

    Thank you for being a valued customer!

    19 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 7, 2022

    The granting of the relocation loan which is abetting my relocation has been a great help for me at a difficult time. I will always be grateful to you relative to this granting. The reference for this loan was obtained through Credit Karma. That said, having underestimated the moving cost, I had applied for an additional loan which was not approved. Again, I had applied on the basis of Credit karma information suggesting a positive result. If I recall correctly, when I initially applied, seeking $28.000, it seems to me you were offering up to $33,000.00.

    As such I thought the additional loan request would have been automatic. From my perspective the credit analysis performed by the funder is inconsistent. Objectively, at a minimum, that assessment is both disappointing and confusing. In fact, what was a superlative experience, as my rating indicates, is appreciated, losing some of its luster due to apparent inconsistency by the funder.. Again, my thanks, Don.

    Upgrade response

    Hello Donald,

    We appreciate your feedback.

    Thank you for being a valued customer!

    12 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 1, 2022

    I was looking to consolidate some credit card debt that I had accumulated over the pandemic, and would receive offers from Upgrade in the mail from time to time. After doing about a month's worth of research on a couple of different companies, I decided to go with Upgrade due to a few different reviews on multiple sites from people who had used them, as well as their high rating on NerdWallet.

    I applied for a loan on a Friday afternoon (after fine tuning the amount of loan I wanted, how long I wanted to take to pay it back, and the interest percentage), and I was approved that night (as long as a bulk of the loan was used for debt). They do take a little of the loan as an origination fee, so try to borrow a little more than you really need to offset that amount. On the following Tuesday, my credit cards were paid off and I received the remainder of the loan amount into my checking account. If you were thinking of getting a debt consolidation loan, I would recommend Upgrade. It was user friendly, and they secured me a loan through a credit union, which I appreciated.

    Upgrade response

    Hello Saul,

    We appreciate your feedback.

    Thank you for being a valued customer!

    17 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 28, 2022

    I am moving cross country so in addition to downsizing in physical things I wanted my finances in order as well. I have previously received unsecured loans from Prosper and my credit union. I wanted a new choice so I read a comparative review on Nerd Wallet and chose Upgrade. The process was very fast. Other than the two visual forms of identification (Gov ID and current photo) I received a phone call due to my fraud alert to protect myself. I was approved the same day. I will admit that was much different than Prosper, which took a few days due to the loan being an investment that is funded by one or multiple people. The purpose of my loan was credit card consolidation of two cards. I chose to receive direct payment to the creditors.

    Keep in mind if you choose this option a minimum amount will be deposited to your checking. Without giving too much info, CapitalOne showed an pending transaction within 1 business day and Chase completed in 2 business days with no indicator it was coming. However, Chase does report to credit bureaus faster. It's a great option and so far I'm glad I gave Upgrade a try. Hopefully this helps someone considering.

    Upgrade response

    Hello Kara,

    We appreciate your feedback.

    Thank you for being a valued customer!

    11 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 27, 2023

    I felt the process was without a lot of effort. I was told I was approved rather quickly. The money was in my account one day later. I used the money to pay off my credit cards! I'll definitely be using them again!

    Upgrade response

    Hello David,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2023

    Very fast and easy application process. Easy to reach someone in customer service. Opened a checking and high yield savings too! I recommend Upgrade to anyone that qualifies and looking to consolidate debt. I qualified for a line of credit too! Thank you so much for helping me!

    Upgrade response

    Hello Sonia,

    We appreciate your feedback.

    Thank you for being a valued customer!

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2023

    Was fast and pretty easy to understand how the process works. Got back to me in a timely manner about my loan. Even got a call from a representative to help me with things I didn't understand. Talked me right through it.

    Upgrade response

    Hello David,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2023

    I had the best experience. The process was pleasant and hassle free. I did everything online and I got my funds sooner than I expected and my loan rate is way lower than anywhere else. Definitely Recommend Upgrade to my family and friends. I couldn’t be happier with the service. Better than Lending Club and cheaper than my current credit Union rates. Thanks Upgrade. Karina **

    Upgrade response

    Hello Karina,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 18, 2023

    I am so thankful for Upgrade. I was looking to consolidate my debts into one monthly payment. I applied to Upgrade and received my funds within 1-2 business days. I am now on my way to financial freedom and improving my credit.

    Upgrade response

    Hello Tawana,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
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    Upgrade Company Information

    Company Name:
    Upgrade
    Website:
    www.upgrade.com