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Upgrade

Upgrade Reviews

Upgrade Reviews
4.6(703)
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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.

Pros & Cons

Pros
  • Fast approvals
  • Loans up to $50,000
  • 5.21% APY on savings accounts
  • Same-day transfers up to $100,000
Cons
  • $10 late fee on loans
  • High origination fee

Featured Reviews

Verified
Pinetta, FL

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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Verified
Houston, TX

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 on the first transfer.

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 8.49% to 35.99%. 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 $343.33, according to Upgrade. Origination fees at Upgrade range from 1.85% to 9.99% at the time of publishing. Late fees start at $10.

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

Squirreling money away in your savings account earns you 5.21% APY on balances of at least $1,000. There aren’t any monthly fees to worry about.

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. 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 8.49% 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

Stars Rating

  • 86%
  • 5%
  • 1%
  • 1%
  • 6%

Popular Mentions

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    Page 1 Reviews 0 - 5
    Rates

    Reviewed June 10, 2024

    For years I wanted help to consolidate my credit card debts and after going to over a dozen big banks and well known lenders/loan companies I almost gave up. Upgrade saved me! They had the best rate, and going with Upgrade will save me thousands than if I stayed with paying off my debts the original way. I'm so relieved now. Instead of having a dozen credit card minimum payments every month, I now just have one payment to upgrade. I now have extra cash each month to put into savings. I can finally see the light at the end of the dark tunnel that I've been stuck in for over 20 years. Thanks Upgrade!!

    Upgrade
    Upgrade
    Pinned

    Hello Matthew,

    We appreciate your feedback.

    Thank you for being a valued customer!

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      Verified purchase
      Punctuality & SpeedLoan Process

      Reviewed Jan. 2, 2024

      I have used Upgrade for personal loans, line of Credit and checking account... the process is easy, fast and convenient. I found the process so easy and I was able to get a personal loan pay off my credit cards and now I pay less per month and will have it paid off quick. I am so happy I found Upgrade and will use them again. I don’t have a great credit score but now that I have paid off the high-interest credit cards my score is going up.

      Upgrade
      Upgrade
      Pinned

      Hello Veronica,

      We appreciate your feedback.

      Thank you for being a valued customer!

      Verified purchase
      Customer ServicePunctuality & SpeedLoan ProcessTransparency

      Reviewed Dec. 18, 2023

      I would absolutely recommend Upgrade to everyone I know. When I applied for a loan, Upgrade was very straightforward about what information they needed and made it very easy and convenient to be able to get it to them. They kept constant communication with me through the whole process. When they told me they would get back with me about anything, they did in a timely manner. They walked me through the whole process. Upgrade will make sure when applying for a loan that it’s completely stress free and they work hard on getting you the loan you need. If I could give 10 stars I definitely would.

      Upgrade
      Upgrade
      Pinned

      Hello Ricky,

      We appreciate your feedback.

      Thank you for being a valued customer!

      Verified purchase
      Staff

      Reviewed Nov. 17, 2023

      I have very good experiences with Upgrade since first opening up an account. The company is very easy to have a working relationship as well as being concern with my overall credit and financial need. The customer representatives are professional, knowledgeable and courteous at all time. I appreciate the upgrades in credit and on going reviews to my credit health knowing that incentives are considered to reward me as I continue success with keeping my financial need keeping on track. I feel relaxed knowing that I have help when needed as well as easy alternatives like direct payment from my bank account to provide and easy to pay without hassle.

      Upgrade
      Upgrade
      Pinned

      Hello Valerie,

      We appreciate your feedback.

      Thank you for being a valued customer!

      Verified purchase
      Loan Process

      Reviewed Oct. 2, 2023

      Only thing that was frustrating was the pic with account number. I had to take several photos by myself and it was very difficult to include arm that held paper. I didn’t understand why the arm had to be included. I would think that the license being held pic would suffice. Other than that, the process was what expected and proceeded very smoothly.

      Upgrade
      Upgrade
      Pinned

      Hello Craig,

      We apologize for the inconvenience.

      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.

      Thank you for being a valued customer!

      Customer ServiceStaffLoan Process

      Reviewed March 4, 2024

      Decided to reply to a mail offer and try the one card with checking plus for a $200 bonus. Opened accounts, made the 3 debit card purchases, have direct deposited over $7500, 3 months later I have spent close to 6 hours on 4 different customer service calls, still have not received the 200 bonus, currently they request 2 additional weeks to have a back office review my transactions to see if I qualify. I have filed a fraud complaint with the FTC.

      Second issue is the one card will not report your credit limit, they will report your maximum lifetime balance based on one purchase, and your current balance based on all purchases. I disputed this with the credit bureaus and Upgrade, I had a credit line of 8000, and balance of 2000, but they reported to the credit bureaus that I had a balance of 2000 and my maximum loan amount was 1600, causing my utilization to show 125% and my credit score to drop 86 points in one day. They refused to help me, 3 times they stated they are not subject to credit law or the fair credit reporting act as they are a financial tech company not a financial institution so they do not have to follow credit laws.

      After I paid the balance off, they have refused to report my balance as 0, again citing they are not required to follow credit laws and are not required to report my account paid. They finally agreed to send this to another back office team to review and should get back to me after 30 days. The account was paid off 60 days ago, and after all these calls they need 30 more days to look into my balances and correct their reports. I keep getting emails to refer my friends to open an account, I would not suggest anyone do business with this company.

      Upgrade
      Upgrade
      Pinned

      Hello Dave,

      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.

      Profile pic of the author.
      Verified purchase
      Customer ServicePunctuality & SpeedOnline & AppLoan Process

      Reviewed Jan. 26, 2024

      I started using Upgrade as a loan server back in 2021 to cover an unexpected car repair. At first, I was thrilled at how quick and easy the process is. To be fair, it still lives up to that. I was able to get approved and money in my pocket in a couple days. Very easy experience. Even into the payoff period, the website is very easy to use. It's very clean and orderly. Unfortunately, I noticed that my first payment wasn't being taken. I'd scheduled my payment, but nothing was charged. I called customer service and they were very rude to me. I felt very belittled. Eventually the due date passed and I was contacted daily by them to collect payments. My outstanding scheduled payment in the past remained on the clean, modern dashboard. "Your method of payment will be charged 32 days ago..." The following month they took my payment and reported me as 30 days delinquent.

      For everything going well in their favor, I wish I didn't approach them in the first place. I have a giant blemish on my credit that will never disappear. To this day, they've refused to remove it, and disputing it with the bureaus has done nothing since it's technically still late even if the creditor refuses payment. That one issue closed so many doors in my life and caused no end of questions doing routine things like setting up utilities while moving. I would not recommend Upgrade to a friend or colleague because of the long lasting impacts it had on my credit history.

      Upgrade
      Upgrade
      Pinned

      Hello Matt,

      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.

      Verified purchase
      Punctuality & SpeedOnline & AppLoan Process

      Reviewed Jan. 4, 2024

      The loan process was fast and easy. Everything was done online, and the instructions were simple and easy to follow. The cash arrived quickly, within a day or two, into my account. I would recommend Upgrade to a friend. Everything you need to manage your account, can be accessed through the app.

      Upgrade
      Upgrade
      Pinned

      Hello Joy,

      We appreciate your feedback.

      Thank you for being a valued customer!

      Verified purchase
      Staff

      Reviewed Jan. 2, 2024

      I did some research on them and they seemed like a reliable organization. They asked a few questions and I did end up speaking with a very nice guy. I was approved within no time and the money was deposited into my checking account within a few days. I have paid off the bills that were bothering me - what a pleasure. My payments are very reasonable. So far, I am very happy with Upgrade!

      Upgrade
      Upgrade
      Pinned

      Hello Barbara,

      We appreciate your feedback.

      Thank you for being a valued customer!

      Verified purchase
      Loan Process

      Reviewed Dec. 27, 2023

      Very accommodating, very pro applicant, easy to navigate and to process, this is my second loan with them and I’m very pleased how helpful they are, when I’m paid off I will definitely apply again for another loan, thank you, hope everyone has as pleasant of an experience as I've had.

      Upgrade
      Upgrade
      Pinned

      Hello Steven,

      We appreciate your feedback.

      Thank you for being a valued customer!

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      Upgrade Company Information

      Company Name:
      Upgrade
      Website:
      www.upgrade.com