Upgrade
AUTHORIZED PARTNER

Upgrade

 4.8/5 (52 ratings)
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Upgrade

About Upgrade

Upgrade is an online and mobile banking solution that offers personal loans and credit cards. With Upgrade, customers can combine online and mobile banking with affordable loans and cards, free credit monitoring, alerts and credit education tools for ultimate support. The fully online service offers fast transactions, simple approval and easy banking.

Overall Satisfaction Rating

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Pros

  • Fast approvals
  • $50,000 maximum
  • No prepayment penalty
  • Multiple options

Cons

  • $10 late fee
  • High origination fee

Bottom Line

Upgrade has high maximum amounts and multiple personal loan options to fit most borrowers' needs. Although its fees are higher than some competitors, there are no prepayment penalties.

How does Upgrade Loans 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.

Upgrade Loan interest rates

Upgrade’s personal loans typically have annual percentage rates (APRs) between 7.99% and 35.97%. The lowest rates require autopay and direct payment. 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 (14.32% yearly interest rate plus a 5% origination fee) provides $9,500 after fees and requires a monthly payment of $343.33. In addition to the APR, Upgrade also charges an origination fee between 2.9% to 8%. Late fees start at $10.

Upgrade FAQ

How long does it take for Upgrade to approve a loan?
It usually takes between 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 checks applicants’ FICO 9 credit scores. The lender also looks at credit usage and history to determine qualification.
Where can I use Upgrade’s card?
You can use the Upgrade card everywhere that Visa credit cards are accepted, except ATMs.

Is Upgrade loans legit?

Upgrade is a good loan company for those who prefer simplicity and flexibility. Upgrade offers loans up to $50,000, which is more than some competitors. The company also has APRs starting at 7.99%. While origination fees are fairly high, costs may balance out for some customers due to the lack of prepayment penalties and lower rates.

Upgrade Reviews

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: May 21, 2022

I was looking for a loan to pay off multiple credit cards. Easily applied, and submitted my card information for payments to go directly to them. Got approval by the end of the day that I applied. The funds to my bank account were deposited 24 hours later, and the payments to my cards processed within a few days. Happy to pay down some higher interest cards and have 1 simple payment, a couple hundred less than I was making paying the cards individually.

Upgrade response

Hello Joanne,

We appreciate your feedback.

Thank you for being a valued customer!

Be the first one to find this review helpful

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 19, 2022

    This process was so easy, streamlined and I got the amount of loan, interest rate (much better than the credit cards I was paying off) I wanted and kept the monthly payment exactly where I needed it to be. The entire process from application to payoff of my cards, and the rest directly deposited into my account was ONLY 3 days. I emailed with customer service and they responded immediately to me. This was a wonderful experience start to finish. I set up for ACH monthly withdrawals and that reduced my interest rate a bit. Highly recommend using UPGRADE for your loan needs.

    Upgrade response

    Hello Wendy,

    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: May 16, 2022

    This was by far one of the most pleasant experiences I've had with lending. The process was easy and relatively hassle free. From picking my loan amount and terms to the completion of the the final review; each step was simple and transparent. The ability to see several loan options on one page with amounts, interest rates, and number of payments, made choosing the right loan easy. I also liked the fact that you are shown up front the amount paid in interest by the end of the term. I used Upgrade to consolidate all of my high intrest store cards to create one lower payment with an end date to look forward to. I can't recommend Upgrade enough.

    Upgrade response

    Hello Zakery,

    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: May 11, 2022

    I needed a quick and easy debt consolidation loan for my credit card debt. I applied and was approved the same day. Funds were in my bank account the next day. Other lenders would look at my credit card debt and deny my application even though the loan was to consolidate the credit card debt. Upgrade approved the loan with the stipulation that a certain amount go towards the credit card debt, which was the intent of the loan in the first place. Very quick and easy process! Would definitely recommend!

    Upgrade response

    Hello Whitney,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 10, 2022

    Upgrade pre-approved me really fast with my offers and the only main thing I had an issue with is trying to get picture of photo id in the spot where it tells you to launch camera. Had to take picture of id and send it by email. Confirmed and verified everything next business and said I would get a email within 1 to 4 days after final review to tell you if loan was completely approved and by next morning said I got email and by next day after that money was in my bank account. Took a total of 3 days and so far I'm really happy.

    Upgrade response

    Hello Jeffrey,

    We appreciate your feedback.

    We make it a priority to take into account our customers' concerns and continue to work on improving our technology.

    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: May 21, 2022

    The process was quick and easy. My money was distributed within 24 to 48 hours to buy account and also Buy credit card. The only thing I would probably change is if the interest could be reduced if the loan could be paid off sooner. This is my second loan and I was a little disappointed when I couldn't get an interest reduction after paying off my first loan earlier than expected. I also feel the origination fees are high.

    Upgrade response

    Hello Crystal,

    We are always looking for ways to improve our service and appreciate the 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: May 21, 2022

    The process for application and uploading is very easy and straightforward. Service is friendly and quick! You can get multiple services from the same place. Everything is explained in a concise and easy to understand matter. Very easy to work with. Thanks for the help!

    Upgrade response

    Hello Charie,

    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: May 20, 2022

    The thing I liked most about this loan was the qualifying process. Super easy and I didn't have to talk to anyone on the phone. All online and had my money the next business day after being approved. The interest rate was a bit high but expected with non perfect credit.

    Upgrade response

    Hello Andrea,

    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: May 20, 2022

    I was looking for the beat rate for cc payoff and you beat it hand down. Very easy to receive loan and pay off. Thank you! Other banks wanted over 12% because was considered a personal loan. I will stay with you after this is paid off.

    Upgrade response

    Hello Glenda,

    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: May 20, 2022

    Very impressed, provided documentation upon request, and super fast review and approval, highly recommended. Borrowed just enough as I needed to pay off CC then used it to actually pay them off, credit jumped 100 points positive. It’s amazing and I can’t be happier.

    Upgrade response

    Hello Scott,

    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