Upgrade Reviews


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About Upgrade Reviews
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
- 5.07% 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.
Featured Reviews
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 ...
Read full reviewThe 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...
Read full reviewHow 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% origination fee; late payment fee applies 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 5.07% 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
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Reviewed April 26, 2023
The loan experience with Upgrade was a good experience except for the high loan fees that I didn’t quite understand as good as I should have, The $750 was a bit too much for me even though I needed the money in a short time frame. If that could have been a little better I would have rated Upgrade 5 out of 5 stars, but I still will rate the experience 4 out 5 and would do it again with a little better deal…

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Reviewed March 12, 2023
While in escrow to purchase a home, the lenders required another 5 percent down (huge) to close!!! CreditKarma gave me options to choose from. I chose UPGRADE and applied on a weekend day! I was immediately approved, with repayment schedule printed out. I did not have to supply any paperwork, only connect them to my bank. The money was deposited the 2nd work day, after the immediate approval. I was so impressed. The process was so amazingly simple. Now for the escrow to close!!!! When signing into my UPGRADE account, I was then given the option to sign up for a credit card ($1000) from UPGRADE. I applied, but was requested to submit my income paperwork. I did twice, but now they want a letter proving my income! OMGOSH!

Hello Terese,
We want to thank you for providing us with your feedback and letting us know that our service did not meet your expectations. We will use this feedback in order to improve our overall customer experience. We appreciate you taking the time to bring this to our attention.
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Reviewed March 3, 2023
I was fine with the loan, but the force of requiring a new banking account is offputting. I have used LendingTree previously and this was not my experience with them. I went to one website to make the payments and pay off the loan. I'm hoping this experience with Upgrade is similar.

Hello Jared,
We apologize for the inconvenience this has caused you.
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.
Reviewed Feb. 10, 2023
I am so glad that I chose Upgrade to help me with my debt consolidation. The app and review process was quick. It took about a week to receive the funds after I was verbally told my loan was approved but only a couple of days from when I received the approval email. They made payments directly to my credit cards which was very convenient. I especially like the terms of the loan and that I will be paid off in 3 yrs versus 5-7 with other lenders. I am very happy with my decision.

Hello Stacey,
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Reviewed Dec. 2, 2022
I was looking for a loan to consolidate the bills my husband and I brought into our marriage. I was able to see that a loan to pay off all our bills was LESS than just two of my spouse's bills. I applied, which was a quick and easy process. I spoke to a representative, whom was very professional and quick. Within 5 days, funds were in our accounts and our credit cards were paid off! I really like that I am able to change my payment date, as it originally fell on the same day as our mortgage!!

Hello Ashlee,
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Reviewed Sept. 28, 2023
Easy company to work with. No complaints.. Other than could have used a little better interest rate. But, it's been a easy process so far. And I really, really, really, really need a better rate... They did do exactly what they said they would and you can't really ask for anything else. I would refer others to use this company.

Hello Darrell,
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Reviewed Sept. 25, 2023
This is my second time getting a loan with Upgrade. Easy to load documents and identify bank electronically. Have the credit card also. Easy payments back and no penalty if paid off early. Got better interest rate because paid off my credit cards which I wanted to do in the first place.

Hello Amanda,
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Reviewed Sept. 25, 2023
Made it very easy and simple to apply for a loan. No hassle at all. Everything was self explanatory. Was quick and let you know immediately if you were approved. I would definitely refer a friend to apply if they need a loan. Great rates which are easy to handle.

Hello Deborah,
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Reviewed Sept. 25, 2023
I’ve been thoroughly satisfied with all the products I have received through Upgrade. Customer service is easy to get a hold of, and has always resolve my problems in a prompt manner. I think the interest rates are competitive, and the benefits with the debit card are better than the average bank.

Hello Chadwick,
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Reviewed Sept. 20, 2023
The process of getting a loan was quick, easy and great interest rates! The funds were transferred quickly. I was impressed about the ease of applying for a loan, communication was clear and fund transfer was accurate and fast. I’d highly recommend this company to anyone looking to refinance credit cards.

Hello Renee,
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Upgrade Company Information
- Company Name:
- Upgrade
- Website:
- www.upgrade.com