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Upgrade
AUTHORIZED PARTNER

Upgrade

 4.8/5 (439 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

  • 5 stars
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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 7.46% to 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 of 1.85% 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 7.46%. While origination fees are fairly high, costs may balance out for some customers due to the lack of prepayment penalties and lower rates.

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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.

Be the first one to find 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!

    Be the first one to find 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!

    Be the first one to find 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!

    Be the first one to find 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!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 23, 2022

    Everything went smooth and fast, the application was easy to fill out, the approval was fast and the funds deposited. Everything was explained clearly and there were no hidden fees or sudden changes to the original approval. Everything was secure which made me feel confident. GOOD SERVICE.

    Upgrade response

    Hello Darnell,

    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: Sept. 23, 2022

    I asked for help and Upgrade made it happen. I filled out the application and had my answer right away. No stress or waiting. I would recommend giving them a try! Upgrade was there for me when I needed them.

    Upgrade response

    Hello Bette,

    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: Sept. 22, 2022

    Upgrade finance was efficient, very helpful, quick reply. Upgrade is a good company! It only took 4 business days to receive my money, the interest rate on my loan is very good and the terms of my loan are good. Thank you Upgrade.

    Upgrade response

    Hello Deborah,

    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: Sept. 22, 2022

    Super easy interface, straightforward service. I would recommend Upgrade to a friend looking to better their credit wisdom/health. Upgrade has helped me tremendously get my credit back on track and has helped me better understand where I can improve my credit utilization to boost my score and attain my goals!

    Upgrade response

    Hello Kaitlyn,

    We appreciate your feedback.

    Thank you for being a valued customer!

    Be the first one to find this review helpful
    Resolution In ProgressRated with 1 star
    Verified Reviewer
    Original review: Sept. 21, 2022

    In June 2022, I opened an account (debit and credit cards) with Upgrade because they had a $400 welcome bonus with the requirement of using the debit card 3 times in a certain number of weeks. Nobody informed me that I had to use my credit card at least once to qualify for the bonus. And believe me, if someone had told me I would have used it not once but multiple times because I went on a road trip for 5 weeks across US and Canada in the summer. And no, I didn't read the requirements online because I trusted the Upgrade employee on the phone.

    When I came back from my trip, I went online to see if the bonus had been deposited. It wasn't there, and I had been on the phone several times with several agents. Some of these calls had not even been registered in the computer's log. So, there are agents working for customer service that do not write what is going on during the conversations which makes it more difficult for us, customers, to refer to something that has been talked about if there is no trace of it. Fortunately, thanks to my phone I know when I called and for how many minutes. I have even talked to supervisors that promised me that my money would be processed because they understood it had been Upgrade's fault for not informing me correctly. Nothing happened. Last time (last week) another agent told me he would make my case his priority and he would send me an email yesterday. No email.

    So, do I really keep my accounts in a bank that does not acknowledge their mistakes and resolve situations favoring the customer when that happens?; where the agents don't log everything that it's mentioned in a conversation?; when agents and supervisors tell you they are going to take care of things and they don't? I don't think so. So the welcoming bonus if it arrives, it will be a farewell bonus. I will keep writing reviews everywhere until they disappear...

    Upgrade response

    Hello Arantxa,

    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 have corrected the issue.

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

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

    Company Name:
    Upgrade
    Website:
    www.upgrade.com