Upgrade Reviews
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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, a simple approval process and easy banking.
- Fast approvals
- Loans up to $50,000
- 4.02% APY on savings accounts
- Same-day transfers up to $100,000
- $10 late fee on loans
- High origination fee
Featured Reviews
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 are available from $1,000 to $50,000. 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 (APY) of 4.02%, which is quite a bit higher than what you’ll see at most brick-and-mortar banks — and even many online-only banks.
Rewards Checking: Using your debit card for purchases earns unlimited 1% to 2% 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 10% to 20% lower interest rate if you apply for an Upgrade loan or card.
» MORE: Types of personal loans
Upgrade interest rates and fees
Upgrade’s personal loans typically have annual percentage rates (APRs) between 7.74% and 35.99%. The lowest rates require autopay. Rates vary based on your credit score, your credit usage history, the loan term and other factors.
Upgrade provides the following 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) gives you $9,500 after fees and requires a monthly payment of $343.33. 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.
Keeping money in your savings account earns you 4.02% 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?
Yes, if you decide to move forward with a loan, Upgrade does a hard credit check. However, 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 7.74% at the time of publishing. While origination fees are somewhat 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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- 4,880,885 reviews on ConsumerAffairs are verified.
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- Our moderators read all reviews to verify quality and helpfulness.
Reviewed May 5, 2026
Needed a loan at the last minute and decided to take an offer from Upgrade. I figured "what do I have to lose." Submitted my request and a day or so later my request was approved and the funds were in my account. I was real pleased on how easy and effortless it was. Compared to walking and waiting at a local bank, etc. This is way faster. I would do it all over again and appreciate the fact that Upgrade was there to help me out!
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Reviewed March 18, 2026
I now currently have two separate loans through Upgrade. Their process is easy to navigate through. They were able to match the total payment amounts from multiple credit cards. But now instead of an unknown amount of years for repayment. I will be able to pay back what I owe in five years. Meaning a total savings on interest. Let alone peace of mind. As always I appreciate Upgrade and will definitely be recommending them.
Reviewed March 13, 2026
Getting a loan to pay off my credit card debt turned out to be one of the easiest financial decisions I’ve ever made. The entire process was simple and straightforward from start to finish. The application was quick to complete, and the instructions were clear, which made it easy to understand exactly what information was needed. I didn’t feel overwhelmed or confused at any point during the process.
One of the things that stood out the most was how fast everything moved. After submitting my application, the approval process didn’t take long at all. I was notified quickly that my loan had been approved, which immediately gave me a sense of relief. Instead of waiting days or weeks like I expected, the funds were deposited directly into my account the very next day.
Having access to the money so quickly allowed me to pay off my credit card balances right away. It took a huge weight off my shoulders and helped simplify my finances by replacing multiple payments with just one. Overall, the experience was smooth, fast, and stress-free, and it made managing my debt much more manageable.
Reviewed Feb. 22, 2026
I am a very cautious and skeptical person. So when this process was so fast and so easy I thought it was a scam. But to my delight, it was not a scam. I was approved and funds came in as promised. They did what they said they were gonna do and it was just a no hassle experience. I wish I found this sooner. I would highly recommend this to the people who desperately need help. IT REALLY WORKS FAST AND EASY.
Reviewed Feb. 19, 2026
Outstanding experience overall. I applied for a loan with this bank and wasn't sure what to think because this bank lack actual physical branches. And there's no actual human experience but lo and behold it was fast and easy without someone lecturing you about how much debt you accumulated. Also you can set up a checking and savings account and fund it several ways. So far the two neo banks doing this I know of is Upgrade and Upstart. This may be the wave of future banking.
Reviewed May 10, 2026
Fast! Easy! Extremely helpful! It is helping my family in a time of need until funds become readily available.
Reviewed May 6, 2026
The process was fast and easy. I think it took less than maybe 1 hour for my approval. The funds was deposited into my account the next day, the payments and terms are very reasonable. Affordable, and this is a credit builder for me as well.
Reviewed May 5, 2026
Other than high origination fee, the experience from application being easy to deposit into bank account is fast, with every detail provided with utmost transparency.
Reviewed May 4, 2026
Very easy process. No headache. Little higher interest rate than I expected but doable.
Reviewed May 2, 2026
I have taken out two loans with Upgrade and they have been fast and easy. I love them. They have been very helpful when I need them!!!!
Upgrade Company Information
- Company Name:
- Upgrade
- Website:
- www.upgrade.com
