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Upgrade Personal Loans Review

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Upgrade is a lending company based in San Francisco, California. It is an online lending platform that offers consumers free credit monitoring and access to personal loans of up to $50,000.

The company’s co-founder and CEO Renaud Laplanche is the former head of LendingClub, an online lending company that has lent more than $28 billion to over 2 million borrowers since 2007.
 
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How Do We Rate Upgrade?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Our Overall Rating: 3.1 / 5 (Very good)

Although Upgrade is a young company, it is already making waves in the online personal loan market thanks to its competitive offerings and streamlined application process. Unlike most personal lending companies, Upgrade focuses on a borrower’s cash flow rather than income, which means people with a lower salary may qualify for a bigger loan based on cash flow.

Upgrade is an overall good choice for borrowers searching for quick access to personal loans with reasonable rates and flexible loan options. 

Upgrade Loan Specifics

Loan Specifics - 4 / 5

Upgrade loans have a flexible price range, ranging from $1,000 to $50,000, and have a fixed term length of 24, 36, 48, 60, 72, or 84 months. They take only minutes to tell customers if they were approved or not for the loan they applied for. If approved, the amount will be directly deposited into a customer's bank account in 24 hours (after clearing verifications).

There are a few things Upgrade loans cannot be used for, including post-secondary education, investments, illegal activities, or gambling of any kind.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$1,000.00
Loan Maximum
$50,000
Term Length
24, 36, 48, 60, 72, or 84 months. 
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
Undisclosed
Disbursement Time
Within 1 business day†
Credit Insurance
No
Unemployment Protection
No

Representative Loan Sample

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.74%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

Upgrade Qualification

Qualifications & Flexibility - 3.5 / 5

Upgrade does a soft credit check first to get customers rates they qualify for. Then, once the customer applies for an specific loan, they do a hard credit pull on their score. Upgrade loans require a minimum FICO score of 620, but applicants should keep in mind that Upgrade also looks at how much money they have left at the end of the month after expenses. This means applicants with lower scores might be approved for better rates if they have enough cash flow.

Applicants must have at least $1,000 left to be approved for a loan.
Minimum FICO Score
620
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
40% maximum debt-to-income ratio excluding mortgage
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes

Upgrade Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Upgrade offers loans within a 7.74%-35.99% APR range. A customer's actual rate will depend on their credit score, credit usage and history, loan term, and other factors.

The best rates are only available for applicants with excellent scores and who authorize automatic payments.

They charge an origination fee of 1.85 to 9.99%, and will charge customers a $10 fee for any failed electronic or check payment attempts.

If you miss your payment with Upgrade, they will charge up to $10.
APR Range
7.74%- 35.99%
Origination Fee
1.85 to 9.99%
Missed Payment Penalty
Up to $10 if your payment is not received in full within 15 calendar days of your payment due date

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Upgrade Reputation

Customer Service and Reputation - 3.5 / 5

Upgrade is a BBB-accredited business and has an outstanding A+ rating and 868 customer reviews with them.

It also has an excellent 4.8 out of 5 Trustpilot score, and only 4 complaints on the CFPB. This is noteworthy considering Upgrade was founded only recently, in 2016.
Type of Institution
Peer to Peer
Year Founded
2016
BBB Rating
A+
Trust Pilot Rating
4.8 out of 5
Consumer Financial Protection Board (CFPB) Complaints
4
Date Collected
2020-03-25

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.74%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. 

† Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Headquarters Address
275 Battery Street, 23rd Floor, San Francisco, CA, 94111
Homepage URL
https://www.upgrade.com
What We’re Hearing From Our Readers
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Customer Comments

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Allen K
6/9/2026
This was our second loan with UPGRADE. Both loans were quick, easy and stress free. We had our loan money in the bank in 2 days. We really appreciated the low interest % too. We highly recommend UPGRADE to help you in your time of needing a loan. Allen & Debbie K Pittsburgh, PA
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Julie B
6/7/2026
I was naive and did the loan application on my phone then really shocked to learn there was a 10% Origination fee I plan to pay off immediately and will never use or recommend Upgrade to anyone. It is a Downgrade and truly deceptive comoany. A lesson to me to read the very, very fine print.
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carriesoule77
5/20/2026
The process was fast and easy. My credit score is not great but was still able to get what I needed .
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pickettwillis
5/5/2026
All in all it was good. I was approved, with a good interest rate. I was proud of that! I did have to jump through a lot of hoops, but same goes if one is applying in person. Just don't think you can do it quickly. It takes some time at the computer and have to give all your information, like taking pic of your DL and give your ss no. I was a little anxious about that. I prayed it was all legit and apparently it was. Praise God! I was a little surprised when they deducted a few hundred off the top for fees. However, I figured it up and it was only 2 months interest on my credit card. I put the pencil to it and it is still saving me a LOT of money -v- paying for many years on my cr...Read More
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shateele60
5/4/2026
I’ve had several short term loans would upgrade, and I’ve had no complaints. I’ve used them for vacation. Paid them off very easy. I recently took out an another Loan small amount. There was aI’ve had several short term loans would upgrade and I’ve had no complaints. I’ve used them for vacation. Paid them off very easy. I recently took out an another loan small amount. There was a small originating fee, but it was not an issue easy Peezy. It was funded in 24 hours. It was a great customer service experience and with no prepayment penalty I can pay the loan off quicker.
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S
Susan K
4/26/2026
Upgrade has been good to me when I needed a personal. loan. To apply for a loan is quick and easy.. I had a lot of repairs that needed made at my house and they gave me the money to take care of them. I really appreciate it because I don’t know what I have would have done without them..
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kim.macias12
4/12/2026
I’ve had a good experience with requesting and being approved for my loan. It took one day for the approval and I received the funds in my account the next day.
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kjbadboy56
2/3/2026
I was approved for $4,000.00 but I only received $3,600.00... and very unhappy about that.
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kays5960
12/2/2025
Worse company I am having to deal with. I will never use them again. They refuse to answer my emails or phone calls. No one can give me any answers except to refer me to their website which has nothing on it that helps with determining how they are applying my payments, etc. If you can...DON'T USE THIS COMPANY!.
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jennlynchkupan
11/5/2025
Because I have worked with them in the past, the process was very easy! Was able to complete the application process and the funds were transferred within a week. Excited to make some big consolidating payments to pay off things quicker!
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Our Partner

Personal loans from $1,000 to $50,000

  • Loan APR range: 7.74% - 35.99%¹
  • Fast Funding. Money is sent to your bank account within a day of clearing any verifications
  • Transparent terms and absolutely no prepayment penalties
  • Access to free credit monitoring, alerts, and features to help you understand your credit
  • No obligation and no impact to your credit score when you check your rate
  • Dedicated to serving since 2016
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