Upgrade Personal Loan Review for 2021


Important points:

  • In addition to personal loans, Upgrade offers lines of credit, free credit monitoring, and online educational tools.
  • Upgrade is best suited for borrowers with fair credit scores and borrowers with poor credit scores.
  • Upgrade loans are not available in all 50 states.

on Upgrade’s secure website

What we like:

Check your rate without affecting your credit score

Prices (APR) 7.99% – 35.89%
Credit terms 3 or 5 years
Loan amounts $ 1,000$ 50,000
fees Issuing fee: 1.5% – 6%

Early repayment penalty: None

Founded in 2016, Upgrade is an online lending platform that uses technology to help borrowers access loan products faster. It offers personal loans, lines of credit, free credit monitoring, and online educational tools.

Upgrade’s goal is to help its customers get affordable credit and make responsible financial decisions. In addition to free credit monitoring, customers receive personalized credit recommendations based on their creditworthiness.

If you’re looking for a way to consolidate your debt, pay off credit cards, or fund a large personal project, consider getting a personal loan from Upgrade.

In this review:

Upgrade personal loan: at a glance

Upgrade personal loan
Loan amounts $ 1,000$ 35,000
Terms 36 or 60 months
Effective interest rate 7.99% – 35.97%
Origination fee 2.9% – 8%
Prepayment fee $ 0
Minimum creditworthiness 620
show prices

Upgrade personal loans

Upgrade personal loans can vary between $ 1,000 and $ 50,000 at low fixed prices. These loans are unsecured so customers do not need to use their homes or cars as collateral.

Upgrade offers flexible repayment terms and even allows customers to adjust their payment dates to their monthly budget. To secure the lowest interest rates, borrowers must sign up for automatic payment.

Personal loans are for you when you have a fixed amount and need a cash payment to cover it. Personal loans can be used for a wide variety of expenses, from debt consolidation to Home improvement to cover the costs of a wedding or other events.

Advantages and disadvantages of the upgrade

  • The loan application process is straightforward and you can check your interest rates without affecting your credit score as upgrade will put its first gentle pull on your credit score.
  • As soon as you have accepted your loan offer, you can receive the loan proceeds on the next working day.
  • The lender gives personalized loan recommendations and provides free loan health tools to all of its customers. This includes free credit monitoring, educational articles and resources, and email notifications of potential fraud.

  • Upgrade personal loans are not available in all 50 states. Borrowers in Iowa and West Virginia cannot apply.
  • If you have excellent credit, you may be able to get a lower interest rate from other lenders. For example those with a credit score greater than 660, might want to consider LightStream for lower prices.

Upgrade authorization and information on how to apply

Applying for a personal loan via upgrade is a pretty straightforward process. Upgrade describes the following steps for new customers on its website:

  1. Check your price online: The first step is to find out what APR you qualify for. You’ll find out within minutes Upgrade website. And because the upgrade will soften your credit score, it won’t have a negative impact on your credit score at this stage in the process.
  2. Choose an offer: Once you know the amount of credit you qualify for, you can choose the amount that you need.
  3. Get money quickly: Once you’ve accepted your loan offer – whereupon Upgrade does a tough credit pull – Upgrade will send the funds straight to your bank account within a day.

How we rated Upgrade’s personal loans

Upgrade’s personal loans received a 4.8 / 5. LendEDU rates personal loans based on a variety of data points including interest rates, terms, fees, funding time, availability of credit checks, and more. You can learn more about ours Evaluation methodology here.

Where can I find upgrade alternatives

Upgrade is best for people who have a fair credit credit or Bad credit credit, so this may not be the best option for those with good credit. You can see our top picks for Personal loans for good credit here.

When looking for the right personal loan or line of credit, we recommend seeking quotes from multiple lenders to compare rates and find the best deal.

Our guides for the best personal loans and the best personal credit lines are excellent places to look for better lenders.

Are you ready to apply for a personal loan upgrade? Check your price on the website without affecting your credit score.

Prices (APR)


Loan amounts

$ 1,000$ 35,000

* Upgrade personal loans offer an annual percentage rate of 7.99% to 35.97%. All personal loans have a 1.5% to 6% fee that is deducted from loan proceeds. The lowest interest rates require autopay and the direct repayment of part of the existing debt. For example, if you received a $ 10,000 loan with a term of 36 months and an APR of 17.98% (including an annual rate of 14.32% and a one-time commitment fee of 5%), you would receive $ 9,500 on your Account and would have a required monthly payment of $ 343.33. Over the life of the loan, your total payments would total $ 12,359.97. The APR on your loan can be higher or lower, and your loan offers may not have multiple terms. The actual interest rate will depend on creditworthiness, credit history, loan duration, and other factors. Late payments or subsequent fees and charges can add to the cost of your fixed rate loan. There are no fees or penalties for repaying a loan early. Personal loans issued by Upgrade’s credit partners. Information on Upgrade’s loan partners can be found at https://www.upgrade.com/lending-partners/.

** Accept your loan offer and your funds will be sent electronically to your bank or specified account within one (1) business day of the completion of required verifications. Fund availability will depend on how quickly your bank processes the transaction. Funds should be available within four (4) business days from the date of approval.

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