Upgrade Personal Loans: 2025 Review

Where Upgrade falls short

• High APR cap: Upgrade’s maximum APR is 35.99 percent, which is on the high end.
• Origination fee: The lender charges an origination fee of 1.85 to 9.99 percent of the loan proceeds. This may lead to borrowing more, and paying more interest over time, in order to get the exact amount you need.
• Undisclosed credit requirements: Though borrowers can check their rate without hurting their credit, specific credit and income requirements aren’t listed on Upgrade’s site.

Upgrade customer resources

Customer support

Borrowers can get in touch with customer support via chat, email or phone. Support is available from 5 a.m. to 7 p.m. PT Monday through Friday and from 6 a.m. to 5 p.m. ET on Saturday and Sunday.

Digital experience

Upgrade’s loan application can be completed entirely online or over the phone. Borrowers can manage their accounts online or through the company’s highly-rated mobile app, which is available for both iOS and Android devices.

Do you qualify for an Upgrade personal loan?

Borrowers must be of the age of majority in their state to be eligible for Upgrade’s loans. Besides that, borrowers are required to meet the standard citizenship, residency or visa requirements and have the following:

• A verifiable bank account.
• A valid email address.
• A credit score of at least 580.

How to apply for a personal loan with Upgrade

Upgrade’s application process can be done entirely online and only takes a few minutes to complete.

1. Get a quote: You’ll start by filling out a one-page application to see which terms you may qualify for based on a soft credit check. You’ll also be required to create an account at this stage.
2. Add information and finalize your application: If you prequalify you’ll be able to view your loan offers. Once you pick the offer that best fits your needs, accept it and provide your Social Security number to verify your identity. This will require a hard credit pull.
3. Review the loan details: Before you accept a loan from Upgrade, take some time to review your offer and ensure everything checks out. If it does, sign the disclosure and choose a disbursement method. Upgrade states that funds can be sent out as soon as the next day after approval.

Methodology

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about Upgrade

Upgrade has an unusually high rating on third-party review site Trustpilot. It has a 4.3 out of 5 score after over 41,000 customer reviews as of December 9, 2024. The lender’s easy application process and quick funding are common themes among positive reviews. One user said, in part:

"The loan application process was easy and fast. They have helped me consolidate twice now and the second time with an amazing interest rate! I also received my funds within 1 day of filling out the application. Not sure if this is the norm, but that was super fast!"

— Trustpilot User

Most negative reviews were about Upgrade’s credit card, rather than its personal loans. A few mentioned getting abruptly declined for a personal loan late in the approval process.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

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