• APR RANGE: 8.24%-35.97%
  • LOAN AMOUNTS: $1,000-$50,000
  • FUNDING TIME: 1-4 business days
  • LOAN TERMS: 36-60 months
  • FEES: 1.85%-8.99% origination fee
  • REPAYMENT TERMS: Flexible options: monthly payments, fixed rate

Upgrade Reviews: Fees, Pros & Cons [2022 Update]

  • APR RANGE: 8.24%-35.97%
  • LOAN AMOUNTS: $1,000-$50,000
  • FUNDING TIME: 1-4 business days
  • LOAN TERMS: 36-60 months
  • FEES: 1.85%-8.99% origination fee
  • REPAYMENT TERMS: Flexible options: monthly payments, fixed rate

Best For

Loan Amounts up to $35,000


  • BBB Accredited
  • Quick deposits
  • Fast and easy online application
  • No negative impact on your credit
  • Provides unemployment protection


  • Higher interest rates and minimum APR
  • Loan services not provided in Colorado, Maryland, Vermont, West Virgini

Serving clients since 2017, Upgrade has been founded by the co-founders of LendingClub. In only a few years, the company has made a big impact by providing borrowers with a hassle-free funding solution to finance their needs.

Upgrade offers personal loans online to borrowers through its wide network of lenders.

Whether you’re looking for a personal loan to finance a repair work around the house, refinance a credit card, or fund your next big purchase, Upgrade is the place to find the best deals regardless of your credit status. If you’re reading different Upgrade reviews online and doing your legwork before you narrow down your choices, then you have come to the right place.

We will discuss:

  • Upgrade personal loans details
  • Eligibility criteria
  • How to apply for a loan
  • Pros and cons
  • FAQs

At the end of this legit Upgrade review, you’ll be able to make an informed decision of whether or not to take out a personal loan with them.

What Do You Need to Know About Upgrade Personal Loans?

Upgrade offers unsecured personal loans, so you don’t have to provide any collateral to take out a loan. With this loan, you can cope with a variety of financial challenges in your life. From debt consolidation to credit card refinancing, remodeling your home, or covering for an unexpected expense, Upgrade provides you with a quick and smooth way to get funds and overcome financial worries in no time.

Here is a summary of what Upgrade offers:

  • Expected Loan Amount – The minimum is $1,000, and the maximum is $50,000.
  • Annual Percentage Rate (APR)– Minimum 8.24%, and maximum 35.97%.
  • Monthly Payment – Affordable.
  • Loan Term – Flexible; you can choose a single monthly payment plan that never changes and fits your budget or a fixed rate and term that fits your timeline. However, the length of these loans ranges from 36 to 60 months.
  • Types of Interests – Low fixed rates.
  • Unsecured or Secured – Unsecured.
  • Typical Approval Time – Quotes are offered in only a few minutes.
  • Typical Funding Time – 1 to 4 business days depending on the clearance of necessary verification.
  • Fees and Penalties:

✓ Origination Fee – All personal loans have a 1.85% to 8.99% origination fee. This fee is deducted from the loan proceeds.
✓ Prepayment Penalty – No prepayment fee is required.
✓ Late Payment Penalty – Late payments or subsequent charges may increase the cost of your fixed-rate loan.
✓ Returned Payment Fee – There is no fee or penalty for repaying a loan early.

What Аre Upgrade Personal Loan Eligibility Criteria?

There are several requirements you must meet to qualify for a loan with Upgrade. These include:

  • You have to be 18 years of age or more
  • You have to be a US citizen, permanent resident, or live in the US with a valid visa
  • Must have a verifiable bank account and a valid email address
  • Your income threshold should be at least $800 monthly
  • You have to have a minimum credit score of 600
  • Your minimum length of credit history should be at least 3 years
  • Must not live in Iowa, DC, or West Virginia

How to Apply for a Personal Loan With Upgrade?

You’ll find our Upgrade application process review below. Take a look to see how easily you can apply for and take out a personal loan with Upgrade:

  1. You can get started by checking your rate free of charge.
  2. Next, provide your personal information such as name, address, city, state, ZIP code, and date of birth.
  3. Then you will be asked ‘how much money do you make in a year?’ Answer it to proceed.
  4. The last step is to create your account by providing your email address.
  5. Once you sign up with them, Upgrade will show you multiple loan options with varying amounts and terms. However, if your application is denied, you will be given a reason for rejection.

Privacy and Security Policy

Powered by an industry-leading infrastructure service provider, Upgrades’ cloud infrastructure facility is encrypted and deployed with data protection capabilities. Upgrade’s infrastructure provider is SOC 1, SOC 2, and SOC 3 compliant. Physical access to the data center is strictly controlled.

The company uses advanced prevention technologies like web application and network firewalls, antivirus, intrusion detection systems, VPN, web filtering, and anti-spam technologies. Moreover, the company also equips all its customers with an Extended Validation (EV) Secure Socket Layer (SSL) certificate. This facilitates secure data transmission. So, once it is installed on your system, you can be satisfied that your confidential information can only be read or written through defined service access points. Also, the system is password-protected. Therefore, it can only be used if you have the password. No wonder that Upgrade reviews are generally very favorable regarding the security of using Upgrade’s services.

Pros Cons
Quick deposits Upgrade interest rates and minimum APR are higher
BBB accredited with A rating Doesn’t provide their loan services in Colorado, Maryland, Vermont, and West Virginia
Easy and fast online application A number of loan requirements
No negative impact on your credit
Provides unemployment protection

Upgrade Alternatives

If you want a low annual percentage rate (APR), then your best options are Credible and LendingTree. Both companies offer a minimum APR of 3.99%. In addition to this, Credible is also a good option if you are looking for a higher maximum loan amount than Upgrade. The company offers a $100,000 maximum loan amount. If you compare the Upgrade online reviews with those of its competitors you’ll also notice that their eligibility requirements are simpler than Upgrade’s.

Read the full reviews of Credible and LendingTree here. 

Wrap Up

In a nutshell, Upgrade is a relatively new online personal loan marketplace in the US. The company, however, has been founded by experienced founders, so you can expect Upgrade to offer you the best in the industry. Upgrade provides unsecured loans at competitive fixed rates to individuals above 18 years of age. The Upgrade loan reviews are positive, the company is rated ‘A’ by BBB and has a wide network of lenders. With Upgrade, you can apply for a loan fast and get the best deals in the shortest time. All you have to do is compare your deals and make your pick. Once you make your selection, the lender then transfers the loan to your bank account directly.


Can I refinance my personal loan?

No. You can’t refinance your personal loan if you’re looking for a better interest rate on an existing loan.

What can I use Upgrade personal loan for?

You can use it for a variety of purposes such as: refinancing your credit cards, debt consolidation, home improvement, financing an unexpected expense, or making a major purchase.

Can I get a personal loan online?

Yes. Upgrade’s entire loan application process is online. It’s a simple online application process, and you don’t have to physically go anywhere or wait to get an appointment with a loan officer.

Who is Upgrade personal loan best for?

Upgrade personal loan works best for anyone who wants an immediate solution for their financial worries. Upgrade funding is quick and easy. You can find a good personal loan offer on Upgrade even without stellar credit.

Is Upgrade BBB accredited? What is its rating?

Yes. Upgrade is accredited by the Better Business Bureau (BBB). The Upgrade rating on BBB is an impressive ‘A’. This is a big achievement, especially for a company that has been around for only 3 years. An ‘A’ rating shows that Upgrade customers are satisfied with their services and offers. After reading different Upgrade reviews, you can easily see that Upgrade is a reliable and trusted online loan marketplace that is focused on delivering the best of services to customers and helping them cope with their financial challenges.