Upgrade Logo

Loan Amounts



Loan Term


24 to 84 months

APR Range


7.46% to 35.97%

Min. Credit Score



Editorial Rating

Upgrade Logo

Editorial Rating

Upgrade Review

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Loan Amounts



Loan Term


24 to 84 months

APR Range


7.46% to 35.97%

Min. Credit Score





Origination fee (1.85% to 8%), late fee (up to $10)

Funding Time


One to four business days

Founded in



BBB Rating





US (excluding Iowa, West Virginia, Colorado, Connecticut, Massachusetts, and Maryland)

Min. Revenue


None (but most candidates have at least $30,000)

Upgrade Logo

Editorial Rating

Are you in need of a personal loan?

If so, why not try and get one from Upgrade? We went through numerous Upgrade reviews and did extensive research so you could get an idea of what to expect from this loan service.

In our Upgrade loans review, you’ll learn what Upgrade is, how to apply for the loans it offers, its terms and requirements, as well as rates and fees.

What Is Upgrade?

Founded in 2017, Upgrade is an online lending platform that offers credit and personal loans products to US borrowers. It allows them to borrow money at an affordable rate.

The company is based in San Francisco, CA, and has subsidiaries in Chicago, Phoenix, and Montreal.

Upgrade’s products include personal loans from $1,000 to $50,000 with an estimated APR from 7.46% to 35.97%, but also personal lines of credit, cards, auto refinance, and credit monitoring services. These are provided or issued by one of its partner banks:

  • Cross River Bank
  • Blue Ridge Bank
  • Sutton Bank
  • WebBank

Those requiring Upgrade’s personal loan services will usually qualify if they have a minimum credit score of 620. Depending on the loan terms, they can repay it 24 to 84 months.

Who Is Upgrade Best For?

Since Upgrade usually provides personal lines of credit and fixed-rate personal loans to individuals with a minimum credit score of 620, it is most suitable for borrowers with good or excellent credit.

So,  if you’re looking for the so-called ‘bad credit personal loans’, you may want to find another lender.

The loans Upgrade offers can be used for various purposes. For example, you can take a loan to consolidate your debt, pay for home improvements, or cover a major purchase. So, if you need a loan for one of these reasons, Upgrade might be a good choice.

However, keep in mind that while Upgrade does offer a lower interest rate (as opposed to Even Financial, for instance), its origination fee may be a bit higher than those other lenders offer (for example, Avant charges 4.75% in origination fees at the most).

Getting Started with Upgrade

If you’re considering getting a loan with Upgrade, let’s see what you need to know about the process before applying.

How to apply for a personal loan from Upgrade?

The online application process for an Upgrade personal loan is pretty straightforward.

The first thing you need to do is state the loan purpose and amount. After that, Upgrade will require you to provide the following information:

  • First and last name
  • Date of birth
  • Address, city (plus zip code), and state
  • Whether the application is individual or joint
  • Total amount of annual income
  • A valid email address to create an Upgrade account with

Once you’ve provided the necessary information, Upgrade will perform a soft inquiry on your credit report. But don’t worry, it won’t affect your credit score.

However, if you get approved for a loan with Upgrade, the lender will do a hard pull on your credit report, which may have an impact on your credit score.

Make sure to regularly check the “To-Do List” on your account so you can provide the necessary documents as fast as possible.

When Upgrade pre-approves you for a loan, it will present you with a list of Upgrade loans you might qualify for. If you want to apply for one, just choose one option and provide additional information such as your social security number, phone number, and employment information.

Once you receive loan approval, you can expect to receive the funds within one to four business days.

Upgrade credit card

Besides offering personal loans, Upgrade also issues cards. If you’re thinking about getting a card with Upgrade, you should know you can sign up for an Upgrade Card or an Upgrade OneCard.

There are four options for getting an Upgrade Card:

  • Cash Rewards – 1.5% cashback on payments
  • Triple Cash Rewards – unlimited 3% cashback for purchases in home, auto, or health category
  • Bitcoin Rewards – unlimited 1.5% back in bitcoin
  • Upgrade Card for improving credit

All the cards mentioned above function as a credit card and a personal loan combined and they come with no fees (except for the bitcoin sale fee with the Bitcoin Rewards card).

As for the Upgrade OneCard, it is similar to the ones mentioned above but has one crucial difference — it can also function as a debit card. This means that if you have sufficient funds in your account, you can pay something you want to purchase in full. Meanwhile, an Upgrade Card would only allow you to pay something off in installments.

Note: The credit limit on Upgrade cards can range from $500 to $25,000 (although some borrowers can qualify for a credit limit of up to $50,000). Upgrade cards can be used for retail or online purchases and payments but can’t be used on ATMs.

Terms & Requirements

To be eligible for a loan with Upgrade, there are some requirements that borrowers need to fulfill.

The basic Upgrade loan requirements include:

  • Being a U.S. citizen/permanent resident or living in the U.S. as a visa holder
  • Being at least 18 years old (or older, depending on the state’s age limit)
  • Having a verifiable bank account.
  • Having a valid email address.

Other than that, borrowers must have a minimum credit score of 620.

As for the loan term they can expect, it can span from anywhere between 24 and 84 months. The exact term is determined in the loan agreement.

User Reviews

As part of our Upgrade loans review, we took the time to check what its customers had to say. We went through Upgrade loans reviews on BBB and Trustpilot, and here is what we discovered.

The majority of the reviews were positive. However, we also came across some negative Upgrade reviews.

Here are some things that users stated as positive in their Upgrade loans reviews:

  • Fast loan approval and funding
  • Interest rates aren’t that high
  • No hidden fees

As for the negative Upgrade.com reviews, these are some we encountered:

  • Some users had problems with making early payments and Upgrade processing these
  • Customers have also complained of not being able to apply for a loan offer they agreed on
    According to some users, the customer support team is not that helpful


In this section, you’ll find out more about Upgrade’s rates and fees and who to turn to in case you experience any issues with Upgrade.

Rates & fees

Although Upgrade doesn’t charge a prepayment fee, it does charge origination and late payment fees (1.85%–8% and $10, respectively).

The loan amounts Upgrade offers range from $1,000 to $50,000. Borrowers can pay the loan back in 24 to 84 months, depending on the loan offer they choose.

As far as rates go, borrowers can qualify for fixed-rate personal loans with fixed APR that ranges between 7.46% and 35.97%.

Note: Upgrade doesn’t offer variable but only fixed rates. In addition to the rates being fixed, customers cannot change the loan amount or term upon going forward with a loan offer.

Privacy & security

Upgrade adheres to the Federal Privacy Notice & Privacy Policy, the California Consumer Privacy Act, and its Website Privacy Policy.

Upgrade employs different technical, organizational, and physical measures to protect its customers. With these, users will be safe from unauthorized access to their data or any case of data alteration.

Customer support: How do I contact Upgrade?

Should you require assistance with something or need someone to answer questions related to Upgrade’s products and services, you can contact the support team via phone and email.

If you prefer, you can look for answers to most common questions and inquiries in the Help Center section on the website.

Final Verdict/Summary

Although not really an option for those with bad credit, Upgrade might be a smart choice for individuals who have good or excellent credit scores. If you think the products, rates and fees, and the loan amount and terms covered in our Upgrade loan review are something that would suit you, make sure to give this online lending platform a thought.

If you require additional information, it’s always a good idea to comb through Upgrade reviews and contact the support team to find out if what the platform has to offer is exactly or close to what you’re looking for.


  • Loan term up to 84 months
  • Doesn't sell personal information to third parties
  • No fees other than the origination and late payment ones


  • No loan options for individuals with bad credit
  • Possible negative impact on credit score due to hard inquiry upon applying
  • Not available in all US states
Upgrade Logo

Editorial Rating


Is Upgrade legit?

Yes, Upgrade is a legitimate online lending company. It is licensed to operate in 44 US states and has been accredited by the Better Business Bureau since 2017. The Upgrade website and mobile app are owned and operated by Upgrade, Inc., a Delaware corporation.

How long does it take for Upgrade to approve a loan?

Depending on how quickly you can provide the necessary documents, you may be approved the very day you request a loan. Receiving the money, however, might take one to four business days.

Is Upgrade a direct lender?

No, Upgrade is not a direct lender. It is an online lending platform that offers products and services which are provided and issued by one of its partner banks (Cross River Bank, Blue Ridge Bank, Sutton Bank, and WebBank).

Is Upgrade a good loan company?

Based on numerous Upgrade reviews and its products and services in relation to those offered by other lenders, we can say that Upgrade is definitely among the top loan companies on the market.