Upgrade logo

Loan Amounts


$1,000 - $50,000

Loan Term


36 to 60 months

APR Range



Min. Credit Score



Editorial Rating

Upgrade logo

Editorial Rating

Upgrade Review

Advertiser disclosure This page may contain links to our partners’ products and services, which allows us to keep our website sustainable. This means that spendmenot.com may receive a compensation when you sign up and / or purchase a product or a service using our links. However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners.

Loan Amounts


$1,000 - $50,000

Loan Term


36 to 60 months

APR Range



Min. Credit Score






Funding Time


1-4 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 the need of a personal loan?

We did our extensive research, went through numerous Upgrade reviews so that we could give you a good idea of what to expect from this loan service. 

Upgrade provides:

  • Personal loans from $1,000 to $50,000.
  • Fixed-interest rate ranges from 6.55% to 35.97%
  • Apply at a minimum credit score of 620.
  • Repay a loan in 36 to 60 months.
  • No hidden fees.

In our Upgrade loans review, you’ll learn what Upgrade is, how to apply, its terms and requirements, as well as rates and fees. Let’s dive deeper.

What Is Upgrade?

Upgrade personal loans is a direct lender launched in 2017, with the idea to help people understand the importance of responsible credit decisions. Their aim is to help consumers reduce the cost of credit and allow them to borrow money at an affordable rate. Through Upgrade, users gain access to credit monitoring and ongoing education that will eventually allow them to improve credit scores and achieve better financial health.

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

Upgrade is able to provide quick loans from $1,000 to $50,000. Depending on your credit score and financial background, you can qualify for an estimated annual percentage rate of the loan (APR) from 6.55% to 35.97%. However, to qualify for a loan with Upgrade, one has to have a minimum credit score of 620. Depending on the loan terms, the borrower will be able to return the amount in 36 to 60 months.

Upgrade allows you to borrow money online and only offers online personal loan options to their customers. Also, the vendor makes its services available for borrowers in the United States in 44 states.

Who Is Upgrade Best For?

Upgrade is able to provide fixed-rate personal loans to borrowers and personal lines of credit. As such and because of the minimum credit score requirement, Upgrade is most suitable for people with either good or excellent credit.

The average credit card interest rate is usually 17%, but Upgrade can offer a rate as low as 6.94%. This means that loans with a fixed interest rate and a fixed monthly payment could potentially work better than a credit card for your overall budget.

These types of loans can be used for various purposes. People may need them to consolidate debt, pay for home improvements, or cover a major purchase.

While Upgrade does offer a lower interest rate, as opposed to Even Financial, for instance, the starting rate is still higher than most, for example, 5K Funds. If you add an origination fee of about 6.0% your loan may end up costing more than you would expect it to. So people that want personal loans for bad credit are not really advised to use it when they prequalify for an Upgrade loan.

Getting Started with Upgrade

With the help of our Upgrade loans review, you will be able to learn what are the qualifications to apply.

How to Apply for a Personal Loan from Upgrade?

The online application process for an Upgrade personal loan is pretty straightforward. You can fill out a free application and it will allow you to check rates with a soft pull on your credit. But not to worry, it won’t affect your credit score.

The first thing that you need to do is state the loan purpose of your loan and choose the loan amount you need.

You will then need to provide certain personal information that will include your name, date of birth, and address. You will also be able to pick between the types of personal loans — individual or joint application.

The applicant will also need to provide information about personal income to borrow money online instantly. This could include child support, alimony, and separate maintenance payments. On the other hand, self-employed applicants will need to provide additional paperwork. Depending on the situation, they may need to provide two years of tax returns, and recent bank statements.

The final step when applying for personal loan services is to provide a valid email address and a password. This way you will be able to verify your account and complete your application.

Upgrade will then process your application based on the information you have provided. Be advised that the company may inquire about some additional information during this process. Make sure to regularly check the “To-Do List” on your account so you can provide the necessary documents as fast as possible.

You will be presented with a list of Upgrade loans and lending options that you might qualify for. From there you can move on to a full application by choosing one and providing additional information like a social security number, phone number, and employment information.

Once you receive loan approval, you will be able to get funded electronically in as little as a few business days.

Terms & Requirements

There are a couple of requirements that borrowers need to fulfill in order to be eligible for emergency funding.

First of all, the loan term may span between 36 and 60 months where a borrower needs to decide on a fixed repayment timeline.

The minimum credit score needed to get a loan with Upgrade is 620.

Basic Upgrade loan requirements include:

  • Being a US citizen with a permanent residence.
  • Being at least 18 years or older (depending on the state’s age limit)
  • Having a verifiable bank account.
  • Having a valid email address.

User Reviews

As part of our Upgrade loans review, we took the time to check what others had to say. The majority of users were really happy, citing good communication and fast services.

What users liked most about Upgrade is:

  • Fast approval time (usually in just a few business days).
  • Being able to get a loan with bad credit.
  • Obtaining the assets really fast (also in just a few days after the approval was complete).

On the flip side, some Upgrade reviews point to:

  • Misunderstanding
  • Checking the Upgrade line of credit.
  • Not being able to get sufficient information.

All in all, the people who have used Upgrade said that they provide some of the best bad credit loans. Most of the bad experiences in the Upgrade reviews we read can be credited to misunderstandings that usually arise with not being able to understand the process involved or by not being able to provide adequate documents that are necessary.


In the following section, you’ll find out more about Upgrade rates and fees, as well as who to turn to in case you come across any issues.

Rates & Fees

Even though Upgrade does not charge a prepayment fee, there are some other ones to watch out for. For instance, the origination fee for a personal loan can go between 2.9% and 8%. A late payment fee includes you paying $10 extra if you don’t pay up on time. Actually, you have a period of 15 days after the due date before this fee takes effect.

Loan amount term ranges from $1,000 to $50,000 and you can pay it back in 36 to 60 months.

As far as rates go, personal loans for good credit will allow you to qualify for a range of fixed-rates APR that go between 6.55% to 35.97%. Upgrade does not offer a variable rate APR.

Privacy & Security

Upgrade adheres to the Federal Privacy Notice & Privacy Policy as well as the California Consumer Privacy Act.

Upgrade employs all the procedures necessary to keep all the transactions safe and your data stored safely.

Customer Support

Upgrade’s customer support does a stellar job and usually replies within 24 hours after being contacted. They are more than polite and provide straightforward answers to any inquiry that you may have.

Whether you have questions about installment loans or anything else, be sure to check out the FAQ section on their site first. There is also information about some usual issues that people ask about and it can be faster if you check out those as well.

How do I contact Upgrade?

For any direct contact, you can do so by sending them a message via live chat or email them.

Their main office is located in San Francisco.

Final Verdict/Summary

We have gone to great lengths to provide you with the best info about Upgrade and their loan requirements, the network of lenders, the fees and terms, and have come up with an extensive Upgrade loans review that includes all the important fixtures that a borrower needs to know.

So even if you have a steady stream of income and want to view loan offers and want to get approved fast, Upgrade is the place for you.

That said, feel free to browse through some more Upgrade reviews to make sure this is the right fit for you.

See you around on SpendMeNot!


  • Co-application loans allowed: Upgrade allows co-application with a co-signer. This usually results in a bigger loan with a better interest rate.
  • Quick money loans: Personal loans work really fast with Upgrade. You can expect to receive funds in as much as four business days on your account.
  • Prequalification: Before deciding on a loan agreement, you can check your rates on lines with a soft pull and get pre-approved online. You can still get affordable personal loans that way and it will not affect your credit score.
  • Payment flexibility: Besides a broad loan range, Upgrade offers you to choose or change the payment date. Users can use this to their advantage so it suits their budget.
  • A+ rating: Upgrade loans has received a BBB accreditation in 2017 and has been rated with an A+


  • It comes with an origination fee: Upgrade includes an origination fee of between 2.9% and 8% which is deducted from your loan proceeds.
  • There is a late payment fee: If payment is not made within 15 days of the due date, you will be charged $10 extra for late payment.
  • It does not offer a competitive APR: Even though Upgrade offers unsecured loans for bad credit, their APR is not as competitive as you may think. A different market place can still offer better rates.
Upgrade logo

Editorial Rating


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

Depending on how quickly you are able to provide the necessary documents and gather everything needed in the To-Do List, you may get a same-day approval.
Receiving the money in your account, however, might take between one and four business days. It depends on the user’s bank. The fact that the process works so fast makes Upgrade one of the best places to get a personal loan.

Is Upgrade a good loan company?

Upgrade is definitely among the top loan connection companies currently on the market and it provides arguably the best way to borrow money. It has an extensive network of lenders and you can receive multiple loan offers and you can choose from the best available lenders.

Is Upgrade a direct lender?

Yes, Upgrade is a direct lender and it combines access to affordable credit products. It also offers free education and credit monitoring. Upgrade is not a bank as they collaborate with certain banks and financial institutions to originate loans. As such, it is able to provide unsecured personal loans as it has some reputable partner lenders.
Although it offers a number of unique lenders, you are essentially lending money from marketplace platforms and not in a peer-to-peer lending style.