Upgrade Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Lisa Iannucci

Taylor Medine

Updated on Tuesday, July 9, 2019

How MagnifyMoney Gets Paid

Advertiser Disclosure

APR

5.94%
To
35.97%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

2.90% - 8.00%

SEE OFFERS

on LendingTree’s secure website

Lender Disclosure

Upgrade is an online lender that offers fairly priced personal loans for a term of either 36 or 60 months.... Read More

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

Upgrade personal loan details

	Fees and penalties
Terms: 36 or 60-month loan terms are available. APR range: Loans through Upgrade offer interest rates from 5.94% to 35.97% APR. Loan amounts: You can borrow from $1,000 to $50,000. Time to funding: You can get funding to the account of your choice within a day of approval; the availability of your funds will depend on your bank, but four days is typical. Hard pull/soft pull: The initial application to check rates only requires a Soft Pull which will not impact your credit. The full verification to approve you for the loan does require a hard pull.	Origination fee: One drawback of a loan through Upgrade is the origination fee — it can range from 2.90% - 8.00% of your loan amount. And because the fee is deducted from your loan before you receive the funds through a bank deposit, you’ll actually be getting less money than you ask for. Be sure to factor that in before you decide your loan amount. Prepayment fee: Loans through Upgrade have no prepayment penalty. You can pay off your loan at any time without worrying about a fee. Late payment fee: The late fee is up to $10 and charged if your payment isn’t received within 15 calendar days of your payment due date.

Fees and penalties

Terms:

APR range: Loans through Upgrade offer interest rates from 5.94% to 35.97% APR.
Loan amounts: You can borrow from $1,000 to $50,000.
Time to funding: You can get funding to the account of your choice within a day of approval; the availability of your funds will depend on your bank, but four days is typical.
Hard pull/soft pull: The initial application to check rates only requires a Soft Pull which will not impact your credit. The full verification to approve you for the loan does require a hard pull.

Origination fee: One drawback of a loan through Upgrade is the origination fee — it can range from 2.90% - 8.00% of your loan amount. And because the fee is deducted from your loan before you receive the funds through a bank deposit, you’ll actually be getting less money than you ask for. Be sure to factor that in before you decide your loan amount.
Prepayment fee: Loans through Upgrade have no prepayment penalty. You can pay off your loan at any time without worrying about a fee.
Late payment fee: The late fee is up to $10 and charged if your payment isn’t received within 15 calendar days of your payment due date.

A loan received through Upgrade can be used for a major purchase, to consolidate debt, pay off or refinance credit card debt, or to finance a home improvement project.

Loans also come with credit monitoring, through Upgrade Credit Health. Credit Health is available to everyone — borrower or not — and includes a summary feature providing an overview of your TransUnion credit report and monitoring updates on a user’s VantageScore 3.0 every seven days. It does not, however, provide a full report of all accounts.

The big fee that you have to watch out for with Upgrade is the origination fee. The origination fee can take a sizeable chunk out of your loan before you even get any money. Take this into consideration when deciding how much money to borrow since it will decrease the amount of cash you’ll receive.

Eligibility requirements

Minimum credit score: Not specified.
Minimum credit history: Not specified.
Maximum debt-to-income ratio: Not specified.

Upgrade doesn’t disclose all of the conditions used to qualify borrowers. As far as residency and other requirements, you need to meet the following conditions:

Be a U.S. citizen or permanent resident (or a valid U.S. visa holder)
Be at least 18 or 19 years old depending on your state
Have a verifiable bank account and email address

Upgrade is exclusive to certain states. You can’t get a loan if you live in Colorado, Iowa, Maryland, or West Virginia. Upgrade doesn’t specify that you must work with a certain type of employer to qualify.

You do need to input your individual gross income during the application. Self-employed workers can apply for loans but may have to provide the most recent two years of tax returns to verify income.

Applying for a personal loan through Upgrade

To get started with Upgrade, you can check your rate online, which doesn’t require a hard pull on your credit. You enter in preliminary information about the loan you need. Sign up for autopay during the application process to save interest — 10 days of interest are added to check payoffs to account for mailing and processing time.

In the next part of the initial application, you’ll put in your name, address and annual income. Upgrade will give you a few preapproved offers based on the information.

The loan offers you receive after providing this information will include the loan amount, interest rate and term. After choosing an offer, you’ll be asked for bank account information where you want to deposit the money if your application is approved. When your loan is funded, a hard credit pull is performed and, if necessary, you will be asked to upload supporting documents, such as pay stubs or tax documents for income verification. Once approved, you can have access to your funds within four business days, depending on your bank.

Pros and cons of an Upgrade personal loan

Pros:	Cons:
Soft Pull. You can check rates without a hard pull of your credit report. The hard pull only comes into play if you decide to go through the final approval process. Free credit monitoring. You get a VantageScore 3.0 with your loan account and a credit report summary from TransUnion — not a full credit report, but it’s still a free resource that you can use to improve your score. Competitive interest rates. The interest rate range at Upgrade is competitive; however, bear in mind that the lowest rates available are usually reserved for people with the very best credit scores. Quick funding. If approved for a loan, you can get access to money within four business days.	Origination fee. Upgrade has an origination fee of 2.90% - 8.00%; however, there are other online lenders that don’t, which could offer you some savings. Limited availability. You won’t be able to obtain a loan through Upgrade if you live in the states that Upgrade currently does not serve.

Pros:

Cons:

Soft Pull. You can check rates without a hard pull of your credit report. The hard pull only comes into play if you decide to go through the final approval process.
Free credit monitoring. You get a VantageScore 3.0 with your loan account and a credit report summary from TransUnion — not a full credit report, but it’s still a free resource that you can use to improve your score.
Competitive interest rates. The interest rate range at Upgrade is competitive; however, bear in mind that the lowest rates available are usually reserved for people with the very best credit scores.
Quick funding. If approved for a loan, you can get access to money within four business days.

Origination fee. Upgrade has an origination fee of 2.90% - 8.00%; however, there are other online lenders that don’t, which could offer you some savings.
Limited availability. You won’t be able to obtain a loan through Upgrade if you live in the states that Upgrade currently does not serve.

Who’s the best fit for a personal loan through Upgrade?

Loans through Upgrade can be worthwhile for someone who needs to find money quickly because you can get cash within four business days. That said, you still may want to work on improving your credit before applying for a loan — a higher credit score can help you to get approved for lower interest rates. In addition, Upgrade looks beyond your credit score to review your credit usage and history.

A loan through Upgrade may suit your needs if you’re looking for a sizeable loan for a major purchase; you can borrow up to $50,000. That’s also a nice loan amount to pay off high interest credit card debt, consolidate other debt or even fund a business.

Upgrade consumer reviews

So what do the customers have to say about working with Upgrade? The good news is that Upgrade, Inc.’s Better Business Bureau rating is a stellar A+.

On LendingTree, MagnifyMoney’s parent company, Upgrade has a 98% recommendation rating. Upgrade received an average of 5 stars for customer service and responsiveness and an average of 4 stars for fees and closing costs and interest rates. Many customers found Upgrade’s application process quick and easy.

Upgrade FAQ

What types of loans does the lending marketplace offer, and how could I spend my loan funds?

Personal loans through Upgrade can be used for a variety of situations. For example, you might use loan funds to help you reduce your credit card debt, consolidate a bunch of bills that you have been swimming under or finally purchase that car or high-end refrigerator you always wanted.

What credit cards can I pay off using the loan?

You can use the money to pay off any of your credit cards on your own or have Upgrade arrange to pay them off for you directly. This is only available to credit cards issued in the United States and for your cards only.

What if I don’t qualify for a loan through Upgrade?

The first thing to do is find out why — perhaps your credit score was too low or your debt was too high. Get a free copy of your credit report to see what you can improve. Upgrade allows you to reapply at any time but suggests waiting 30 days.

Is the interest rate fixed or variable?

Personal loans through Upgrade have fixed interest rates, so you don’t have to worry about your monthly payment increasing. Once you choose the payment, it’s locked in.

Can I pay the loan off early?

If you’re able, paying off your loan early is a good idea. Fortunately, Upgrade does not charge any prepayment penalties.

What happens if I can’t pay my bill?

Unfortunately, things happen and sometimes you might not be able to make your monthly payment. Try to choose a monthly payment amount that’s affordable to you, but if something comes up, immediately contact the customer service department and notify them that you may be late or miss a payment. Upgrade charges a late fee of up to $10 if your payment is not received in full within 15 calendar days of your payment due.

Alternative personal loan options