Upgrade Personal Loan Review
- APR (with discounts)
- 7.74% – 35.99%
- Eligibility and access: 5/5
- Cost to borrow: 4.1/5
- Loan terms and options: 5/5
- Repayment support and tools: 5/5
As a lending platform, Upgrade matches people with personal loan lenders. Here’s what you need to know about using Upgrade to find your loan:
- Competitive starting rates: Upgrade’s lending partners offer low starting rates, which could mean an even cheaper loan if you can qualify with excellent credit.
- Discounts: Upgrade offers discounted rates for setting up automatic payments, allowing direct payments to your creditors and securing your loan with your home’s fixtures or car.
- Fair credit OK: Upgrade’s credit score minimum of 580 is low compared to many competitors’. Thanks to its wide range of perks and accessibility to people with fair credit, Upgrade is one of our top picks for personal loans for fair credit.
- Wide range of loan amounts and terms: While many lenders restrict loan amounts and repayment terms, Upgrade offers a wide range. Choosing the right loan amount and repayment term could help you save money, since you’ll pay extra money on interest if you borrow more than you need or stretch out your loan term.
- Fast funding: Upgrade’s lenders offer some of the quickest loans on the market — you could see your money in your account within a one business day of clearing verifications.
- Charges origination fee: Some lenders allow you to skip upfront fees, but Upgrade charges a one-time origination fee of 1.85% - 9.99% on every loan. Upgrade will take this fee out of your loan before sending it to you.
- Best for debt consolidation: While you can use the loan for most purposes, Upgrade’s discount for direct payment to creditors and 35.99% rate cap make it a must-consider for consolidating high-interest debt.
Upgrade pros and cons
Upgrade personal loans come with competitive rates, terms and perks that earn Upgrade one of the highest scores of all lenders and platforms on the market according to our systematic scoring model. But there are a couple of drawbacks that you should consider before borrowing with Upgrade.
Pros
- Low starting rates
- Potential discounts
- Available to fair credit
- Sends money to you within one business day of clearing verifications
- Offers joint and secured loans
Cons
- Charges one-time fee on every loan
- High maximum interest rate
Loans through Upgrade’s network come with borrower-friendly benefits like low rates, availability to people with fair credit and fast funding. There are a few ways to lower your rate with Upgrade, including using collateral and qualifying for a discount. Upgrade also allows joint loans, which could help you lower your rate even more if your co-borrower has good or excellent credit.
Keep in mind that Upgrade’s maximum interest rate (35.99%) is higher than that of some competitors. But if you’re using an Upgrade loan to consolidate high-interest debt, that rate could still mean big savings. Use a debt consolidation calculator to see how much you could save.
Upgrade requirements
Upgrade is relatively transparent about what you need to qualify for a loan:
| Age | 18+ (or age of majority in your state) |
| Minimum credit score | 580 |
| Administrative requirements | Verifiable bank account and email address |
| Citizenship/residency | U.S. citizen, permanent resident or visa-holder |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Upgrade does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Upgrade loans CAN be used for… | Upgrade loans CANNOT be used for… |
|---|---|
|
|
If Upgrade’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with Upgrade
Check your rates
You can see your rates when you prequalify for a personal loan on Upgrade’s website. Upgrade will tell you if you’re approved after you fill out the form, which should take a few minutes.
Choose an offer
Upgrade will show you loan offers from partner lenders if you qualify. You can choose the offer that fits your budget and formally apply for the loan.
Sign your loan agreement
When you sign your paperwork and accept your final loan offer, Upgrade will pull your credit. This could cause your credit score to temporarily drop by a few points. You’ll get your money within a business day of clearing the verification process.
How Upgrade compares to other personal loan companies
Even if you believe Upgrade aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Upgrade stacks up against similar personal loan lenders.
| Lender | Upgrade | Upstart | SoFi |
|---|---|---|---|
| LendingTree’s rating | 4.7/5 | 4.4/5 | 4.8/5 |
| Minimum credit score | 580 | 600 | |
| APRs | 7.74% – 35.99% (with discounts) | 6.50% – 35.99% | 7.74% – 35.49% (includes discounts) |
| Loan amounts | $1,000 – $50,000 | $1,000 – $75,000 | $5,000 – $100,000 |
| Repayment terms | 24 to 84 months | 36 to 60 months | 24 to 84 months |
| Origination fee | 1.85% – 9.99% | Varies | 0.00% – 7.00% (optional) |
| Funding timeline | Get money as soon as one business day | Get money as soon as one business day | Get money as soon as same day |
| Bottom line | Upgrade has fast funding and competitive rates, but unlike SoFi and Upstart, it always charges an origination fee. | Upstart stands out for its low starting rates and availability to people with bad credit. That said, it offers limited loan terms that may not fit your budget or desired repayment timeline. | SoFi loans have a wide range of loan amounts and terms, but they’re only available to people with good credit. |
How we rated Upgrade
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
All personal loans have risks, including those from trustworthy companies like Upgrade. Your credit score drops when you don’t make payments, and if you default on your loan (or miss several payments), your lender could send your loan to collections.
Yes, Upgrade is a legitimate lending platform that matches people who want to borrow money with real personal loan lenders.
Upgrade requires a score of at least 580 to qualify for a personal loan. If you’re not sure what score you have, you can check for free with LendingTree Spring.
Get personal loan offers from up to 5 lenders in minutes