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Upgrade Personal Loan Review

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Using the online lending platform Upgrade, you may qualify for personal loans that range from $1,000 to $50,000. However, loan terms are restrictive and an origination fee means you’re liable to find more affordable financing options.

Check out the details below regarding this personal loan product to determine if Upgrade is your best option for finding a loan.

Upgrade personal loan highlights

  • Origination fee: Borrowers will pay an origination fee that is equal to 2.90% - 8.00% of their loan amount.
  • No prepayment penalty: There is no penalty for borrowers who choose to pay off their loan early.
  • Reasonable funding time: Borrowers can expect to receive loan funds within four days of them being approved for a personal loan through Upgrade.
  • Collateral can be used to lower rate: Collateral is not required to secure a personal loan using Upgrade, but if a borrower wants a lower rate, they may have the option to add collateral.
  • AutoPay discount: Borrowers will be offered a lower rate if they sign up for AutoPay, but Upgrade does not specify the amount of the rate reduction or discount.

Upgrade at a glance

  • APR range: 5.94% to 35.97%
  • Minimum credit score: 620
  • Terms: 36 or 60 months
  • Origination fee: 2.90% - 8.00%

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network..

Terms Fees and penalties
  • Terms: 36 or 60 months
  • APR: 5.94% to 35.97%
  • Loan amounts: $1,000 to $50,000
  • Time to funding: Within four days of loan approval
  • Credit check: Soft Pull when applicant checks rates; hard inquiry once the loan is funded.
  • Origination fee: 2.90% - 8.00%
  • Prepayment fee: None
  • Late payment fee: $10 (assessed if payment is not made within 15 days of due date)
  • Failed payment fee: $10

Eligibility requirements

  • Minimum credit score: 620
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To be eligible for a personal loan using Upgrade, borrowers will need to be:

  • A U.S. citizen, a permanent resident or a holder of a valid visa
  • At least 18 years of age, or 19 in certain states
  • Have a valid email address and a valid bank account

What borrowers are saying about Upgrade

On the LendingTree platform, Upgrade received 4.8 stars out of 5 over 821 reviews. Many of LendingTree’s users who have secured a loan through Upgrade had comments regarding the company’s loan process and funding time.

Lynn from Sarasota, Fla., said, “The entire process from application to funding was straightforward and efficient. Approval was given quickly, and funding was prompt.”

Negative reviews left by LendingTree users noted how Upgrade denied loan applications due to issues with the applicant’s income. Additionally, there were reviews left by people who had complaints about the customer service they received.

Applying for a personal loan through Upgrade

Personal loan applications may be completed over the phone and on the Upgrade website. Here’s an overview of the loan application process:

  1. Submit loan information and personal details: To do so, you’ll be asked to provide the requested loan amount and reason for the loan. You’ll also enter a few personal details and create an account.
  2. Review rates: Upgrade will provide you with loan offer; you’ll select an offer based on an amount between $1,000 and $50,000 and a term of 36 or 60 months.
  3. Submit documentation: During the review process, you may be asked to submit requested documents that will be used to verify the information you’ve provided. These documents may include paystubs, bank statements and a copy of your government-issued ID.

Once the loan offer is accepted, the loan can be approved and funds will be received within four business days.

Pros Cons
  • Low borrowing limit: Borrowers can take out as little as $1,000, a low amount compared to competitors.
  • Collateral can help borrowers reduce their rates: In some cases, if a borrower would like to lower their interest rate, they can add collateral to secure the loan with a lower rate.
  • Upgrade mobile app: Borrowers can download the Upgrade mobile app if they want a convenient way to manage their accounts.
  • Origination fee: Borrowers will have to pay an origination fee equal to 2.90% - 8.00% of their loan amount.
  • Limited options for terms: Borrowers only have two options when it comes to the terms they will be offered for their personal loan, which are 36 or 60 months.
  • Slow funding: Once approved for a personal loan, borrowers can receive their funds within four business days.
  • Loans not available in every state: Upgrade does not serve Colorado, Iowa, Maryland, Vermont and West Virginia.

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

A personal loan through Upgrade is a good option for those who need to borrow a low amount of funds and who are comfortable borrowing for either 36 or 60 months. The low minimum borrowing amount and the low minimum credit score requirement of 620 are hard to find among competitors.

For borrowers with strong credit, the minimum APR offered through Upgrade is reasonable, though the origination fee may be hard to swallow at first glance. Although borrowers with lower scores may qualify, beware the high interest rates. Granted, if you’re seeking a lower rate, you could secure your loan with collateral. Either way, it can’t hurt to check rates with a Soft Pull through Upgrade.

Alternative personal loan options


  • APR: 3.99% to 19.99%
  • Minimum credit score: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

LightStream, an online lender, grants borrowers access to personal loans ranging from $5,000 to $100,000 The lender currently offers rates lower than those you’ll find using Upgrade. However, the high minimum borrowing limit is restrictive.

Borrowers may be able to lower their rate by an additional 0.10% if they have been approved for a lower rate by another lender. That said, from a cost perspective, LightStream will likely be the cheaper option for strong credit borrowers.

LightStream is also faster at funding loans; once the loan is approved and the rate is determined, funds can be received that same day.

Rocket Loans

  • APR: 7.16% to 29.99%
  • Minimum credit score: 640
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 6.00%

Rocket Loans operates as an online lender that offers borrowers loans ranging from $2,000 to $45,000. Compared to rates you may find through Upgrade, Rocket Loan’s maximum is lower but its minimum higher. So for top-tier borrowers, a loan through Upgrade may be cheaper.  Rocket Loans is the faster option, however, with same-day funding available.


  • APR: 9.95% to 35.99%
  • Minimum credit score: 600
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%

Personal loans offered by Avant range from $2,000 to $35,000. Avant’s APRs are high but the lender does offer a greater number of term lengths to choose from. And borrowers who are in need of speedy funding will find that Avant is typically able to deposit funds within 1 business day of the loan being approved.


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