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Upgrade Loan Review

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Upgrade loan reviews at a glance

APR rates Terms Loan amount Minimum credit score Origination fee
5.94% to 35.97% 36 or 60 months $1,000 to $50,000 620 2.90% - 8.00%

Upgrade is an online lender that offers personal loans ranging from $1,000 to $50,000. While this lender doesn’t charge borrowers prepayment fees, it does charge them an origination fee that’s subtracted from the total amount of the loan, as well as late fees. Upgrade borrowers may also be eligible to loan terms of up to 36 or 60 months, while many other lenders only allow up to 60 months.

  • Origination fee: Borrowers will pay an origination fee 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 one business day of them being approved for a personal loan through Upgrade.
  • Collateral can be used to lower rates: 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.

 

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.

  Longer loan terms: Borrowers can stretch their loan out for as long as 36 or 60 months, or seven years. Many lenders only offer up to 60 months.

  Charges origination fees: Borrowers will have to pay an origination fee equal to 2.90% - 8.00% of their loan amount.

  Borrowers may be subject to other fees: Other than origination fees, Upgrade also charges late fees if you’re more than 15 days late on your repayments.

  Can only borrow up to $50,000: If you’re seeking to borrow a large sum, you may want to research other lenders that offer amounts up to $100,000.

Upgrade personal loan eligibility requirements

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

While Upgrade doesn’t specify on its website their exact eligibility requirement for a personal loan, it does take factors like your credit history, credit score and your credit utilization ratio into account.

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

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

Who’s the best fit for an Upgrade personal loan?

A personal loan through Upgrade is a good option for those who need to borrow a low amount of funds and are looking for longer loan terms. The low minimum borrowing amount, long terms and the low minimum credit score requirement of 620 are hard to find among competitors. However, those with a credit score below 620 may want to explore bad credit loans.

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.) Still, it can’t hurt to check rates with a soft-credit pull through Upgrade.

What borrowers are saying about Upgrade

On the LendingTree platform, Upgrade received 4.8 stars out of 5 over 1,600 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. In addition, there were reviews left by people who had complaints about the customer service they received.

How to apply for an Upgrade personal loan

Personal loan applications may be completed over the phone or 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 a loan offer, then 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 may be received within one business day.

How Upgrade compares to other lenders

Lender APR rates Loan terms Loan amounts Minimum credit score Origination fee
5.94% to 35.97% 36 or 60 months $1,000 to $50,000 620 2.90% - 8.00%
5.99% to 35.99% 36 or 60 months $2,000 to $50,000 700 0.99% - 5.99%
4.37% to 35.99% 36 or 60 months $1,000 to $50,000 600 0.00% - 8.00%
7.04% to 35.89% 36 or 60 months $1,000 to $40,000 Not specified 3.00% - 6.00%

Best Egg vs. Upgrade

  • APR: 5.99% to 35.99%
  • Minimum credit score: 700
  • Terms: 36 or 60 months
  • Origination fee: 0.99% - 5.99%

Best Egg is an online lender that grants borrowers access to personal loans ranging from $2,000 to $50,000, so this lender’s minimum borrowing requirement is a bit higher than Upgrade’s. It takes one to three business days for Best Egg customers to receive their loan; however, this lender claims that about half of their borrowers receive funds the next day.

In order to qualify for Best Egg’s lowest rates, you’ll need to have a minimum FICO Score of 700 and a minimum yearly income of at least $100,000. To learn more, read our full Best Egg review.

Upstart vs. Upgrade

  • APR: 4.37% to 35.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00%

Upstart has several similar terms to Upgrade — for one, both offer loans ranging from $1,000 to $50,000. Plus, like Upgrade, Upstart also charges no prepayment fees and deposits their customers’ loan funds within one business day.

However, there are instances where the two differ: While Upgrade offers several different loan terms between 36 or 60 months, Upstart provides consumers with just two options: 36 or 60 months. Upstart also has a lower minimum credit score requirement for borrowers.

LendingClub vs. Upgrade

  • APR: 7.04% to 35.89%
  • Minimum credit score: Not specified
  • Terms: 36 or 60 months
  • Origination fee: 3.00% - 6.00%

Personal loans offered by LendingClub range from $1,000 to $40,000, so the maximum loan amount is a bit lower than Upgrade’s. Like Upstart, LendingClub also has a lower qualifying minimum credit score than Upgrade — Not specified, rather than Upgrade’s 620 .

Borrowers with LendingClub will typically receive their loans within 48 hours of approval, and don’t have to worry about application or prepayment fees. However, LendingClub does charge an origination fee and, like Upstart, only offers terms of 36 or 60 months. To learn more, read our full LendingClub review.

 

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