Upgrade Personal Loans
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Upgrade Personal Loans
in Personal Loans from Upgrade Inc
Claimed Apply Now Get Personalized Rates

Upgrade Personal Loans

in Personal Loans from Upgrade Inc
SuperMoney Net Recommendation Score +75  


This product is strongly recommended by SuperMoney users with a score of +75, equating to 4.5 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Community Rating Strongly recommended
APR  (Fixed APR) 8.49% - 35.99%
(Verified 12/09/2023)
Loan Amount $1,000 - $50,000
Loan Term (Months) 24 - 84 months
Number of Reviews 312

Upgrade Personal Loans Review

Upgrade Personal Loans is offered by Upgrade Inc, a nonbank financial services provider founded in 2016 and based in San Francisco, CA. Upgrade loans are available in 50 states (and Washington, DC).

Key Takeaways

  • APRs starting at 8.49%. These are typical starting rates for personal loans.
  • Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
  • Large loan amounts. You can apply for loan amounts of up to $50,000 with Upgrade Personal Loans.
  • Strongly recommended. 266 out of 312 SuperMoney community members recommended Upgrade Personal Loans.
  • Prequalified rate. You can check your prequalified rate at Upgrade Inc with a soft pull that will not affect your credit score.
  • Origination fees of 1.85% to 9.99%. This is on the high end for lenders on SuperMoney's database. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Upgrade Personal Loans.
  • Super long loan terms. Upgrade Personal Loans offers loan terms of up to 84 months. Most personal loans have a maximum term of 60 months.
  • Minimum income of $30,000. You will need an annual income of at least $30,000 to apply for Upgrade Personal Loans, which is above average for the lenders in our database.

Upgrade loans Pros & Cons

Pros Cons
  • Loan amounts $1,000 to $50,000
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • Accepts cosigners and coborrowers.
  • APRs as high as 35.99%.
  • Charges an origination fee of up to 9.99% of the loan amount.
  • Charges a late fee of $10

Upgrade loans FAQ

What interest rates and personal loan terms does Upgrade loans offer?

What interest rates does Upgrade loans offer?

Upgrade loans offers a fixed APR personal loan product that ranges from 8.49% APR up to 35.99% APR.

How much can you borrow via Upgrade loans?

Personal loan amounts start at $1,000and go up to $50,000

What is the maximum loan term you can get with Upgrade loans?

Upgrade loans offers loans with terms of up to 84 months.

Upgrade loans Interest Rates & Loan Terms
Personal Loan Amount $1000 - $50000
Loan Term 24 - 84 months
APR 8.49% - 35.99%

What fees does Upgrade loans charge?

Does Upgrade loans charge an origination fee?

Upgrade loans may charge a personal loan origination fee of 1.85% to 9.99% of the personal loan amount. Upgrade loans deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.

Does Upgrade loans charge a late fee?

Yes, Upgrade loans may charge borrowers a late payment fee if you miss one of the monthly payments of up to $10.

Does Upgrade loans charge prepayment fees?

No, Upgrade loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Upgrade loans Fees
Origination Fee 1.85% - 9.99%
Prepayment Fee No
Late Payment Fee $10

What do you need to qualify for Upgrade Personal Loans?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Upgrade Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for personal loans with Upgrade Personal Loans, applicants need a minimum annual income of $30,000 or higher. Upgrade Personal Loans only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Upgrade Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Upgrade Personal Loans.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Recent pay stubs
  • Proof of income
  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit
Upgrade loans Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Co-borrowers
  • Cosigners
  • Individual Applications
Credit Score 600 - 850

What is the estimated funding time for a personal loan via Upgrade loans?

Upgrade loans will typically approve (or deny) a loan application within 120 hours and fund loans within 7 business days of approval.

Does Upgrade Personal Loans report your account activity to credit bureaus?

Yes, Upgrade Personal Loans reports your account activity to the following credit reporting agencies:

  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are Upgrade Personal Loans legit?

Upgrade Personal Loans was founded in 2016. It is an established company that has been in business for 7 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.

Upgrade Personal Loans Disclosure: Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at
SuperMoney Disclosure: is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Upgrade loans

Our goal is to offer an online and mobile banking experience that delivers exceptional value, including affordable loans and cards, and helps our customers make good financial decisions so they can build the future they want.

Upgrade’s founding team pioneered fintech 15 years ago. In 2017 we launched Upgrade to offer our users more value and a better experience than they receive from their traditional bank. In the last five years, over 15 million people have applied for an Upgrade Card or loan through Upgrade, and we have made over $15 billion in affordable and responsible credit available to our customers. Our innovative Upgrade Card combines the flexibility of a credit card with the low cost of an installment loan. Our latest offering, Rewards Checking, gives customers access to no-fee checking accounts with 2% cash back rewards on common everyday spending.

Message From Our Editor

What we love about the Upgrade personal loan

Upgrade loans stand out because of their consumer-friendly features, such as credit monitoring tools, low minimum credit score requirements, and competitive interest rate offers.

Upgrade's personal loans are designed to appeal to borrowers with a wide range of incomes and credit scores. Interest rates and fees are competitive when compared to similar lenders. What sets Upgrade apart from the competition is that it offers interest rate discounts to borrowers who agree to send funds directly to creditors when applying for a debt consolidation loan. It is also one of the few lenders that provide joint, co-signed, and secured loans. 

The loans have comparable rates and fees to other online lenders targeting similar audiences. Still, Upgrade differentiates itself with features like rate discounts for setting up auto payments or having payments sent directly to creditors on debt consolidation loans. Upgrade is also one of few lenders to offer joint, secured, and co-signed personal loans.

Personal loans or credit cards with cash rewards

Upgrade has two lending products: personal loans and credit cards. Both provide attractive features and tools, but one may serve you better depending on your circumstances. Upgrade's credit card is a great way to borrow money at a reasonable rate and build your credit score.

Responsible underwriting policies

This lender looks at more than your credit score and debt-to-income ratio when reviewing a loan application. While debt-to-income ratio and credit scores are important, a spokesperson says, they don’t account for rent payments and other monthly expenses that can factor into your ability to repay a loan.

Finally, we love that it offers a hardship program for borrowers who experience financial hardship. If you have an Upgrade loan and you lose your job, for example, you could qualify for a temporary reduction of your monthly payment or even a loan modification that extends the term of your loan.

What could Upgrade loans do better?

An Upgrade loan is a great deal if you have good credit and qualify for low interest rates and origination fees. Not so much if you have poor credit and you only qualify for high interest rates and expensive origination fees.

For all its flexibility, Upgrade only offers limited repayment terms. This means you have fewer options if you would prefer a longer or shorter repayment plan. This shouldn't be a dealbreaker for borrowers since you can repay a loan early without worrying about a penalty fee.

Another issue to consider with Upgrade is the high origination fees. Charging an origination fee is common among personal loans, but Upgrade can be more expensive than most if your credit is not great.

Upgrade's backstory

Upgrade's founders are Renaud LaPlanche and Soul Htite. Sound familiar? If you've taken out a loan in the past several years, they should. That's because LaPlanche and Htite were both co-founders of LendingClub, America's largest loan marketplace.

LendingClub arranged over 28 billion dollars in loans to over 1.5 million customers. Htite also founded one of China's largest marketplace lending platforms, Dianrong.

In other words, both founders have a lot of experience and a good track record in the online lending business.

But unlike their previous ventures, Upgrade loans is not a marketplace that connects borrowers to lenders. It's a direct lender in partnership with Cross River Bank.

Upgrade's loan application process

  • Go to Upgrade's home page. Enter the desired loan amount and the reason you want to borrow. Then, click "Check your Rate."
  • Provide some basic information about yourself.
  • Create your account with your email address, review the documents, and provide your electronic signature to agree. Then, click "Check my rates."

After these steps, Upgrade will provide the rates for which you qualify, or you will receive a message notifying you that your application has been denied.

If you are denied, you will receive an adverse action notice explaining why. If you are approved and want to go ahead with the offer, you will select it.

You will then need to provide additional information, officially agree to the terms, allow a hard credit inquiry on your credit report, and provide your bank account information.

The Verdict

If you have fair to good credit, Upgrade loans may be the best option available. However, Upgrade personal loans may not provide the best option for borrowers with bad credit or excellent credit. If you have bad credit, you could be hit with rates of up to 35.99%. But if you have excellent credit, you may be able to find better deals with other lenders.

Upgrade has competitive APRs and a fast and easy application process. Their credit history monitoring tools provide a convenient complement to an intuitive application process. Their commitment to educating and improving the credit scores of rejected applicants is admirable. Having the option of applying for a credit card with the same company is also a bonus. The customizable loan features and discount opportunities make Upgrade a good option for borrowers with less than perfect credit who have a strong monthly cash flow and are looking for a good APR.

The only concern is that the origination fee can be expensive. If you can live with the origination fee and can afford the monthly payments, Upgrade is definitely worth considering. This lender provides a wide range of loan amounts and competitive rates -- even if you have less than perfect credit.


  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount $10
No Prepayment Fee
(Verified 09/20/2023)
Origination Fee (%) 1.85% - 9.99%
Checking Account Required
Cosigner Optional
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Annual Income $30,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
Credit Score Range 600 - 850
Approval Speed 120 hours
Credit Bureau Reporting TransUnion
Customizable Payment Dates
Funding Time Range 1 - 7 days
Payment Options
  • Automatic Payments
  • Check by mail
Pre-Qualified Soft Credit Inquiry
APR Type Fixed APR
Loan Amount $1,000 - $50,000
APR (Fixed APR) 8.49% - 35.99%
(Verified 12/09/2023)
Loan Term 24 - 84 months

Upgrade Personal Loans Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +75, equating to 4.5 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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