Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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Who is Upgrade Best For?
Upgrade is a great company for borrowers looking for small loan amounts — you can take out as little as $1,000 with the company. It's one of our top picks for the best debt consolidation loans. Additionally, you'll get your money fast with the lender.
Upgrade Personal Loan Features
Regular annual percentage rate (APR): 8.49% to 35.99%
Minimum credit score: 580
Fees: Origination fees between 1.85% and 9.99%
Loan amount range: $1,000 to $50,000
Repayment terms: Two to seven years
Upgrade Personal Loans Pros and Cons
How to Apply for an Upgrade Personal Loan
1. Fill out Upgrade's application to prequalify. You'll fill out your loan amount and purpose, and then enter your email and basic personal information. To get you a rate quote, Upgrade will run a soft credit check, which won't affect your credit score.
2. Review various loan offers and pick one. Upgrade will offer you different rates and term lengths. Find a combination you can fit into your monthly budget.
3. Submit an application and await approval. When submitting a formal application, you'll need to submit proof of income, like a W-2, tax returns, or other financial documents.
4. Receive your funds after signing your agreement. Most customers will get their money within one day after getting a loan.
5. Fit loan payments into your budget. Take stock of your financial obligations and make sure you have enough money to cover all of them.
Upgrade Personal Loans Frequently Asked Questions
Most Upgrade loans are approved within one business day, and you'll get your loan funds within one business day after that.
Upgrade has a minimum credit score of 580 to qualify for its loans. This is lower than some other lenders' requirements, so Upgrade could be a good option if you need to get a loan with a bad credit score.
You can prequalify for a loan with Upgrade with no impact on your credit score. Upgrade will do a hard credit pull if you then apply for a loan, which will probably result in a temporary dip in your credit score.
You can reach Upgrade customer service by email at support@upgrade.com, or by phone at 844-319-3909. Upgrade customer service hours are 5 a.m. to 6 p.m. PT on weekdays and 6 a.m. to 5 p.m. PT on weekends.
Upgrade Personal Loan Competitors
Upgrade Personal Loan vs. Best Egg Personal Loan
With Upgrade, you'll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You may pay a slightly lower origination fee with Best Egg Personal Loan, as its range is between 0.99% and 5.99%.
You're likely to get your money within one business day of approval for a loan from both Upgrade and Best Egg. Upgrade has a maximum loan term of seven years, while Best Egg has a maximum loan term of five years. If you're looking to spread out your payments over an extended period, Upgrade might be the better choice for you.
Upgrade Personal Loan vs. Payoff Loan from Happy Money
Upgrade and Payoff Loan™ have relatively similar minimum credit score requirements, but a significant difference in maximum APRs. Upgrade's highest interest rate is 35.99%, compared to 24.81% for Happy Money.
Payoff Loans are aimed to help borrowers pay down high-interest credit card debt. This means you are limited in what you can use your loan for. You may want to go with Upgrade if you aren't trying to consolidate credit card debt.
Upgrade will likely send you your money faster than Payoff. Upgrade generally sends out funds within a day after approval, while it will take at least three business days with Payoff.
Is Upgrade legit?
Upgrade is a Better Business Bureau-accredited company, and the BBB, a non-profit organization focused on consumer protection and trust, formerly gave the company a B+ rating. Now, its business profile is under review, so it does not have a rating. The BBB evaluates companies by reviewing business' replies to consumer complaints, honesty in advertising, and clarity about business practices.
Does Upgrade offer debt consolidation loans?
Upgrade offers loans for a wide range of purposes, including debt consolidation. With debt consolidation, you take out a new loan to pay off all your debts.
See the current debt consolidation interest rates >>
How We Rated Upgrade Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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