Pros
- APRs as low as 5.94%
- Loans as high as $35,000
- Joint applications allowed
- Get funded in 2 - 5 business days
- Accepts passport in place of SSN
Cons
- APRs as high as 35.97%
- Minimum credit score not disclosed: reportedly 620
- 2.9% - 8% origination fee
- $10 late fee
Upgrade Loans Review Summary
Upgrade personal loans offer quick decisions and funding, with the whole process taking 2 - 5 business days. They’re also fairly easy to get, reportedly requiring a credit score of only 620 for approval. Plus, Upgrade loans are available to U.S. citizens as well as permanent residents of the U.S. and immigration-visa holders.
The unfortunate part is that Upgrade personal loans have an origination fee of 2.9% to 8% of the loan amount built into the APR. People with bad credit will have to deal with interest rates as high as 35.97%. And while people with excellent credit can qualify for rates as low as 5.94%, they can get better deals from other lenders.
Below, you can see how WalletHub rates Upgrade personal loans in three key categories: Terms, Requirements & Application, and Reviews & Transparency. You’ll also see how they compare to loans from some other popular lenders.
Upgrade Personal Loan Terms
 | |
| APRs | 5.94% - 35.97% |
| Loan Amount | $1,000 - $35,000 |
| Loan Terms | 36-60 months |
| Origination Fee | 2.9% - 8% |
| Prepayment Fee | $0 |
| Late Fee | $10 (after 15-day grace period) |
| Minimum Credit Score | Fair* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Refinance, Home Improvement, Big Purchase, Other |
| Time to Receive Loan Money | 2 - 6 business days |
| Other Requirements |
|
According to multiple third-party sources | |
Upgrade Loan Rates, Fees & Other Terms
Category Rating: 66% (3.3 out of 5)
- Overall APR range: Upgrade offers fixed rate personal loans with an APR range of 5.94% - 35.97%. Their personal loan rates are fairly standard for an online lender.
- How rates are determined: The exact rate you will get largely depends on your credit score. Upgrade will also look at your income, recent inquiries and more when making a decision.
- Fees: Upgrade loans come with an origination fee ranging from 2.9% to 8% of the loan amount. This fee is built into your APR, so you don’t have to pay it separately. Upgrade also charges a $10 fee for payments that are over 15 days late. There are no fees for paying off a loan early.
- Loan amounts & timelines: Upgrade offers loan amounts between $1,000 and $35,000, and their repayment terms range from 24 to 84 months.
Upgrade Loans Requirements & Application Info
Category Rating: 90% (4.5 out of 5)
- Minimum credit score: Not disclosed, but multiple third-party sources report that you will need a credit score of at least 620 for approval.
- Minimum income: Upgrade does not disclose minimum income requirements.
- Age: You must be at least 18 years old (19 years old in Alabama and certain other states).
- Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder.
- Identification: You can apply with either a Social Security number or a passport.
- Bank account: Upgrade loans are disbursed through an electronic funds transfer. You must have a verifiable U.S. bank account to receive it.
- Pre-qualification: Upgrade shows you what rates you might qualify for based on your desired loan amount, purpose of the loan, and personal information, such as your address and income. This pre-qualification process does not affect your credit score, and it also doesn’t guarantee approval.
- Ways to apply: If you decide to apply, you can do so online or by calling Upgrade at (844) 311-008.
- Joint loans: Upgrade accepts joint loan applications, which means they allow a co-borrower to share responsibility for the loan.
Upgrade Loans Reviews & Transparency
Category Rating: 70% (3.5 out of 5)
- Better Business Bureau: Upgrade has been in business since 2017 and has been accredited by the BBB since 2017 as well. They currently have an A+ rating from the bureau.
- Consumer Financial Protection Bureau: There have only been 20 complaints filed with the CFPB about Upgrade’s personal loans since the company started doing business in 2017. Some of the existing complaints include customers getting denied for a loan after pre-qualification and being charged too much interest for their principal balance. Upgrade consistently responds in a “timely” manner to complaints.
- WalletHub: Upgrade has an average user score of 3.5/5 from more than 590 reviews.
- Transparency: Upgrade’s personal loan APRs are openly displayed on their website, though their fees are harder to find. Upgrade does offer customers the ability to get pre-qualified for a loan online and see their potential rates. However, Upgrade could be more transparent about what they require in terms of credit score and income.
Upgrade’s score in this category takes a small hit from their less-than-perfect transparency, despite the company’s good reputation overall.
Summary: Upgrade Loans Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 3.3/5 |
| Requirements & Application Info | 4.5/5 |
| Reviews & Transparency | 3.5/5 |
| OVERALL | 11.3/15 |
Upgrade Loans vs. Popular Competitors
| Info | Upgrade | Marcus by Goldman Sachs | Discover |
|---|---|---|---|
| Reviews | |||
| APRs | 5.94% - 35.97% | 6.99% - 19.99% | 6.99% - 24.99% |
| Loan Amounts | $1,000 - $35,000 | $3,500 - $40,000 | $2,500 - $35,000 |
| Loan Terms | 36-60 months | 36 - 72 months | 36, 48, 60, 72 or 84 months |
| Minimum Credit Score | Fair* | Good* | Fair* |
| Winner |  Marcus by Goldman Sachs | ||
Methodology
In order to provide the most accurate review of Upgrade personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Terms on Upgrade personal loans do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
