2023 Upgrade Review
Upgrade is an online personal loan provider that offers loans ranging from $1,000 - $50,000, to be repaid in 24-84 months. The biggest benefit of a loan from Upgrade is that it should be a lot easier to get than a loan from many competitors. The typical personal loan provider asks for a credit score of around 660, but Upgrade’s minimum credit score is just 620. That’s 20 points below the beginning of the fair credit range.
Upgrade’s APRs start at 8.24% and go as high as 35.97%. Upgrade also has an origination fee of 1.85% - 8.99% of the loan amount, which is deduced from the money you receive at the start.
There are several more key details you’ll need to know about Upgrade personal loans before applying, too.
Upgrade Review Highlights:
- APR: 8.24% - 35.97%
- Loan amounts: $1,000 - $50,000
- Origination fee: 1.85% - 8.99%
- Lending period: 24-84 months
- Credit score requirement: 620
- Other Upgrade loan requirements: Social Security number or passport; U.S. citizenship, permanent residency or immigration visa; 18+ years old.
- Joint applications: Allowed
- Processing time: It takes 1 to 2 business days to get an approval decision from Upgrade. Then, it takes an additional 1 to 4 business days to receive the loan afterward.
- Late fee: There is a $10 (after 15-day grace period) late fee, but Upgrade gives borrowers a 15-day grace period before charging it.
- Customer satisfaction: Upgrade has an A+ rating from the Better Business Bureau and an average user rating of 3.4 on WalletHub.
Upgrade’s low credit score requirement is a big plus, but their origination fees and high maximum APR make their loans fairly average overall.
You can check for pre-qualification on Upgrade’s website. You may also want to use WalletHub’s free pre-qualification tool to check your pre-qualification status with multiple personal loan providers.
Below, you can see how WalletHub rates Upgrade personal loans in three key categories: Terms, Requirements & Application, and Reviews & Transparency.
Upgrade Ratings by Category:
|Requirements & Application||4.5/5|
|Reviews & Transparency||3.5/5|
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.