Upgrade is an online financial services company offering personal loans, credit lines, and checking accounts. Here is a quick overview of Upgrade’s strengths and weaknesses:
Pros:
3.3/5 average rating among users
Loan amounts as high as $50,000
Pre-qualification available
Joint personal loan applications
No debit or credit card fees
Cons:
Minimum credit score not disclosed (reportedly 620)
Not available in 4 states
1.85% - 9.99% loan origination fee
$10 (after 15-day grace period) late loan payment fee
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 8.49% and go as high as 35.99%. Upgrade also has an origination fee of 1.85% - 9.99% 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: 8.49% - 35.99%
Loan amounts: $1,000 - $50,000
Origination fee: 1.85% - 9.99%
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 3.3on 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:
Category
Editor’s Rating
Terms
3.2/5
Requirements & Application
4.5/5
Reviews & Transparency
3.3/5
Overall Score
11/15
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.
Product: Upgrade Personal Loans
Comment
1
2
Upgrade
rshipp123 @rshipp123
Report Abuse
1 Star Rating
One star because it wouldn't let me do 0. Terrible for your credit score. Got a loan with them in 2021. Have faithfully paid and even used the loan again for an emergency. They have lowered my credit line three times! It affects my overall score every time. Several other options out there that I would recommend over this company. STAY AWAY!!!
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Tracey @trbanks62
Report Abuse
5 Star Rating
Verified Customer
This is a good company.. even with bankruptcy on my credit report, they approved me for a loan..when other companies turned me down
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Anisca @aniscastewart
Report Abuse
5 Star Rating
Verified Customer
Quick, fast and a surprisingly easy process! I was approved the night before and the funds were deposited into my account the next morning!
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Glenn @glenn_west
Report Abuse
4 Star Rating
Verified Customer
Higher rate than I expected, but acquiring the loan was a quick and easy process. The sign-up and application process was easy to follow. Overall, I am satisfied
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Melanie @melaniebell72
Report Abuse
5 Star Rating
Verified Customer
First time using upgrade….. wish the interest rate wasn’t so high though….other than that like that I got my money quick right to my bank account
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Chad @cwick71
Report Abuse
1 Star Rating
Verified Customer
Avoid if you can. They will charge 5% upfront on loans. I als0 had a line of credit account where they change the original terms and added a 5% fee for any new withdrawals or card charges. I believe this is done so I wouldn't pay off the balance and then draw some back a few weeks later in an attempt to pay less interest. They prey on consumers with limited options. My credit is better now so I will never use them again.
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Michael @michaelg_829
Report Abuse
2 Star Rating
Haven’t updated reporting in 3 months. I paid off this card, a significant reduction in my credit used, and they refused to update my score
I agree with all of the negative posts about Upgrade, especially about this company slashing people's credit line out of nowhere! At present, this company is responsible for dropping my credit score by 75 points. Over three years ago Upgrade gave me a credit line of $20,000 on my credit card that works like a line of credit; in other words, you can use your line of credit for any reason by taking draws; or you could simple use the card. All was fine, except for my high monthly payments as I used almost $18,000 of my credit line for this past year due to having less cash flow for the year. I never missed a single payment. I thought I was a prime customer as I regularly used this card. Was I ever wrong. Last month, my line of credit was reduced to $17,000, my balance, for no apparent reason except them saying that all accounts are periodically monitored, and unfortunately, I failed to meet the criteria for my initial $20,000 credit line. They told me that I would receive a letter explaining their decision. That letter never came. I just learned that I no longer have use of this account as it is suspended. No explanation was given again. Now my credit report shows 100% usage of this account. Upgrade is dishonest; they do not respect their best customers in any way. Meanwhile, I am expected to make my monthly payment of $1200 until the account is paid off. I refuse to accept this shady practice. Their better business A+ rating is a farce, and I will make it my personal mission to expose this shady company. If you agree with my post, please give it a "thumbs up," and let's communicate to set up a plan to right the wrongs of this company. I have worked too hard on my credit to let this "downgrade" company ruin me.
show more
show less
Product: Upgrade Personal Loans
Comment
0
0
Upgrade
Brancapa4962 @Brancapa4962
Report Abuse
1 Star Rating
I ONLY GAVE ONE STAR CAUSE ITS THE LOWEST, BUT I WOULDNT HAVE EVEN GIVEN THEM THAT.....This place is as hypocritical AF. This place will base your current line of credit on your credit score and cut it at half Randomly based on a credit score period although your credit score approved you for a certain amount, your credit score will reflect the amount that you have available. You definitely need to check your accounts on a regular basis period also, though go off of the credit reports, but they don't include this income on any of the credit ratings whatsoever, so basically, they'll use your credit score against you, but they won't use it to your benefit. Period also, they classify customers in a percentage category. YOU ARE A NUMBER. A Statistic........... Not on an individual basis, so they don't reflect any payments that you have made on the account that you have open You are a statistic, you are a number. There is no personal affiliation with your account. THIS IS ANOTHER CORPORATE MONEY DRIVEN BASED COMPANY THAT HAS NO INTEREST IN HELPING IN FINANCIAL MATTERS...STAY LOCAL AND PERSO ALLY AFFILIATED......I would not recommend this place to anyone if it involved them getting loan to get a bottle of water to stay alive for hydration. I have left all my information for them to contact me if they don't like what I am saying but no one has reached out ......... that speaks volumes.. If you're looking to "upgrade "your life,... this ain't the way to do it .
To log in to your Upgrade Triple Cash Rewards Visa® card account, go to the login page on the Upgrade website or mobile app and enter your username and password in the appropriate fields. Then, click “Sign In To Your Account” to access your online account.
How to Log in to a Upgrade Triple Cash Rewards Visa® Credit Card Account
Go to the Upgrade Triple Cash Rewards Visa® credit card login page.
Fill out the “Email Address” and “Password” fields with your credentials.
Yes, Upgrade personal loans are legit because Upgrade has an A+ rating from the Better Business Bureau and is BBB-accredited. Plus, Upgrade is registered to do business in the states it services, which is a legal requirement to be a legitimate lender.
Why Upgrade Personal Loans Are Legit
Upgrade is registered as a business in the states it services.
Upgrade has a Better Business Bureau rating of A+.
Upgrade may approve you within 1 to 4 business days, but it can take longer if the company needs extra documentation to verify your information. After your application is approved and you accept the offer, it may take a few more days to receive your funds, which Upgrade will send by electronic bank transfer.
Key Things to Know About Upgrade Loan Approval
Minimum Credit Score: 620, according to multiple third-party sources
The Upgrade card credit score requirement is 640, which means that applicants need fair credit or better for approval. But credit score isn't the only thing that matters when it comes to getting approved for the Upgrade card. Upgrade will also look at the applicant's income, recent credit inquiries, other debts and more.
While the Upgrade card's credit score requirement plays a big role in whether you get approved for the card, your credit...
Yes, Upgrade will perform a hard pull when you apply for a loan, which may impact your credit score. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Upgrade's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside...
