Upgrade features

Here's a breakdown of some of the benefits and drawbacks of Upgrade personal loans.


  • Fast funding
  • Wide range of loan amounts
  • Accessible to most borrowers


  • Origination fee

Founded in 2017, Upgrade offers customers a fully online financial experience. This lender offers several financial products, including a credit card, checking accounts, personal loans and an app that monitors your credit health and provides personalized recommendations.

The Upgrade personal loan comes with the benefit of low, fixed rates, a quick application and funding process and flexible borrowing amounts. These loans can be used to refinance credit cards, consolidate debt, take on home improvement projects and other major purchases. These loans do come with a 1.85 to 8 percent origination fee, which some other lenders do not charge.

This lender, like all others, comes with both pros and cons. Consider the information below when deciding if an Upgrade personal loan is right for you.

Upgrade snapshot

Loan amount $1,000 – $50,000
APR 7.46%–35.97% (with autopay)
Minimum credit score Not specified
Time to receive funds As soon as a day

Upgrade is best for borrowers who want fast funding

Upgrade offers fixed-rate personal loans of up to $50,000 to borrowers with fair credit or better. The application process is entirely online, and applicants can get approved and receive their funds in as little as one day and within four days. While several of the lenders we reviewed offer same-day loan approvals, few provide same-day funding (you should receive your funds within a day of clearing verifications†). Upgrade may be a good choice if you need money quickly and your credit qualifies you for the lender’s best rates.

Lending terms

Upgrade offers fixed-rate personal loans from $1,000 to $50,000 (the minimum is $3,005 in Georgia and $6,400 in Massachusetts. Upgrade loans are not available in Washington, D.C.

You can repay your Upgrade personal loan over two to seven years. Interest rates range from 7.46 percent to 35.97 percent, and the lowest rates require using autopay and directly using a portion of the loan to pay down existing debt. Rates are based on your credit score and history, loan terms and other factors.

You can’t use an Upgrade personal loan for postsecondary education expenses, investments, illegal activities or gambling.

There is no minimum income requirement and no minimum credit score. Borrower requirements include:

  • You must be a U.S. citizen or permanent resident or living in the U.S. on a valid visa.
  • You must be the age of majority based on the state you live in.
  • You must have a verifiable bank account and valid email address.


Upgrade charges an origination fee of 1.85 percent to 8 percent of your loan amount. There is no application fee or prepayment penalty. If you don’t pay your monthly bill within 15 days of its due date, there’s a late fee of up to $10. There’s also a fee of $10 if your payment fails.

Because of the origination fee, it’s important to make sure you borrow enough to get the funds you need. If you need $10,000 after fees, for instance, and the origination fee is 5 percent, multiply the amount you need by 1.05 to get the amount you’ll need to request. For example, if you need to pay your contractor a $10,000 down payment, request a loan amount of $10,500, as Upgrade will take $500 up front due to the origination fee, leaving you with $10,000.

How to apply for a loan with Upgrade

The entire application process is online, and Upgrade provides online account access to its customers.

To apply for an Upgrade personal loan, you’ll start by filling out a one-page application to see which terms you qualify for based on a soft credit check (a credit inquiry that doesn’t impact your credit score). You’ll need to provide the following:

  • Name
  • Address
  • Date of birth
  • Income

You’ll also create an account with Upgrade at this stage, which requires an email address and password. If you’re approved based on the soft inquiry, you’ll be able to view your loan offers.

Once you pick the offer that best fits your needs and ability to repay, accept it and provide your Social Security number to verify your identity and get your loan funded.

Before you accept a loan from Upgrade, though, take a few minutes to compare the quote you receive with other personal loan rates from top lenders.

Upgrade has customer service representatives available seven days a week. Customers can call Upgrade customer service at 844-319-3909 Monday through Friday from 6 a.m. to 6 p.m. Pacific, and Saturday and Sunday from 6 a.m. to 5 p.m.

Fast Funding Disclaimer:

†Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

How Bankrate rates Upgrade

Bankrate Score 4.8 Scoring factors
Availability 5.0 Low minimum loan amounts and approval and funding as quickly as one day
Affordability 4.5 Starting APR of 7.46% but several fees
Customer experience 5.0 7-days a week customer support, online access and mobile apps

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.