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Upgrade Personal Loans: 2024 Review

Updated on March 27, 2024
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At a glance

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Check rate with Bankrate
Rating: 4.7 stars out of 5
Bankrate Score
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Rating: 5 stars out of 5
Rating: 4.2 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 4.6 stars out of 5

About Bankrate Score

Bankrate's take

Upgrade’s flexible eligibility requirements, range of amounts and repayment terms, plus a co-borrowing option, makes it an ideal choice for fair and good credit borrowers alike.

Lender Details


Loan amount



APR from

8.49% to 35.99%*with autopay

Clock Wait

Term lengths

24 to 84 months

Credit Good

Min Credit Score



Bankrate user stats for Upgrade

Bankrate users taking out personal loans from Upgrade have followed the below trends and stats.

  • Average funded loan amount: $14,294.
  • Funded loan range: $1,000-$45,000.
  • Average funding time: 3.5 days.
  • Average APR of funded loan: 22.10%.
  • Amount of loans funded through Bankrate since 2022: 2,264.
  • Popular loan purpose trends: 52.5% of Upgrade borrowers on Bankrate take out personal loans to consolidate debt, more than any other loan purpose.

Upgrade is best for covering emergency expenses and consolidating debt

Upgrade’s loans range from $1,000 to $50,000, with the possibility of same-day approval and next-day funding. This combination makes its loans suitable to cover almost any emergency expense, from minor car fixes to midsize home repairs.

The lender is also one of the few that offers direct payment to creditors — a feature designed to simplify debt consolidation. What’s more, borrowers who use their loans to pay off debt get access to an additional rate discount, further increasing their savings.

Upgrade personal loan purposes

Because Upgrade’s loans feature a range of loan amounts and repayment terms, they’re suitable for almost any purpose. This includes home improvement projects, financing a big event or a medical procedure. The lender also offers direct payment to creditors, which makes its loans a good option for debt consolidation. Unlike some lenders, it also allows its loans to be used to improve or build your business.

Upgrade doesn’t allow its loans to be used to pay for post-secondary education-related expenses, like college tuition and fees, investments, illegal activities or gambling.

Where Upgrade personal loans stands out

  • Joint loans available: The lender is one of a handful in the industry that allows co-borrowers. This can make it easier for those with imperfect credit to secure a better loan.
  • Low credit requirement: Borrowers must have a credit score of at least 600 to qualify for a loan — lower than the industry average of mid-600s.
  • Direct payment to creditors: Upgrade gives debt consolidators the option to send the funds directly to creditors, streamlining the consolidation process.

Where Upgrade personal loans falls short

  • High APR cap: Upgrade’s maximum APR is 35.99 percent, which is on the high end.
  • Origination fee: The lender charges an origination fee of 1.85 to 9.99 percent of the loan proceeds. This may lead to more borrowing to get the exact amount you need.
  • Undisclosed credit requirements: Though borrowers can check their rate without hurting their credit, specific credit and income requirements aren’t listed on Upgrade’s site.

Upgrade customer experience

Customer support

Borrowers can get in touch with customer support via chat, email or phone. Support is available from 5 a.m. to 7 p.m. PT Monday through Friday and from 6 a.m. to 5 p.m. ET on Saturday and Sunday.

Digital experience

Upgrade’s loan application can be completed entirely online or over the phone. Borrowers can manage their accounts online or through the company’s highly-rated mobile app, which is available for both iOS and Android devices.

What people are saying about Upgrade

Upgrade has an unusually high rating on third-party review site Trustpilot. It has a 4.4 out of 5 score after over 40,000 customer reviews as of June 13, 2024. The lender’s easy application process and quick funding are common themes among positive reviews. One user said, in part:

"The loan application process was easy and fast. They have helped me consolidate twice now and the second time with an amazing interest rate! I also received my funds within 1 day of filling out the application. Not sure if this is the norm, but that was super fast!"

Trustpilot User

Most negative reviews were about Upgrade’s credit card, rather than its personal loans. A few mentioned getting abruptly declined for a personal loan late in the approval process.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.49% to 35.99%*with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.8 stars out of 5
Bankrate Score
APR from
7.80% – 35.99%
Loan Amount
$1,000 – $50,000
Term Length
36 or 60 months
Min Credit Score
Not disclosed
Rating: 4.6 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24-60 months
Min Credit Score

Upgrade vs. Prosper

Upgrade and Prosper offer nearly identical loan products, but if you’re looking to consolidate debt, Upgrade may be the better option. The lender offers direct payment to creditors, something Prosper lacks.

Though its origination fees are capped higher, Upgrade’s starting APR is lower and repayment terms are more flexible. Borrowers also get access to rate discounts for enrolling in automatic payments and using a portion of their loan to consolidate debt. This, in turn, could result in bigger savings.

Upgrade vs. Upstart

While both Upgrade and Upstart offer loans of up to $50,000 to borrowers with different credit profiles, Upstart is more inclusive. The lender notes that it may approve borrowers with a credit score as low as 300 — the minimum a credit score can be — and even those with insufficient credit to make a score.

Though Upstart charges a higher origination cap than Upgrade, its loans currently have a lower starting APR. This could result in a more affordable loan, depending on the borrower’s credit score.

That said, Upstart’s loan terms are much more limited, as the lender only offers two terms to choose from — 36 or 60 months. Upgrade, on the other hand, offers repayment terms ranging from 24 to 84 months. This longer repayment option may make it a better option for those looking to finance a big expense, as it can make monthly payments more affordable.

Read a full comparison of Upgrade vs. Upstart

Do you qualify for an Upgrade personal loan?

Borrowers must be of the age of majority in their state to be eligible for Upgrade’s loans. Besides that, borrowers are required to meet the standard citizenship, residency or visa requirements and have the following:

  • A verifiable bank account.
  • A valid email address.
  • A credit score of at least 600.

How to apply for a personal loan with Upgrade

Upgrade’s application process can be done entirely online and only takes a few minutes to complete.

  1. Get a quote: You’ll start by filling out a one-page application to see which terms you may qualify for based on a soft credit check. You’ll also be required to create an account at this stage.
  2. Add information and finalize your application: If you prequalify you’ll be able to view your loan offers. Once you pick the offer that best fits your needs, accept it and provide your Social Security number to verify your identity. This will require a hard credit pull.
  3. Review the loan details: Before you accept a loan from Upgrade, take some time to review your offer and ensure everything checks out. If it does, sign the disclosure and choose a disbursement method. Upgrade states that funds can be sent out as soon as the next day after approval.

How Bankrate rates Upgrade

Overall Score 4.7 Explanation
Availability 5.0 Range of loan amounts and repayment terms, co-borrowing option and quick funding.
Affordability 4.2 High APR cap, plus origination and other administrative fees.
Customer Experience 5.0 Customer support is available seven days a week through email, chat and over the phone.
Transparency 4.6 Not all credit requirements are disclosed, though prequalification is available.


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by 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.