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Upgrade personal loans: 2025 review

Updated on June 23, 2025
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At a glance

2025 Bankrate Awards Winner badge

Upgrade: Bankrate 2025 Award Winner For First-In-Class Customer Experience

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with Bankrate
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4.6
Rating: 4.6 stars out of 5
Bankrate Score
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Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4 stars out of 5
4.0
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 5 stars out of 5
5.0

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

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Loan amount

$1,000-$50,000

Rates Icon

APR from

7.99% to 35.99%*with autopay

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Term lengths

24 to 84 months

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Min Credit Score

580

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Funds available in

As soon as one day

Upgrade is best for covering emergency expenses and consolidating debt

Upgrade offers personal loans from $5,000 to $100,000, with the possibility of same-day approval and next-day funding. This combination makes its loans suitable for almost any emergency expense, from minor car fixes to midsized home repairs.

The lender is also one of the few that offers direct payment to creditors, a feature designed to simplify debt consolidation. Borrowers who use their loans to pay off debt can also access an additional rate discount, further increasing their savings. Rate discounts are also available to those who set up automatic payments during their application, as well as those who use a vehicle as collateral for their loan.

Upgrade personal loan purposes

Because Upgrade’s loans feature a range of 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, making these loans a good option for debt consolidation. Unlike some lenders, Upgrade also allows you to use funds to build or grow your business.

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

Where Upgrade stands out

  • Joint loans available: If you don’t meet Upgrade’s eligibility requirements alone, you can apply with a co-borrower to improve your approval odds. Remember that a joint loan will impact your co-borrower’s credit, so be sure to make all payments on time.
  • Low credit requirement: Borrowers must have a credit score of at least 580 to qualify for an Upgrade loan — lower than the industry average of mid-600s. This lower credit requirement makes Upgrade a good option for a bad credit loan.
  • Direct payment to creditors: If you’re using loan funds to consolidate debt, Upgrade will send funds directly to your creditors, streamlining the consolidation process. You may even qualify for a rate discount for using your loan this way.
  • Check your rate without a hard inquiry: You can check your rate and gauge your approval odds with this lender without impacting your credit via prequalification.

Where Upgrade falls short

  • High APR cap: Upgrade’s maximum APR is 35.99 percent, which is on the high end. You’re more likely to pay rates at or near this cap if you have a credit score at the low end of the lender’s requirements.
  • Origination fee: The lender charges origination fees of 1.85 to 9.99 percent of the loan amount. This may lead to borrowing a larger amount (and paying more interest over time) to get the exact amount you need.

Upgrade customer resources

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 Saturdays and Sundays.

The lender also offers online chat 24 hours per day.

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. 

The lender's mobile app is highly rated, with 4.9 out of 5 stars in the App Store and 4.5 out of 5 stars on Google Play.

How this lender compares

logo
Rating: 4.6 stars out of 5
4.6
Bankrate Score
APR from
7.99% to 35.99%*with autopay
Loan Amount
$1,000-$50,000
Term Length
24 to 84 months
Min Credit Score
580
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
6.60%-35.99%
Loan Amount
$1,000-$50,000
Term Length
36 or 60 months
Min Credit Score
Not disclosed
logo
Rating: 4.5 stars out of 5
4.5
Bankrate Score
APR from
8.99%-35.99%
Loan Amount
$2,000-$50,000
Term Length
24-60 months
Min Credit Score
600

Upgrade vs. Upstart

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

However, Upstart charges origination fees of up to 12 percent of your loan amount — that’s the largest origination fee we’ve found. It also only offers two term choices — three or five years — compared to Upgrade's term options of two to seven years.

Read our full Upstart review

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 the option for direct payment to creditors, which is something Prosper lacks. 

Furthermore, Upgrade’s loan minimum is slightly lower — $1,000, compared to Prosper’s $2,000. This could make a difference if you have a relatively low amount of debt to consolidate.

However, personal loans from Prosper could be less expensive. Prosper charges origination fees on its loans that can be as low as 1 percent, whereas origination fees for Upgrade loans start at 1.85 percent. Since both lenders let you check your rate without a hard inquiry, it can make sense to compare offers from both of these lenders before you make a decision.

Read our full Prosper review

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. Additionally, borrowers must 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 580

How to apply for a personal loan with Upgrade

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

  1. Get a quote. Fill out a one-page application to determine the 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 for a loan, you can view your loan offers. After identifying 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, carefully review your offer and ensure everything checks out. Then, sign the loan contract 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 4.6 Explanation
Availability 5.0 Range of loan amounts and repayment terms, co-borrowing option and quick funding
Affordability 4.0 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 5.0 Not all credit requirements are disclosed, though prequalification is available

Methodology

Bankrate's trusted personal loans industry expertise

48

years in business

45

lenders reviewed

20

loan features weighed

900

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 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.

What customers think

What people across the web are saying about Upgrade

Upgrade received a below-average score on J.D. Power's 2025 Consumer Lending Satisfaction study. The annual study measures overall consumer satisfaction on metrics such as how well the loan met their borrowing needs and their experience obtaining and repaying the loan.

However, Upgrade has an unusually high rating on third-party review site Trustpilot. It earns a 4.4 out of 5 stars, with nearly 43,000 customer reviews as of May 12, 2025. 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.

Community Upgrade scores

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Dive into community reviews below and see what others think about Upgrade.

4.2 Star Icon
73 ratings
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Score breakdown
5 stars
44%
4 stars
38%
3 stars
15%
2 stars
3%
1 star
0%
Score by category
Overall rating 4.2 / 5
Fees & closing costs 3.7 / 5
Funding time 4.1 / 5
Customer service 4 / 5
Application process 4.3 / 5
Online portal or mobile app 4 / 5
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In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about Upgrade.
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Anonymous Borrower
August 20, 2024
Describe why you selected this lender
They had the perfect amount payment plan and other services I needed. I'm a self-service kind of person, and they offer that.
Did you use any other financial products or services along with to achieve your goal?
No I didn't. I was quite satisfied with their loan. The amount and repayment structure was favourable.
Loan purpose
Home project loan
Score by category
Fees & closing costs 5 / 5
Funding time 4 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Application process 5 / 5
Anonymous Borrower
August 20, 2024
Describe why you selected this lender
Their auto loan terms worked best for my budget.
Did you use any other financial products or services along with to achieve your goal?
I managed everything without turning to any other financial help.
Loan purpose
Home project loan
Score by category
Fees & closing costs 4 / 5
Funding time 4 / 5
Online portal or mobile app 5 / 5
Customer service 5 / 5
Application process 4 / 5
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We wanna know what you think about Upgrade

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