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
  • Doesn’t allow co-signers

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 Upgrade offers fast approval and funding.

Upgrade deducts anywhere from 2.9 percent to 8 percent of your loan funds up front as a one-time origination fee. Here’s what you need to know before you apply.

Upgrade snapshot

Loan amount $1,000 – $50,000
APR 6.94% – 35.97% (with auto-pay)
Minimum credit score Not specified
Time to receive funds As soon as a day

Pros and cons of Upgrade personal loans

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


  • Fast funding: Applicants can get approved and receive their funds in as little as one day and within four days.
  • Wide range of loan amounts: With loan amounts ranging from $1,000 to $50,000, Upgrade loans can be used for a range of purposes.
  • Accessible to most borrowers: There’s no minimum required credit score, and loans are accessible to borrowers with a range of credit scores. However, if you have bad credit or qualify for Upgrade’s higher interest rates, you may want to consider other lenders.


  • Origination fee: Upgrade charges an origination fee of 2.9 percent to 8 percent of the total loan amount.
  • Doesn’t allow co-signers: If you can’t get approved on your own, you may need to choose a lender with even looser credit requirements or one that allows co-signers.

Lending terms

Upgrade offers 36-month or 60-month fixed-rate personal loans, which generally range from $1,000 to $50,000, in 44 states. Upgrade loans are not available in Colorado, Connecticut, Iowa, Maryland, Vermont and West Virginia.

You can repay your Upgrade personal loan over three or five years. Interest rates range from 6.94 percent to 35.97 percent, and the lowest rates require auto-pay. 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. Other 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.

Fees and penalties

Upgrade charges an origination fee of 2.9 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 upfront 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 (or 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 offers and pick the one that best fits your needs and ability to repay.

Once you decide which offer you want, accept it and provide your Social Security number to verify your identity and get your loan funded.

Before you accept an offer with 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.

How Bankrate rates Upgrade

Overall score 4.8
Availability 5.0
Affordability 4.3
Customer Experience 5.0

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.