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Upgrade Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.7 stars out of 5
Bankrate Score
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Rating: 4 stars out of 5
Rating: 5 stars out of 5
Customer Experience
Rating: 5 stars out of 5

About Bankrate Score

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.

Loan amount $1,000 – $50,000
APR from 7.96% - 35.97%
Clock Wait
Term lengths 24-84 months
Credit Good
Min Credit Score 560
Best for fast funding.

Best for 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.

Upgrade pros and cons


  • Checkmark

    Loans available as low as $1,000

  • Checkmark

    Direct payment to other creditors for consolidation loans

  • Checkmark

    Low credit score loans


  • Close X

    High origination fees

  • Close X

    Higher interest rates

  • Close X

    Maximum loan amount is $50,000

Do you qualify?

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.

What Upgrade doesn't allow loan funds to be used for

Upgrade doesn’t allow you to use your personal loan proceeds for postsecondary education expenses, investments, illegal activities, or gambling.

Upgrade: in the details

What we like and don’t like

What we like 

  • Loans available as low as $1,000: The low loan amount makes it easier to borrow only what you need.
  • Direct payment to other creditors for consolidation loans: If you want to use an Upgrade personal loan for debt consolidation, this feature makes things simpler for you.
  • Low credit score loans: People can qualify when they might not with other lenders.

What we don't like 

  • High origination fees: Fees can add a lot of costs to the loan.
  • Higher interest rates: Higher interest rates may mean that some borrowers would save money with another lender.
  • Maximum loan amount is $50,000: This loan amount means that it won't be a high enough amount for some purposes

How to contact Upgrade

Upgrade's customer service team is available by emailing or toll-free at 844-319-3909. The customer service hours are Monday through Friday, 5am-7pm and Saturday and Sunday 6am-5pm Pacific Time.

How to apply for a personal 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 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, take a few minutes to compare the quote you receive with other personal loan rates from top lenders.

Frequently asked questions

How Bankrate rates Upgrade

Overall Score 4.7 Explanation
Availability 5.0 Low minimum loan amounts and approval and funding as quickly as one day
Affordability 4.0 Starting APR of 7.46% but several fees
Customer Experience 5.0 7-days a week customer support, online access and mobile apps


To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three 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.

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.