Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.
Upgrade personal loans are best if:
- You’re building credit
- You want a fast loan decision
Upgrade is an online lender that provides fast approval of fixed-rate personal loans of up to $35,000 to borrowers who have a credit score of at least 580.
In this post:
- Upgrade interest rates and loan details
- Upgrade personal loans review
- How Upgrade compares to other lenders
- How to take out a personal loan with Upgrade
Upgrade interest rates and loan details
Upgrade charges no application or prepayment fees, but all loans include an origination fee of 1.5% to 6% that’s taken out of your loan proceeds and factored into your APR.
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| Fixed rates | 7.99% - 35.97% APR |
| Loan amount | $1,000 to $35,000 ($3,005 minimum in Georgia; $6,005 minimum in Massachusetts) |
| Loan terms | 3 or 5 years |
| Min. credit score | 580 |
| Time to get funds | Within a day of clearing necessary verifications |
| Fees |
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| Residency |
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| Loan use | Debt consolidation, credit card refinancing, home improvement, other personal expenses |
| Key benefits |
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| Best for |
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Upgrade personal loans review
Upgrade provides personal loans for refinancing credit card debt, debt consolidation, home improvement projects, major purchases, and other personal expenses.
In addition to a quick and easy application and funding process, Upgrade offers free credit monitoring, alerts, and education, helping you understand how personal loans affect your credit score.
How to qualify
To qualify for a personal loan from Upgrade, you fill out a one-page form to get rates, then choose any options you prequalify for. If you prequalify, the rates you’re offered will depend on your credit score, credit usage, and history.
If you see an option you like, you may be asked to supply documentation to verify personal information such as your income and identity. If you’re self-employed, you may still qualify for a personal loan from Upgrade. But expect to be asked for your two most recent tax returns, bank statements, and other documentation.
Repayment
Upgrade accepts payments through the mail and over the phone, but you’ll be offered lower rates if you agree to have your monthly payments automatically withdrawn from your bank account.
If you want to make extra payments or pay your loan off early, Upgrade doesn’t charge prepayment fees.
How Upgrade compares to other lenders
|  |  |
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|---|---|---|---|
| Fixed rates | 7.99% - 35.97% APR | 15.49% - 35.99% APR | 8.13% - 35.99% APR4 |
| Loan amounts | $1,000 up to $35,000 | $2,000 up to $25,000 | $1,000 to $50,0005 |
How to take out a personal loan with Upgrade
It’s a good idea to compare rates from the best personal loan companies, so you can find the loan that’s right for your situation.
Credible allows you to check your options for personal loans with leading lenders including Upgrade in just three steps:
- Fill out our form in 2 minutes
- Compare loan options on the dashboard
- Choose your loan option
Looking for a loan?
Compare personal loan rates in 2 minutes
How Upgrade can improve
Although Upgrade earns high marks from many reviewers, there are a couple of ways it could improve:
- Lower minimum rates: Upgrade does a good job serving borrowers who are building credit. But other lenders offer lower minimum rates on personal loans for borrowers with excellent credit.
- Eliminate the origination fee: While it’s common for lenders to charge origination fees on personal loans, some, like Lightstream, do not.
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.
6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
