Upgrade is an online lender that provides fast approval of fixed-rate personal loans of up to $50,000 to borrowers who have a credit score of at least 560.
Upgrade personal loans are best if:
- You’re building credit
- You want a fast loan decision
- You want flexibility to repay your loan quickly
In this post:
- Upgrade interest rates and loan details
- Upgrade personal loans review
- How to qualify
- Repayment
- How Upgrade compares to other lenders
- How to get a personal loan with Upgrade
- Considerations when taking out an Upgrade personal loan
Upgrade interest rates and loan details
Upgrade charges no application or prepayment fees, but all loans include an origination fee of 2.9% to 8% that’s taken out of your loan funds.
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| Credible rating | 
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| Fixed rates | 7.46% - 35.97% APR11 |
| Loan amount | $1,000 to $50,000 ($3,005 minimum in Georgia; $6,005 minimum in Massachusetts) |
| Loan terms | 2 - 7 years |
| Min. credit score | 560 |
| Time to get funds | You should receive your funds within a day of clearing 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 is an online-only lender that offers credit cards, personal loans, and a rewards checking account. You can use an Upgrade personal loan for debt consolidation, large purchases, home repairs, and personal expenses. You can’t use loan funds for education, gambling, or investment purposes.
You can apply for an Upgrade personal loan online or over the phone. The application and decision only take a few minutes, and you can see your prequalified rate without affecting your credit score.
If you’re approved, you may get to choose from multiple loan options to pick one that works best for you. Upgrade says it can deposit your loan funds to your account within a day of clearing necessary verifications. Borrowers receive access to free credit monitoring and education about credit health.
Upgrade offers personal loans between $1,000 and $50,000, and you can repay the loan as quickly as you want without any prepayment penalties.
Upgrade offers personal loans with fixed rates, so your monthly payment will stay the same until you pay off your balance. Annual percentage rates, or APRs, for an Upgrade personal loan range between 5.94% and 35.97%.
All Upgrade loans have a loan origination fee between 2% and 8% that’s deducted from your loan funds.
How to qualify
Upgrade offers personal loans to borrowers with credit scores as low as 560. You can apply with a co-applicant for a personal loan, but you can’t use a co-applicant on a personal line of credit.
Most personal loans through Upgrade are unsecured, but you may be able to secure a loan with collateral for a lower interest rate.
To qualify for an Upgrade personal loan, you must be at least 18 years old (19 in some states), a citizen or resident of the United States, and provide a verifiable bank account and email address. Upgrade will consider your credit score and credit history when determining your eligibility.
Repayment
Upgrade offers repayment terms between 24 and 84 months, and you can adjust the payment due date any time if you need some flexibility. You can make your payments manually, but you may be able to reduce your interest rate by agreeing to automatic payments.
Upgrade doesn’t charge prepayment penalties, so you can repay the balance on your loan as quickly as you want.
How Upgrade compares to other lenders
Both LendingPoint and Upstart offer similar products and services as Upgrade. The chart below can help you decide which option might be best for you.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 7.46% - 35.97% APR11 | 7.99% - 35.99% APR | 5.4% - 35.99% APR4 |
| Loan amounts | $1,000 to $50,000 | $2,000 to $36,500 | $1,000 to $50,0005 |
How to get a personal loan with Upgrade
Upgrade has an online application that you can complete in just a few minutes. You can also apply over the phone.
You can check your personalized loan rate from Upgrade in just three steps:
- Fill out the loan application. The application asks for basic information, including employment information and personal identification. You’ll also need to give Upgrade permission to check your credit report.
- View your loan options from your personalized dashboard. If Upgrade determines that you qualify for a loan, it’ll provide a list of loan options for you to choose.
- Choose your loan and complete the full application. If you choose a loan from the options provided, you’ll need to complete the application and provide documentation, like your bank account information for direct deposit.
Comparing rates from multiple lenders allows you to determine which lender offers the best rates. A difference of one to two percentage points could save you hundreds of dollars in interest over the life of your loan. Credible lets you check rates from multiple lenders, including Upgrade, in one place.
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Considerations when taking out an Upgrade personal loan
Upgrade gets high marks from many reviewers for its easy application, fast response time, and repayment options. But you might want to consider a few things if Upgrade is on your list of potential lenders.
- Higher interest rates: Compared to similar companies, Upgrade’s interest rates are slightly higher. This means your monthly payment and total loan costs could be higher than the same loan from another lender.
- Hefty loan origination fee: Upgrade charges loan origination fees between 2.9% and 8% of the loan amount, which takes away from the total amount you receive. Many lenders offer personal loans with no origination fees.
If you have a lower credit score or spotty credit history, you may qualify for an Upgrade personal loan even if you can’t qualify elsewhere. Additionally, flexible repayment plans and no prepayment penalties give you the option to save money by paying off your loan faster.
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 4.49%-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 10%. 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.
11Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 6.55%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.†Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
