Upgrade Personal Loans Review, July 2025

Who are Upgrade personal loans best for?

Best for fair credit

Upgrade personal loans are one of the best personal loans for people with fair credit. Plus, they're fast. Borrowers who used Credible to get an Upgrade personal loan got their money in two days, on average. You may be able to qualify with a 580 credit score, and Upgrade allows co-applicants and collateral, which could help you get approved. 

Upgrade’s repayment periods  go up to seven years, which is longer than many other lenders' maximum of five years. A longer repayment term can lower your monthly payments, but will result in higher interest costs over the course of the loan.

Great for debt consolidation

With loan amounts between $1,000 and $50,000, Upgrade is a good choice for those looking to consolidate high-interest credit card debt. Upgrade will even send funds directly to your creditors, which can simplify the debt consolidation process.

Pros and cons of Upgrade personal loans

Pros

• May qualify with fair credit: Upgrade considers many different factors in your personal loan application besides your credit score, such as your employment history and current credit usage or whether you’re pledging collateral, such as your car.
• Discounts available: You may be able to save money by signing up for autopay.
• Fast funding: You can get your money in as little as one business day after accepting the loan offer.
• Can pay creditors directly: Upgrade can send a portion of your loan proceeds directly to your creditors to help you pay off high-interest debt.

Cons

• Loan amounts capped at $50,000: If you need to borrow more than that, you might need to choose a different lender.
• Origination fee required: Upgrade’s origination fees can be as much as 9.99%.
• Cosigners not accepted: Upgrade might not be the best option if you want to apply with a cosigner.

How to qualify for an Upgrade personal loan

To be eligible for a personal loan from Upgrade, you’ll need to:

• Be a U.S. citizen or permanent resident, or hold a valid visa
• Be at least 18 years old (or the age of majority in your state)
• Have a verifiable bank account
• Have a valid email address

Related: Prequalifying for a Personal Loan: What To Know

Credit score and financial history

Upgrade will perform a hard credit check during your application. It will consider your credit score as well as your overall credit history and usage.

You can prequalify online to get an idea of whether you’re eligible and what your rate might be before submitting a formal application. Checking your rate online won’t impact your credit score.

Income and employment

Upgrade will also consider your income and employment when deciding whether to approve your application. Both factors may also have an effect on the rate you qualify for if you are approved.

If you are self-employed, you’ll need to provide additional documentation that proves your income, including your two most recent tax returns (complete with all pages and schedules) and bank statements from the last 40 days. 

You’ll also need to refer to your tax return when estimating your income for the loan application. 

Learn More: Personal Loans To Consider If You're Self-Employed

Upgrade personal loan purposes

You can use an Upgrade loan for almost any purpose. Common uses of a personal loan from Upgrade include:

• Credit card refinancing
• Debt consolidation
• Building your business
• Home improvements
• Major purchases

That means you might use your Upgrade loan funds to pay off your credit cards, buy a boat or add a patio to the backyard, for example.

However, there are some uses that aren’t allowed:

• College costs (including tuition and room and board)
• Investing or buying securities
• Gambling
• Illegal activities

Related: What Cant't You Use a Personal Loan For?

Upgrade personal loan fees and penalties

Upgrade’s personal loans are attractive because they have no early payoff fees. However, there are some other fees to consider. 

Loan origination fees

When you take out a personal loan with Upgrade, the lender will charge you a fee to originate, or create, the loan. This fee will be between 1.85% and 9.99%, but it’s not an out-of-pocket cost. 

Rather, the amount will be deducted from your loan proceeds. For example, if you borrow $10,000 and your origination fee is 5%, you’ll receive $9,500 ($10,000 loan minus the $500 origination fee). 

No early repayment penalties

Upgrade does not charge a penalty fee if you want to pay off your personal loan early. 

Other fees

In addition to the origination fee, Upgrade may charge a late payment fee of $10 and a failed payment fee, also $10.

How Upgrade compares to other lenders

Related: How To Compare Personal Loans

How to contact Upgrade

Upgrade offers support and information through articles in its online help center. There are also many ways to get in touch with Upgrade if you have questions or concerns: 

• Online chat: Log in to your account dashboard to use the chat function.
• Mobile app: Use Upgrade’s mobile app to manage your account from anywhere.
• Phone: Call 844-311-0088 to apply for a personal loan by phone or 855-466-5995 for telephone support.
• Email: Get email support by sending a message to [email protected].
• U.S. mail: Write a letter to Upgrade Inc. at 2 North Central Ave., Flr 10, Phoenix, AZ 85004

About Upgrade personal loans

Upgrade is a San Francisco-based financial services company, not a bank, although it partners with FDIC-insured banks to offer its personal loan products. 

Personal loans are available with terms between two and seven years, with fixed interest rates. You can borrow between $1,000 and $50,000 with an Upgrade personal loan. 

Loan APRs range from 9.99% to 35.99%, with the lowest rates available for borrowers who sign up for an autopay discount and pay off at least a portion of their existing debt directly with loan proceeds.

Rating Upgrade personal loans

Credible evaluated 30 personal loan lenders based on customer experience, minimum fixed rates, maximum loan amounts, funding times, loan terms, fees and more to determine individual lender ratings based on how each compared to its peers across categories. 

Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.