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Upgrade Personal Loans: 2024 Review

Competitive personal loans for fair-credit borrowers.

Author
By Jessica Walrack

Written by

Jessica Walrack

Writer

Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.

Edited by Jared Hughes

Written by

Jared Hughes

Editor

Jared Hughes is a personal loan editor for Credible and Fox Money, and has been producing digital content for more than six years.

Updated March 11, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.

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Featured

Best for fair credit

If you have fair credit, Upgrade could be a strong personal loan option, particularly if you’re looking to consolidate debt or refinance a credit card.  Its minimum credit score requirement is relatively low, it offers secured loan options, and rate discounts are available for autopay and direct pay. All of which can make it easier to qualify or lower your rate if you do qualify. Plus, the lender has a mobile app and funding is available as soon as the next business day once you're approved.

Great for debt consolidation

Upgrade could be an especially great choice if you’re planning to consolidate debt with fair credit. The lender can pay your creditors directly, and offers an annual percentage rate (APR) discount if you opt for it to do so. The maximum loan amount of $50,000 is higher than some other lenders who offer fair credit personal loans, and could be enough to pay off a variety of debts.

Learn More: Pros and Cons of Debt Consolidation

Best for fair credit

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.49 - 35.99%

Loan Amount

$1000 to $50000

Min. Credit Score

600

Pros and cons

More details

Upgrade pros and cons

Pros

  • Fair-credit borrowers eligible: Upgrade’s minimum FICO score requirement is 600, which means it’s willing to consider applicants with fair credit (a FICO score between 580 and 669).
  • Secured loans available: Secured loans require collateral, such as your house or car, to guarantee the loan. These loans can have lower rates due to the decreased risk for the lender, but if you default, the lender can take your collateral to help recoup its losses.
  • Cosigned loans may be available: A cosigner signs the loan with you and promises to pay it back if you can’t, which can help reduce the lender’s risk and thereby lower your rate — especially if your cosigner has good credit and a strong income. Just note that late payments can affect a cosigner’s credit report as well as your own. Also, Upgrade does not allow loans with cosigners for home improvement. Contact Upgrade to see if a cosigned loan is available for your needs.
  • Mobile app: Unlike many lenders, Upgrade has a mobile app, which you can use to manage your payments on the go.

Cons

  • High maximum APR: Upgrade’s unsecured loans may be more expensive for credit-challenged borrowers, relative to some other lenders. This, in part, may be due to the high maximum origination fees on some loans. It's generally best to compare potential rates via prequalification, and then use a personal loan calculator to project total interest. For example, a $10,000 three-year loan with a 35.99% APR could end up costing $6,487 in interest.
  • Low J.D. Power ranking: It’s worth noting that Upgrade ranked below average in J.D. Power’s 2023 U.S. Consumer Lending Satisfaction Study, landing in 13th place out of 18 lenders.

What to consider before applying

Consider your credit profile and overall financial picture when deciding whether an Upgrade personal loan is a good fit for you. While the company offers a wide range of APRs and loan amounts, borrowers with strong credit and income may be able to find loans with lower or no fees elsewhere.

For example, Upgrade charges an origination fee on all of its loans. This fee, which is a certain percentage of the total loan amount, is deducted from the funds before you receive them. This means if you were approved for a $10,000 loan with a 5% origination fee, you’d only receive $9,500. So, if you need a certain loan amount, you should factor in the amount you’d get after the origination fee is taken out.

A good way to gauge if you’re likely to qualify for the amount you want — with terms that work for you — is to prequalify. You can do this either directly on Upgrade’s website or through a loan marketplace. Prequalification shows you the loan amounts, terms, and rates you could be eligible for with a certain lender, without affecting your credit. (Once you formally apply for any loan, your score may dip slightly). Prequalification is not an offer of credit, however, and your final rate may be different.

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Important

When comparing loan offers, consider APRs instead of relying on interest rates alone. The APR includes the interest rate and any upfront fees, making it a better measure of the total cost of borrowing.

Upgrade loan details

APR range
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
Minimum credit score
600
Repayment terms
24 to 84 months
Time to fund
As soon as 1 business day after approval
Fees
Origination fee between 1.85% and 9.99%, late fees
Discounts
Autopay, direct pay
Cosigners accepted?
On certain loans, direct application

How to qualify for a personal loan from Upgrade

In order to qualify for a personal loan for Upgrade, you must:

  • Be at least 18 years old, or 19 in select states.
  • Be a U.S. citizen, permanent resident, or person living in the U.S. on a valid visa.
  • Own a verifiable bank account.
  • Have a valid email address.
  • Have satisfactory credit scores, credit usage, and payment history.

If you need help getting approved or a lower rate, Upgrade allows for joint applications, secured loans, and may allow you to enlist a cosigner.

How to apply for a personal loan with Upgrade

If you decide you want a personal loan with Upgrade, follow these steps:

1. Check your credit

Check your credit reports from Experian, Equifax, and TransUnion to make sure everything is accurate and up to date. You can get free credit reports at AnnualCreditReport.com. If you notice any mistakes, file a dispute with the bureau showing the error. You can potentially boost your score just by fixing errors on your reports. Lenders can also look at one or more of your reports to see how you may be managing your existing credit accounts.

2. Prequalify

If you prequalify, Upgrade can show you an estimate of the loan amounts, terms, and rates you may qualify for. Prequalifying won’t impact your credit, but it’s not an offer of credit, so any estimates you receive may be different from the final rate. You can prequalify directly on its website or on Credible (with other lenders as well) via the link below.

Learn More: How To Prequalify for a Personal Loan

3. Shop around

With a quote from Upgrade in hand, it’s time to shop around. There’s no shortage of online lenders competing for your business, so make sure you get a good deal. Request quotes from a few other lenders and compare the APRs, loan amounts, origination fees, repayment terms, overall costs, monthly payments, and funding times.

4. Apply for the loan

If the quote from Upgrade ends up being the best for your situation, go back to the Upgrade website, log in, and accept the quote. The official application can be more involved, requiring you to undergo a hard credit check that can temporarily hurt your score. You may also need to provide documentation such as a government-issued ID, recent pay stubs, and bank statements.

5. Get your funds

If you are approved, Upgrade can send you a loan contract. After reviewing it, you can electronically sign it and send it back. Once received, the lender will send the loan funds, minus the origination fee, to your designated bank account (or creditors, if applicable). Upgrade can send your funds as soon as the next business day after approval.

Related: How To Get Approved for a Personal Loan

How to contact Upgrade

Upgrade has multiple customer support channels, including:

  • Email: [email protected].
  • Phone: 1-844-319-3909 (Monday to Friday 5 a.m. to 6 p.m. PT, Saturday and Sunday 6 a.m. to 5 p.m. PT)
  • Help center: Find answers to frequently asked questions in the company’s online Help Center.
  • Online chat: Once you’re an Upgrade customer and log in, you may have access to online chat support.
  • Account dashboard: Upgrade customers can log in to an account dashboard to manage many aspects of their accounts.

Unfortunately, you may not have access to live chat support until the loan process is completed. Another missing support option is an online form you can submit, which tends to be a little easier than sending an email. Additionally, Upgrade is solely an online company, so there’s no in-person support.

How Upgrade compares to other lenders

Here’s how Upgrade compares with two other partner lenders that also cater to fair-credit borrowers.

Credible rating

APR from8.49 - 35.99%
Loan Amount$1000 to $50000
Term Length2 - 7
Min. Credit Score600

Credible rating

APR from -
Loan Amount$2500 to $40000
Term Length3 - 7
Min. Credit Score660
Read Our Review

Credible rating

APR from -
Loan Amount$1000 to $35000
Term Length1 - 5
Min. Credit Score600
Read Our Review

Upgrade loans FAQs

What types of personal loans does Upgrade offer?

Upgrade offers secured and unsecured personal loans ranging from $1,000 to $50,000 with terms from two to seven years. It also allows joint applications for borrowers who may have trouble qualifying for larger loan amounts, as well as cosigners on certain loans.

How does an Upgrade personal loan affect my credit?

Your credit may temporarily dip after you take out a new personal loan, as your report will reflect a new hard credit inquiry, a new outstanding balance, and a drop in your average account age. As long as you make your payments on time, however, a personal loan can strengthen your credit in the long run. And if you use the loan for consolidating credit card debt, paying down revolving balances can lower your credit utilization, boosting your score.

Can I repay a personal loan from Upgrade early?

You can repay a personal loan from Upgrade at any time. The lender doesn’t charge any prepayment penalties or fees.

Check Out: Paying Off a Personal Loan Early

Methodology

Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. 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.

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Meet the expert:
Jessica Walrack

Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.