Upgrade Personal Loans Review 2021


Upgrade is headquartered in San Francisco the fintech firm has tech engineering operations offices in Chicago, Phoenix Montreal, Canada.

  • Loans lines of credit are available up to $50,000.
  • Borrowers can complete the entire loan process online.

  • Upgrade charges an origination fee on all loans.
  • Co-signers are not accepted.

Upgrade offers personal loans for various purposes, including:

  • Refinancing credit cards
  • Debt consolidation
  • Home improvement
  • Large purchases

The lender doesn’t allow borrowers to use loan funds for post-secondary education expenses, such as tuition, room board, transportation supplies.

Upgrade provides borrowers with fixed-rate personal loans from $1,000 to $50,000, with a repayment term of either three or five years. The lender also offers personal lines of credit from $500 to $25,000 with repayment terms from one year to five years.

The lender charges an origination fee on all personal loans that ranges from 2.9% to 8%. The fee is deducted from your loan proceeds. The interest rate you pay depends on your credit score, credit usage history, loan term other factors related to your financial profile.

There is no penalty or fee if you repay an Upgrade personal loan early.

Upgrade does not disclose a minimum credit score to be approved for a personal loan. It reviews your credit profile focuses on what you make vs. what you spend. There is also no exact debt-to-income ratio that Upgrade requires for personal loans.

Upgrade does not accept co-signers. Aside from credit score, eligibility for a personal loan from Upgrade also depends on credit usage history, you must be a U.S. citizen or have a U.S. visa, be at least 18 years old depending on state law. Upgrade will verify that you have a bank account you must have a valid email address.

Upgrade sends funds to your bank or designated account within one business day, availability of funds depends on how quickly your bank processes the transaction. The time from when your Upgrade personal loan is approved to when you can access the money should be no more than four business days.

Upgrade does not disclose a credit score minimum or debt-to-income ratio maximum to be approved for its loans. It reviews your entire credit profile to ensure you can afford to pay for the loan. You can get prequalified check loan offers without a hard credit check.

Upgrade has an A+ rating with the Better Business Bureau.

In 2019, the Consumer Financial Protection Bureau received seven complaints about Upgrade, mostly related to incorrect credit report information, struggling to pay a loan or problems when making payments.

The Upgrade loan line of credit process is completely online, including application, closing account management. To apply, simply fill in the loan amount you’d like the purpose of the loan, click “check your rate.” After you enter your personal information Upgrade will do a soft credit check, which will not harm your FICO score. Based on this, Upgrade will provide the loan offers that you qualify for.

  • Those who prefer an online lender
  • People seeking a personal loan of $1,000 to $50,000
  • Consumers with good credit

Q: How do Upgrade personal loans work?
A: Upgrade offers personal loans for credit card refinancing, debt consolidation, home improvements large purchases. As a fintech company, Upgrade is 100% online does not have physical branches where you can walk in fill out a loan application.

To get an Upgrade loan, begin by filling out the online application that requests some financial information like earnings personal information like name date of birth. Upgrade will do a soft credit check give you some loan options. If you choose to move forward, your application moves to servicing. Once it is issued you can receive your money within one to four business days repay your loan according to schedule.

Q: Is Upgrade legit?
A: Upgrade is a legitimate online lender with a proven track record since its founding in 2017. It has an A+ rating with the Better Business Bureau has limited complaints posted with the Consumer Financial Protection Bureau.

Q: How do you get approved for an Upgrade personal loan?
A: You can get approved for a personal loan from Upgrade based on your credit usage history. You must be a U.S. citizen or have a U.S. visa, be at least 18 years old depending on state law. Upgrade will verify that you have a bank account you must have a valid email address.



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