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Upgrade Personal Loan Review

Loan Amount: $1,000 - $50,000
Minimum Credit Score: 620
APRs From: 6.98% - 35.89%
Funding Speed: As soon as one day

Features of Upgrade Personal Loans

Pros

  • Fast funding
  • Wide range of loan amounts
  • Accessible to most borrowers

Cons

  • Origination fee
  • Doesn’t allow co-signers

About Upgrade Personal Loans

Upgrade offers fixed-rate personal loans of up to $50,000 to borrowers with fair credit or better. The application process is entirely online, and Upgrade offers fast approval and funding.

Upgrade Personal Loan Snapshot

Loan Amount:

$1,000 - $50,000

APR:

6.98% to 35.89%

Minimum Credit Score:

620

Time to Funding:

As soon as one day

Has Origination Fee:

Origination Fee:

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Pros and cons of Upgrade Personal Loans

Before signing up for a loan with Upgrade, take a look at this breakdown of some of its benefits and drawbacks.

Pros:

Fast funding: Applicants can get approved and receive their funds in as little as one day and within four days.

Wide range of loan amounts: With loan amounts ranging from $1,000 to $50,000, Upgrade loans can be used for a range of purposes.

Accessible to most borrowers: The minimum required credit score is 620, making this loan accessible to borrowers with a range of credit scores. However, if you have bad credit or qualify for Upgrade’s higher interest rates, you may want to consider other lenders.

Cons:

Origination fee: Upgrade charges an origination fee of 1.5 to 6 percent of the total loan amount.

Doesn’t allow co-signers: Upgrade allow co-signers. If you can’t get approved on your own, you may need to choose a lender with even looser credit requirements or one that allows co-signers.

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Loan Terms

Upgrade offers 36-month or 60-month fixed-rate personal loans, which generally range from $1,000 to $50,000, in 44 states. Upgrade loans are not available in Colorado, Connecticut, Iowa, Maryland, Vermont and West Virginia.

You can repay your Upgrade personal loan over three or five years. Interest rates range from 6.98 to 35.89 percent and are based on your credit score and history, loan terms and other factors.

You can’t use an Upgrade personal loan for post-secondary education expenses, investments, illegal activities or gambling.

The minimum credit score required to get a loan is 620. There is no minimum income requirement. Other requirements include:

  • You must be a U.S. citizen, permanent resident or living in the U.S. on a valid visa.
  • You must be the age of majority based on the state you live in.
  • You must have a verifiable bank account and valid email address.

Fees and penalties

Upgrade charges an origination fee of 1.5 to 6 percent of your loan amount. There is no application fee or prepayment penalty. If you don’t pay your monthly bill within 15 days of its due date, there’s a late fee of up to $10. There’s also a fee of $10 if your payment fails.

Because of the origination fee, it’s important to make sure you borrow enough to get the funds you need. If you need $10,000 after fees, for instance, and the origination fee is 5 percent, multiply the amount you need by 1.05 to get the amount you’ll need to request. For example, if you need to pay your contractor a $10,000 down payment, request a loan amount of $10,500, as Upgrade will take $500 upfront due to the origination fee, leaving you with $10,000.

How to get a Personal Loan with Upgrade

The entire application process is online, and Upgrade provides online account access to its customers.

To apply for an Upgrade personal loan, you’ll start by filling out a one-page application to see which terms you qualify for based on a soft credit check (or credit inquiry that doesn’t impact your credit score). You’ll need to provide the following:

  • Name.
  • Address.
  • Date of birth.
  • Income.

You’ll also create an account with Upgrade at this stage, which requires an email address and password. If you’re approved based on the soft inquiry, you’ll be able to view your offers and pick the one that best fits your needs and ability to repay.

Once you decide which offer you want, accept it and provide your Social Security number to verify your identity and get your loan funded.

Before you accept an offer with Upgrade, though, take a few minutes to compare the quote you receive with other personal loan rates from top lenders.

Upgrade has customer service representatives available seven days a week. Customers can call Upgrade customer service at (855) 997-3100 Monday through Friday from 6 a.m. to 6 p.m. Pacific, and Saturday and Sunday from 6 a.m. to 5 p.m.