Upgrade Personal Loans Review

Types of Personal Loans Offered by Upgrade

Upgrade personal loans can be used to pay off credit card debt, consolidate debt, build or improve on your home or business, or fund a major purchase. You are prohibited from using Upgrade loan proceeds for post-secondary educational expenses, investments, gambling, or illegal activity.

Upgrade Loan Features

You can borrow as little as $1,000 from Upgrade, which makes Upgrade lending ideal for small loans. Repayment terms range from two to seven years. Your first monthly payment becomes due a month after funding, but you have the flexibility to change your due date after your first payment. Upgrade loans can be used for almost any purpose, but you can’t use an Upgrade loan to pay for your college tuition, books, or supplies. You also can’t invest or gamble with the money or spend it illegally.

Upgrade Interest Rates and Fees

While some lenders don’t charge any fees, Upgrade charges an origination fee up to 8% of the loan amount, a $10 late payment fee, and a $10 return fee for failed payments. The lender offers a few discounts: Published rates include a discount for automatic payments and a discount for direct payment to creditors where applicable, and you can also get up to a 20% reduced APR for being a Rewards Checking customer with Upgrade.

While starting rates are low for creditworthy borrowers, the maximum APR isn’t any better than a credit card. For reference, the average interest rate across credit card accounts is 16.44%, according to the Federal Reserve. Just because you qualify for an Upgrade loan doesn’t mean it will save you money on interest, so be sure to do the math to ensure refinancing will result in savings.

Upgrade Qualification Requirements

Upgrade doesn’t disclose minimum credit score or income requirements, but reportedly has looser credit requirements than other lenders. Borrowers with fair credit are welcome to apply and can include a joint applicant to increase their chances of being approved. Upgrade may also offer you the opportunity to secure your loan with your vehicle if it would help you get approved. Keep in mind that per Upgrade loan requirements, you must be the age of majority in your state and a U.S. citizen, permanent resident, or visa-holder with a verifiable bank account and valid email address to apply.

Upgrade Application Process

The first step is to check your rate with Upgrade. You can prequalify without hurting your credit. Enter how much you’d like to borrow and how you’ll use the funds to get started.

On the next page, provide the contact information and date of birth for you and your co-applicant (if applicable). Click to continue and then enter your annual income and any additional income.

Before seeing estimated rate options, you’ll need to create an account with your email address and a password. You’ll then be asked to provide your social security number for a soft credit pull.

If you’re happy with your estimated rate, you can formally apply. Choose the loan amount and term that works best for you and accept the offer. At this point, you may need to upload additional documents such as proof of income, and your formal application will require a hard credit check, which will temporarily cause a small dip in your credit score.

Once you’re approved, sign your loan documents online. Upgrade will send the funds to your bank account within one business day, and you should have access to the funds within four days. Remember that your origination fee will be deducted from the loan proceeds.

Upgrade Customer Support

Upgrade offers seven day customer support. You can reach Upgrade weekdays between 6am and 6pm PT or on weekends between 6am and 5pm PT. Some lenders offer extended hours, so make sure Upgrade’s hours are convenient for you before accepting a loan offer. You can contact Upgrade in one of three ways:

• By mail
• By phone at 844-319-3909
• By email at support@upgrade.com

A few customers on Trustpilot had complaints about long wait times when calling customer service or not being able to speak to a supervisor. Some people mentioned having to call multiple times to deal with the same issue because the support team doesn’t track cases. However, most reviews of Upgrade’s customer service were favorable. As one reviewer wrote, “Customer service was great. They helped me navigate the application process. Everyone I talked to was very professional and took the time to explain all the options available. It was great working with them.”

Upgrade Online Reviews

Upgrade received an average rating of 4.7 out of 5 stars from more than 26,000 customers on Trustpilot. On Credit Karma, the lender has an average rating of 4.5 out of 5 stars from more than 4,000 customers. Most positive reviews praised the quick and easy online application process. Some borrowers also mentioned the professional customer support team, and others praised the lender for giving fair credit borrowers a chance.

For example, one customer said: “Upgrade’s use of technology made the process quick and easy. My credit isn’t very strong after some hardship, but I was happy when the pre-approval process prompted me to consider a co-borrower.”

Some customers who left negative reviews accused customer service representatives of being disrespectful, and others complained about a high APR and origination fee. Some people also mentioned errors the customer service team made or delays in funding. But most customers who left one star reviews for Upgrade were upset that they were denied a loan. Still, potential borrowers wondering if Upgrade loans is legit can rest assured it’s a reputable lender.

Upgrade Perks and Bonuses

Flexibility

In addition to offering an Autopay discount and a discount for paying your creditors directly, two discounts that are baked into Upgrade’s published rates, you can save money on interest if you’re a Rewards Checking customer. You can save up to 20%, so if your original APR was 35%, the discount would drop your APR to 28%.

If you’re dealing with cash flow issues, you can always change your loan payment due date. And while Upgrade doesn’t have a formal hardship program, the lender is willing to work with borrowers facing all sorts of issues, from unemployment to natural disasters. Decisions are made on a case-by-case basis, though, and at least one customer reviewer was unhappy with the outcome of requesting relief. Some other lenders will allow you to skip a payment, no questions asked, and others offer loans that include unemployment protection, so Upgrade’s lack of offerings here is a drawback.

Transparency

Upgrade walks you through the application process and clearly states when a hard credit check is required. The lender’s website is informative and clear when explaining the process of applying for a loan, and there’s a comprehensive FAQ section as well. Some customers complain about being pre-approved for a loan and then later denied, but this can happen with any lender.

Technology

You can manage your loan and set up automatic payments with your online account. The lender also has a well-reviewed Android app and iOS app that allow you to manage your payments, check your balance, and even monitor your credit score.

Upgrade Compared to Other Lenders

Final Thoughts

Upgrade is one of the best options available to fair credit borrowers, particularly because of the lender’s co-signed and secured loan options. You also get your choice of a wide range of repayment terms and can change your due date at any time, which makes Upgrade loans budget-friendly. Upgrade personal loans are an especially good option for existing Upgrade Rewards Checking customers, who are eligible for a significant rate discount. However, borrowers who want flexibility with loan deferment might be better served by another lender, and creditworthy customers can find personal loans with fewer fees elsewhere.