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Upgrade Pros
Upgrade Cons
Types of Personal Loans Offered by Upgrade
Upgrade personal loans can be used for many different purposes, but there are some prohibited uses.
Common loan uses | Prohibited loan uses |
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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.
Loan terms | 24 to 84 months |
Repayment period | Begins after one month |
Loan amount | $1,000 to $50,000 |
Loan use limitations | Can’t be used for college |
Upgrade Interest Rates and Fees
Upgrade charges fees for origination, late payments, and failed payments. While starting rates are low for borrowers with higher credit scores, the maximum APR may not be better than a credit card. For reference, the average interest rate across credit card accounts is 16.65%, according to the Federal Reserve. Just because you qualify for an Upgrade loan doesn’t necessarily mean it will save you money on interest.Be sure to do the math to ensure a personal loan with Upgrade will result in savings.
Origination fees | 1.85% to 8% |
Prepayment fees | None |
Late Payment fees | $10 |
Failed payment fees | $10 |
Interest rates | 6.95% to 35.97% |
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. 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.
Membership requirement | None |
Minimum credit score | Not disclosed |
Income requirements | Not disclosed |
Co-signer/joint application requirements | Joint applications allowed |
Upgrade Application Process
The first step is to check your rate with Upgrade. You can prequalify for a personal loan 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, which will not affect your credit score.
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.
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 amount.
Upgrade Customer Support
Upgrade offers customer support seven days a week. You can speak to an Upgrade representative on weekdays between 5 am and 7 pm 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:
- By mail at Upgrade Inc., Suite 2300, 275 Battery Street, San Francisco, CA 94111
- 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 positive. 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 33,000 customers on Trustpilot. On the Better Business Bureau website, Upgrade has an average rating of 4.59 out of 5 stars, based on reviews from nearly 3,000 customers. Upgrade as a similarly high rating of 4.8 out of 5 stars based on more than 431 Consumer Affairs ratings. 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 customer service errors that caused delays in funding.
Most customers who left one-star reviews for Upgrade were upset that they were denied a loan. Potential borrowers wondering if Upgrade loans are legitimate can rest assured they come from a reputable lender.
The positive reviews are related to | The negative reviews are related to |
Quick and easy loan approval process | High APR and origination fees |
Professional customer service | Customer service errors or delays |
Friendly to fair credit borrowers | Loan denials |
Upgrade Perks and Bonuses
Discounts
The lender offers a few discounts. Upgrade offers discounts for automatic payments and for direct payment to creditors. You can also get up to a 20% lower rate on Upgrade loans and cards if you are also a Rewards Checking customer with Upgrade.
Flexibility
If you’re dealing with cash flow issues, you can always change your loan payment due date. Upgrade doesn’t have a formal hardship program, but 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. 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.There is also a comprehensive FAQ section. 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 using 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
Upgrade | Marcus | Avant | Best Egg | |
Loan terms | 24 to 84 months | 36 to 72 months | 12to 60 months | 36 to 60 months |
Loan amount | $1,000 to $50,000 | $3,500 to $40,000 | $2,000 to $35,000 | $2,000 to $50,000 |
Interest rates | 6.95% to 35.97% | 6.99% to 24.99% | 9.95% to 35.95% | 7.99% to 35.99% |
Min. credit score | Not disclosed | 730 | Not disclosed | 640 |
Co-applicant requirement | Co-applicants allowed | No co-applicants allowed | No co-applicants allowed | No co-applicants allowed |
Final Thoughts
Upgrade is one of the best options available to fair credit borrowers, particularly because of the lender’s joint applicant and secured loan options.
Upgrade loans are budget-friendly.You get your choice of a wide range of repayment terms. You can also change your due date after your first payment. 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 customers with high credit scores can find personal loans with fewer fees elsewhere.
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