Upgrade Personal Loans Review

Rating: 9.5 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. 
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Upgrade is a lending company based in San Francisco, California. It is an online lending platform that offers consumers free credit monitoring and access to personal loans of up to $50,000. The company’s co-founder and CEO Renaud Laplanche is the former head of LendingClub, an online lending company that has lent more than $28 billion to over 2 million borrowers since 2007.

How is Upgrade rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.5 / 10 (Excellent)

Although Upgrade is a young company, it is already making waves in the online personal loan market thanks to its competitive offerings and streamlined application process. Unlike most personal lending companies, Upgrade focuses on a borrower’s cash flow rather than income, which means people with a lower salary may qualify for a bigger loan based on cash flow. Their credibility and solid reputation serve as a strong backbone for the company. Upgrade is an overall good choice for borrowers searching for quick access to personal loans with reasonable rates and flexible loan options.  Do note however, that they do not offer loans to residents of CT, CO, IA, MA, MD, VT, WV, Guam, or PR.

Upgrade Loan Specifics

Loan Specifics - 9.6 / 10

Upgrade loans have a flexible price range, ranging from $1,000 to $50,000, and have a fixed term length of either 3 years or 5 years. They take up to 5 business days to tell customers if they were approved or not for the loan they applied for. If approved, the amount will be directly deposited into a customer's bank account in 24 hours. There are a few things Upgrade loans cannot be used for, including post-secondary education, investments, illegal activities, or gambling of any kind.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
3 or 5 years
Direct Deposit
Pay Creditors Directly
Decision Time
Disbursement Time
Within 4 business days
Credit Insurance
Unemployment Protection

Representative Loan Sample

Example: a $10,000 loan with a 36 month term and a 18.61% APR (which includes a 6% origination fee) has a required monthly payment of $342.70.

Upgrade Qualification

Qualification - 9.5 / 10

Upgrade does a soft credit check first to get customers rates they qualify for. Then, once the customer applies for an specific loan, they do a hard credit pull on their score. Upgrade loans require a minimum FICO score of 620, but applicants should keep in mind that Upgrade also looks at how much money they have left at the end of the month after expenses. This means applicants with lower scores might be approved for better rates if they have enough cash flow. Applicants must have at least $1,000 left to be approved for a loan.
Minimum FICO Score
Personal Income Considered
Education Requirements
Debt to Income Ratio
40% maximum debt-to-income ratio excluding mortgage
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Upgrade Cost of Loan

Cost of Loan - 9.5 / 10

Upgrade offers loans within a 5.96 to 35.97% APR range. A customer's actual rate will depend on their credit score, credit usage and history, loan term, and other factors. The best rates are only available for applicants with excellent scores and who authorize automatic payments. They charge an origination fee of 1 to 6%, and will charge customers a $10 fee for any failed electronic or check payment attempts. If you miss your payment with Upgrade, they will charge up to $10.
APR Range
5.96 to 35.97%
Origination Fee
1 to 6%
Missed Payment Penalty
Up to $10 if your payment is not received in full within 15 calendar days of your payment due date

Other Fees

Application Fee
Pre Payment Penalty
Administration Fee
Returned Check Fee
Check Processing Fee

Upgrade Reputation

Lender Reputation - 9.5 / 10

Upgrade is a BBB accredited business and has both an outstanding A rating and 4.67 composite score based on 204 customer reviews with them. It also has an excellent 9.5 Trustpilot score, and only 4 complaints on the CFPB. This is noteworthy considering Upgrade was founded only recently, in 2016.
Type of Lender
Peer to Peer
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Trust Pilot Rating
9.5 out of 10
Consumer Financial Protection Board (CFPB) Complaints
Date Collected


*Loans made through Upgrade feature APRs of 5.96%-35.97%. Lowest rates require Autopay. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. For example, a $10,000 loan with a 36 month term and a 18.61% APR (which includes a 6% origination fee) has a required monthly payment of $342.70. The APR on your loan may be higher or lower. Actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan.

Company Profile

Full Name
Upgrade Personal Loans
Company Website
275 Battery Street, 23rd Floor, San Francisco, CA, 94111

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Customer Comments & Reviews

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Mz J
Minneapolis, Minnesota
Do NOT apply with Upgrade you will be wasting your time and taking hard hit on our credit. I applied on 5/18/18 I had all documents uploaded, returned a call to Alexis on 5/21/18 and was told loan was being DECLINED because I did not cash my work checks. Ask her supervisor Alahandra if she could explain. Her answer was if I didn't cash my check they can't verify my income. The name is Upgrade but there was nothing UPGRADE about their service

Louis P
St. Helena, South Carolina
UPGRADE PERSONAL LOANS? WORSE COMPANY EVER DEALT WITH!!!!! STAY CLEAR!!!! So do yourself a great favor, and do not even think about dealing with these antiquated, backwoods, indecisive MORONS that call themselves a business. I’m not normally so harsh, but these chimpanzees? DESERVE EVERY WORD I WRITE AMD MORE!!!! Words cannot possibly express Upgrades lack of honor, lack of commitment and most importantly, lack of any sign of intelligent life. 2 1/2 weeks of asking for documents. 35 plus documents sent. Called me TWICE and told me LOAN WAS APPROVED to “be on the lookout” for an email. No email arrived. Can you imagine how horrible it would be, how it messes with ones psyche, to... Read More

Richmond, Texas
The advertised four day process has turned into 30 day process. The loan was approved and sent back to review status twice. Loan specialist Katy is now M.I.A.

james g
Rochester, New York
I spilled out the application through Credit Karma and received an email from upgrade saying that I was approved for my $2,500 loan. They gave me the interest rates and the monthly payment etc etc. They asked me for my bank routing number and account number so that they could deposit my loan. Been 3 weeks now no emails no phone calls they won't return my calls and no deposit I think I got scammed beware

Our Partner
9.5 / 10
  • Personal loans of up to $50,000
  • Low, fixed rates starting at 5.96% that will never change
  • Flexible 3 or 5 year repayment schedules that fit your budget
  • Fast Funding. Money is sent to your bank account within a day of clearing any verifications
  • Transparent terms and absolutely no prepayment penalties
  • Access to free credit monitoring, alerts, and features to help you understand your credit
  • No obligation and no impact to your credit score when you check your rate