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Upgrade Personal Loans Review

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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 $35,000.

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.
 
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Call: (855) 997-3100

How is Upgrade rated?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Overall Rating: 3.1 / 5 (Very good)

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.

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 Upgrade does not offer loans to residents of West Virginia or Wisconsin.

Upgrade Loan Specifics

Loan Specifics - 4 / 5

Upgrade loans have a flexible price range, ranging from $1,000 to $50,000, and have a fixed term length of 24, 36, 48, 60, 72, or 84 months. 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
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$1,000
Loan Maximum
$50,000
Term Length
24, 36, 48, 60, 72, or 84 months. 
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
Undisclosed
Disbursement Time
Within 4 business days†
Credit Insurance
No
Unemployment Protection
No

Representative Loan Sample

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. 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. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. 

Upgrade Qualification

Qualifications & Flexibility - 3.5 / 5

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
620
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
40% maximum debt-to-income ratio excluding mortgage
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes

Upgrade Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Upgrade offers loans within a 8.49%-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 1.85 to 8%, 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
8.49%- 35.97%
Origination Fee
1.85 to 8%
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

Customer Service and Reputation - 3.5 / 5

Upgrade is a BBB-accredited business and has an outstanding A+ rating and 868 customer reviews with them.

It also has an excellent 4.8 out of 5 Trustpilot score, and only 4 complaints on the CFPB. This is noteworthy considering Upgrade was founded only recently, in 2016.
Type of Institution
Peer to Peer
Year Founded
2016
BBB Rating
A+
Number of BBB Positive Reviews
186
Number of BBB Negative Reviews
14
Trust Pilot Rating
4.8 out of 5
Consumer Financial Protection Board (CFPB) Complaints
4
Date Collected
2020-03-25

Disclaimer

Personal loans made through Upgrade feature APRs of 8.49%- 35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds.

Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. 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. There is no fee or penalty for repaying a loan early.

Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

† Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Headquarters Address
275 Battery Street, 23rd Floor, San Francisco, CA, 94111
Homepage URL
https://www.upgrade.com
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Customer Comments

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M
Michael A
4/9/2021
Upgrade is OK at getting loan originated, I don't remember a lot of problems. But 'epic fail' when you try to pay them off. They generate a Payoff Quote, but don't make it easy to send a check ( I did finally find the address). Also, I needed a statement with my name, account number and balance - Upgrade does not provide this. Finally, I paid off the loan nine days ago, balance shows $0, but they are still showing a pending payment in about week. If customer service would answer the phone, they would have gotten one more star. But when the message says "12 minute wait time" and I am still holding at 45 minutes (two different times), not good. They will respond in 2-3 days if you email... Read More
9 People found this helpful.
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huberswilliam
10/3/2018
Very professional. Up front about all costs and conditions of loan. No hidden surprises. Minimal effort and exceptional results. A real pleasure to do business with such an outstanding company.
8 People found this helpful.
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T M
6/24/2019
Exceptional service...I applied for the loan on-line on Sunday after breakfast and did not have to pick up the phone and speak to anyone. I immediately received a follow-up to submit the required documents for further review of my loan. I did and on Monday at noon I received an email notification that my loan was approved and the funds were on their way to my account which I ultimately received within 24 hours. Finally an Omni-channel lender willing to do business the way I want to...in my PJ over breakfast. Great job Upgrade nice to see that innovation in the financial service industry is still alive and kicking :-)
7 People found this helpful.
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T
Tracy D
2/21/2019
STAY CLEAR of this company---they will send you nothing on paper even if you request it. Once you take out the loan you CAN NOT make additional payments on the loan without jumping through NUMEROUS hoops and even then it is NOT documented online that you did so. When you email and ask that you receive something documenting you made additional payments on your principal you will get the runaround. Never knowing if it did or did not get applied since you can not "see it" -- WORST EVER!!!
7 People found this helpful.
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Herman D
12/8/2018
The application process was simple and fast. The Upgrade representative assigned to my account was totally knowledgeable and very friendly. The loan was approved quickly and the money deposited to my account as promised. The payment will be automatically deducted from my account on the due date so I do not even have to worry about it. The interest rate quoted was very reasonable. I am pleased with the process from start to finish. Very professional and courteous service from start to finish. Andrew initiated a conference call with me, a representative from my bank and himself to insure that every aspect of the banking process was complete and accurate to prevent problems or delays.... Read More
7 People found this helpful.
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J
Janice D
11/25/2018
this loan company had very good customer service, with an easy to understand contract
7 People found this helpful.
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Mike B
11/13/2018
Quick & easy process, great rates, will definitely recommend with friends and family
7 People found this helpful.
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lzgray54
11/2/2018
I had no issues with getting a personal loan with Upgrade, in a matter of weeks yes, not months which is traditionally the length of time with banks, I was approved and received the money in my bank. If you are looking for a GREAT Loan company Upgrade is the one!
7 People found this helpful.
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Peter R
10/24/2018
Super quick, got me off a financial bind and was able to resolve it.
7 People found this helpful.
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L
Loren L
2/4/2021
I've been pleased with Upgrade until today. I requested and was provided me a Covid hardship plan which arranged for reduced payments for 90 days. Less than 30 days later when my first hardship payment was due, their website reflected a larger payment due than even my normal payment. I called them nd was advised that the hardship plan I was provided "in writing" was cancelled because my loan maturation date landed in the timeframe of the hardship plan. When I provided them the email in which the hardship plan was fully documented, they said it was an error and the originating documents superseded any hardship offering. In fact, I was advised that if I didn't pay in full by the maturation... Read More
6 People found this helpful.
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Our Partner

Personal loans from $1,000 to $50,000

  • Loan APR range: 8.49%- 35.97%
  • 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
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