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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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Debra S
9/23/2019
You gave very good customer service. I am very happy with your company. Do you know when the money will be sent to my credit cards
4 People found this helpful.
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pennie1229
9/17/2019
The application process did not take to long and all information provided about my loan request was accurate and thorough. I was very satisfied with service and my monthly payments is extremely reasonable with my income
4 People found this helpful.
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Ralph G
9/2/2019
I got my loan approval and a matter of days thank upgrades
4 People found this helpful.
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R
robert i
8/11/2019
My experience has been nothing less than exceptional. Knowledgeable consultants, friendly service, everything about the loan was upfront, nothing hidden. And very fast, too. I highly recommend them.
4 People found this helpful.
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M
Marie
7/31/2019
I’m very happy with my loan from upgrade. Applying was super easy, the interest rate was decent, and the funds were deposited into my bank account within a few days. I paid off all of my credit cards and I’m super excited about having only one monthly payment! The whole process was very easy for me. I will say though that on top of your interest rate, they will charge a $50 fee for every $1000 you borrow. So for a $10k loan only $9500 is deposited. For me though, it’s worth it to be able to consolidate.
4 People found this helpful.
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jorgehaquino
7/23/2019
Very easy to apply. Completed application, took pictures of my government issue ID and uploaded it along with my most recent bank statement and the whole process was completed, and the money deposited in my account within 4 - 5 business days. I recommend Upgrade to anybody with fair credit that cannot get an emergency loan with their bank.
4 People found this helpful.
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L
Leilani
7/3/2019
Thank you Upgrade for coming through and for approving my loan as fast as you can and to thank you to your very professional and friendly agents they were very helpful much much Mahalo
4 People found this helpful.
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P
Phillip H
7/3/2019
I did not know about the origination fee at all! $600.00! I needed the entire amount! Now I am paying interest on money that I didn't even get! I am ok with interest rate! I just couldn't pay off what I wanted to pay off! Had I known about the origination, I wouldn't have done the loan!
4 People found this helpful.
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J
Jan D
6/5/2019
The process was easy and delightful! No fuzz and got the funds in 48 hours with the best rates out there!
4 People found this helpful.
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Danny F
6/17/2022
Easy simple and quick process! Very satisfied with how seamless it all went. Thanks Upgrade!
3 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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