Upgrade Personal Loans Review

I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

Upgrade is a fintech company offering affordable loans and credit management to users through a simple, online application process. Upgrade has great benefits such as zero prepayment fees, one-day funding, free credit monitoring, and an online application process.

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Our Partner

Personal Loans


  • Personal loans up to $50,000
  • Low fixed rates
  • Affordable monthly payments
  • No prepayment fees
Overall Rating

Best for Fixed-Rate Loans

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Pros & Cons

Obtaining personal loans comes with advantages and a few cons. Upgrade has some benefits that a borrower would find handy compared to other lenders, but a couple of downfalls too.  


  • Offers up to 50,000 in loans
  • Funds are received in one day after approval
  • Offers free credit monitoring
  • No prepayment fees


  • Upgrade charges origination fees
  • Pre-approval doesn’t guarantee qualification for a loan.

Personal loans can be a great way to get ahead and purchase what you need to while being allowed to pay it back in the future. 

But, people often run into trouble when finding a lender or paying back what they’ve borrowed. Bad credit loans are nothing to mess around with, so choosing a good lender is important when getting a personal loan. 

Upgrade is a company that provides financial services to people who want to get personal loans and don’t want to deal with increasing interest rates on credit cards. 

The company allows users to apply online in minutes, and when the application is approved, funds are submitted straight to a user’s bank account, often in one business day.  

This Upgrade personal loans review will give you a breakdown of the pros and cons of Upgrade, a financial services company, the types of services they offer, and how to qualify for their loans.

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Quick Summary

Estimated APR: 5.94-35.47%

Loan Amount: Up to $50,000

Min. Credit Score: 560

About Upgrade

Upgrade is a financial company that gives users the most value by offering free credit monitoring, rewards checking, personal loans, and access to an Upgrade credit card. 

The team that founded Upgrade in 2017 pioneered fintech over 15 years ago. Their mission was, and still is, to give users an easier experience of receiving loans. 

Since its launch, Upgrade has had over 15 million people apply for a loan or Upgrade credit card and have brought in around $15 million of affordable credit for their users.

Upgrade Personal Loan Services 

Whether you are adding to your house, building a family, or wanting to pay off credit card debt faster, Upgrade has the option to purchase different types of personal loans.

All of them are available online and are fixed rates, with no application fees other than the origination fee. 

Refinance Credit Cards Loans

Paying off your credit cards can be a hassle, especially if you’ve racked up some serious debt. More than 191 million Americans own credit cards, and on top of that, the average amount of credit card debt per U.S. household is about $5,315. 

Upgrade offers financial help for users who want to refinance their credit card loans. Upon approval, you can receive funds in a day. 

Upgrade offers users a loan amount between $1,000 and $50,000 with no prepayment fees. However, you will have to pay origination fees.

Debt Consolidation Loans

Upgrade offers personal loans to help you bundle your debt into a single loan. You can receive up to $50,000 to consolidate your debt. 

Users go through a simple process of applying online, viewing your rate, choosing your loan option, and then having Upgrade send you an offer for acceptance.

The funds are sent to the preferred bank account once the user accepts and sends in the required documents.

Home Improvement Loans

The average cost of low-level, basic home renovations can be between $16,000 and $48,000, whereas high-end renovations will vary between $85,000 to $200,000. 

Anyone who wants to make minimal home improvements can do so with a personal loan from Upgrade. The company offers home improvement loans with no prepayment fees, fixed rates, and a quick application process. 

When you apply online, you can quickly view your rate for a home improvement loan and choose options that best fit your needs. Most home equity loans require your house to be used as collateral, but Upgrade doesn’t.

Major Purchase Loans

Like Upgrade’s other personal loan services, major purchase loans are available through a simple online process and can be received within a day of approval. 

Major personal loans can be used for any big life events such as weddings, dental and medical bills, vacations, backyard renovations, or any unexpected expenses. 

Major purchase loans have low rates that are fixed, so you wouldn’t have any surprise increases in interest. The process to apply for this loan is the same for others:

How to Qualify for a Loan

Qualifying for a loan can take quite a while and may be difficult. Upgrade considers your credit score, history, and usage when determining your eligibility for a loan.

You’ll need to submit pay stubs, a government-issued ID, and bank statements when applying.  Aside from your credit information, you will need to meet the following requirements: 

  • Be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa;
  • At least 18 years old (19 years old in Alabama and certain other states);
  • Able to provide a verifiable bank account; and
  • Able to provide a valid email address.

If you meet the above requirements and have a decent credit history, you can be approved for any loan with Upgrade. If users are denied, they can reapply at any time. 

Who is Upgrade Best For?

Loans can be used for many different reasons, but choosing the lender can take a bit of time. Upgrade offers loans for up to $50,000 for all types of personal loans, and the application process is entirely online, making it quick and painless. 

So, Upgrade would be best for anyone looking to get loans in a quick and online way with minimal effort. Upgrade can get your funds within a day of approval, so if you’re looking for a process that doesn’t take weeks, this company can be a good option. 

Upgrade is best for those wanting to do basic home renovations, are looking to refinance their credit cards, consolidate debt, or make major life purchases (i.e., weddings, having a child, vacations, etc.). 

For anyone who needs a loan amount of $1,000 to $50,000, then Upgrade’s fixed rates and affordable monthly payments can be a great option.

Should I get a Loan with Upgrade? 

Upgrade is a pretty reputable company with high ratings and few customer complaints. The company provides people with financial assistance for a variety of reasons, with low, fixed rates, with no prepayment fees.

If you’re looking for a loan lender that provides quick, online service, Upgrade can be a great option. 

If you’re still undecided, you can see what everyone else is saying about Upgrade, or you can check your rate on their website (which won’t affect your credit score). 

Compare to Other Lenders

Sofi logo
  • Loan Amount: Up to $100,000
  • APRs: 5.74-20.28%
  • Min. Credit Score: 680
Credible logo
  • Loan Amount: Up to $100,000
  • APRs: 2.49%-35.99%
  • Min. Credit Score: 620
Upstart logo
  • Loan Amount: Up to $50,000
  • APRs: 6.95 - 35.99%
  • Min. Credit Score: 580

Upgrade Personal Loans FAQ's

Is Upgrade a legitimate loan company?

Upgrade provides legitimate loans to people who qualify for them. The company is accredited by the Better Business Bureau and has a B+ rating. With Trustpilot, Upgrade has a 4.7 rating with mainly positive reviews. 

How long does it take Upgrade to fund a personal loan?

Once your application is approved, you can expect to receive funds straight to your bank account in one day.

What is the minimum credit score for an Upgrade loan?

It’s reported that the minimum credit score Upgrade takes is 650, although they consider other things when reviewing your application, such as your credit history and employment records.

What interest rates can I expect to pay on a personal loan?

With Upgrade, all interest rates are fixed, so you won’t have any unexpected rises in rates. Annual percentage rates (APRs) range from 5.92% to 35.97%.

Upgrade Personal Loans

Check your rate for a fixed-rate personal loan and borrow up to $50000. Or get started with Upgrade Card in just minutes.

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I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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