MoneyGeek’s Take: Upgrade Personal Loan Review

Upgrade offers personal loans to individuals with fair and bad credit, working with borrowers with a credit score of at least 560. Since their loans are repayable in fixed monthly installments, they’re perfect for refinancing credit cards, consolidating debts, paying for major purchases and more.

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Last Updated: 11/1/2022
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Upgrade is a fintech company that offers checking accounts, credit cards and personal loans. They’re an excellent choice for people with fair or bad credit who need cash quickly since they can fund personal loans on the same day your loan application is approved. They also prequalify applications using soft inquiries that don’t impact credit scores.

At a Glance: Upgrade Personal Loans


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

MoneyGeek Breakdown - Upgrade Personal Loan Details and Requirements

  • APR

    Personal loans from Upgrade have an annual percentage rate (APR) of 5.94% to 35.47%.

  • Credit Score Requirements

    MoneyGeek’s research estimates that borrowers need a FICO score of at least 560 to qualify for a loan with Upgrade.

  • Income Requirements

    Upgrade does not publicize their income requirements, but they will ask for documents to verify an applicant’s income.

  • Loan Amounts

    Upgrade’s personal loans range from $1,000 to $50,000.

  • Loan Terms

    Borrowers can repay their Upgrade personal loans within 36 to 60 months.

  • Permitted Uses

    People can use their personal loans from Upgrade to pay off credit cards, consolidate debts, improve their business, make a large purchase, repair their homes and more.

  • Prohibited Uses

    Upgrade’s loans cannot be used for post-secondary education, investments, illegal activities and gambling.

  • Time to Receive Funds

    Upgrade claims that they can send funds on the same business day once they’ve completed the necessary verifications. However, it can take up to four days to receive your funds.

  • Origination Fees

    Upgrade’s personal loans carry a 2.9% to 8% origination fee.

  • Late Fees

    Borrowers who miss the due date of their Upgrade personal loan will have to pay late payment penalties.

  • Prepayment Penalty Fees

    Upgrade allows borrowers to repay their loans early without any fees.

  • Co-signers and Co-applicants

    MoneyGeek’s research found that this lender allows joint loans, but they don’t accommodate co-signers.

  • Perks

    Signing up for autopay will result in a 1% discount.

  • Mobile Application

    Borrowers can use Upgrade’s mobile app to manage their loans and view their credit scores.

Is Upgrade Right for You?

Since personal loan lenders have different rates and requirements, some providers may offer better products and services than others. MoneyGeek reviewed Upgrade’s personal loan offerings to help borrowers decide if this company is a good fit for their needs.

Who Upgrade Is Perfect For

Upgrade’s personal loans work best for people with fair or bad credit who need cash quickly. This lender’s minimum FICO score requirement is 560, giving individuals who are building their credit access to both cash and the opportunity to improve their scores.

Upgrade has a prequalification process that only involves a soft inquiry. Borrowers who aren’t confident about their credit don’t have to worry when getting a loan from this company. They even allow joint loans that can increase the chances of loan approval.

Upgrade has lengthy repayment terms, which is useful for folks who need lower amortizations. Additionally, this lender doesn’t charge prepayment penalties to borrowers who decide to pay off their loans early.

Who Should Not Choose Upgrade

Upgrade’s personal loans target borrowers with fair or bad credit. As such, they have higher APRs and lower loan amounts compared to other companies. Consumers with good or excellent credit can get loans up to $100,000 with lower interest rates. Plus, they won’t have to pay origination fees for their loans from some of the other lenders in the space. They may also be able to apply with a co-signer to access higher loan amounts.

Like many carriers, Upgrade gives the option to pay creditors directly in case of debt consolidation. However, that’s only attractive for folks with lower credit scores. Borrowers with good credit are better off with no-fee lenders that have lower interest rates and higher loan amounts.

How to Apply for an Upgrade Personal Loan

MoneyGeek laid out the steps you need to take when applying for an Upgrade personal loan. The process involves filling out forms, sending documents and reviewing contracts before receiving the loan.

1

Prequalify

You can get started by visiting Upgrade’s homepage and filling out your desired loan amount. After that, you’ll be asked to provide your personal details and Social Security number. Upgrade will issue a pre-approval if you pass their requirements.

2

Fill Out Application Form

Next, you’ll need to provide more personal and financial details as well as submit documents to verify your identity and income. Upgrade will use the information you provide to assess your creditworthiness.

3

Wait for Approval

After filling out the necessary forms and providing the required documents, all that’s left to do is wait for Upgrade’s approval. Factors such as your employment situation and credit history determine the length of time it’ll take for the lender to issue an approval.

4

Review Loan Agreement

Upgrade will create a loan agreement once you’ve passed their verification process. It’s a good idea to review the details on the document since there can be differences between the loan’s approved amounts and terms.

5

Sign Loan Agreement

Sign the document once you feel confident about the loan’s terms and conditions.

6

Receive or Direct Funds

Upgrade will then send your loan to your bank account or preferred creditors. They’ll fund the amount within the same day of your loan application approval, but you can only access the money after the receiving bank processes the transaction.

7

Make Payments

You’ll now have to pay Upgrade monthly during the loan’s term. You can pay the loan early without a prepayment fee.

What to Do if You Are Rejected From Upgrade

Your Upgrade personal loan application might be declined after you provide the lender with all the required details and documents. There are many reasons why your loan can be rejected, including low credit score, insufficient income and incomplete paperwork.

It’s not the end of the world if you end up with a rejected application. You can reach out to Upgrade to find out the reason why they rejected your loan. It’s a good idea to understand the lender’s reasons because you need to fix any issues so that future loan applications will be approved.

It may be tempting to apply to other lenders, but it’ll be better to fix issues with your application first. You might need to pay off some of your debts or find a way to increase your income. In addition, getting a joint loan or finding a co-signer can also improve your chances.

If you don’t fix your initial loan application issues, you probably find it difficult to get approval from other lenders.

Frequently Asked Questions About Upgrade Personal Loans

MoneyGeek reviewed Upgrade’s personal loan details, highlighting the company’s pros and cons for various profiles. A borrower’s personal and financial situation determines the best lender for their needs, so we answered some frequently asked questions to help consumers decide if Upgrade is a good fit.

Read More on Personal Loans

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.