Upgrade Review | Compare Loan Options | Credit Raters us-lenders

Upgrade Review

In times of financial emergencies, a reliable line of credit can you save a whole bout of stress and time. Since it was launched in 2017, Upgrade focuses on accommodating the financial needs of borrowers with a fairly good credit profile. 

One thing that makes this lender stand out from its peers is the affordable rates and repayment terms it offers. Furthermore, it gives its users access to educational and credit monitoring tools. With APRs of 6.98% to 35%, you can access loans of up to $50,000 for a variety of purposes, including business, home renovations, debt consolidation, and much more. 

To find out if Upgrade is the right lender for your financial needs, here is a review of its key features, cost, and requirements. 


Compared to most online lenders, Upgrade APRs are quite low, ranging from 6.98% to 35. 89%. The actual APR on your loan will be based on factors such as your credit history, credit score, loan term, loan amount, income, and other factors. All loans also feature a late penalty fee and an origination fee. 

Here is an estimate of what to expect;

  • Loan amount – $1,000 to $50,000 
  • APRs – 6.98% to 35.89% 
  • Origination fee – 1.5% to 6% 
  • Application fee – None 
  • Prepayment fee – None 
  • Minimum annual income – None
  • Late repayment fee – $10 (charged 15 days after the due date) 
  • Loan term – 3 to 5 years 
  • Turnaround time – up to 5 days 
  • Minimum credit score – 600

Here is an example: If you borrow $10,000 and are charged a 5% origination fee, Upgrade will deduct $500 upfront and deposit $9500 in your account. Therefore, if you need $10,000, you should request a loan amount of $10,500. Furthermore, if you are offered a $10,000 loan with an APR of 17.98% (including the origination fee) and a 36 months term, you will repay monthly installments of $343.33 and a total of $12,359.97.

Key features 

One great feature about Upgrade is that its services are accessible to residents of all the states, except Lowa, Colorado, Maryland, West Virginia, and Vermont. 

Furthermore, if your borrowing needs are large, then Upgrade is a convenient lender worth turning to since you qualify for loans up to $50,000. Also, besides the affordable rates and repayment terms it offers, you don’t need any collateral to qualify for a loan. However, you must have a minimum credit score of at least 600. If your credit score is less, you should consider other options. 

Moreover, all the loan applications are completed online and only take a few minutes. If your loan is approved, you will receive the funds within 1 to 4 business days. This is typical considering that this lender offers a maximum loan amount of up to $50,000. 

However, there is no guarantee that you’ll qualify for the maximum loan amount or any loan amount. The loan that you qualify for will be repaid within a time frame of 3 to 5 years. You will also be charged a penalty fee for late payments, the fee is charged 15 days after the due date. 

As for the safety of the information you provide during the online application, you can rest assured that it’s safe from potential internet-based risks. 

Other upsides and downsides of using this lender for personal loans include;


  • Allow co-signer (must have a credit score of 600+)
  • Easy to navigate website 
  • Large loan amounts – up to $50,000 
  • Competitive rates and repayment terms 
  • Availability of education facilities 


  • Not available in all states 
  • Charges an origination fee 
  • Has a credit score limit of 600


Does Upgrade perform a hard pull?

Initially, a soft credit check is done to determine how much you qualify for. If you are offered a loan offer, and you accept it, a hard inquiry is performed before finalizing the deal. The hard credit may impact your credit score. 

Does Upgrade have offices? 

Yes, it has offices in four states, including Phoenix, Chicago, San Francisco, and Montreal. 

What does Upgrade use to qualify me for a loan? 

The exact amount of the loan that you’ll be offered will depend on several factors, including your credit score, your credit history, state, and monthly income, among other factors. Also, there is no guarantee that your loan request will be approved even if you meet the minimum requirements. 

Eligibility Criteria

To qualify for a loan with Upgrade, you must meet a few minimum requirements including;

  • Monthly income of $800 and above 
  • Have a credit score of 600 and above 
  • Live in the eligible states 
  • A 60% maximum debt-to-income 
  • Accepts co-signer with a credit score of 600+ 

State Availability

Upgrade is licensed to offers its services in all the states except for:

  • Colorado 
  • Iowa
  • Maryland 
  • West Virginia 
  • Vermont 

Customer support

Upgrade aims at offering the best services in all aspects, including customer service. Their customer service representatives are friendly and available 7 days a week. You can call them at 1-855- 997-3100. Weekdays hours are between 6 a.m. and 6 p.m., and weekends from 6 am to 5 pm. 

Application process

The entire application is completed online. Follow these steps to apply;

Step 1 – Visit the Upgrade website application page. 

Step 2 – In this step, a soft credit check is performed to determine the loan terms you qualify for. You’ll be requested to enter your name, address, income, and date of birth. 

Step 3 – Enter your email address and password to create an account. If you are approved (based on the soft inquiry), you’ll be presented with the loan offers you qualify for. 

Step 4 – Based on your financial needs, select the loan offer that best suits you. Only pick the one that you will be able to repay and accept the offer. 

Step 5 – You will be requested to provide your Social Security number and any other information to verify your identity. 

Step 5 – A loan agreement will be sent for you to e-sign. Carefully read it and understand all the loan details before you sign. If you are comfortable, sign the agreement and wait for the funds to be deposited in your bank account. On average, it takes between 1 to 4 business days. 


Upgrade is a good platform for applicants with small to large borrowing needs. The website is user-friendly and offers affordable and transparent rates. If it meets your expectations of what a good online lender should be, then go ahead and apply.