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Upgrade Personal Loans Comprehensive Review 2024

You might have noticed that when you want to take a loan then it is quite possible that they will ask you to pay high interest and that’s the reason that you simply drop the idea of taking a loan. But, you can go for Upgrade Loans that come up with effective discount rates & you can directly pay creditors. It needs a less credit score which helps in providing more benefits. Let’s know more about Upgrade personal loans. So, it will be easy for you to take out the loan. Let’s start.

An Overview of Upgrade Loans

Upgrade Loans

Upgrade loans range from $1000-$50,000 and you can get them on the next working day. You can use these funds to pay off your debt or for any renovation or even for big purchases. It means that the lender will charge fees from you which are 2.9% to 8% & which may result in more APR.


Have a look at the features of the Upgrade loans:

  • Autopay Discount: If you log in for automated payments then you will get a discount. This discount rate is not disclosed by them but the rate is 0.5% of the APR.
  • Payment Flexibility: You can modify the payment date that suits you and you can easily make the payment.
  • Credit Monitoring & Educational Tools: Apart from personal loans & credit cards it also allows you to monitor your “Credit Health”. So, you can check your credit score at “VantageScore 3.0” and it will depend upon factors that how you can improve your score by using other tools.  
  • Mobile App: You can use the Upgrade app on Android & iOS. Users can manage the dashboard through a mobile app and can view the balance, or make payments, or update their information. You can use the “Credit health tool” with your phone.


  • Loan amounts are low.
  • You can directly pay creditors.
  • There is no penalty for advance payment. 
  • It grants joint applications.


  • It will charge fees upon registration.
  • The limit of the loan is only $50,000.
  • More APR rate if we compare it with competitors.

Upgrade Loan Information

1. Loan Amounts and Terms

  • Loan Terms: The loan term provided by Upgrade is 2 to 7 years.
  • Loan Amounts: The loan amount depends upon the user’s credit profile & it is between $1000-$50,000. Even some of the loan amount is $2500 or even less than this. If you are in Georgia then you have to take a loan of a minimum of $3,000 & people who are in Massachusetts must take a loan of a minimum of $6,400.

2. Loan Costs

  • Inadequate Funds Fees: If you borrow from Upgrade then they will charge a fee of $10 in case you fail to pay the amount properly and it is non-refundable.
  • Origination Fees: These loans come up with origination fees which are 2.9% & 8% of your loan amount. It will be deducted from your loan takings.
  • APR: The APR for Upgrade loans ranges between 7.96%-35.97%. These rates are stable and they will not increase over time. So, the APR is based on your credit score, credit history, and some other factors. If you want to have a low rate then you must have to log in for automated payments & you have to pay your other outstanding debt.
  • Title Move Fee: Only once do you have to pay the title move fee for a secured vehicle. The local agency will calculate the fee and the Upgrade will not go to get any funding amount. 
  • Late Fees: If you fail to make payment within 15 days then you need to pay a late fee which is $10 for every late payment.
  • Prepayment Penalties: You can pay the loan early, they will not charge any penalty for this and your overall cost will also not increase. 

Note: As per BBB, for the scam of the Upgrade loan being denied, other loan providers have used the Upgrade name & logo. It doesn’t charge an advance fee from you so if any loan provider is saying that you have to pay a fee then it is a fraud and you should report it. They ask for an advance fee against the origination fee but it is already deducted from your total loan amount.

For Whom are Upgrade Loans Good?

Upgrade personal loans range between $1000-$50,000 making it an ideal choice for borrowers who want loans for a smaller amount. It also helps users who have fair credit they can qualify and those who have good scores will not go for high APR. Upgrade loans come in the category of unsecured loans but sometimes organizations offer the right users a secured loan that helps them to qualify or get the loan at less rate. If you are going for this then keep in mind the state where it doesn’t offer loans.

How to Do an Upgrade Loan Login?

Follow the steps to log in for an Upgrade loan:

  • Move to the Upgrade Sign-in Portal.
  • Fill up the Email Address & Passwords fields.
  • Lastly, hit on (Sign in to your account).

Upgrade Personal Loan Grounds

You can use a personal loan for:

  • Credit card recapitalizing
  • Debt Consolidation
  • Big Purchases
  • Home Renovation
  • Personal loans for bad credit

But, we have some other things where you can’t use an upgrade personal loan and they are:

  • Investments
  • Betting of any type
  • Illegal Activity
  • Post-secondary schooling

Customer Reviews

The review from customers about Upgrade is very positive as it is a very easy process and you can access it quickly. The rating of Upgrade on Trustpilot is 4.6 & they also said that customer care service is great and it makes the process simple and fast. The BBB also gives a positive review about it. The thing that is not good about it is that it has more APR and the beginning fees are also high. 

How to Get Approved for a Personal Loan?

The application for your personal loan will get approved but it will depend upon various factors. Every lender has its own requirements but one thing is common and that is the credit profile of the borrower and a few other factors that will say whether that user can return the loan. The following Upgrade loan requirements are what you need to fulfill first:

1. Credit Score Need

You should have a credit score of 560 and that’s why it is a great option for users who want loans for less amount and have bad credit. Instead, they have kept the ideal rate for those who are more reliable. 

2. Income Requirements

The Upgrade doesn’t disclose its DTI ratio which means that it gives more weightage to cash flow for those borrowers who are qualified and have $1000 as a “free cash flow” & has a DTI of 40%. 

3. Co-signers and Co-applicants

The upgrade is for co-applicants who can meet their credit score need but it is not for co-signers. It will allow low-creditworthy users to get approved for big loan amounts & get high APR. You can also see at what rate you can qualify.  You need to choose a Joint Application when you get to qualify for the pre-qualification process.

How to Bid for a Personal Loan?

If you want to apply for a loan then you need to pre-qualify and need to submit an application & also wait for loan approval. Go through the steps given below:

1. Check your Rate

You might have seen that many other loan providers may impact your credit score if you do not pre-qualify but in Upgrade, you don’t have to take tension that your credit score will get affected. To verify APR, you need to look at how much amount you will borrow, and for what purpose you are taking out the loan & your personal details. You need to choose whether you will submit a personal/joint application.

2. Surrender Formal Application

If you are ready to apply for the loan then you can surrender the application online. You need to provide a government-issued certificate which includes bank statements and the latest pay stub. After submitting all the documents you can verify the status of the application just by signing into your a/c online. You can also check it via mail.

3. Obtain an Offer

After getting an offer that is able to meet your needs you can provide your bank details. It will conduct a normal credit inquiry but it will not reflect on the credit report. 

4. Await Funds

Once the loan gets funded they will do a hard inquiry to prove the creditworthiness. You will see it in your report and it can damage your score for some time. You will be able to see the fund within 4 working days once you get approved but it can vary which is dependent upon the financial company. 

5. Begin Making Payments

The 1st payment of the loan is due in less than 30 days after the funds have been paid. You don’t need to pay as it will automatically take out the payment from your bank. You can change the information through the dashboard itself. So, the payment date will be the same date every month. The upgrade allows you to select a date that suits you.

Other Alternatives of Upgrade Loans to Consider

The ideal personal loans grant you keen rates, feasible loan amounts & broad scope of terms. The following is a comparison of Upgrade personal loans to other popular lenders:

1. SoFi


The starting loan amount of SoFi is $5000 and it goes up to $100,000 which depends upon the reason for which you are taking the loan. Its APR starts from 6% which is quite the same as the fees provided by Upgrade. It is also attractive as it doesn’t charge origination fees.

2. LightStream


The personal loan ranges between $5000-and $100,000 and it has an APR which is below 3% for various loan grounds. It makes Lightstream a good option for borrowers who want big loans but not at high rates. The term of the loan is the same as Upgrade but it goes up to twelve years and it will depend upon the loan amount, reason, and creditworthiness. It doesn’t charge origination fees that reduce the cost of the loan amount.

3. Marcus


Marcus provides you with a low amount of loan between $3500-$40,000 just like Upgrade. The starting rate is 7% which is a little bit less but the maximum rate is 20% which is high compared to Upgrade. It doesn’t charge origination/late fees. It has a high credit score which is 660.

Frequently Asked Questions (FAQs)

Q1. Is the Upgrade loan company legit?

The rating of Upgrade on Trustpilot is 4.6 & they also quoted that customer care service is great and it makes the process simple and fast. The BBB also gives a positive review about it. The review from customers about the Upgrade is very positive as it is a very easy process and you can access it quickly.

Q2. How long does an Upgrade take to review a loan?

For consumers with bad credit or better, Upgrade provides an agreed rate of personal loans with the highest amounts of $50,000. An applicant can get qualified and get the fund in one day or it can take 4 days.  

Q3. How do you qualify for an Upgrade loan?

For qualifying, you need a credit score which is 560. That’s why it is a good choice for borrowers that have bad credit and want to take out a loan. It reserves the rate for more creditworthy people.

Q4. Does Upgrade always verify income?

Upgrade does not publicize its income requirements, but it will ask for documents to verify an applicant’s income. Upgrade’s personal loans are between $1,000-$50,000. Borrowers can repay their personal loans in between 36-60 months.

Q5. How to cancel an Upgrade loan?

If you want to cancel an Upgrade loan then you can contact their team and they will guide you on how you can do it.  

Q6. What is the Upgrade loan approval time?

Customers can obtain their loan as fast as 1 day after the required verifications. Customers can anticipate receiving funds within 4 working days following loan approval, even if the actual accessibility of funds depends on the processing time of the bank.

Final Say

So, Upgrade Loans can become the best alternative for you if you want to take out a personal loan. We hope that after reading our article, you will be able to see why we think it is good and why we have listed other loan possibilities to make it simpler for you to choose where to get a loan. Contact us anytime with any further questions related to student loans, medical loans & more.

Author Profile

Susan Anderson
Meet our Author of Our Editorial Team, Susan Anderson. She is an experienced writer and financial expert who has been writing about credit cards, card offers, services, and other related topics for more than twenty years. With her in-depth knowledge on the matter and her ability to distill complex topics into useful information for readers, Susan has become a go-to source for reliable credit card advice. In addition to her work at the editorial team, she also contributes to major publications such as The Wall Street Journal and With her expertise and industry experience, she is able to provide sound advice on all aspects of credit responsibly while helping people save money in the process.

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