Upgrade Personal Loans: A Solid Pick for Fair Credit Borrowers [2025 Review]

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Personal Loans

Our take: Upgrade is a solid option for borrowers who don’t meet the strict requirements of top-tier lenders. Its flexible requirements and added features make it more accessible, though stronger applicants may still find better rates elsewhere.

• Choose your monthly payment and term length
• Ability to adjust your payment date during repayment
• Funds can be available within one day
• Accepts joint applications
• Check your rate without impacting your credit score

• 1.85% to 9.99% origination fee

Rates (APR)	8.49% – 35.99%
Loan amounts	$1,000 – $50,000
Repayment terms	24 – 84 months
Min. credit score	580

You generally need good or excellent credit to qualify for affordable personal loans, but not everyone’s fortunate enough to be in those shoes. If that’s the case for you, Upgrade is a good option to consider.

Upgrade personal loans include both secured and unsecured options, giving borrowers more flexibility based on their credit profile and available collateral. The lender also offers several features that can help lower your rate—such as applying with a joint borrower or enrolling in autopay. It’s also a fast lender, an important consideration if you need funds quickly.

We’ll help you decide if Upgrade is the right choice for you, or if another lender might be better.

Table of Contents

1. About Upgrade
2. How Upgrade personal loans work
   1. Rates and terms
   2. Completely digital experience
   3. Unsecured and secured loan options
      1. Unsecured personal loans
      2. Secured loans
   4. Loan uses
      1. Refinance credit cards
      2. Consolidate debt
      3. Improve your home
      4. Make a major purchase
      5. Cover unexpected expenses
   5. How long does Upgrade take to deposit funds?
   6. Upgrade loan requirements
   7. Costs and fees
      1. Interest rate
      2. Origination fee
      3. Example
   8. Repayment
   9. Unique features of getting a loan through Upgrade
      1. Upgrade Card
      2. Checking and savings accounts
      3. Flex Pay
      4. Credit monitoring and resources
3. Pros and cons of Upgrade
4. Upgrade loans reviews
5. Alternatives to Upgrade personal loans
6. How to contact Upgrade
7. How to apply for an Upgrade personal loan
8. Upgrade personal loan FAQ
   1. What can I use an Upgrade personal loan for?
   2. How many upgrade loans can I have?
   3. Does Upgrade approve on weekends?
   4. Can you pay off an Upgrade personal loan early?
   5. What if I’m denied a personal loan from Upgrade?

About Upgrade

Upgrade launched in 2017 out of San Francisco, California. Since then, the company says it has extended more than $35 billion in credit cards and loans, primarily to people who may not qualify for the best rates with other lenders. 

In addition to personal loans, Upgrade also offers a few other financial tools of note: a rewards checking account, a high-yield savings account, and a few different cash-back credit cards. This makes it a good option if you’re looking to keep all of your financial accounts with one digital bank. 

It’s important to note that Upgrade isn’t actually a true lender on its own. It’s a fintech company that pairs up with Cross River Bank and several others to offer its loans, cards, and bank accounts. 

How Upgrade personal loans work

Upgrade personal loans are designed to be fast, flexible, and easy to manage—especially for borrowers who prefer a streamlined online process.

Rates and terms

Term	Details
Minimum credit score	580
Minimum income	Not disclosed
Fixed rates (APR)	8.49%% – 35.99%%
Variable rates (APR)	Not available
Rate discounts	Autopay, debt payoff, and offering a vehicle for collateral. Discount amount unspecified.
Loan amounts	$1,000 – $50,000
Repayment period	24 – 84 months
Unsecured or secured?	Unsecured and secured available
Joint loans?	Yes
Time to funding after approval	One business day
Repayment assistance?	Short-term hardship program
Fees	Origination fee: 1.85% to 9.99%; Late or returned payment fee: $10
Unique features	$200 bonus for signing up for a checking account; Customize repayment terms; Can send funds directly to other creditors for debt consolidation loans

Completely digital experience

Upgrade is an online-only lender, meaning most borrowers will manage their application and loan entirely through the website or mobile app. The process is streamlined and user-friendly, but if you run into any issues—or prefer a more hands-on approach—you can also contact Upgrade’s support team by phone.

To start, you’ll check your rate through Upgrade’s personal loans page. This soft credit inquiry won’t affect your credit score. Based on the information you provide, Upgrade will display a few loan offers you may qualify for. If you choose one, you’ll need to upload documentation to verify your identity, income, and other financial details before final approval.

Once you’re approved, funds are typically sent via ACH transfer to your bank account. From there, you’ll begin repaying your loan in fixed monthly installments.

Unsecured and secured loan options

Unsecured personal loans

Most Upgrade personal loans are unsecured, which means you don’t need to provide collateral to qualify. These loans are based on your creditworthiness and income. Borrowers with fair to good credit may still qualify, but those with stronger credit scores will typically receive the most competitive rates and lowest fees.

Secured loans

If your credit history is limited or your credit score is lower, Upgrade also offers secured personal loans. These loans require you to use a qualifying vehicle that you own as collateral, which may help you qualify for better rates or higher loan amounts. However, if you fail to repay your loan, Upgrade has the right to repossess your vehicle.

Loan uses

Upgrade personal loans all work the same way—a fixed-rate installment loan with set terms—but they can be applied to different financial needs depending on your situation.

Refinance credit cards

You can use an Upgrade loan to replace costly revolving balances with a fixed-rate loan and simplify repayment. This approach can help you save money on interest and pay off your debt more quickly.

Consolidate debt

An Upgrade loan can also be used to combine multiple balances into a single, predictable monthly payment. Having just one loan to manage makes it easier to stay organized and avoid missed payments. Upgrade can send funds directly to other creditors for debt consolidation loans.

Improve your home

Borrowers often use Upgrade loans to finance renovations, repairs, or upgrades around the house. Compared to putting these expenses on a credit card, a personal loan can provide lower rates and fixed monthly payments that fit into your budget.

Make a major purchase

You can turn to an Upgrade loan when you need to cover a big expense, such as new appliances, furniture, or even a major trip. Using a fixed-rate loan instead of a credit card means you’ll know exactly what your payments will be each month.

Cover unexpected expenses

An Upgrade loan can provide quick access to funds when surprise costs come up, like medical bills or car repairs. This can help you handle emergencies without relying on savings or expensive short-term borrowing options.

How long does Upgrade take to deposit funds?

If you’re approved, Upgrade typically disburses your loan funds by the next business day. However, when you actually see the money in your bank account may depend on your bank’s own processing times. In most cases, you can expect to receive funds within one to two business days after final approval.

Upgrade loan requirements

Upgrade is more flexible than many traditional lenders, but it still looks at your credit score, income, and employment status when deciding on approval. While there’s no published minimum income, having steady earnings and a low debt-to-income ratio improves your chances. You may also qualify for a better rate by applying with a co-borrower or securing your loan.

Requirement	Details
Citizenship	U.S. citizens, permanent residents, or temporary residents with a valid visa
Employment status	Employed or self-employed
State of residence	All states and Washington, D.C.
Minimum age	18 years (19 years in Alabama)
Minimum credit score	580
Minimum income	Not disclosed

Costs and fees

Upgrade takes several factors into account when calculating how much to charge you for a personal loan, such as your credit score, loan amount, term length, loan use, and more. 

Interest rate

• All Upgrade personal loans are charged interest, ranging from 8.49%% to 35.99%%.

Origination fee

• You’ll also be charged an origination fee ranging from 1.85% to 9.99% of your loan amount, which will be taken out of your loan itself. 

Example

If you take out a $10,000 loan with a 9.99% origination fee, you’d only receive $9,001. Upgrade keeps the other $999 as its upfront fee, separate from the interest you’ll pay. To get the funds you need, it’s smart to factor in the origination fee when deciding your loan amount. Lower credit scores typically mean higher fees and rates, which also raise your monthly payment.

At the maximum 35.99% APR, a $10,000 loan over three years would cost about $458 per month. By the end of repayment, you’d pay $6,487 in interest—more than half the original loan amount.

While Upgrade can be expensive compared to lenders with stricter credit requirements, it’s far cheaper than payday loans. Timely repayment can also help improve your credit and open the door to lower rates in the future.

Repayment

Upgrade requires fixed monthly payments until your loan is paid in full. Repayment terms range from 24 to 84 months, allowing you to pick terms that fit your budget and timeline.

Term length	Monthly payment	Total cost	Best for
Shorter term (24–36 months)	Higher	Lower overall interest	Paying debt off quickly
Medium term (48–60 months)	Moderate	Moderate	Balancing affordability and cost
Longer term (72–84 months)	Lower	Higher overall interest	Keeping payments as low as possible

Key points to know:

• You can pay off your Upgrade loan early without prepayment penalties.
• Longer terms lower your monthly payment but increase total interest costs.
• Most experts recommend the shortest term you can reasonably afford.

Unique features of getting a loan through Upgrade

When you take out a personal loan through Upgrade, you’re also gaining access to a broader financial ecosystem that can add value beyond the loan itself. These tools and products can make borrowing more affordable, help you manage repayment, and even support your long-term financial health.

Upgrade Card

The Upgrade Card combines the flexibility of a credit card with the predictability of a personal loan. Each balance you carry is set up with a fixed rate and payoff term, helping you pay down debt faster and with more structure than traditional credit cards. If you’re looking at a personal loan mainly for credit card refinancing, the Upgrade Card could be an alternative worth considering.

Checking and savings accounts

Upgrade also offers Rewards Checking and Premier Savings accounts. Checking can earn you up to 2% cash back and even unlock lower rates on new loans, while savings pays a high APY compared to national averages. As a personal loan borrower, if you sign up for a checking account, you get a $200 bonus.

Pairing a personal loan with these accounts may help you manage payments more easily and keep your finances on track.

Flex Pay

For smaller or short-term purchases, Upgrade’s Flex Pay option functions like a buy now, pay later service. Instead of taking out a full personal loan, you can spread out costs over time with simple, fixed payments and no fees.

Credit monitoring and resources

Upgrade provides free credit health tools, including weekly credit score updates, a simulator to test different repayment scenarios, and personalized recommendations based on your credit history. These features can be especially helpful if you’re using a personal loan as part of a broader plan to improve your credit and qualify for better rates in the future.

Pros and cons of Upgrade

Pros

• Quick funding times

  If you’re approved, Upgrade will send your money out by the next business day. Keep in mind your bank’s policies can also affect when you see it in your account.

• Credit-inclusive lender

  You can qualify for a solo personal loan with a credit score as low as 580. If you’re not approved, or if you want lower rates, you can also offer a vehicle as collateral for a secured loan, or apply with a more creditworthy joint applicant. 

• Free credit score updates

  Upgrade doesn’t offer free FICO score updates, but it does offer the next-best thing—your VantageScore, a close approximation. You can also get insights on ways to improve your credit score, and access to a credit score simulator.

• Combined loan/checking bonus offer

  You can get up to $200 if you sign up for Upgrade’s Rewards Checking account at the same time as your loan and receive at least $1,000 in direct deposits within the first 45 days.

Cons

• Lots of fees 

  Unlike some lenders that don’t charge origination fees, Upgrade does—and they’re rather expensive, too. You’ll pay a minimum of 1.85% of your loan amount for an origination fee.

• No cosigner option

  You can use a car as collateral or apply with a joint applicant to qualify for lower rates, but you can’t apply with a cosigner. Not everyone will be comfortable with being a co-applicant because it’s more legally binding. 

• Potentially high interest rates

  You may qualify for good rates if you have excellent credit. But if you don’t, you could pay rates more than twice as high as the average credit card rate. 

• Poor customer satisfaction ratings

  Upgrade has many positive customer reviews on third-party websites, but consumer advocacy groups like the Consumer Financial Protection Bureau and J.D. Power give Upgrade a below-average score due to lots of complaints. 

There’s a lot to like about Upgrade if you don’t have stellar credit. It offers many other financial products to choose from, offers lower rates than alternative ways of borrowing cash, and can get your money to you fast. 

That said, increasing reports of complaints are a bit worrying, and unless you’re able to qualify for the lower end of the range of rates Upgrade offers, it could still be expensive. Furthermore, if your credit score is below 580 and you don’t have any other ways to qualify, you’re out of luck. 

The similarly-named Upstart may be a better personal loan choice in some cases. It offers a similar range of interest rates but it has no minimum credit score, making it a good choice if you’re totally new to credit-building. 

Upgrade loans reviews

Source	Customer rating	# of reviews
Trustpilot	4.4 out of 5	43,601
Google	4.8 out of 5	10,545
Better Business Bureau	4.1 out of 5	819

Upgrade certainly has an overwhelmingly positive reputation online among popular review websites, garnering thousands of five-star reviews. 

Some independent sources, such as J.D. Power, give Upgrade a rather low score, however. In 2023, Upgrade was ranked sixth from last in terms of overall customer satisfaction for personal loans. 

Consumer complaints against Upgrade peaked in January 2023, according to Consumer Financial Protection Bureau, but have since declined. 

Alternatives to Upgrade personal loans

Upgrade is a solid option for many borrowers, especially those with fair credit—but it’s not the only choice. Depending on your credit profile, loan needs, and preferences, one of these alternatives may be a better fit. Here’s how a few top personal loan lenders compare:

How to contact Upgrade

Upgrade’s customer service team can help with any problems from start to finish for an Upgrade loan, including applying over the phone. 

The customer support team is based out of Phoenix, Arizona, and operates Monday through Friday from 5:00 a.m. PT to 7:00 p.m. PT, and on the weekends from 6:00 a.m. PT to 5:00 p.m. PT. 

Here are the various routes you can use to get ahold of someone:

Email

You can send general inquires and documentation to [email protected].

Live chat

Live chat is available once you log in to your Upgrade account and is ideal for quick questions.

Upgrade loans phone number

Call (844) 319-3909 to speak directly with a representative during business hours.

Mail

You can also contact Upgrade by mail at:
275 Battery Street, 23rd Floor, San Francisco, CA, 94111

How to apply for an Upgrade personal loan

Upgrade’s personal loan application process works much the same as with other companies. You’ll get prequalified first to see your loan options, which won’t impact your credit score. If you’re happy with the options presented, you can proceed with a full application which may impact your credit score. 

Here’s how it works, step by step:

1. Get prequalified: Head to Upgrade’s personal loan page. Enter in the amount you need to borrow and the reason why you need the loan, then click “Check Your Rate.”

2. Fill out the prequalification form: Enter a few basic details about yourself such as your name, contact information, and Social Security number. 

3. Receive a preliminary loan offer: Upgrade will present you with a few loan options based on the information you provided. This only takes a few minutes.
4. Check with other lenders: It’s always a good idea to check your rate with at least two other personal loan lenders; ideally more. Each lender may offer very different pricing. 
5. Complete a full loan application: If you’re happy with Upgrade’s loan offer, you’ll need to provide copies of a few documents, such as your ID, bank statements, and pay stubs.
6. Receive a loan decision: Upgrade will do a final check of your documents and notify you whether you’ve been approved for a loan or not.
7. Receive funds: If you’re approved, Upgrade will send the funds to your bank via ACH transfer by the next business day. It may still take a day or two to see the funds in your account, however, depending on your bank’s funds availability policy. 

Upgrade personal loan FAQ

What can I use an Upgrade personal loan for?

Like most personal loans, you can use Upgrade personal loans for just about anything you want, with a few restrictions. You can’t use your loan funds for gambling, investing, post-secondary education expenses, or any illegal purposes. 

Upgrade will ask you what you’re planning to use the funds for during the first stage in applying for the loan. You can choose from several popular options like “pay off credit cards,” “debt consolidation,” “business,” and the handy catch-all, “other.”

How many upgrade loans can I have?

It’s possible to have more than one Upgrade personal loan out at once if you qualify. Upgrade doesn’t provide any details on who qualifies for multiple personal loans, but you may stand better odds if you have a good credit score, a strong income, and haven’t missed any previous Upgrade loan payments. 

Does Upgrade approve on weekends?

Upgrade processes loan applications during its standard business hours, which are Monday through Friday from 5:00 a.m. to 7:00 p.m. PT, and on weekends from 6:00 a.m. to 5:00 p.m. PT. While you can submit an application at any time, approvals are typically handled during these operating hours.

If you apply on a weekend, your application may still be reviewed during weekend hours; however, final approval and funding are generally completed on the next business day. Once approved, funds are usually disbursed within one business day, though the exact timing can depend on your bank’s processing times.

Can you pay off an Upgrade personal loan early?

Yes, you can pay off Upgrade personal loans at any time without any prepayment penalty, either in full or in part. You can find the information to pay off your loan in your online account under the “Manage Payments” section. 

What if I’m denied a personal loan from Upgrade?

Upgrade doesn’t look at the entire picture to see whether you meet the loan requirements until you complete a full loan application. That means it’s possible you could be prequalified, but then denied if you don’t meet Upgrade’s requirements for credit history, employment and income, other debt payments, and more. 

If that happens, Upgrade will issue you an Adverse Action Notice that will list out the exact reason why you were denied for a personal loan. You can reapply for another Upgrade loan in as little as 30 days if your situation has changed. You can also consider applying with another personal loan lender. 

How we rated Upgrade

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Upgrade to several personal loan lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.