Updated
May 18, 2023 After our review of all personal loans lenders, Upgrade is our top recommendation for fair-credit borrowers.
Key points:
- Upgrade is best-suited for fair credit and bad credit borrowers.
- Upgrade loans are available nationwide, with the exception of West Virginia and Washington D.C.
What we like:
Check your rate without impacting your credit score
| Rates (APR) | 7.99% – 35.89% |
| Loan Terms | 3 or 5 years |
| Loan Amounts | $1,000 – $50,000 |
| Fees | Origination fee: 1.5% – 6% Prepayment penalty: None |
Founded in 2016, Upgrade is an online lending platform that utilizes technology to help borrowers access loan products faster. It offers personal loans, lines of credit, free credit monitoring, and online education tools.
Upgrade’s goal is to help its customers secure affordable credit and make responsible financial decisions. In addition to free credit monitoring, customers receive personalized loan recommendations based on their credit history.
If you’re looking for a way to consolidate your debt, pay off credit cards, or finance a large personal project, you might consider taking out a personal loan from Upgrade.
In this review:
- Upgrade personal loans: At a glance
- Pros & cons of Upgrade
- Eligibility & application information
- Where to find Upgrade alternatives
Upgrade Personal Loans: At a glance
| Upgrade Personal Loan | |
| Loan amounts | $1,000 – $35,000 |
| Term lengths | 36 or 60 months |
| APRs | 7.99% – 35.97% |
| Origination fee | 2.9% – 8% |
| Prepayment fee | $0 |
| Minimum credit score | 620 |
| View Rates |
Upgrade Personal Loans
Upgrade personal loans can be between $1,000 and $50,000 at low fixed rates. These loans are unsecured, so customers don’t have to use their homes or cars as collateral.
Upgrade provides flexible repayment terms and will even let customers change their payment dates to fit with their monthly budget. To secure the lowest rates, borrowers must sign up for autopay.
Personal loans are right for you if you have a fixed expense and you need a lump sum of cash to cover it. Personal loans can be used for a variety of expenses, from debt consolidation to home improvement to cover the cost of a wedding or other events.
Pros & cons of Upgrade
Pros
- The loan application process is easy, and you can check your rates without hurting your credit score since Upgrade does an initial soft pull on your credit.
- Once you accept your loan offer, you could receive loan proceeds as soon as the next business day.
- The lender makes personalized loan recommendations and provides free credit health tools to all its customers. This includes free credit monitoring, educational articles and resources, and email alerts about potential fraud.
Cons
- Upgrade personal loans aren’t available in West Virginia or Washington D.C.
- If you have excellent credit, you may be able to receive a lower rate from other lenders. For example, those with a credit score higher than 660, may want to consider LightStream for lower rates.
Upgrade eligibility & application information
Applying for a personal loan through Upgrade is a fairly straightforward process. Upgrade outlines the following steps for new customers on its website:
- Check your rate online: The first step is to find out what kind of annual percentage rate you qualify for. You can find this out within minutes on Upgrade’s website. And because Upgrade does a soft pull on your credit, there won’t be any negative impact on your credit score at this stage in the process.
- Choose an offer: Once you find out the loan amount you qualify for, you can choose the amount you need.
- Receive funds quickly: Once you’ve accepted your loan offer—after which Upgrade does conduct a hard credit pull—Upgrade sends the money directly to your bank account within a day.
How we rated Upgrade’s personal loans
Upgrade’s personal loans received a 4.8/5. LendEDU rates personal loans based on a variety of data points including rates, terms, fees, funding time, soft credit check availability, and more. You can learn more about our rating methodology here.
Where to find Upgrade alternatives
Upgrade is best suited for people seeking a fair credit loan or bad credit loan, so it may not be the best option for those with good credit. You can see our top picks for personal loans for good credit here.
As you search for the right personal loan or line of credit, we recommend getting quotes from several lenders to compare rates and find the best deal.
Our guides to the best personal loans and the best personal lines of credit are excellent places to look for better lenders.
To learn more about Upgrade, check out our interview with Renaud Laplanche, co-founder of Upgrade.
Ready to apply for an Upgrade personal loan? Check your rate on its website without impacting your credit score.
- Rates (APR): 8.49% – 35.99%
- Loan amounts: $1,000 – $35,000
- Minimum credit score: 620