Upgrade: Personal Loans Review

  28,591 Reviews on Trustpilot

Upgrade Snapshot

Upgrade is an online lending marketplace founded by Renaud Laplanche and Soul Htite in 2016. The two were the previous co-founders of Lending Club. Renaud Laplanche had a strong enough reputation in Silicon Valley to secure $60 million in financing from several highly-regarded venture capitalists to launch Upgrade.

Personal loans offered through Upgrade reach as high as $50,000 and can be secured for either financing a home renovation, making a large purchase, or paying off credit card debt. Upgrade is different from Lending Club in that it offers free credit monitoring and resources for financial education.


Upgrade Spotlight

Best For
Those looking to consolidate their credit card debt

Marketplace or Direct Lender
Marketplace

Loan Types
Unsecured personal loans

Loan APR
7.99% to 35.97%

Repayment Terms
36 to 60 months

Summary

Overall, Upgrade is an incredible platform that offers personal loans of up to $50,000. It’s a simple, easy to use marketplace that utilizes peer-to-peer lending so anyone with fair credit can secure a loan.

Not only does the company allow borrowers to secure five figures in lending, but they also offer an array of financial education resources to help you better understand your financial picture and your credit rating.


Loan Types

Upgrade offers personal loans at a fixed-rate ranging anywhere from $1,000 all the way to $50,000 with repayment terms of 3 or 5 years.

Plus, through Upgrade, you’ll be able to secure a credit health tracker for free and without commitments. Borrowers from Upgrade can use this tool 24/7 to get an up-to-date summary of their latest credit report and includes a detailed explanation of several key factors influencing their credit rating.

This tool also has a handy credit score simulator, where borrowers can put in hypothetical scenarios like increasing their credit limit or changing the repayment plan on their credit card balances to see what their future score would be.


Personal Loan Rates & Terms

Upgrade’s loans have APRs ranging anywhere from 7.99% to 35.97%. In order to secure the lowest possible rates for a borrower, they must agree to make automatic monthly repayments.

Every loan secured has an origination fee between 1% to 5.6% which will be deducted from the loan amount at the beginning. For instance, if you secure a loan for $10,000 and your origination fee is 3%, when the loan is transferred to you, it will be $9,700.

Borrowers can choose repayment terms of either 36 months (3 years) or 60 months (5 years). Monthly repayments vary depending on your APR, loan duration, and origination fee.


Upgrade Pros

  • Fast online application to pre-approve you in minutes
  • Credit health tracker makes it easy to optimize your credit rating
  • Secure a loan of up to $50,000

Upgrade Cons

  • Origination fee is a bit higher at up to 6% of loan amount
  • Applicants must have free cash flow of a minimum of $1,000

Upgrade Application Process

Upgrade has a very straightforward application process. The entire process is done online. To start, you simply enter in the desired loan amount and type in the purpose of the loan. Then, you’ll be taken to another page to fill out a few personal details such as:

  • Name
  • Address
  • Social security number
  • Monthly income

After completing this form, you’ll receive an email from Upgrade letting you know whether or not you’ve been pre-approved for the loan. The email will also include an interest rate for the loan. If you are denied at this point, you’ll receive an email telling you the reason(s) why.

If you decide to accept the loan offer, the funds will be transferred to your bank account in 1 business day after Upgrade receives all the necessary documents and verifications.


Customer Support

Upgrade doesn’t have the greatest level of customer service, since they don’t have a variety of avenues to contact them. The best way to get a hold of them is by emailing them at contact@upgrade.com if you have any questions.

However, while they have limited support, they have received an A rating from the Better Business Bureau (BBB). They also have a variety of educational resources on their site and offer the free credit-tracking tool which can be incredibly useful for anyone looking to advance in their financial education and improve their credit score.


Final Thoughts on Upgrade

So, should you use Upgrade to access a personal loan?

After being founded by two of the founders behind Lending Club, Upgrade’s goal was to fill some of the remaining gaps remaining in the lending world. Part of their mission was to make it easier for applicants who have been previously rejected at traditional lending places to be able to secure a loan.

Upgrade is a great path for many looking to secure a personal loan, especially for those who are dedicated at improving their credit throughout the journey, with help from the free tracking tool and simulator.

Overall, Upgrade is best suited for Americans with a minimum credit score of 620 looking to secure a personal loan but may have been rejected by traditional lenders. Their free educational resources and learning tools are great ways to advance in your financial education while building up your credit score.


Upgrade Customer Testimonials

Excellent   28,591 Reviews

trustpilot-stars

FLOYD TEAGUE

5 hours ago

trustpilot-stars

Very good to do business with

Very good to do business with. Good my loan deposited within a couple days .


CHERYL MCKEOWN

5 hours ago

trustpilot-stars

The process for approval was very fast…

The process for approval was very fast and easy. The website process took no time at all to complete. Very effective way for the consumer to apply.


JOSE G

5 hours ago

trustpilot-stars

This company is a complete rip off

This company is a complete rip off. After los approval they keep 5% upfront. You Borrow 15,000 and they deposit $14,250. Also, during the pandemic, they agreed to take below minimum payment $150 a month but they pocketed the money as fees - nothing toward interest nor principal at the end. I though my pay off was $1,800 since they didn’t apply those payments. Now I have to pay a lump sum of $2,300. This is predatory lending - RUN AWAY.


M.C

6 hours ago

trustpilot-stars

Application was fast and efficient

Application was fast and efficient. Exactly what I needed


MELISSA THOMAS

7 hours ago

trustpilot-stars

I can’t review anything yet but the…

I can’t review anything yet but the application process, which was simple and approval quick, now I’m in a holding pattern


SHARALEE

7 hours ago

trustpilot-stars

They are reliable get cash in three…

They are reliable get cash in three days even with fair credit score


LYNDA NELMS

8 hours ago

trustpilot-stars

Upgrade is easy and hassle free

Upgrade is easy and hassle free. Great in helping me to get out of those financial binds that has been happening lately. Thanks


IAN M

9 hours ago

trustpilot-stars

Excellent service

Excellent service. No hassle and straight communication and delivery. Will pay off my other personal loans and just use Upgrade. Their credit line is flexible and excellent financial instrument Ian M.


DEBRECIA FONVILLE

9 hours ago

trustpilot-stars

This is literally the best loan…

This is literally the best loan company. Competitive rate, minimal paperwork, direct deposit. Upgrade allowed me to consolidate high interest debt and make a fresh start. I highly recommend Upgrade and their portfolio of lending products.


JOSEPH

9 hours ago

trustpilot-stars

Fast ,easy process

Fast ,easy process, customer service is very Professional.


RICARDO SINCLAIR

10 hours ago

trustpilot-stars

The worst experience ever dont apply

The worst experience ever dont apply


MOHAMED AHMED

10 hours ago

trustpilot-stars

It was as an easy and transparent…

It was as an easy and transparent process.


DANIEL RIVAS

10 hours ago

trustpilot-stars

Very good group

Very good group, easy to use and came in handy when I needed some cash to start another business.


NICOLAE CIOFIAC

10 hours ago

trustpilot-stars

Very easy process to apply and easy to…

Very easy process to apply and easy to understand!!


CUSTOMER

10 hours ago

trustpilot-stars

What a great organization

The people I spoke with during this process were very professional, patient and more importantly kind.


MARIAN FOSTER

10 hours ago

trustpilot-stars

I am very pleased with how easy it was…

I am very pleased with how easy it was to work with upgrade and how quickly I received my funds. Thank you


BRENTON SIMMONS

10 hours ago

trustpilot-stars

great service!

great service!


PAUL COOK

10 hours ago

trustpilot-stars

I applied for a loan got rapid approval…

I applied for a loan got rapid approval rapid fund distribution very satisfying experience


JOSEPH

11 hours ago

trustpilot-stars

Its Easy !

Its Easy to apply!


BLANCA ROMERO

11 hours ago

trustpilot-stars

Great option for my loan.

I found Upgrade via Experian when I was looking for a personal loan to buy an older car. Upgrade offered me a great interest rate, even better than my local bank. I jumped on their offer. The money was deposited into my bank account within 48 hours and I was able to purchase my car. The app isn't the best I've seen, but it's functional and a good way to make payments online. I recently got another small loan from Upgrade and again got a great rate. I also got a credit card that will be used to start up a small business. I have been very happy with Upgrade and will continue using them in the future. Thanks Upgrade, for making my life a little easier.


STARKEISHA

11 hours ago

trustpilot-stars

I was on the phone for 45 minutes

I was on the phone for 45 minutes, transferred 4 times then told to call another number to resolve the issue. Called the number given and got a voice recording to leave a message


JAMIE JOHNSON

11 hours ago

trustpilot-stars

it was great!!!!!!!!!!!!!!

it was great!!!!!!!!!!!!!!


TRACY BAKER

11 hours ago

trustpilot-stars

Upgrade gave me the loan I needed…

Upgrade gave me the loan I needed quickly and efficiently. They are absolutely the best!!


MELISSA OYEDELE

11 hours ago

trustpilot-stars

Curteous and professional

Curteous and professional. I got things accomplished quickly and efficiently.


TERRENCE HUGHES

11 hours ago

trustpilot-stars

Surprised by how great the interest…

Surprised by how great the interest rate was. Great customer service.


SPENCER

11 hours ago

trustpilot-stars

Excellent service

The application process was quick and there was no early payment fee! I'm very happy with my loans. Will use again!


MONICA

11 hours ago

trustpilot-stars

Super easy application process and…

Super easy application process and quick too.


KIMBERLEY PEARSON

11 hours ago

trustpilot-stars

AWESOME

AWESOME place to do business with.


ADAM MIAL

11 hours ago

trustpilot-stars

Everything was nicely done and…

Everything was nicely done and professional. Customer service was great


CLIFTON THOMPSON

11 hours ago

trustpilot-stars

Decent interest rate

Decent interest rate, quick process. The only thing I didn't care for was having to sign up with another credit union but overall satisfied.


MAXINE SCHUTTER

12 hours ago

trustpilot-stars

Love Upgrade

Amazed at the quickness of the process. Staff are so kind and professional and answer the phone every time without delay. Top notch company!


TERRANCE HAWKINS

14 hours ago

trustpilot-stars

Awesome experience

Awesome experience, I’m recommending Upgrade to everyone I know!


JOE SKELTON

15 hours ago

trustpilot-stars

Easy application great service

Easy application great service


CUSTOMER

16 hours ago

trustpilot-stars

It was simple and easy and the payments…

It was simple and easy and the payments are reasonable.


JAY

17 hours ago

trustpilot-stars

Fast & Convenient Highly Recommend !

Fast & Convenient Highly Recommend !


DELBERT-HAMPTON,VA

19 hours ago

trustpilot-stars

Fast

Fast, simple and easy.


PLEASED CUSTOMER

19 hours ago

trustpilot-stars

Great Experience

Easy process, quick response and no surprises with Upgrade.


HUSSEN MOHAMMED

20 hours ago

trustpilot-stars

thank you upgrade help me a lot …

thank you upgrade help me a lot even you have lower card still help you to get money


KIMMI R

20 hours ago

trustpilot-stars

The online experience was okay

The online experience was okay. The communication was slow and left me feeling a little nervous and unsure about obtaining a loan thru this company.


EDITH KENAGY

20 hours ago

trustpilot-stars

Review

So far I have been very happy working with Upgrade. They have been helpful and easy to talk to. I would recommend Upgrade to anyone .


CYNTHIA HOWARD

21 hours ago

trustpilot-stars

It was quick and simple

It was quick and simple, when i called to ask a question the service was very friendly and helpful.


L HAILEY

21 hours ago

trustpilot-stars

Great experience

Great experience! My credit history is not the best and getting a line of credit from my own bank is impossible. Upgrade has been a great help to me. I was approved quicker than I expected. No hassles. There are payment options. The money was in my account within 2 business days. The interest rate is somewhat high but for someone with my credit history I expected that. The app is easy to navigate. I'm very grateful for Upgrade. It's helped me during some unexpected situations.


KENNETH

21 hours ago

trustpilot-stars

I am impressed with the ease and…

I am impressed with the ease and direction of getting an Upgrade account. I look forward to building with Upgrade!


JO

18 May, 2022

trustpilot-stars

Easy to apply

Easy to apply, convenient, safe, trustworthy


WANDA LANE

18 May, 2022

trustpilot-stars

I have all the faith in upgrade and…

I have all the faith in upgrade and their payment plan. There is no hassle to get you the best offer they can. I would recommend them to my family and friends.


D. L. B.

18 May, 2022

trustpilot-stars

The process was fast

The process was fast, easy, and hassle-free.


JUNE RECKERT

18 May, 2022

trustpilot-stars

Great app and very quick response and…

Great app and very quick response and follow through. Thanks.


CUSTOMER

18 May, 2022

trustpilot-stars

Fast approval

Fast approval. The site is very easy to use. I love the financial education information they provide.


LEWIS JONES

18 May, 2022

trustpilot-stars

A great company with a different kind…

A great company with a different kind of card.


CHRISTINE LANE

18 May, 2022

trustpilot-stars

Easy and fast process and delivery of…

Easy and fast process and delivery of funds. Very much appreciate services!

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