Upgrade: Personal Loans Review

  18,216 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   18,216 Reviews

trustpilot-stars

SARAH CARTER

4 hours ago

trustpilot-stars

Great solution for credit card debt

Upgrade gave me the best solution to resolve credit card debt. The interest rate is much lower than other offers I received and the approval process was simple. I highly recommend Upgrade.


DAVID AYLESWORTH

4 hours ago

trustpilot-stars

It was really quick and easy

It was really quick and easy. Really cant thank them enough.


KYLE

5 hours ago

trustpilot-stars

Thank you Upgrade

Thank you Upgrade, This is helping build my credit. Fast easy process


DERION PONCE

5 hours ago

trustpilot-stars

good and fast service applied for loan…

good and fast service applied for loan saturday had funds on monday


PATTY SALTER

5 hours ago

trustpilot-stars

Customer service was very nice when I…

Customer service was very nice when I called and they answered my question.


MARY ANTHONY

6 hours ago

trustpilot-stars

I really like upgrade

I really like upgrade. Credit line really help at a time I needed.


ROSCOE CARNAHAN

6 hours ago

trustpilot-stars

I liked the way I got treated

I liked the way I got treated. I needed a little help and upgrade was there for me again. They made me feel more like a person then a number! Thank you upgrade.


MANEL LAVARD

6 hours ago

trustpilot-stars

The service is amazing !👍

The service is amazing !👍


DANNIE BRYANT

7 hours ago

trustpilot-stars

In my research of loan offers…

In my research of loan offers, I had read several reviews regarding the timing of receiving the funds and that sometimes it took many days and many phone calls to finally receive anything, and I was a little worried about that. That was not my experience at all. I applied Sunday night and was approved a few hours later and then the loan and funds were processed the next day. Couldn’t have been faster or easier. Would definitely recommend and use this company again for any future loan needs.


J WATTS

7 hours ago

trustpilot-stars

Upgrade was easy to do

Upgrade was easy to do. I got the personal loan offer that I was offered. I plan to use Upgrade in the future for when I need to.


GREG WATERMAN

7 hours ago

trustpilot-stars

There was a lack of communication in…

There was a lack of communication in the original information request process that caused the loan to be funded two weeks later than it should have been.


DARLENE PEEPLES

7 hours ago

trustpilot-stars

I was really surprised how easy this…

I was really surprised how easy this process was and how fast I got my money. Upgrade took care of everything I ask and it was just so simple. I truly was happy. Thank you so much.


DANISE PARKER

7 hours ago

trustpilot-stars

I don't have a review at the moment…

I don't have a review at the moment called and spoke to a representative and she was great so far that's all I have to say.


MARY

8 hours ago

trustpilot-stars

I applied for a loan and I thought the…

I applied for a loan and I thought the process was fair. There were snags in my getting my bank statements to Upgrade. It seemed like a long time before I got final approval. Once approved, the money was quickly deposited.


CATT

8 hours ago

trustpilot-stars

Quick and easy

Quick and easy. Thanks!


JOYCE

8 hours ago

trustpilot-stars

A1 company…so glad I found them.

A1 company…so glad I found them.


JAMES FIGEROUX

8 hours ago

trustpilot-stars

Great response with customer service .

Great response with customer service .


HAPPYCLIENT

8 hours ago

trustpilot-stars

Easy to sign up and efficient process…

Easy to sign up and efficient process throughout. Highly recommend.


MARIA MORALES

9 hours ago

trustpilot-stars

Delayed Approval

The approval processing was not timely efficient


KRISTINA MAYNOR

9 hours ago

trustpilot-stars

I was approved quickly and the process…

I was approved quickly and the process was easy.


GLENN M

9 hours ago

trustpilot-stars

Process was easy street

Process was easy. Communication was pretty good. Could give more periodic updates on approvals as to the status of the application.


DAVID TRUJILLO

9 hours ago

trustpilot-stars

The process to get the upgrade card was…

The process to get the upgrade card was fast and easy. It would be nice to receive the funds quicker.


STEVEN GRANT

9 hours ago

trustpilot-stars

Just very happy with our services from…

Just very happy with our services from upgrade


KYLE

9 hours ago

trustpilot-stars

Quick and easy

Quick and easy. The representatives we're super helpful as well.


KELLY

9 hours ago

trustpilot-stars

Communication breakdown

I was happy with my loan except the communication break down. Additional information was needed & I had to call to find that out. Had I been notified earlier the entire process could have completed in a more timely manner.


SEAN O'BRIEN

9 hours ago

trustpilot-stars

Terrific experience with upgrade

Terrific experience with upgrade ! They offered the best rate, and it was a quick and simple process. Thanks to all involved, I truly appreciate this loan. I will put it to good use fixing up my home and increasing its value!!! Sincerely, Sean O’Brien


FELICIA

9 hours ago

trustpilot-stars

It was such a simple and easy process

It was such a simple and easy process. And I appreciate the fact it only took a couple of days for me to receive my funds and for the funds to be sent to the specific creditors I specified.


LEO CHIAMULERA

9 hours ago

trustpilot-stars

Loan application and approval was…

Loan application and approval was efficient and smooth.


RICHARD

9 hours ago

trustpilot-stars

Everything was good except for the time…

Everything was good except for the time it took to process and and being able to actually speak to someone was hard. Also my credit card offer showed $5000 preapproved but when applied it shows $1000. Other than that its good.


ASHLEY.R

9 hours ago

trustpilot-stars

Very quick

Very quick, transparent and efficient.


HAPPY CUSTOMER

9 hours ago

trustpilot-stars

Process to approve the loan was lengthy…

Process to approve the loan was lengthy however great customer service and overall great service


DWAYNE PORTER

9 hours ago

trustpilot-stars

I appreciate all youve done for me

I appreciate all youve done for me. It was quick and kindergarten simple. Thank you for helping me to take one more foot in front of the other.


JEFFREY BOHNE

9 hours ago

trustpilot-stars

Great and very fast. Thanks upgrade.

The fastest loan I've ever received.


STEPHEN OTWELL

9 hours ago

trustpilot-stars

New customer really haven't had any…

New customer really haven't had any interaction with this company yet.


APRIL S.

10 hours ago

trustpilot-stars

Best Loan Application Experience Ever!

Upgrade’s application process was, by far, the easiest and most pleasant experience I’ve encountered when applying for a loan. Fair rate, with bank deposit processed and credit card balances paid within days. Thank you for helping me get on debt-free path.


ROGER FULLER

10 hours ago

trustpilot-stars

Great card

Great card! I wouldn't change anything about it!


KM D

10 hours ago

trustpilot-stars

Quick approval

Quick approval, fast delivery. Thank you.


KHRISNA GREENE

10 hours ago

trustpilot-stars

Excellent process

Excellent process! It was very truncated and easy to manage! Thank you…


STONEHENGE

10 hours ago

trustpilot-stars

A quite nice experience

A quite nice experience. I'll probably use the card for some purchases but won't carry a balance due to the, I believe 29% charge. Quick and easy offering and resulting approval. The best part-though- is the NO ANNUAL FEE- that floats My boat. Steve Stonehenge55555


LULA MOREHOUSE

10 hours ago

trustpilot-stars

Great service

Great service


STEPHANIE LANDRY

10 hours ago

trustpilot-stars

Very easy experience

Very easy experience


JOHN JORDAN

10 hours ago

trustpilot-stars

AWESOME

AWESOME AND GREAT


JOHN

10 hours ago

trustpilot-stars

Very help full customer service and…

Very help full customer service and quick response. Getting card was easy and fast I appreciate upgrade gave me a chance when I needed and I won't for get it.


ALICE

10 hours ago

trustpilot-stars

GOOD COMPANY TO WORK WITH

GOOD COMPANY TO WORK WITH Online application went very smoothly. I was hesitant but they were very patient. Everything was processed on time. I am happy with UPGRADE.


YVONNE JEFFERS

10 hours ago

trustpilot-stars

It was great

It was great . And every one l was in contact with were helpful and friendly. It was very easy to apply .


DEBORAH BAKER

10 hours ago

trustpilot-stars

Very quick

Very quick and easy


KEVIN JORDAN

10 hours ago

trustpilot-stars

They were very helpful and gave me a…good loan and not big interest rate.

They were very helpful and gave me a good payment amount. I would use them again if I needed them.


DESIREE

10 hours ago

trustpilot-stars

The application process for a card was…

The application process for a card was easy and quick. I wish the interest rate was lower but that’s due to my credit score. The credit limit was definitely more than I expected. I would recommend to a friend.


REBECCA FRANKLIN

10 hours ago

trustpilot-stars

There when needed

There when needed


TONY B

10 hours ago

trustpilot-stars

Easy to reach

Customer service was easy to reach and the representative quickly handled my questions/need.

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