Upgrade: Personal Loans Review

  19,898 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   19,898 Reviews

trustpilot-stars

JORGE WESTON

13 hours ago

trustpilot-stars

Your Company is awesome

Your Company is awesome. You'll help lots people.


STEVEN SHERWOOD

14 hours ago

trustpilot-stars

So far my experience with upgrade has…

So far my experience with upgrade has been very good and honest. I know I can look into the future with a good loan company, not all loan companies are the same. Thanks Steve Sherwood


MP

14 hours ago

trustpilot-stars

It was really easy to get a loan even…

It was really easy to get a loan even though my credit score is not the best! Thank you very much!


LORI LEANO

16 hours ago

trustpilot-stars

Well at first I thought to myself that…

Well at first I thought to myself that this card was not a good one because you keep sending me pre-approved for so much amount and then when I applied, my credit limit was not the one you pre-approved me for. But it's ok. The reason I like this card is because I could transfer funds to my account even when I have not received my card yet. I could do a virtual transfer. That's it.


WAYNE PORR

16 hours ago

trustpilot-stars

Im not a customer

Im not a customer


MONICA WILLIAMS

16 hours ago

trustpilot-stars

Not a fan

I applied but not sure if I was approved. It says I was approved but I received no mail, card, or money in my account. I don't like the communication so far so if I ever receive any money, I will return it.


DONALD COOMBS

17 hours ago

trustpilot-stars

Very easy to apply and access to my…

Very easy to apply and access to my account


TAMMY COPENHAVER

19 hours ago

trustpilot-stars

I just got approved so as far as…

I just got approved so as far as service so far no complaints.


GARY

19 hours ago

trustpilot-stars

Help When I needed It

The application process was easy and I received a quick response! Upgrade helped me at a critical time in my life. I feel the rates are fair and payment affordable.


DOLLIE

19 hours ago

trustpilot-stars

The process was fast and easy.

The process was fast and easy.


JAMES BOWMAN

19 hours ago

trustpilot-stars

The process was simple and straight…

The process was simple and straight forward. When I had a question based on a confusing email, the I received was quick, reliable and true.


KENNETH HALL

19 hours ago

trustpilot-stars

Great service

Great service


EDGAR AGUILAR

20 hours ago

trustpilot-stars

Easy to apply and had the money in the…

Easy to apply and had the money in the account in 3 business days.


CAROL HOGLE

20 hours ago

trustpilot-stars

Like this card just saved mesaved me

Like this card just saved me. I needed something and was handy. Thank you Upgrade!


JOSE V

20 hours ago

trustpilot-stars

The process was seamless

The process was seamless. Helped me lower my overall payment by half.


HENRY PEGUERO

20 hours ago

trustpilot-stars

I'm new to upgrade

I'm new to upgrade, but so far it's delivered as explained in application. I did upgrade for necessary car repairs. Doing DoorDash and Lyft, I have to keep my car running good. I requested funds to deposited into my bank account since I have yet to receive my card. I requested late Thursday night and funds are in my account Monday morning. They offer a virtual card to use until you get your physical card. With a large payment, I chose to request funds. The application was easy and quick. Upgrade came through for me.


DOUGLAS AHUNA

20 hours ago

trustpilot-stars

so far,so good. have not used the service yet.

have not receivied anything yet.....


HARRY SWEARINGEN

20 hours ago

trustpilot-stars

yes they help me what i needs some…

yes they help me what i needs some credit line card so also they will do draw money from my bank account (auto Pay ) that would help my credit better


JAMES JOHNSON

20 hours ago

trustpilot-stars

Too new to make a comment positive or…

Too new to make a comment positive or negative. However, I was approved for a higher amount and when issued received a lower amount of credit. Followed all the steps it asked for and still waiting for it to be increased to what I was approved for.


KENNETH E

20 hours ago

trustpilot-stars

Excellent card

Excellent card. Website interface easy to navigate to make payments and gather information.


ROSE

20 hours ago

trustpilot-stars

Upgrade is excellent!

Upgrade is excellent! The whole process was fast and easy. I really appreciated how quick it was from start to finish.


MICHELLE

20 hours ago

trustpilot-stars

Easy to apply got a quick approval…

Easy to apply got a quick approval right way. So far it’s a great card to have.


BRIAN

21 hours ago

trustpilot-stars

So far great company!!

So far great company!!! Very good to woek with


SUSAN SCHROEDER-WHITE

21 hours ago

trustpilot-stars

Excellent and very helpful service

Excellent and very helpful service. Everyone I spoke to was extremely polite, friendly, and respectful. My questions were all answered! Thank you for such fine service.


ELIJAH WOOD

22 hours ago

trustpilot-stars

Fast and easy to use and navigate

Fast and easy to use and navigate


MARIKA PEREZ

18 October, 2021

trustpilot-stars

I think the whole experience has been…

I think the whole experience has been great. From applying to money getting deposited to my account quickly.


ROCIO HERNANDEZ

18 October, 2021

trustpilot-stars

Very Helpful!

Very Helpful!


HONU1919

18 October, 2021

trustpilot-stars

Easy application process, review and approval

Easy application process, with quick review and approval. During set up it was referenced that funds could not be distributed to my Credit Union as it was not supported by Upgrade. I submitted a help request online in addition to calling their help desk, and received timely and favorable responses from each. Funds have been received and in process of allocating to address intended purpose.


KYLE GOUDIE

18 October, 2021

trustpilot-stars

Easy to work with and great…

Easy to work with and great communication! Thank you for all the support!!!


CONNIE

18 October, 2021

trustpilot-stars

Easiest loan I ever applied for

Easiest loan I ever applied for. Requested funds, and by the next night they were in my account. Very easy to apply.


JARED RIEBE

18 October, 2021

trustpilot-stars

Upgrade was very fast and efficient

Upgrade was very fast and efficient. The only problem came from the banks end. Not that it took too long for the funds to hit; it must have had to clear. I am now credit card debt free and had the extra money to have an amazing wedding. I’ll dabble into their other services a little later down the road.


JANET DOE

18 October, 2021

trustpilot-stars

This company is a waste of time!

They sent me a pre-approval but yet it still takes 5 to 10 business days. Then what was the point of the pre-approval? Shouldn't the legwork have already been done? I have never seen a loan company who works so slowly.


MICHAEL WHITLINGER

18 October, 2021

trustpilot-stars

Customer Service was great

Customer Service was great. Thank you for all the help.


GRATEFUL CUSTOMER

18 October, 2021

trustpilot-stars

I was more than a number

I felt like I was more than a number. Upgrade has given me a new lease on life, so to speak. Easy process, honest and personal.


JEFFREY TOY

18 October, 2021

trustpilot-stars

What an amazing way to do business

What an amazing way to do business, Customer care seems to be their top priority! Never needed a live customer support team member to complete my request, the website is extremely easy to maneuver. Thanks for a great experience.


NO

18 October, 2021

trustpilot-stars

Upgrade is a SCAM!!

I took out a personal loan with Upgrade in December of 2018, I have been consistently making my payments to Upgraded (automatic withdrawals) up until last year 2020 when I was hit with COVID related issues, reduction in salary, increase properties and other issues. Contacted Upgrade immediately and they were able to setup me up on a temporary payment reduction plan starting in April 2020 (please see attached payment history from Upgrade payment site). The agreement was that I would make the reduce payments for 3 months, no negative reporting would appear on my credit history as long as I did not miss any payments (all payments were automatically deducted from my checking account). The agreement was met; however, Upgrade did report a negative entry on my credit I had to contact them and remind them of the agreement. After the 3 months, I requested an extension which they agreed to ending in August of this year. They put my account in charge off on credit report no missed payments.


RAFAEL VERDE

18 October, 2021

trustpilot-stars

Happy

Congratulations very well everything


DONNA GAMMON

18 October, 2021

trustpilot-stars

So far I am very happy with my…

So far I am very happy with my experience with you


ARMANDO PONCE

18 October, 2021

trustpilot-stars

Smooth Transaction

I am very satisfied with Upgrade and how they handled my loan operation. First of all I came in with not a very good credit score so that caused a hiccup right from the start. What I liked about them was they kept you informed all the way through the process. I really believe anyone with a need for a loan should give a try.


MARTY MONAGHAN

18 October, 2021

trustpilot-stars

Funds were deposited very fast

Funds were deposited very fast . I still don't know when my first payment is due .Not sure who I need to speak to in customer service . Upgrade has many departments .


LINDA ROTH

18 October, 2021

trustpilot-stars

Good

Good easy process


TJW

18 October, 2021

trustpilot-stars

Thanks Upgrade

Thanks Upgrade! For the great service provided!!


WILMA TURNER

18 October, 2021

trustpilot-stars

VERY GOOD START GOOD RATES AND A TIMELY…

VERY GOOD START GOOD RATES AND A TIMELY MANNER TO START UR PAYMENTS


MARIA AVILA

18 October, 2021

trustpilot-stars

Fast and easy

Fast and easy


MITCHELL CROWE

18 October, 2021

trustpilot-stars

great

This is a wonderful product


VALUED CUSTOMER

17 October, 2021

trustpilot-stars

Thank you Upgrade for you service

Thank you Upgrade for you service. I will recommend Upgrade to my family and friends.


JEFFREY T

17 October, 2021

trustpilot-stars

Real efficient and easy to do

Real efficient and easy to do


GLORIA GREENE

17 October, 2021

trustpilot-stars

I thank Upgrade for their kind…

I thank Upgrade for their kind consideration with my credit. Everyone I spoke with was very caring in answering all y questions, I am saying again thanks for your company for helping me financially. I promise I wll be one of your loyal customer. Thanks very very nuch


CEASE

17 October, 2021

trustpilot-stars

This was the best option for me when it…

This was the best option for me when it comes to a loan , funds are available the next day , the application process was fast and easy . Although I didn’t get the amount I needed , it was definitely worth it .


DUANE SPIVEY

17 October, 2021

trustpilot-stars

Highly Recommend

The loan process was very easy no hassles whatsoever I highly recommend Upgrade for your financial needs.

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