Upgrade: Personal Loans Review

  20,296 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   20,296 Reviews

trustpilot-stars

MARIE SWAN

10 hours ago

trustpilot-stars

I feel I was very fortunate to find out…

I feel I was very fortunate to find out about Upgrade. I'm very satisfied with this company and the associates have been extremely knowledgable, helpful and made sure I understood everything and always offered additional help if needed.


JOANN MACALUSO

10 hours ago

trustpilot-stars

My service agent was awesome yesterday

My service agent was awesome yesterday! I’m so sorry I don’t remember her name but her customer service was flawless! Thank you again!


GERALD KELLEY

11 hours ago

trustpilot-stars

Great place...thank you

Great place...thank you. Quick and easy!


EBONY EVANS

12 hours ago

trustpilot-stars

No complaints here

I have no complaints about this company so far. I hope there are no issues. I did everything online and the money was deposited into my account like they said it would be. I’m satisfied.


WILLIAM

12 hours ago

trustpilot-stars

quick

quick, simple, fast and good rates


LAURA S

12 hours ago

trustpilot-stars

Service is super fast

Service is super fast , no complications and low payments


RABBI GARLAND

12 hours ago

trustpilot-stars

I want to thank upgrade for the loan to…

I want to thank upgrade for the loan to help me consolidate my credit they do a wonderful job and helping people like me


OLIVER KING

13 hours ago

trustpilot-stars

I’m a new upgrade customer and I really…

I’m a new upgrade customer and I really like my upgrade card. When used the right way this card can be very effective. Having the predictably of a personal loan, being able to consolidate my other credit cards debt into one low monthly payment was a big plus for me. Now I will improve my credit score and lower my credit usage tremendously. This is a great card for responsible users.


CAL L.

14 hours ago

trustpilot-stars

Fast and easy process

Fast and easy process


DONALD WATSON

14 hours ago

trustpilot-stars

Outstanding!!!

This was one of the most painless experiences I've ever had dealing with a loan. The process was quick and easy and I received my funds in a timely manner which caused my to be able to fulfill my financial obligations. Upgrade is a life saver!


MICHAEL QUIGLEY

14 hours ago

trustpilot-stars

The process was clean

The process was clean, fast and very clear. Outstanding service! Was a customer of another loan company where I closed 10k in loans. Now? Only Upgrade! Don’t waste your time with another firm. This is the best company to do business with you!


TERRIE ATKINS

14 hours ago

trustpilot-stars

I called about my loan.I explained to…

I called about my loan.I explained to the person that I have not received a credit for one.She proceeded to explain to me the time to allow for a check was sent to one.She was very polite and informed me to call back on a certain date if it was not cleared and what they would do next.


WANDA ROBINSON

14 hours ago

trustpilot-stars

Exceptional Service on Loan approval…

Exceptional Service on Loan approval process. Length of time actual funds available has been lengthy, however does not change the overall review.


ALIYA E AHMED

14 hours ago

trustpilot-stars

Exceptional customer service

Exceptional customer service


OLANDA SERVILUS

14 hours ago

trustpilot-stars

Thank you for helping me when I needed…

Thank you for helping me when I needed it the most.


SANDY CHANGWALTERS

14 hours ago

trustpilot-stars

Excellent customer service

Excellent customer service


EDWARD W

15 hours ago

trustpilot-stars

Application was easy

Application was easy. Having been a previous customer on a personal loan and reading others reviews made choosing Upgrade the right choice.


LUIS CORTAZAR

15 hours ago

trustpilot-stars

Easy to apply

Easy to apply. I would just add that it would be nice to know when payment to creditors was made once the loan was approved


CALVIN SUMMERS

15 hours ago

trustpilot-stars

The process was easy

The process was easy, but I had to do follow-up calls before my account was established.


UNANIMOUS

15 hours ago

trustpilot-stars

Loan Service Review

I was very pleased with the service I had for my loan, other than having to wait 15-20 mins every time I called. Other than that, great job!


RENEE COVEY

15 hours ago

trustpilot-stars

Easy to apply excited to see how loan…

Easy to apply excited to see how loan works


DEBRA

15 hours ago

trustpilot-stars

Very pleased with Upgrade!

I highly recommend Upgrade. I applied for my loan and it was approved right away. Plus their customer service is excellent. When you call you get a real live person that are knowledgeable and efficient. All around I was so happy with the experience that I applied for a second product that I wasn’t planning on but know that I am well taken care of as a client of Upgrade.


MAXI DORMEVIL

16 hours ago

trustpilot-stars

my experience with upgrade

i thought that the process was a little longer than i expected but once everything went through, using my funds was very easy and convenient... I would definitely recommend your company to family and friends who may need some quick fund's to catch up on bills or pay off credit card bills


CHRISTINA CULLINS

16 hours ago

trustpilot-stars

This was a very easy process

This was a very easy process. I had an answer in one work day.


SHANIA W.

16 hours ago

trustpilot-stars

For every company that wouldn't give me…

For every company that wouldn't give me chance SHAME ON YOU! UPGRADE now has a loyal customer for life! For sure will be referring friends and family. Their process is very easy in submitting the application. I have had any issues resolved promptly, and they accommodate all hrs, even weekends to assist their customers! Thank you UPGRADE giving me a chance! You all have been more than great!


VALUED CUSTOMER

16 hours ago

trustpilot-stars

Very easy and helpful.

Very easy and helpful.


SATISFIED CUSTOMER

16 hours ago

trustpilot-stars

What a wonderful and fast process

What a wonderful and fast process . I called and they didn’t have me go thru recordings ! I spoke to someone and had questions answered The app is easy to use ! Needed this loan in a very difficult time and upgrade made it less stressful !


SAM

16 hours ago

trustpilot-stars

Very quick process.

Very quick process.


KELLEY

16 hours ago

trustpilot-stars

Fast easy application process

Fast easy application process. Got money quickly and cc we’re paid like agreed. Better interest rates than most lenders. Will use them again if needed.


PRISCILLA YEBOAH

16 hours ago

trustpilot-stars

Easy process no hassle

Easy process no hassle. Quick approval rates for bad credit


LEONARD MORSE

16 hours ago

trustpilot-stars

Excellent service

Excellent service, highly recommend!


HAPPY

16 hours ago

trustpilot-stars

Everything went smoothly and fast

Everything went smoothly and fast, and a good rate as well. Thank you!


LORRAINE SALEEM

16 hours ago

trustpilot-stars

All of my interactions were great with…

All of my interactions were great with all of the representatives that I spoke with. The process was easy and everyone was helpful when I would call with questions.


PHYLLIS HALLEY

16 hours ago

trustpilot-stars

Life changing

I wanted to pay off some debt that I owed and I saw an ad for upgrade on Facebook. I thought well hey I'll give this a try and I'm sure glad I did! I was approved right away and I received my money within probably 4 days and happily I paid my bills off and I just want to thank upgrade for their fast friendly service!


LARRY ROSE

16 hours ago

trustpilot-stars

So easy application process

So easy application process. Got my card number instantly, with an insane spending limit.


RASHIDA SUBER

16 hours ago

trustpilot-stars

Great Company

This is a great company’! I was having financial hardship and this was right on time! Will definitely refer this to other people! Thanks Upgrade


CC

16 hours ago

trustpilot-stars

Easy, quick, great!

Very easy application process. The approval process is quick. Great customer service.


PATRICIA CONDOS

16 hours ago

trustpilot-stars

Excellent

So professional and quick


ROSA ALEGRIA

16 hours ago

trustpilot-stars

Supper easy and convenient

Supper easy and convenient. Thank you!


KPOM

16 hours ago

trustpilot-stars

Loan approval and funding

The process for loan approval and funding was easy and straightforward and the funds were added to my account within dats from the start of the process. This wS so helpful in fu ding our new roof project


FERNANDO NINA REYES

16 hours ago

trustpilot-stars

I love

I love,I do not see a better institution to help the consumer, compared to other companies this is the one that I feel the best when doing business with them


GEORGE

16 hours ago

trustpilot-stars

Fast and easy

Fast and easy


SANKAR MADHAVAN PILLAI

16 hours ago

trustpilot-stars

Fast and quicker

Fast and quicker


KELLIE

16 hours ago

trustpilot-stars

Services

My experience was great , thank you for your professional service


AMY HIGGINS

17 hours ago

trustpilot-stars

Loan process

The process was very simple and convenient, I am looking forward to getting my finances in order now. Thank you Upgrade.


DEX S.

17 hours ago

trustpilot-stars

I was hesitant at first but after…

I was hesitant at first but after applying this process was smooth and easy. I had no trouble with the application nor the process of receiving my money. I'm thankful I was approved.


GERALD CHEWNING

17 hours ago

trustpilot-stars

too many email

I HAVN'T RECIEVED MY CARD YET BUT I'm receiving tons of email.


LAVAUGHN HENRY

17 hours ago

trustpilot-stars

Great price and a transparent…

Great price and a transparent application process.


CUSTOMER

17 hours ago

trustpilot-stars

you are very helpful but i really…

you are very helpful but i really believe that your interest rates should be lower for someone who pays their bills!!! i would really like to combine all payments at a lower rate for a shorter term and get this all paid!!!!


ADAM PRAW

17 hours ago

trustpilot-stars

Simply the best

The loan process is always quick and simple. There are no hidden fees, prepayment penalties and they are upfront about everything. They have the best rates and take the lowest percentage back from you. I have before and I will again, recommend you to everyone I know who needs a loan. Thank you.

1

2

3

4

5