Upgrade: Personal Loans Review

  19,977 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   19,977 Reviews

trustpilot-stars

BIGNEL

19 hours ago

trustpilot-stars

Thank you so much for approving my…

Thank you so much for approving my application for the Upgrade Card it was a quick process


STEPHEN SCOVILLE

21 hours ago

trustpilot-stars

I needed a loan to help fix the house…

I needed a loan to help fix the house up that I bought and it was a very easy applications to sign up for and there was only a short wait for the loan so I have no complaints and only good things to say about upgrade.


CHERYL MICHAUD

21 hours ago

trustpilot-stars

Quick payoff of two credit cards and car loan.

I wanted to pay off 2 credit cards and my car loan by consolidating with a loan from Upgrade. The whole process was easy and was approved very quickly. I received my money in a timely manner and have only one monthly payment now instead of three. This will enable me to make much higher payments and get this loan paid off quite fast.


KENNETH

22 hours ago

trustpilot-stars

On time when you need them.

On time when you need them.


JEFF TURNER

23 hours ago

trustpilot-stars

Excellent Service and Fast Decisions

They were quick, responsive, and direct. I was able to get all the information I needed, supplied all they needed, and the decision was reached in a matter of a few hours. The deposit was sent within 24 hours (as instructed) and the cards were paid off. Amazing company and highly recommended!


ROGER BROWNFIELD

23 hours ago

trustpilot-stars

Be prepared

It was a slow but good experience for helping me cheap my financial status updated. I would recommend upgrade two people I know who need financial assistance and to get there financial affairs in order.


CAROLE BEAM

23 hours ago

trustpilot-stars

They were quick and easy

They were quick and easy


KEVIN WILHOIT

20 October, 2021

trustpilot-stars

The application was very simple and…

The application was very simple and upfront with all the information you needed to know before applying for the card and it answered a lot of questions I had about the card


PAMELA LINDSEY

20 October, 2021

trustpilot-stars

I applied for a loan with less than…

I applied for a loan with less than stellar credit and to my surprise approved. I would recommend upgrade.


LISA SCOTT

20 October, 2021

trustpilot-stars

So far Upgrade is wonderful

So far Upgrade is wonderful. I applied on a Friday, got approved on Monday, and had the money by Tuesday. I am only giving a 4 star rating because the APR and the origination fee are quite high for having a fair credit score, but it was one of the better offers that I had and they are upfront and honest about all of the fees and interest. The payments are low and the terms are fair. Also, they required me to pay about half of my loan to some kind of credit card or other allowed debt in order to get a better rate. I thought this was very smart and in the long run will help improve my credit.


BOBBI BROWNING

20 October, 2021

trustpilot-stars

Great experience

Great experience. I would recommend Upgrade to anyone. Fast, easy and great payment plans


GARRY COSTON

20 October, 2021

trustpilot-stars

Excellent customer service

Excellent customer service; answered all of my questions, and went out of the way to accommodate me and lead me through the process.


ANNE JOHNSON

20 October, 2021

trustpilot-stars

I was looking for a debt consolidation…

I was looking for a debt consolidation loan to streamline my monthly expenses. After looking at several other companies I came upon upgrade and upgrades seem to offer me the most at the most affordable interest rate. The process was simple and quick filled out a few questions online and received a follow up call and within four days I had my money deposit into my bank account. So far no problem at all.


STEVEN ZOLEZZI SR

20 October, 2021

trustpilot-stars

Whole process easy

Whole process easy


RICHARD TORRES

20 October, 2021

trustpilot-stars

Very happy that I didn’t have to jump…

Very happy that I didn’t have to jump through hoops to an approval! Terms are reasonable except accessing the funds took to long but all in all excellent!!!!


PM MOBILE TINT

20 October, 2021

trustpilot-stars

Quick rapprovala and turn around.

Quick rapprovala and turn around. Highly recommend


DONALD ERICKSON

20 October, 2021

trustpilot-stars

Great program for everyone

Great program for everyone


CHRIS

20 October, 2021

trustpilot-stars

Quick and easy process.

Quick and easy process.


DALE MOSELEY

20 October, 2021

trustpilot-stars

Customer service rep was very easy to…Work with

Customer service rep was very easy to work with


CUSTOMER

20 October, 2021

trustpilot-stars

Very thankful for having the chance to…

Very thankful for having the chance to be debt free in 2yrs. Without UPGRADE this opportunity would not of happened. Thank you for everything & answering my questions when i had them.


MECHELKE

19 October, 2021

trustpilot-stars

Such an easy process

Such an easy process. My only issue is that the interest rate they initially stated is not the one I ended up with.


DEBORAH CLARK

19 October, 2021

trustpilot-stars

I received money the minute I asked

I received money the minute I asked. Good job!


EDGARDO CARDINALI

19 October, 2021

trustpilot-stars

Excelent and accurate finantial…

Excelent and accurate finantial service. Helpful


STEVE

19 October, 2021

trustpilot-stars

This group has been great to work with.

This group has been great to work with.


SHERRY NURMELA

19 October, 2021

trustpilot-stars

I am still unable to access my account…

I am still unable to access my account as it says problem with my email or password. I have been dealing with this for at least a week.


SERGIO RIVERAS

19 October, 2021

trustpilot-stars

Excellent service and attention

Excellent service and attention, very fast. I recommend 100%


ERIC

19 October, 2021

trustpilot-stars

Easy

Easy, fast, and fair.


CHERILYNN BRADFORD

19 October, 2021

trustpilot-stars

Upgrade made the process super easy and…

Upgrade made the process super easy and it was fast also. Thank you upgrade!


DARLENE SCOTT

19 October, 2021

trustpilot-stars

God Sent

Upgrade has been a blessing. Upgrade relieved so much stress along with clearing up debt and providing means for home repairs. Thank you so much UPGRADE!!!


JD

19 October, 2021

trustpilot-stars

Everything was simple and easy to use…

Everything was simple and easy to use if I have one complaint it would be there high interest rates.


TONY PINKINS

19 October, 2021

trustpilot-stars

Upgrade made the process easy to…

Upgrade made the process easy to request and receive a loan for the emergency situation i was in.


STEVEN HOUGLAND

19 October, 2021

trustpilot-stars

Exactly what I needed!!👍

I received excellent service and I got my credit cards paid off and have 1 low monthly payment!!😃


FERNANDO ARROYO SR

19 October, 2021

trustpilot-stars

Great service all around

Great service all around


ADONNA AND FRIENDS

19 October, 2021

trustpilot-stars

Professional!

Professional!


EARL PETTIBONE

19 October, 2021

trustpilot-stars

Thank you for your professional service…

Thank you for your professional service it came right at the right time


HARVEY M GEORGE

19 October, 2021

trustpilot-stars

I thought when they said that I was…

I thought when they said that I was approved for the loan that was it. However it seems like that was just one more fairy tale blown up in front of my eyes.


JOHN GRAVES

19 October, 2021

trustpilot-stars

They closed my account for no reason

They closed my account for no reason. I paid it off every month so they lost money on me when I got the cash back from them. Pretty sad they would do this. I would recommend that you stay away from this card. It's a joke and trust me I never carried a balance and that made them upset with me. Loosers as far as I'm concerned. STAY AWAY!!!


GRATEFUL CUSTOMER

19 October, 2021

trustpilot-stars

Easy no hassle application done all…

Easy no hassle application done all online. For less than perfect credit. A well deserved hand up. Upgrade helped.


J HUNTER

19 October, 2021

trustpilot-stars

The process with upgrade was smooth and…

The process with upgrade was smooth and efficient. I will recommend Upgrade to anyone using needing to consolidate debts.


HOWARD JERNIGAN

19 October, 2021

trustpilot-stars

Great service.

They listen and get results.


ROSALVA DELEON

19 October, 2021

trustpilot-stars

Website is always glitching

Website is always glitching


ERIK REIDE

19 October, 2021

trustpilot-stars

Absolute great customer service

Absolute great customer service


JEROME DEZURN

19 October, 2021

trustpilot-stars

Upgrade done "exactly" every thing it…

Upgrade done "exactly" every thing it communicated with me. I was happy with the "Speed" in which the complete process took. Their home site has Many tools, resources to "Educate" you in credit health. No Cons, schemes and Security of information is good, My experience, it works for me. Thanks.


RODNEY ANDERSON

19 October, 2021

trustpilot-stars

Good quick service

Good quick service. Easy to use


MIGUEL NAZARIO

19 October, 2021

trustpilot-stars

Quick approved!

Quick approved!! Money sent in 2 days!! Thanks


KRISS BURWELL

19 October, 2021

trustpilot-stars

Everything went very smoothly

Everything went very smoothly


ABDUL-RAHIM ALI

19 October, 2021

trustpilot-stars

Unbelievable courtesy consumer…

Unbelievable courtesy consumer friendly and quick response


UGOCHUKWU EMEKA

19 October, 2021

trustpilot-stars

The process of getting the loan was…

The process of getting the loan was easy, no hassle and the rate I got was fair


BRITTANY LANE

19 October, 2021

trustpilot-stars

Fast and easy process

Fast and easy process! The approval was quick. The company even help with personal lines of credit as well. Definitely would recommend this credit card.


RANDY COUTURE

19 October, 2021

trustpilot-stars

A great card with no restrictions and a…

A great card with no restrictions and a virtual card so you can use it right away . You can’t beat that

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