Upgrade: Personal Loans Review

  22,070 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   22,070 Reviews

trustpilot-stars

JESSICA WHITE

01 December, 2021

trustpilot-stars

Upgrade review

It was Simple and streamlined process! Quick answer.


PHILIP SANTUCCI

01 December, 2021

trustpilot-stars

Upgrade is a great program

Upgrade is a great program, it's not just a credit card, it's a whole new process for borrowing with a credit card and a credit limit. Although I haven't used it yet, when I do it will be no problem


ELIZABETH

01 December, 2021

trustpilot-stars

Excellent

Excellent. Great customer service. 5 stars all the way!


GREGORY ELLIS

01 December, 2021

trustpilot-stars

The transaction went flawless

The transaction went flawless! Gladly would do this again!


SCOTT DITTUS

01 December, 2021

trustpilot-stars

simlpe and fast process

simlpe and fast process


FRANK VALDEZ

01 December, 2021

trustpilot-stars

Thank you up grade for giving the…

Thank you up grade for giving the jumpstart I needed to get back on track! Excellent customer service and support!


CHAMP ATARI

01 December, 2021

trustpilot-stars

Good service

Good service


ANTHONY OWINGS

01 December, 2021

trustpilot-stars

Very easy process.

Very easy process.


SHANNON LOCKE

01 December, 2021

trustpilot-stars

Was very fast and nice when I called

Was very nice when I called. They answered all my questions


SHERMAN GRAY

01 December, 2021

trustpilot-stars

I enjoyed the smooth transition of…

I enjoyed the smooth transition of applying and the ease of knowing my eligibility of my application


DIANE

01 December, 2021

trustpilot-stars

Love upgrade!

Love upgrade!


WILLIAM C

01 December, 2021

trustpilot-stars

Highly Recommend

The process was very quick. The customer service representatives were extremely nice and very helpful. I highly recommend Upgrade.


TINA C.

01 December, 2021

trustpilot-stars

Great offer.

This offer was really good. Low interest and good payment options. It took longer than advertised and I got a little worried that maybe I'd made a mistake but it was finally approved. Then took longer to get into my bank than suggested but finally got there. Hoping everything goes smoothly from here on out.


KELVEEN NAZIEN

01 December, 2021

trustpilot-stars

Hassle free application !

Hassle free application. Quick approval. Great service!


DONNA HAYES

01 December, 2021

trustpilot-stars

Awesome

Everyone that I spoke to at the call center was courteous and very helpful in every way and I really appreciate your help..


CHRISTINA BELL

01 December, 2021

trustpilot-stars

No negative review

No negative review. Everything was done quickly.


TERRY

30 November, 2021

trustpilot-stars

I would Recommend upgrade to my family…

I would Recommend upgrade to my family and friends very convenient and helpful


RAYMOND BOYLES

30 November, 2021

trustpilot-stars

Impressed with the service and easy…

Impressed with the service and easy loan options. Thank you.


GABRIEL CASAS

30 November, 2021

trustpilot-stars

East to use website!

Applied one day and had the money in my account in under 24 hours! Easy to work with.


LOURDES VILLARREAL

30 November, 2021

trustpilot-stars

I had an excellent experience with…

I had an excellent experience with Upgrade.


LALA

30 November, 2021

trustpilot-stars

Applying was an easy process and I’m…

Applying was an easy process and I’m pleased with the services offered


SHOMAR

30 November, 2021

trustpilot-stars

Fast and easy process!!

Fast and easy process!!


JOEL RICHARDS

30 November, 2021

trustpilot-stars

Very good people very helpful and they…

Very good people very helpful and they always answer your calls😀😀😀😀


JULIE LOGUE

30 November, 2021

trustpilot-stars

Thank you.

Thank you. Very useful card.


DANIEL CARRILLO

30 November, 2021

trustpilot-stars

I'm so happy to have used Upgrade

I'm so happy to have used Upgrade, ther services were fast and easy. No fuss or endless paperwork, and a great rate.


JOHN

30 November, 2021

trustpilot-stars

Have so far be treated professionally…

Have so far be treated professionally and fairly on all transactions


JESSICA

30 November, 2021

trustpilot-stars

The entire process is easy to go…

The entire process is easy to go through.


CAROLYN ADAMS

30 November, 2021

trustpilot-stars

Great Company

Very quick approval and money was here in less than a week.


JOSEPH R.

30 November, 2021

trustpilot-stars

Thank you for being quick, simple, easy to work with.

I have had nothing but a great experiences with Upgrade. I am in my second loan and each time the process has been simple and quick. I've only had to get help one time and it turned out to be something simple on my side of things. The person helping me was great and easy to talk to, helped me quickly get through the process and approved.


JAMES BARSNESS

30 November, 2021

trustpilot-stars

Great service

Great service


JANNIEKA N BENJAMIN

30 November, 2021

trustpilot-stars

I really appreciate upgrade for helping…

I really appreciate upgrade for helping me out I needed it ...


HUDSON SMITH

30 November, 2021

trustpilot-stars

website errors, broken end to end processes

website errors, disjointed process actions latest i setup rewards checking site said you have done all you need. got email that said setup direct deposit and when i follow directions i am blocked from doing this.


DOUGLAS SULLIVAN

30 November, 2021

trustpilot-stars

No review at this time

No review at this time


ORLANZO GILLIS

30 November, 2021

trustpilot-stars

Very easy process so far so good

Very easy process so far so good


GAYNELL COTTON

30 November, 2021

trustpilot-stars

Excellent service would recommend!

Excellent service would recommend!


BOB

30 November, 2021

trustpilot-stars

Real review / Would Def. Recommend.

With both a loan and a credit line, your operation has made my financial situation more stable. Consolidating my debt with your loan was a life saver.


JORGE

30 November, 2021

trustpilot-stars

Fast and easy process

Fast and easy process. Money was in my account the next day. Highly recommended.


BRIAN BINGHAM

30 November, 2021

trustpilot-stars

Smooth and Quick

Smooth and Quick, was the whole process from application to funding. I am a big fan of Upgrade and was even competitive with my local credit union for rates. Thanks, Upgrade!


ROBERT J REID

30 November, 2021

trustpilot-stars

Upgrade application process is easy to…

Upgrade application process is easy to complete and the entire process is very fast. My loan and consolidation payments were completed in two days. Outstanding!


MICHAEL

30 November, 2021

trustpilot-stars

Needed a loan to pay off debit and…

Needed a loan to pay off debit and these guys are amazing the money was deposited when they said it would be terms are easy to understand and super easy. Best loan place


KIMBERLEY HILL

30 November, 2021

trustpilot-stars

They are very fast with approvals and…

They are very fast with approvals and creates a virtual card to use until your permanent card in the mail


COLLEEN CANFIELD

30 November, 2021

trustpilot-stars

Overall, great experience!

Once my loan was approved(it took awhile), the money was in my account the next day. Also, my communication with the customer service reps was top notch!


EVERETT GEORGE

30 November, 2021

trustpilot-stars

Customer

Up grade was very timely in getting me a personal loan to complete a project. They were efficient in getting me the loan.


HUNTER

30 November, 2021

trustpilot-stars

Easy process

Simple, straight forward process. Took about a month to get everything finalized but other than that it was good.


FRANCISCO SAAVEDRA

30 November, 2021

trustpilot-stars

Upgrade is simply great !

Upgrade is simply great !! NO hard times to decide an approval !! I'm 100% satisfied with their loan process, the app is great and easy to work. Thanks....


JESUS

30 November, 2021

trustpilot-stars

Just when I thought I had nowhere else…

Just when I thought I had nowhere else to look for help, Upgrade presented itself and with nothing to lose I decided to apply. Approved!!! Couldn't believe it and it was as easy as they said it would be. So thankful


PAUL FRANKE

30 November, 2021

trustpilot-stars

Easy pain free process,

Easy pain free process,


SANDRA LLOYD

30 November, 2021

trustpilot-stars

I was very impressed with how quick…

I was very impressed with how quick this company works and makes it so simple. I would refer them to friends.


SANDRA LEIJA

30 November, 2021

trustpilot-stars

Great rates and very quick to give you…

Great rates and very quick to give you a decision.


RUSTY MARKS

30 November, 2021

trustpilot-stars

I very happy with upgrade

I very happy with upgrade

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