Upgrade: Personal Loans Review

  22,252 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   22,252 Reviews

trustpilot-stars

JOE

06 December, 2021

trustpilot-stars

Long process still have not received…

Long process still have not received card


CHARI

06 December, 2021

trustpilot-stars

Upgrade is a Blessing

Upgrade has been a tremendous help to me especially at this time. My credit is not the greatest but I'm working hard to re-establish myself and I was in great need of home repairs and Upgrade is enabling me to do the things I need to do at very affordable pricing. I am so very thankful that I was approved and looking forward to a wonderful relationship.


RYAN BRADLEY

06 December, 2021

trustpilot-stars

They are everything they say they are

They are everything they say they are


HOWARD GOLDSMITH

06 December, 2021

trustpilot-stars

Overall it's very good

Overall it's very good. Platform four be easier to navigate. However , good.


IVY CRENSHAW

06 December, 2021

trustpilot-stars

I love it when a company does exactly…

I love it when a company does exactly what they say they will. Upgrade you’ve lived up to all of my expectations and I think God that I chose you to do business with.


WILLIAM ELKINS

06 December, 2021

trustpilot-stars

Newbie

Well, considering I've just been approved, and haven't even got card in mail yet, good so far. Probably better to ask for survey after couple month. Hoping there is an app to be able to pay bill, follow spending ect. Other than that, will be happy to be a user.


WT

06 December, 2021

trustpilot-stars

My experience

From application, to review through approval, the Upgrade team was engaging and efficient. This was the first financial review I actually enjoyed.


KIM T

06 December, 2021

trustpilot-stars

Very fast service

Very fast service


DENISE SENEGAL

06 December, 2021

trustpilot-stars

I love how fast and sufficient…

I love how fast and sufficient everything went. No problems saved the day for me. I highly recommend


SCOTT SNYDER

06 December, 2021

trustpilot-stars

I applied for a consolidation loan with…

I applied for a consolidation loan with Upgrade, and the process was easy and simple. I was able to do everything on line which made the process even easier. I had an answer within 48 hours and my credit score went up as a result. I would recommend them to anyone in need of their services.


SUZANNA TENIJIETH

06 December, 2021

trustpilot-stars

I love Upgrade

I love Upgrade. It was fast and easy. They are professionals and treat customers very nice


TIFFANY PERRY

06 December, 2021

trustpilot-stars

Excellent!

Excellent!! All around!!


GOGOBLONDEE

05 December, 2021

trustpilot-stars

Uprade approved me for a certain amount…

Uprade approved me for a certain amount of credit and I'm very happy they did but, I still haven't seen a dime of the loan amount.


DAWN PORTER

05 December, 2021

trustpilot-stars

Thanks

This service so far has been great and very prompt in the response time. Thank you


FERNIE ARCINAS

05 December, 2021

trustpilot-stars

Simple

Simple, easy, and fast approval!


JAMES WHALEN

05 December, 2021

trustpilot-stars

Too soon to really give an accurate…

Too soon to really give an accurate review.


HAYNES M

05 December, 2021

trustpilot-stars

Great card with affordable rates.

Great card with affordable rates.


ABRAHAM ORTIZ

05 December, 2021

trustpilot-stars

Was quick and easy

Was quick and easy. Didn't take to long to complete everything.. definitely recommend using them.


GEORGE REED

05 December, 2021

trustpilot-stars

OTHER THAN NOT UNDERSTANDING THE…

OTHER THAN NOT UNDERSTANDING THE REQUIREMENTS WHEN APPLYING, ITS BEEN A PLEASANT EXPERIENCE, I APPRECIATE THE OPPORTUNITY THAT I WAS GIVEN, I THANK YOU FOR GRANTING ME THIS OPPORTUNITY 👏🏾👏🏾


LYNDA WARD

05 December, 2021

trustpilot-stars

My experience with Upgrade has been…

My experience with Upgrade has been entirely positive, and I am grateful that I chose to turn to you with my financjal problems. I would recommend you highly to anyone.


ROGER VILLALOBOS

05 December, 2021

trustpilot-stars

Very Thankful!!!

Man, upgrade is exactly what I was looking for. They help me pay off all my debt and the ability to pay utility bills on the first of the month and not have to worry about them on a weekly basis. Enjoying the freedom in my finances. Thank you God for sending upgrade at the perfect moment.


SHON NEYLAND

05 December, 2021

trustpilot-stars

I recommend updrade to family members…

I recommend updrade to family members and friends when you need a short-term low interest loan. The service is excellent and quick.


THOMAS REAGOR

05 December, 2021

trustpilot-stars

Three thumbs up - if that were possible :)

Process could not have been any easier. Payments were made to creditors immediately and were posted quickly to the specified accounts. Best experience yet with an online lender!


DEBRA PREZIOSO

05 December, 2021

trustpilot-stars

Ive been waiting for my credit card for

Ive been waiting for my credit card for about a week. Don’t understand why it’s taking this long. Otherwise, the process to apply was very easy and quickly approved.


MARIA BELLOSILLO

05 December, 2021

trustpilot-stars

Upgrade helps me a lot in my needs.

Upgrade helps me a lot in my needs. Quicker response to me what document needed and guide in every step of the way.


STEPHEN

05 December, 2021

trustpilot-stars

Mainly Good Service

In general, I was pleased with the service. There was an ongoing problem connecting with an agent throughout the process.


DELORES BROWN

05 December, 2021

trustpilot-stars

I am new but so far I am pleased.

I am new but so far I am pleased.


UNIMPRESSED

05 December, 2021

trustpilot-stars

Poor customer service and inept staff interactions

At first I felt this may be a good choice, then I realized they don't have sufficient people working there with an IQ over 100. I was approved for 10K range They consistently lost my info, and asked for the same documentation over and over. When I called, no one could answer questions. I found the whole experience so unprofessional I began to get skeptical if this was a real company. My personal suggestion is to stay away from them


CUSTOMER

05 December, 2021

trustpilot-stars

Always answer your calls and everything…

Always answer your calls and everything was quick and smooth I will recommend it to anyone. Great service


MAURICE LITTLE

05 December, 2021

trustpilot-stars

Good service

Good service


BJORN HOHENZOLLERN

05 December, 2021

trustpilot-stars

Upgrade has been friendly

Upgrade has been friendly, professional, and shown a pro-customer view when interfacing with prospective customers. It has been a joy to engage with representatives, either by phone, or via online, of Upgrade. They make the process very user friendly from the start, and continue throughout the review process. I look forward to working with Upgrade for many years to come. Thank you. BJORN


VIOLET RATLIFF

05 December, 2021

trustpilot-stars

WELL UPGRADE HELPED ME WHEN I…

WELL UPGRADE HELPED ME WHEN I APPRECIATE IT lot I REALLY NEEDED IT


GLENN ALLEN

05 December, 2021

trustpilot-stars

This is an amazing organization that…

This is an amazing organization that does not make idle promises. They finish the vetting process and make a decision. They don't write you 50 times making a bunch of worthless excuses because they are busy making things happen.


CHARLES SINGLETON

05 December, 2021

trustpilot-stars

Very easy process

Very easy process


THERESA

05 December, 2021

trustpilot-stars

Everyone is very attentive

Everyone is very attentive


DANIEL FRLDMANN

05 December, 2021

trustpilot-stars

I've had several loans and paid off…

I've had several loans and paid off several loans I have a loan with you right now and I would like to refy and get a more money and a litle lower interest i was turned down after paying off several loans, seriosly not happy about it .


JANET

05 December, 2021

trustpilot-stars

This was a very seamless

This was a very seamless, painless process. I am new, but I am looking forward to a long relationship with Upgrade.


NANA G

05 December, 2021

trustpilot-stars

Super easy process the money was…

Super easy process the money was deposited into my account within 2days!! I will definitely recommend Upgrade to my friends and family 👍


ADRIANA DAVILA

05 December, 2021

trustpilot-stars

Upgrade has been a huge life saver

Upgrade has been a huge life saver. I was able to consolidate my debt.


VEOLA HANKLE

05 December, 2021

trustpilot-stars

I had an amazing experience

I had an amazing experience all of your customer service representatives was helpful thanks for all of your help


CHRIS

05 December, 2021

trustpilot-stars

This is a very good credit card to…

This is a very good credit card to have, no issues so far.


JOSH ALDRIDGE

04 December, 2021

trustpilot-stars

Finally able to rebuild my credit!!!

Rebuilding my credit has been a nightmare of a process, until I found Upgrade. They actually consider my situation, and see that I’m more than a number. Weighing my income and lack of debt they’ve given me a chance to really start rebuilding after a messy divorce a few years back hit my credit score hard. They treat me like a person who’s trying to build back better, rather than a three digit number.


RENATO MACASIEB

04 December, 2021

trustpilot-stars

Good customer service and real…

Good customer service and real information provided on this social media. I recommend this company to all friends who is seeking financial help and to help thier credit increase.


VERONICA MIRACLE

04 December, 2021

trustpilot-stars

It's saving me $100

It's saving me $100


PRAVESHAN PILLAY

04 December, 2021

trustpilot-stars

Easy process and excellent customer…

Easy process and excellent customer service.


SSGT. JOHN LAIRD, USAF 1968-1975

04 December, 2021

trustpilot-stars

Incredibly easy process— first rate…

Incredibly easy process— first rate customer service. Couldn’t ask for more from any company. Thank you for the help!!


MARK JOHNSON

04 December, 2021

trustpilot-stars

Major Kudos for Upgrade...

Upgrade provided the credit line I needed and terms that fit my budget. I was able to payoff some much needed debt. The turn around process is fast and customer service will answer your questions as they arise.


JUAN

04 December, 2021

trustpilot-stars

Excellent customer service

Excellent customer service


VICENTE GUADIANA

04 December, 2021

trustpilot-stars

Upgrade really delivered

Upgrade really delivered. I had applied with other loan consolidation companies that could not deliver on their promises. Instead of getting a loan all I got were reasons why they could not offer me a loan. Upgrade helped me when no one else did. Thank you again, Upgrade. Sincerely, Vincent.


MS M

04 December, 2021

trustpilot-stars

excellent

They are wonderful

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