Upgrade: Personal Loans Review

  24,175 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   24,175 Reviews

trustpilot-stars

A MUEGGE

4 hours ago

trustpilot-stars

Great Experience!

Upgrade provided the best rate(s) and offered multiple loan plans to make the selection fit in my budget. No hassles, straight to the point, and quick decision.


BRENDA CRIDER

5 hours ago

trustpilot-stars

Upgrade has been quick with approving…

Upgrade has been quick with approving and setting up my account. Even with cash advances, they've been real quick to respond and make the cash advance available to me.


SCOTT SHOOK

6 hours ago

trustpilot-stars

Thanks for giving me a chance to pay…

Thanks for giving me a chance to pay and consolidate my credit cards into one payment with lower interest.


KATHLEEN DEOCAMPO

7 hours ago

trustpilot-stars

Very easy process

Very easy process. Received the funds 1-2 days. This will help to payoff my credit card debt


NEVA MILLER

7 hours ago

trustpilot-stars

Upgrade deserves a thumbs up!!!

Upgrade is a very confident company. I am very appreciative that Upgrade helped me out. The process was very quick and easy with no hassles. I would highly recommend Upgrade to a friend.


JP

7 hours ago

trustpilot-stars

i love upgrade they came through for me

i love upgrade they came through for me


DIANE JOFFRION

8 hours ago

trustpilot-stars

Very easy and quick process.

Very easy and quick process.


MUTAHANNAH BROOMES

8 hours ago

trustpilot-stars

The best and trusted company by far

The best and trusted company by far. Finally a company that says what they will do and does it!!!


DARREALL HILDEBRANT

8 hours ago

trustpilot-stars

Very easy and customer service…

Very easy and customer service personnel were 👍


CHRIS

8 hours ago

trustpilot-stars

They came thru when I needed them

They came thru when I needed them. The application process was simple and easy


DORLISA MOODY

8 hours ago

trustpilot-stars

I love upgrade

I love upgrade


DAWN INZAURO

8 hours ago

trustpilot-stars

Piece of cake!

Ease of applying and quick results!


MICHAEL HAWKINS

9 hours ago

trustpilot-stars

Thank You

Upgrade was quick, fair, and friendly


ANTHONY WILKINS

9 hours ago

trustpilot-stars

Great service

Great service


DONNA

9 hours ago

trustpilot-stars

I really want to thank upgrade for…

I really want to thank upgrade for giving me a chance when no one else would. It was easy to apply. And the process was seamless.


DANIEL K

9 hours ago

trustpilot-stars

Easy process

Easy process


R. BROWN

9 hours ago

trustpilot-stars

Staff was professional

Staff was professional, process was quick and easy.


JUDY FREDERICK

9 hours ago

trustpilot-stars

The process was thorough easy.

The process was thorough easy.


MICHAEL SANTANA

9 hours ago

trustpilot-stars

Fast updating after first month..highly…

Fast updating after first month..highly recommended


ROLFE GORDON

10 hours ago

trustpilot-stars

Was easy to apply

Was easy to apply. I had a question and called customer service. They were extremely helpful and solved my problem. Another time I returned their call and the customer service rep stayed on the phone with me until he could verify my uploads were sucessful.


TOM NICHOLS

10 hours ago

trustpilot-stars

So far they have been great..but I need…

So far they have been great..but I need more time to get a feel for how they work.


BRIDGETTE ROSILES

10 hours ago

trustpilot-stars

Upgrade is a very pleasant company to…

Upgrade is a very pleasant company to do business with. All I done is filed out the application submitted it an within 10 hours the money was direct deposit into my account an the interest rate is not that bad either. I was offered different interest rate an payment plans an I just picked the one that best suited my needs an my payments or low. Thanks again for the hassle free loans that y’all offer on such simple repayment terms.


MICHAEL NICHOLS

10 hours ago

trustpilot-stars

Very easy to apply for a loan

Very easy to apply for a loan! Friendly staff!!


KIM LITTLE

10 hours ago

trustpilot-stars

Have been totally satisfied with…

Have been totally satisfied with everything so far.


LINDA GEE

10 hours ago

trustpilot-stars

You have been very helpful to me and…

You have been very helpful to me and the whole process was very clear. Thank you


HENRY

10 hours ago

trustpilot-stars

Upgrade is a awesome lending company…

Upgrade is a awesome lending company that makes borrowing money simple and stress free. I highly recommend Upgrade financial services!


G. ANASARIAS

10 hours ago

trustpilot-stars

Great help!

Customer Service were helpful during the process of my loan. Money was earlier than expected. Great job. Kudos!


JOAN

10 hours ago

trustpilot-stars

Upgrade made everything quick and easy

Upgrade made everything quick and easy. Very happy.


ANGELICA RUIZ

10 hours ago

trustpilot-stars

Great service quick turn around

Great service quick turn around Got funded in less then 2 days 25k Line of credit


BRENDA MONROE

10 hours ago

trustpilot-stars

It was a very quick and easy process.

It was a very quick and easy process.


SHARON BARNES

10 hours ago

trustpilot-stars

Very good credit card on time…

Very good credit card on time everything went threw when it was supposed to ...quickly and great I highly recommend them


CODY S

10 hours ago

trustpilot-stars

Other loan companies should take notes…

Other loan companies should take notes on how Upgrade operates! Extremely easy application process. Secondary verification is seamless via uploading your voided check on the website. My APR’s are very reasonable, in the 17% range. Great credit limits. My 1st card (Triple Cash Rewards) is $20k and my 2nd (Cash Rewards) is $5k. Im hoping they provide the ability to have multiple cards on the app dashboard because as of now, I have to log into each account separately. People looking at these cards need to understand how they work, ask questions! They ARE NOT revolving credit accounts, they are installment style personal lines of credit that have the ability to swipe a card to make a purchase. Each time you run the card it puts a new installment loan on your credit reports, which can hurt your score since it lowers your average age of accounts. USE IT WISELY.


DONNA FURMAN

10 hours ago

trustpilot-stars

Excellent for rebuilding credit

Excellent for rebuilding credit. Easy apply. Quick reponse.


STEVIE L GRAHAM

11 hours ago

trustpilot-stars

Excellent and fast service

Excellent and fast service. Would definitely recommend this company to my family and friends


SAMDAYE ALI

11 hours ago

trustpilot-stars

Service

My experience with upgrade service was excellent I got a quick response


THERESA STEK

11 hours ago

trustpilot-stars

Very quick response and approval

Very quick response and approval


MARK FEICK

11 hours ago

trustpilot-stars

Fast Best Rates Easy to deal with

Fast Best Rates Easy to deal with


A. BUSH

11 hours ago

trustpilot-stars

Fast, professional and excellent customer service

Excellent customer service. Each time ( 2 or 3) times I called the phone was answered right away with a human. My loan was approved and available promptly. I am impressed.


KATIE

11 hours ago

trustpilot-stars

Great and easy!!

Great and easy!!! It was a seamless, quick process.


ROBERT LEVEY

11 hours ago

trustpilot-stars

Upgrade fit the bill for me it was very…

Upgrade fit the bill for me it was very easy to use quick and it all made sense! Thank you Bob Levey


SUE D.

11 hours ago

trustpilot-stars

Highest recommendation

Upgrade has really made a difference on my path to financial freedom. The application process was simple and funds were sent soon after the loan was processed. I highly recommend!


CAROLYN SIMMONS

11 hours ago

trustpilot-stars

I applied

I applied, and was accepted with in 24 hours. My loan was funded as stated, very pleased.


DAVE

11 hours ago

trustpilot-stars

easy

it was very easy and quick to get the loan.it was deposited next day!


ANTONIO

12 hours ago

trustpilot-stars

Quick and easy

Easy aplication process And quick funds Will definitely use again if i need


AMORELLE HENRY

12 hours ago

trustpilot-stars

Great Lender

Fast and easy application process, clear pre-approval terms, competitive rates and quick dispersal of funds once the loan was issued and signed for. It's my second loan with this lender and continue to be very pleased with the process from start to finish.


SANDRA STEPP

13 hours ago

trustpilot-stars

Excellent service

Excellent service! Fast and more than I expected.


GEORGE PARMER

15 hours ago

trustpilot-stars

the process was efficient and timely.

the process was efficient and timely.


CONNIE

16 hours ago

trustpilot-stars

Upgrade gave me a loan when no one else…

Upgrade gave me a loan when no one else would. It was easy to apply and had a fast response.


CHERE ROBERTS-POTTER

16 hours ago

trustpilot-stars

Nice service

I first thought it was more of a credit card but it’s still a great service


ALISON HERNANDEZ

17 hours ago

trustpilot-stars

Was a long process

Was a long process. I had to keep emailing to ensure my application was being reviewed/handled. Made me do bank verification twice as they lost the record of the first one. Then after weeks and weeks of me asking about the progress I got an email stating I only had 3 days to comply with calling them or they would throw out my application. Customer service is poor at best.

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