Upgrade: Personal Loans Review

  32,500 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   32,500 Reviews

trustpilot-stars

RODNEY MCLIN

12 hours ago

trustpilot-stars

They were helpful.

They were helpful.


DIANE MCCANN

13 hours ago

trustpilot-stars

Great I love it

Great I love it


RICHARD NICACIO

13 hours ago

trustpilot-stars

It was easy and the person i talked to…

It was easy and the person i talked to knew what they were talking about, very friendly and helpful. No pressure.


TRAVIS DIXON

13 hours ago

trustpilot-stars

Everything was fast

Everything was fast, convenient and easy.


FABIBIE

14 hours ago

trustpilot-stars

Wonderful service!

Wonderful service!


DREN S.

14 hours ago

trustpilot-stars

Upgrade is awesome!

Upgrade was great. I applied via Credit Karma (CK) and was approved to my surprise. Majority of the financial institutions CK claims outstanding approval odds have normally approved me, then turned around and closed my account a few days later for no absolute reason. Upgrade has approved my loan and sent out funds within the next couple weeks, following approval. I was able to use the funds to pay off a pre-existing loan, and I'm now paying off this loan, which has a lower monthly payment, thus helping me in the long run. Both loans were a 3 year term, but Upgrades monthly payment was much lower. I would definitely use Upgrade again in the future!


STEPHANIE

16 hours ago

trustpilot-stars

Fast and easy

Fast, easy and my loan was funded in 2 days. All done online.


JUAN

16 hours ago

trustpilot-stars

Great

Great service


IRIS SANTOS

16 hours ago

trustpilot-stars

The process to acquire the loan with…

The process to acquire the loan with Upgrade is very easy and organized.


SHAN SHERIDAN

16 hours ago

trustpilot-stars

Great experience and fast!

Fast and excellent customer service!


CLIFFORD HOLDREN

16 hours ago

trustpilot-stars

Great team quick response Thanks Cliff

Great team quick response Thanks Cliff


SHARI SMITH

17 hours ago

trustpilot-stars

Quick and Easy

Took very little time to fill out the application. Heard back in less than a week. Very easy and rewarding experience from start to finish. Made paying down high interest rate credit cards a thing of reality. Thank you!


MICHAEL JOHNSON

17 hours ago

trustpilot-stars

Positioning

I have a Credit Krama account and upgrade was an option that has allowed me to consolidate my cards to increase my score. Great Bank to help individuals that are getting back on track with their credit. Very smooth and easy process. KUDOS to Upgrade for a job well done....


RICHARD

17 hours ago

trustpilot-stars

This was a fairly simple process.

This was a fairly simple process.


T ROSS

18 hours ago

trustpilot-stars

Quick and easy

Very easy and quick processing of my application.So far app is very user friendly.


JOHN SIMS

18 hours ago

trustpilot-stars

Very fast process and great customer…

Very fast process and great customer service.


JOSE MARTINEZ

18 hours ago

trustpilot-stars

Great Process

The process was very simple and both representatives that called me in the process of the application were very friendly and professional. Thank You!!


THOMAS MAHER

18 hours ago

trustpilot-stars

Easy process

Easy process


JAMES SHOUSE

19 hours ago

trustpilot-stars

Incredible service!

Very efficient process in applying for the card. The approval was very quick and hassle free. I highly recommend Upgrade.


JOEY BIZZELL

19 hours ago

trustpilot-stars

I think it was ok but started out at o…

I think it was ok but started out at o e amount then decreased substantially without really advising why!


JOEY

19 hours ago

trustpilot-stars

East quick fast approval.

East quick fast approval.


DALE

19 hours ago

trustpilot-stars

Great card

Great card, easy process grateful to have a relationship with Upgrade!


GARY FARLEY

19 hours ago

trustpilot-stars

The virtual credit worked fine and…

The virtual credit worked fine and signing up was very easy. Will be opening a checking account later.


MICHAEL

19 hours ago

trustpilot-stars

Everything about the process was very…

Everything about the process was very good from the beginning to the end. Thank you for the assistance.


SHERRI GIACONE TAYLOR

19 hours ago

trustpilot-stars

We had been looking to pay of some CC…

We had been looking to pay of some CC debt and Upgrade made it super easy and fast to get it done. Rates were good and terms were fair.


REGGIE JACKSON

19 hours ago

trustpilot-stars

I’ve had a great experience thus far…

I’ve had a great experience thus far with this company. Thanks


AMY THOMAS

19 hours ago

trustpilot-stars

Great customer service!

Sidney was extremely courteous & helpful during the process of getting my card approved.


KICKING PIPER

19 hours ago

trustpilot-stars

Excellent

I have been working on my credit seriously for a few years, Upgrade has been a great asset to my financial security. I have 2 of their personal credit line cards and recently just received approval on a personal loan. Their service is great, the pre approval process is seamless. Whatever you are pre approved for is what you get. They only run your credit when you accept the offer. The interest rates are reasonable and the response time is fast. Allow 4 to 5 days for the response don't panic your credit line or funds will be available as soon as they process your application. I recommend this company to anyone trying to build a financially stable future


EMILY D

19 hours ago

trustpilot-stars

Best card fast and easy approval

Best card fast and easy approval. Thanks upgrade!!! I recommend it and great customer service.


VICTOR BRICENO

19 hours ago

trustpilot-stars

This is my first time using upgrade it…

This is my first time using upgrade it was easy to apply and it's has been fun learning about their services.


LARRY GADDIS

19 hours ago

trustpilot-stars

quick service they are on top of…

quick service they are on top of everything


LARRY CRISP

19 hours ago

trustpilot-stars

There when you need them

Well needed and was there when no one was thanks upgrade for everything I want let you down .


CHERE CHAVEZ

19 hours ago

trustpilot-stars

Taking control of finances!

Upgrade is a terrific company and dependable for getting credit cards and personal loans that are fitting for your personal circumstances! I'm very grateful for their services!


TINA HALL

20 hours ago

trustpilot-stars

This was a very easy and quick process.

This was a very easy and quick process.


CHRISTINA SERNA

20 hours ago

trustpilot-stars

Extremely helpful and easy to use.

Extremely helpful and easy to use.


JAVAUGHN ESPRITT

20 hours ago

trustpilot-stars

JV review

Good credit card to have.


CANDICE GINGRICH

20 hours ago

trustpilot-stars

Great Customer Service

I had an issue where I received a letter about a line of credit that I hadn’t applied for. I called the company, and the representative was incredibly polite and helpful. He looked into the issue immediately.


KIMBERLY JOHNSON

20 hours ago

trustpilot-stars

The entire process was easy from the…

The entire process was easy from the beginning and I received my funds fast.


TRICIA HOZESKA

20 hours ago

trustpilot-stars

It was a very simple and quick process

It was a very simple and quick process. The only thing I must have missed is I didn't get the full amount approved as there was a processing fee that came out of the loan so the deposit was smaller than anticipated. Overall though I have Been satisfied so far with the service.


JAMES THOMAS

20 hours ago

trustpilot-stars

MY EXPERIENCE WITH UPGRADE

My experience was fast and efficient.


MARY S.

20 hours ago

trustpilot-stars

Fast and convenient

Upgrade notified me fast whether I was approved or not. The instructions provided were clear and to the point. Once I was approved, I received my money within 2 business days


SUZANNE COPELAND

20 hours ago

trustpilot-stars

Great company-This process was very easy and quick

This process was very easy and quick. Would definitely recommend to anyone wanting to consolidate their credit cards.


RONALD BENNETT

20 hours ago

trustpilot-stars

Upgrade made it possible to not only…

Upgrade made it possible to not only pay for some medical things I needed, they also provided a line of credit where I can pay for a program that wil assist me in improving my business.


HOUMAN PALANGAFKAN

20 hours ago

trustpilot-stars

very helpful and on time

very helpful and on time


KRISTINA HARTLESS

20 hours ago

trustpilot-stars

Great to work with

I have three accounts with Upgrade. It was easy and the turn around time was quite quick


JULIE KENT

21 hours ago

trustpilot-stars

Easy approval great payment rate

Easy approval great payment rate


BRIAN

22 hours ago

trustpilot-stars

Rude and Deceptive!

They blow up my mailboxes with offers and pre-approvals but in fact when you finally go through there process you discover it is all smoke and mirrors. I have good credit and perfect payment history on 2 cars and 6 credit cards but they declined me because I am a "self-employed" realtor. The underwriter who called me was arrogant, pushy, apathetic and rude. AVOID UPGRADE. The 4.5+ rating is a falicy!


MICHAEL

23 hours ago

trustpilot-stars

Easy process through Credit Karma

Easy process through Credit Karma. Waited a little longer than I liked for the funds but no problems with transfer.


SAM BAGLEY

23 hours ago

trustpilot-stars

Took a while for funds to drop but…

Took a while for funds to drop but otherwise good experience


RICHARD TORBET

09 August, 2022

trustpilot-stars

They can't get money deposited as promised.…

They can't get money deposited as promised in there disclosure.Slow and no guarantee when money will transfer.Unprofessional and shady customer service.Many regrets here for wasting a hard inquiry for approval.Stay far away.Theres better places to go...

1

2

3

4

5