Upgrade: Personal Loans Review

  24,365 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   24,365 Reviews

trustpilot-stars

CAROLE WRIGHT

22 January, 2022

trustpilot-stars

Fast efficient service

Fast efficient service


JOHN MARSHALL

22 January, 2022

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Upgrade has been a great credit…

Upgrade has been a great credit provider. I will admit I didn't know alot about Upgrade but my relationship with them had been great. I highly recommend this card. Also I received a credit line which was a pleasant surprise. THANKS UPGRADE


BRANDON

22 January, 2022

trustpilot-stars

Very easy process.

Very easy process.


AMBER

22 January, 2022

trustpilot-stars

I appreciate the help during the times we live in.

I really enjoy using Upgrade. It has helped me in a great time of need now twice. First, I utilized the loan service and am repaying. Given the interest rate is not good. To me it resembles a payday loan in that they mark up the interest. Even if you payoff early, no money is saved. However, it does benefit your credit. Second, I am using the card service that has a better rewards and no annual fee than a credit card I currently have and will be closing. Again the interest rate is higher than all other credit companies. The only confusion I have that hasn’t been made clear is that the card says I can use it for only five years; however, the goal is not to need the additional help prior to that and be past all this Covid stuff. The convenience of the app is wonderful and has everything I need as well as eliminating paper in my mailbox.


KELLY HUDGINS

21 January, 2022

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Upgrade is awesome, I am.pleased with their service

I am very pleased with the service, I will tell my friends and family about this. Thank you.


JOSEPH PHILLIPS

21 January, 2022

trustpilot-stars

Excellent company!

Excellent company!


ANITRA HORN

21 January, 2022

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I didn't think that I would get the…

I didn't think that I would get the loan because of my situation... but after sending all the info they needed... it didn't take long for a decision... I would recommend them to anyone...the staff was patient and kind...


MARIA LENNON

21 January, 2022

trustpilot-stars

I have been approved still haven’t…

I have been approved still haven’t received the money in any of the accounts that I had given. When will this deposit be made? My payment is due on the 14th meanwhile I still don’t have the money


ALVIN

21 January, 2022

trustpilot-stars

Great situation easy to use

Great situation easy to use


KIRSTEN

21 January, 2022

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Easy to Use

Applying and being accept was quick and easy, the website is simple and easy to use.


MARIA

21 January, 2022

trustpilot-stars

Appreciate the help wonderful people

Appreciate the help wonderful people


CATHY GILFILLAN

21 January, 2022

trustpilot-stars

Upgrade so far is awe some

Upgrade so far is awe some, approval time was fast, I will be doing business with them for a long time


KAREN ASHLEY

21 January, 2022

trustpilot-stars

Very pleased with the immediate and…

Very pleased with the immediate and fast response. I had been turned down for extra credit by others, but was given the opportunity to prove myself by Upgrade. Any future financial help I need will be with Upgrade.


JOHN ARELLANO

21 January, 2022

trustpilot-stars

Quick and easy to use some of the…

Quick and easy to use some of the paperwork process is a pain in the ass other than that there there if you need them thanks


PATRICIA WARLEY

21 January, 2022

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Easy to apply and smooth process once…

Easy to apply and smooth process once approved.


JOSEPH HERNER

21 January, 2022

trustpilot-stars

The entire process was easy

The entire process was easy to understand and easy to complete the forms on line.


CLEMENTE-MIAMI,FL

21 January, 2022

trustpilot-stars

Great customer service very easy and…

Great customer service very easy and fast


SUSIN SCHRINER

21 January, 2022

trustpilot-stars

They was very helpful and got your…

They was very helpful and got your money less than a week


RONALD THACKER

21 January, 2022

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There was no fuss

There was no fuss, no hassle loan approval. Couldn’t be happier with the service and interest rate! Another bonus was Upgrade introducing me to a new credit union!


CASEY KINNISON

21 January, 2022

trustpilot-stars

Quick ..Fairly EZ

Quick ..Fairly EZ did get a number of follow-up calls to help resolve the same issue...but got it resolved and everything is good.. Funding was super Quick


DIANA BURBANK

21 January, 2022

trustpilot-stars

Easy to apply for

Easy to apply for. Very courteous and helpful.


JAMES MORRIS

21 January, 2022

trustpilot-stars

Great service

Great service! Speedy deposit and vary helpful.


JIMMIE EVANS

21 January, 2022

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I was given a pre-approved offer for an…

I was given a pre-approved offer for an Upgrade personal line of credit/Visa card. I accepted the offer and the process was effortless. They responded immediately. They answered any and every question I had. And the biggest thing for me, they offered to help me in the future. I wasn’t sure about Upgrade when I was given the opportunity. But, it’s one of the best financial decisions I’ve ever made.


TERENCE

21 January, 2022

trustpilot-stars

Trustworthy.

Trustworthy.


ROGER RODRIGUEZ

21 January, 2022

trustpilot-stars

Upgrade is so easy to use and is very…

Upgrade is so easy to use and is very convenient. It keeps a person from having to get personal loans and the people I’ve dealt with are super friendly.


RAFAEL CANIZARES

21 January, 2022

trustpilot-stars

Excellent service

Excellent service, careful and dedicated attention. They give a fast service, constant communication with the client, definitely an extraordinary service.


JOSH SHANNON

21 January, 2022

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online takes a while to catch up with…

online takes a while to catch up with payments


JOHN NELSON

21 January, 2022

trustpilot-stars

Excellent company to work with

Excellent company to work with


LOUIS LUMPKIN

21 January, 2022

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Awesome

Awesome service


ROBERT VALLAIR LLC

21 January, 2022

trustpilot-stars

There’s no way to remove Bank account…

There’s no way to remove Bank account with Upgrade. I no longer have the account initially linked to upgrade. Now I can remove. Anyone has answer for this problem. I added my new bank account but it does not show up after it says connected. Are they a Scam!


GENE WILSON

21 January, 2022

trustpilot-stars

Thank you very much for your help

Thank you very much for your help, it is very much appreciated


TIMOTHY THOMPSON

21 January, 2022

trustpilot-stars

Very quick and easy.

Very quick and easy.


CASSANDRA GLASS

21 January, 2022

trustpilot-stars

The process for applying and receiving…

The process for applying and receiving a loan was simple and went smoothly…minus the selfie upload issue


GOLAM MOSTAFA

21 January, 2022

trustpilot-stars

very quick approval

very quick approval, easy process, great customer service and is great for every day use.


DAVID MAHAN

20 January, 2022

trustpilot-stars

We were trying to figure out how to use…

We were trying to figure out how to use our money an the people that helped were awesome


PAXTON PHILLIPS

20 January, 2022

trustpilot-stars

Was happy with process no complaints

Was happy with process no complaints


SW77

20 January, 2022

trustpilot-stars

This company is great.

This company is great.


IMELDA

20 January, 2022

trustpilot-stars

Process was so easy

At first, I am so skeptical to apply online but I am so glad I did it. The process was so easy and I used 80% of my loan to pay my credits cards especially the one with high interest rates. Thank you so much upgrade.


LAQUEL

20 January, 2022

trustpilot-stars

Without a doubt 💯

Awesome customer service and speedy processing.


LEON MORGAN

20 January, 2022

trustpilot-stars

I really thank upgrade

I really thank upgrade. Great experience and I highly recommend.


K. WEBB

20 January, 2022

trustpilot-stars

Application process was easy and quick…

Application process was easy and quick funds availability was also within 24 hours if requested on a business day


JAMES KRAUSE

20 January, 2022

trustpilot-stars

Wish I could of got the loan I needed…

Wish I could of got the loan I needed the one I got was a Direct pay


KAREN DENTON

20 January, 2022

trustpilot-stars

This was a very easy process

This was a very easy process. Thank you


ALISA MANN

20 January, 2022

trustpilot-stars

Easy Peasy

Easy sign up process and approved in seconds!


MELINDA HARRIS

20 January, 2022

trustpilot-stars

Loan

Quick and very helpful


REESE

20 January, 2022

trustpilot-stars

Process was quick and easy

Process was quick and easy. Got approved for the exact offer that was offered to me. I’m satisfied.


DEBORAH

20 January, 2022

trustpilot-stars

very helpful when I needed them

Upgrade came through when I needed home improvement money. thank you


LAURA A

20 January, 2022

trustpilot-stars

love the ease of access

It was so easy to apply for the card! Love the app and the layout. Very easy to navigate the website.


LAUDIS BRADLEY

20 January, 2022

trustpilot-stars

Upgrade was very attentive to my…

Upgrade was very attentive to my application the response was quick and followed up in a timely manner. The entire process was a good experience.


JOSHUA A. BUNNER

20 January, 2022

trustpilot-stars

Easy application process

It was so easy to apply and that a soft credit check made the process simple.

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