Upgrade: Personal Loans Review

  15,314 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   15,314 Reviews

trustpilot-stars

CAROLYN

18 hours ago

trustpilot-stars

Great response time for loan and…

Great response time for loan and excellent customer service.


BRENT OLSTAD

19 hours ago

trustpilot-stars

IT WHENT VERY WILL

IT WHENT VERY WILL


TIMOTHY CAUGHEY

19 hours ago

trustpilot-stars

Quick

Quick, easy and legitimate!


DANA BEARD SR

19 hours ago

trustpilot-stars

Bebt Consolidation

I had doubts in applying for a credit card consolidation from a third party. But after talking to others and also like me who is a member I trusted this is a replica company. I'm glad I made this decision to go forward. Customer service very courtesy and friendly


SARA RIVERA

19 hours ago

trustpilot-stars

I applied for a loan at this company…

I applied for a loan at this company and waited 8 days for a response that put my project behind 2 weeks. They denied my loan but thankfully there’s bigger and better companies out there that approved me and I was able to complete the project. The level of professionalism and communication at this company is mediocre to say the least. The worst part of it all was the adverse action letter which claims my ratios are too high. I owe 468 dollars out of my 9,000 available credit lines, they focus on the small details and not on things like 100% on time payment history.


LAMANTE NIMA

20 hours ago

trustpilot-stars

Upgrade is an excellent financial…

Upgrade is an excellent financial institution!!! The employees are very professional and keen to the sense of urgency to their clients financial issues. I highly recommend them to anyone who has financial challenges!!! Upgrade is definitely a problem solving financial institution!!!


SHARI PALMER

20 hours ago

trustpilot-stars

It took way longer than I ever…

It took way longer than I ever expected; for the same issue each time. Well I guess I took it for what it was and was grateful.


JOSEPH TAYLOR

20 hours ago

trustpilot-stars

Excellent service!

Excellent service!


MATHIEU ALEXANDER

21 hours ago

trustpilot-stars

This was the only place that was able…

This was the only place that was able too approve me for a loan and working with them is amazing, once my loan is paid I will be going thru them again.


HERMANIA LESLYN BELL

21 hours ago

trustpilot-stars

This was the quickest loan that was…

This was the quickest loan that was approved and funded. I am still in awe. Thanks


REV

21 hours ago

trustpilot-stars

Very quick and efficient process

Very quick and efficient process. Funding was well executed and flawless. My feeling is that if you are qualified as submitted, able to support your application data, and follow through with the details (accounts, etc.), you will be funded as they commit. Mine was less than 24-hours. Hoping automatic payments, additional principle to payments, and early payoff are smooth and accurate as well.


JIMMY TRUONG

21 hours ago

trustpilot-stars

This is a great loan program glad to be…

This is a great loan program glad to be part of it. Thank you


LAURETTA SHEREMETA

21 hours ago

trustpilot-stars

Upgrade is a very good company to start…

Upgrade is a very good company to start a fresh , they are very helpful snd very fast in helping you. The treat you with resoect and kindness. Thanks to Uograde for helping me when i needed it the mkst


ERIC HUDSON

21 hours ago

trustpilot-stars

Very helpful when you have questions…

Very helpful when you have questions and as well very knowledgeable. Great customer service as well.


OLUFUNMILAYO FAMUYIDE IGONI

21 hours ago

trustpilot-stars

Upgrade To Lower Interest Rates.

I was paying high interest rate on my loan from lending club. But Upgrade lowered my interest rates to make it easy and affordedable for me. Excellent with peace of mind.Thank you Upgrade.


NANCY COUCH

22 hours ago

trustpilot-stars

So far the card has not giving me any…

So far the card has not giving me any problem


JOAN GARCIA

22 hours ago

trustpilot-stars

Really fast service the funds was in my…

Really fast service the funds was in my account in less than a day after it was approved recommend it


VICTOR OWUSU

22 hours ago

trustpilot-stars

The money came on time but the fees was…

The money came on time but the fees was too much


JAMES JACOBS

22 hours ago

trustpilot-stars

As a overall experience upgrades…

As a overall experience upgrades personal did a good job the biggest problem is and was the wait time to talk with someone. I'm very pleased with how everyone did there best to answer questions and help would recommend upgrade to others.


TERRY

22 hours ago

trustpilot-stars

Very easy to use and informative!!

Very easy to use and informative!


JULI GESSESSE

23 hours ago

trustpilot-stars

The process was easy and quick.

The process was easy and quick. I liked the fact that I could have Upgrade payoff some of the debt directly in order for me to get a lower interest rate. The app is easy to navigate, and I can change my payment date and make one time payments to my principal to pay off my loan more quickly.


JUAN MOSQUEDA

23 hours ago

trustpilot-stars

Excellent

Excellent. Everything went nice smooth with whole process on opening account. Thank you. Juan


MARTIN

23 hours ago

trustpilot-stars

I have never experience such great…

I have never experience such great customer.The experience I had with Upgrade is unbelievable I was a little skeptical but everything other customers have said is about Upgrade is absolutely true.Thanks Upgrade.


JAMIE HOPKINS

23 hours ago

trustpilot-stars

Fast and easy!!

Fast and easy!!


LUPE AGUILAR

23 hours ago

trustpilot-stars

The final outcome was great

The final outcome was great, I got my funds in a timely manner. However it did take a little longer than anticipated and the phone lines had long waits. One call said my approximate wait was 45 minutes. However the email responses were a bit quicker. Overall, I am very pleased with the outcome. Thank you,


W. CHRISTNER

23 hours ago

trustpilot-stars

I am very satisfied with Upgrade!

I am very satisfied with Upgrade! I consolidated a few credit cards and recieved the balance in my account. A little better rate, as well. Easy Peazy!


JAMES

23 hours ago

trustpilot-stars

I don’t have time For HOLD I WORK

I don’t have time Like I don’t have time to be on damn hold for an hour I WORK!!! And they can’t verify my bank account information with my Wife I can’t Give Permission on Email!!! BUT They sure Can Take A PAYMENT From That BANK ACCOUNT that They CANNOT VERIFY!


SCOTT M

23 hours ago

trustpilot-stars

Super easy place to get a personal loan…

Super easy place to get a personal loan had the money in less than a week I would recommend them to anyone who needs a loan ..


DEIRDRE WILLIAMS

23 hours ago

trustpilot-stars

Great customer service thanks

Great customer service thanks


TECIA JONES

23 hours ago

trustpilot-stars

Awesome company and very supportive

Awesome company and very supportive. I’ve never had an unresolved issue.


JACK BROCKMAN

03 August, 2021

trustpilot-stars

Positive experience applying and…

Positive experience applying and obtaining Phrade personal loan . Great service and process .


CLAY ADAMS

03 August, 2021

trustpilot-stars

Working with Upgrade has been so easy.

Working with Upgrade has been so easy. I was able to secure a line of credit from them and completed everything in just a few days. I have had a great online experience working with Upgrade and I'm so happy to be one of their customers! Clay


RICHARD KITAMATA

03 August, 2021

trustpilot-stars

Thank You ‘Upgrade!’

At this point in my career, earnings, and expenses, ‘Upgrade’ could not have come along at a better time. They have been an enormous helping hand at a very pivotal time in my life. Thank You ‘Upgrade!’


TINA

03 August, 2021

trustpilot-stars

Very please with how everything was…

Very please with how everything was handled and so easy to do. We are in a much better financial state and will continue to use This company in the future!!


KEISHA

03 August, 2021

trustpilot-stars

Customer service was great

Customer service was great! Quick processing of applications!


PATRICK FOLLO

03 August, 2021

trustpilot-stars

It was so quick and easy

It was so quick and easy


V HORTON

03 August, 2021

trustpilot-stars

The process was quick and fast

The process was quick and fast


LUNA MARTIN

03 August, 2021

trustpilot-stars

Upgrade saved my life

Upgrade saved my life. The process was easy and fast.


RICHARD

03 August, 2021

trustpilot-stars

An awesome company to deal with they…

An awesome company to deal with they were great


JENNIFER L AND TINA C

03 August, 2021

trustpilot-stars

Upgrade was easy to use and fast

Upgrade was easy to use and fast. It was very helpful to be able to apply and have funds within a few days. Also Upgrade paid off my credit cards directly which made it easier.


GINO R

03 August, 2021

trustpilot-stars

Love it.

Ease and fast love it.


VICTOR PETERSON

03 August, 2021

trustpilot-stars

I approve as of now I pray fa greatness

They are pretty good on funding hopefully they are just as good on service.


DANIELA BORGES

03 August, 2021

trustpilot-stars

Easy process

Easy process, and fast thank you


ANTHONY DINUNZIO

03 August, 2021

trustpilot-stars

Quick and easy

Quick and easy, had the money in my account in a couple days!!! Best APR out there!!!


LYNN KENNAN

03 August, 2021

trustpilot-stars

A smooth

A smooth, efficient, and relatively expedient process. The personal loan I secured allowed me to pay off other higher interest loans and lock in a lower rate of interest to boot. Thanks for your assistance and expertise.


MELVIN TOLBIRD

03 August, 2021

trustpilot-stars

I've had nothing but positives dealing…

I've had nothing but positives dealing with the company.


ROSEMARIE

03 August, 2021

trustpilot-stars

It’s easy and quick application process

It’s easy and quick application process


PAMELA

03 August, 2021

trustpilot-stars

I found the process of applying for and…

I found the process of applying for and being granted approval for an Upgrade account to be relatively smooth and simple, Being a very new client I'll not go any further until I've had more experience with Upgrade.


JEFFREY DUTT

03 August, 2021

trustpilot-stars

This application was quick and easy to…

This application was quick and easy to use. I was able to receive an answer within an hour.


PAMELA BASILICATO

03 August, 2021

trustpilot-stars

Personal Loan Application

Applied for a personal loan to pay off a higher loan I had for medical expenses. Got approved pretty quickly. I did have to contact customer service for help with an issue and the rep. was very helpful. The only negative was the long amount of time it took to get them to answer the phone. I was on hold for a long time. I would definitely recommend them and use them again if needed.

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