Upgrade Personal Loans Review

(July 2024)

Upgrade Personal Loans Review

In This Article

Our Verdict

Keep Upgrade in view if you are looking towards getting a loan from a lender who runs a neo-banking business—that is, online banking.

Despite being a newbie in the banking world, Upgrade claims to have offered over $21 billion to over 2 million borrowers. Also, Settling for this bank may be best for you if you are living anywhere in the United States.

Consider this lender if you are looking for a gateway to fast funding with a highly competitive interest rate which you can use to address any financial situation that entangles you.

Be aware that upgrade offers multiple but few personal loan options which are credit card refinance, debt consolidation, home improvement, and major purchases.



Corporate Headquarters

275 Battery Street, 23rd Floor

San Francisco, CA 94111, USA.

Contact Email Address

[email protected]



  • Rate affordability
  • Variability in lending option
  • Far‐reaching network operations
  • Payment affordability and predictability


  • Obscurity in rate cost
  • Limitation in available personal loan products
  • Restriction in the loan amount
  • Charges for an origination fee

Who This Product Is Best For


Consider this lender if you are a borrower who:

  • Needs fast funding
  • Prefers online banks services
  • Looking for lending products with flexible rate
  • Looks for a loan amount of not more than $50,000
  • Wants lender with multiple lending options

Who This Product Isn't Right For

Think of other alternatives if you are a borrower who:

  • Values local banks
  • Doesn’t appreciate digital services when it comes to lending
  • Wants loan cash higher than $50,000
  • Wants fee-free personal loans
  • Values rate transparency before submitting an application

What This Product Offers

Credit card refinances: Take this loan to merge debts on your credit cards into one and get a fixed duration to pay it off at a monthly fixed amount. Also, your repayment is at a very reduced rate to ease your burden.

Debt consolidation: like credit card refinance, get this loan to unite your debts into a single payable amount and settle it at a fixed rate (that is significantly lower than the former rates).

Home improvement: Transform your home into your dream paradise with this loan. You can use it for home renovation or the acquisition of home gadgets including energy appliances—like generators, and solar panels, to ease payments on bills.

Major purchases: Get this loan to lay your hands on a ready-made amount you can use to tackle any financial emergency in your day-to-day activities.

Upgrade identifies a few purposes which you can address with this loan. Use Upgrade’s major purchases as pool loan, dental loan, special occasions, medical loans, dream vacations, and sudden expenses. 

Product Details

Credit card refinance

Consider credit card refinance if you are looking to break free from multiple credit card debts.

Contact Upgrade to get a refinancing amount starting from $1,000 to $50,000 with an APR that ranges from 8.49% to 35.97%. Pick a repayment term that suits your budget which ranges from 24 to 84 months.

Upon approval, know that you have to pay a one-time origination fee which takes 1.85% to 9.99% from the loan amount.

Debt consolidation

Receive funds directly into your bank account to combine your debts into a single amount and pay it off at a lower rate.

Anticipate an amount from $1,000 to $50,000 with an interest rate that roams between 8.49% and 35.97% from Upgrade.

The repayment term begins from 24 months and reaches up to 84 months. In addition,  prepare to pay an origination fee of 1.85% to 9.99% whenever your loan application receives approval.

Home improvement

Take your home appearance to the next level with a home improvement loan. You can use it to upgrade your home, fix leaking roofs, or increase your home energy source.

Upgrade gives you a loan amount which can be as low as $1,000 and can reach $50,000. Not only that, expect a flexible rate and term which begins at 8.49% to 35.97%.

Also, you have a minimum of 24 months, and a maximum of 84 months to repay the loan. Be aware that you are to pay an origination fee that begins from 1.85% to 9.99% from part of your loan amount.

Major purchases

Choose major purchases to get a loan you can use for any purpose at any moment. Take care of your health, visit your desired place for vacation, and finance your wedding, birthday party, or retirement ceremony by clicking a few buttons on the Upgrade website and get this loan for yourself.

Your possible amount begins at $1,000 to $50,000 including an annual rate of 8.49% to 35.97%. Watch out for an origination fee of 1.85% to 9.99% of your loan amount.

Where This Product Stands Out

Flexible rate and term

Do want a lender that offers a favorable interest rate and term, today is your lucky day. Choose Upgrade to get an APR  as low as 8.49% with a repayment term reaching 84 months.

Fast funding

Think of Upgrade if you want a lender that guarantees 24-hour loan disbursement. You can even receive cash in your account the same day you secured approval for your loan.

No upfront payment

Don’t expect any prepayment fees like paying down a certain percentage of the borrowed money before approval. Consider this opportunity as a means to relieve yourself from unnecessary burdens.

Multiple loan options

With Upgrade, you are welcome with personal loans of different kinds which you can use to address specific needs. Pick from refinance credit cards, debt consolidation, home improvement, and major purchases to address your personal financial challenges.

Where This Product Falls Short

One-time origination fee

Note that you may have to worry about an origination fee on Upgrade which takes 1.85% to 9.99% of your loan amount—that is you can pay more than $4,000 as an origination fee.

Restricted loan amount

Don’t expect a loan amount higher than $50,000 on Upgrade. Consider other alternatives if your financial needs require more than this amount.

Limited loan products

Despite having multiple personal lending options you can choose from, don’t expect too much from it. Upgrade only gives out consolidation loans, home improvement,  and miscellaneous loans which only cover medical treatments, vacations, and occasions.

Limited transparency in rates and terms

Check other lenders if you want transparency in the loan rates and terms before applying for the loan. Upgrade informs you what to expect in any loan rates and terms but refuses to inform you of your specific rate and term unless your application receives approval.

How to Qualify for This Product

Don’t even think of seeing any certain requirements for whatever loan you may want to apply for on Upgrade. To qualify for any of Upgrade personal financing products:

  • Be a citizen of America and not less than 18 years of age.
  • Ensure your credit score ranges from 560+ upward and provide a valid email including a verified bank account.
  • Check your rate on the Upgrade website to see which loan you prequalify for.

How to Apply for This Product

Don’t think of rigorous procedures before you can apply for a personal loan on Upgrade and don’t disturb yourself with hefty documents to take out a loan. Simply provides:

  • Your debt-to-income ratio statement
  • Social Security Number and other means of identification
  • Your personal monthly and annual income

In addition to the above information

  • Visit the Upgrade website to see which loan you prequalify for.
  • Select whether you are borrowing as an individual or as a joint application.
  • Enter your personal details like name, age, and date of birth
  • Choose a loan offer that is affordable for you and submit the form.

Alternative to This Product


Secure access to a loan amount up to $100,000 at the rate of 5% to 29% on Citibank. You can settle for this lender if you need a loan amount that is higher than the Upgrade personal loan.


Get up to $100,000 on a personal loan when you consider SoFi as your lender. The interest rate is slightly higher than the Upgrade at 8.99% with a flexible term of 2 to 7 years.

Customer Reviews

Upgrade has A positive rating on Better Business Bureau’s website. This is no surprise as the bank has closed 1,596 complaints with the agency in the past four years. In addition to the rating, Upgrade also bags 4.53 stars out of possible 5 stars from 2,933 customer reviews on the BBB platform. Moreover, on TrustPilot, Upgrade sweeps 4.6 stars from 38,822 customer reviews. These reviews and ratings show that Upgrade has a strong desire for customer satisfaction.


We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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