Upgrade Personal Loans Review 2023

Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

The bottom line: Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn’t in great shape, you may be able to find a better deal elsewhere. Upgrade’s smallest loan amount of $1,000 is lower than many other comparable lenders.

See Insider’s picks for the best personal loans »

Who is Upgrade Best For?

Upgrade is a great company for borrowers looking for small loan amounts — you can take out as little as $1,000 with the company. It’s one of our top picks for the best debt consolidation loans. Additionally, you’ll get your money fast with the lender.

Upgrade Personal Loan Features

Regular annual percentage rate (APR): 8.49% to 35.99%

Minimum credit score: 580

Fees: Origination fees between 1.85% and 9.99%

Loan amount range: $1,000 to $50,000

Repayment terms: Two to seven years

Upgrade Personal Loans Pros and Cons

Upgrade Pros

  • Small minimum loan amounts. You can get a loan as small as $1,000, which is lower than many competitors. For instance, Best Egg’s minimum is $2,000 and Payoff’s is $5,000.
  • Quick access to funds. You can get your money within one business day after your loan is reviewed and approved.
  • Easier to qualify with poor credit. You’ll need a minimum credit score of 580 to be eligible for an Upgrade personal loan, which is toward the lower end of the fair range of credit scores.
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Upgrade Cons

  • Origination and late fees. Your origination fee will be between 1.85% and 9.99%, and you’ll pay a late fee of up to $10 if you don’t make a full payment within 15 days of your due date.

How to Apply for an Upgrade Personal Loan

1. Fill out Upgrade’s application to prequalify. You’ll fill out your loan amount and purpose, and then enter your email and basic personal information. To get you a rate quote, Upgrade will run a soft credit check, which won’t affect your credit score.

2. Review various loan offers and pick one. Upgrade will offer you different rates and term lengths. Find a combination you can fit into your monthly budget.

3. Submit an application and await approval. When submitting a formal application, you’ll need to submit proof of income, like a W-2, tax returns, or other financial documents.

4. Receive your funds after signing your agreement. Most customers will get their money within one day after getting a loan.

5. Fit loan payments into your budget. Take stock of your financial obligations and make sure you have enough money to cover all of them.

Upgrade Personal Loans Frequently Asked Questions

Upgrade Personal Loan Competitors

Upgrade Personal Loan vs. Best Egg Personal Loan

With Upgrade, you’ll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You may pay a slightly lower origination fee with Best Egg Personal Loan, as its range is between 0.99% and 5.99%.

You’re likely to get your money within one business day of approval for a loan from both Upgrade and Best Egg. Upgrade has a maximum loan term of seven years, while Best Egg has a maximum loan term of five years. If you’re looking to spread out your payments over an extended period, Upgrade might be the better choice for you.

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Upgrade Personal Loan vs. Payoff Loan from Happy Money

Upgrade and Payoff Loan™ have relatively similar minimum credit score requirements, but a significant difference in maximum APRs. Upgrade’s highest interest rate is 35.99%, compared to 24.81% for Happy Money.

Payoff Loans are aimed to help borrowers pay down high-interest credit card debt. This means you are limited in what you can use your loan for. You may want to go with Upgrade if you aren’t trying to consolidate credit card debt.

Upgrade will likely send you your money faster than Payoff. Upgrade generally sends out funds within a day after approval, while it will take at least three business days with Payoff.

Checking for prequalified loan offers from multiple lenders in a loan marketplace can help make sure you find the best rate available.

Does Upgrade offer debt consolidation loans?

Upgrade offers loans for a wide range of purposes, including debt consolidation. With debt consolidation, you take out a new loan to pay off all your debts.

See the current debt consolidation interest rates >>

How We Rated Upgrade Personal Loans

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

  • Interest rate (20% of rating)
  • Fees (20% of rating)
  • Term lengths and loan amounts (15% of rating)
  • Funding speed (15% of rating)
  • Borrower accessibility (15% of rating)
  • Customer support (7.5% of rating)
  • Ethics (7.5% of rating)
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Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.