Upgrade Personal Loans

4.5 out of 5

Funded by: Upgrade

At A Glance

When you need money to cover a significant expense or consolidate your debt, a personal loan from Upgrade can be a smart option. Upgrade opened its doors in 2017, and since then, they've made over $3 billion in credit available to their customers. One of the company's main goals is to educate customers about their finances by offering credit monitoring, education, and flexible personal loan options.

Pros & Cons


  • Allows co-applicants
  • Offers hardship program
  • Offers direct payment to creditors with debt consolidation loans
  • Pre-qualification available


  • Charges origination and late fees
  • Less competitive APR

Upgrade Personal Loans Borrowers Qualifications

Annual income

None, but most applicant have $30,000 or more

Credit history

At least two years

Credit score



No recent bankruptcy or delinquencies

State eligibility

Upgrade is not available to borrowers in Iowa, Vermont and West Virginia

Upgrade Personal Loans Key Details

Loan amount

$1,000 – $35,000

Loan term

3 to 5 years

Estimated APR

7.99 – 35.97%

Approval time

As little as 2 minutes

Time to funds

As little as 4 business days

  • Origination fee: Between 2.9% to 8%
  • Late payment fee: Up to $10
  • Pre-payment fee: None
Pre-payment option

Prepayment option available

Credit inquiry

Soft credit check

Upgrade Personal Loans Review

Our Experts Take
Brooke Hayes - Spade Business Team
Brooke Hayes
September 23, 2020

Upgrade is made for the masses, offering personal loans for borrowers with a range of credit scores and incomes. The minimum credit score requirement for an Upgrade personal loan is around 620, much lower than the average credit score. However, Upgrade may consider other factors to determine your creditworthiness. One of the best parts about Upgrade personal loans is that they emphasize loan applicants’ free cash flow. 

Applicants don’t have to wait long for approval, either. Qualified borrowers will receive funds within a day of clearing the necessary verifications. With the potential for low costs and fast approval, it’s easy to see why customers are satisfied with Upgrade personal loans.

Below, you can see how Upgrade stacks up as a lender for personal loans.

Where Upgrade Personal Loans Shines

Pre-qualification available: Upgrade allows potential borrowers to pre-qualify for a personal loan with a soft credit check, which won’t impact the credit score. If you’re approved and accept Upgrade’s offer, a hard credit check is pulled. Upgrade uses the FICO 9 credit score to assess potential borrowers.

High debt-to-income ratio allowed: Unlike most lenders, Upgrade allows borrowers to have a maximum debt-to-income of 60%. 

Co-applicant allowed: If you’d like to sign with a spouse or partner, you’re in luck. Upgrade allows joint applicants for personal loans to qualify for more money or a better rate. 

Line of credit: Upgrade offers a personal line of credit up to $20,000. This money comes on a Visa card and offers easy-to-use installment payment terms. Possible terms currently include 24, 36, and 60-month repayment plans, with APRs ranging from 6.99% to 29.99%. 

Hardship programs available: The one factor that makes Upgrade stand out among its competitors is its hardship programs. Borrowers who endure a sudden hardship may qualify for a temporary reduction of their monthly payment or an extension of the length of the loan.

Where Upgrade Personal Loans Falls Short

Origination fee: Upgrade personal loans have an origination fee of 2.9% to 8%. It is deducted from your total loan funds before the money is sent to your account. You’ll receive the total loan amount minus the origination fee.

Late fee: In addition to an origination fee, Upgrade will charge a $10 late payment fee if your full payment is not received within 15 calendar days of your due date. 

Less competitive APR: Depending on your creditworthiness, you may qualify for an annual percentage rate (APR) of 7.99% to 35.97%. Unfortunately, this APR is higher than other lenders.

For example, if you’re approved for a $10,000 loan with a 17.98% APR and a 36-month term, you would get $9,500 deposited directly in your account. Each month, you would pay back $343.33 over 36 months.

Is An Upgrade Personal Loan Right For You?

Upgrade personal loans are best for borrowers with bad to fair credit and a high debt-to-income ratio. If you’re looking for low fees and competitive APR, Upgrade may not be your best option. However, its qualification requirements, co-applicants, and hardship programs make this lender worth considering. 


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