Upgrade Personal Loans Overview

Upgrade is an online lending platform that offers affordable personal loans, lines of credit, credit cards, credit monitoring services, and educational resources.

Upgrade’s personal loans provide individuals with a flexible and reasonable way to obtain funding for various purposes. These loans can be utilized for debt consolidation, home improvement, covering emergency expenses, or making significant purchases.

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Upgrade Personal Loan Disclaimer 


Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. 

Upgrade personal loans

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Upgrade Personal Loans: Comprehensive Overview

Upgrade is a fintech company that aims to offer affordable financial solutions to individuals who may have been left out of traditional banking systems. They provide personal loans, credit cards, checking accounts, and credit health tools to help individuals with their financial needs.

Since its inception, Upgrade has established itself as a prominent player in the financial technology sector. The company has assisted 2 million customers in obtaining over $21 billion in consumer credit, a clear indication of the popularity and efficiency of its financial solutions.

Upgrade provides a comprehensive suite of products and services geared to assist individuals in managing their finances and improving their credit scores. With its focus on technology and innovation, Upgrade is well-positioned to continue to grow and expand its offerings in the future.

Upgrade's History

Upgrade is a fintech company based in San Francisco, founded in 2016 by Renaud Laplanche and Jeff Bogan. Renaud Laplanche, one of the co-founders, is a well-known figure in the fintech industry, having previously founded LendingClub in 2006. Under his leadership, LendingClub became a highly successful fintech company with over $10 billion market capitalization.

Upgrade was founded to provide cost-effective financing to individuals who traditional banking institutions may have turned down. Upgrade has raised over $300 million in capital and partnered with several banks and financial institutions since its founding, making it one of the fastest-growing fintech companies in the United States.

Upgrade has offices in California, Arizona, Atlanta, and Montreal, Canada. Unlike traditional lending offices, Upgrade’s offices primarily act as operation centers, engineering and development centers, and other professional offices. Upgrade conducts all of its business over the phone or online, enabling efficient and streamlined operations.


Upgrade sets itself apart from other fintech companies through its innovative use of technology. They created a unique credit model that evaluates loan applicants based on a range of factors, such as credit history, income, and employment status. Unlike traditional credit scoring methods, which often turn down individuals with less-than-perfect credit, Upgrade’s model is intended to be more inclusive.

In addition to its credit model, Upgrade has developed a range of technologies to improve the lending process. Upgrade employs artificial intelligence and machine learning algorithms to automate loan approval and detect potential fraud. Furthermore, the company uses data analytics to identify trends and patterns in borrowers’ behavior, which can help it make more informed loan decisions.

Amount Borrowed
$ 0 B+
Customer satisfaction Rate
0 /5
A+ Rating

Better Business Bureau

Upgrade personal loans & what can they be used for?

Upgrade personal loans are an excellent alternative for those looking to borrow between $1,000 and $50,000 at competitive fixed interest rates. The best part is that these loans are unsecured, so you won’t have to put up any collateral, such as your home or car.

Upgrade gives you the flexibility to choose repayment terms that suit you. You may alter the dates of your payments to align with your monthly budget, making it easier to manage your repayments. Signing up for Autopay can help you get the best interest rates possible.

What can they be used for?

Personal loans from Upgrade can be an appropriate option if you require a lump sum of cash to cover a specific expense. These loans can be utilized to meet a number of financial demands, such as consolidating high-interest debts, financing home improvement projects, or covering major life events such as weddings or other special occasions.


Debt Consolidation: – If you have many high-interest obligations, debt consolidation is one of the key uses of Upgrade personal loans. You can consolidate multiple loans into a single loan that is easier to manage. You can use the loan to pay off outstanding balances such as credit card bills or medical expenditures. This will help to simplify your finances, reduce your interest rates, and make it easier to pay off your debt in the long run.

Home Improvement: – Personal loans from Upgrade are often used to fund home improvement projects. If you want to renovate your kitchen, add a new room, or make repairs, a personal loan can give you the finances you need to improve your living space and boost the value of your home.

Major Purchases: – Are you considering a major purchase, such as a car, a wedding, or a vacation? A personal loan from Upgrade can help you access the funds you need. Rather than depleting your savings or using high-interest credit cards, a personal loan can give a structured repayment plan with better interest rates.

Emergency Expenses: – Unexpected expenses from situations like medical emergencies or auto repairs can arise. In such circumstances, an Upgrade personal loan can provide quick access to funds, enabling you to take care of these unforeseen expenditures and manage your financial obligations without resorting to high-interest options.

Upgrade Personal Loan Details

256 Bit SSL Security. Issued by DigiCert Inc
Lender Type
Lending Platform
BBB Rating
A+ Rating
8.49% - 35.99%*
Credit Score
600 above
Loan Amount
$1,000 to $50,000
Loan Term
24 - 84 months
Origination Fees
1.85% to 9.99%*
Time to Receive Funds
1 to 3 business days*

Upgrade Eligibility Requirements

  • Citizenship or Residency

    To be eligible for an Upgrade loan, you must be a U.S. citizen, possess permanent residency status, or be a U.S. resident with a valid visa.

  • Age Requirement

    To qualify for an Upgrade loan, you must be at least 18 years old. However, if you reside in Alabama, you must be at least 19 years old as per the state requirements.

  • Verifiable Bank Account

    Upgrade requires borrowers to have a verifiable bank account. This is necessary for loan disbursement and repayment purposes.

  • Valid Email Address

    You must provide a valid email address during the loan application process. This enables communication and allows Upgrade to send important updates and information regarding your loan.

  • Minimum Credit Score

    Upgrade typically requires borrowers to have a minimum credit score of 600 or higher.

Even if you meet the eligibility criteria, it doesn’t necessarily mean you will be approved for a loan. Upgrade considers multiple factors and the information you provide to evaluate your creditworthiness and decide if you are eligible for a loan.

Key Features of Upgrade Personal Loans

Online Application: – Applying for a loan with Upgrade is simple and convenient because the entire process is done online. Borrowers can easily submit all relevant information and documents using the online platform for loan approval.

Direct Payment: – When you use an Upgrade personal loan for debt consolidation, Upgrade can pay your creditors directly on your behalf, making the process smoother and faster. You won’t have to worry about handling individual payments to your credit cards or other debts.

Unsecured Loans: – Upgrade offers unsecured personal loans, which means borrowers do not have to provide collateral like their home or car. This ensures that valuable assets are not at risk of being lost in the event of a default.

Fixed Interest Rates: – Upgrade personal loans offer borrowers fixed interest rates, ensuring consistency and peace of mind with monthly payments that remain the same throughout the loan term.

Change Your Due Date: – Upgrade offers the ultimate flexibility in selecting a payment due date that perfectly aligns with your financial situation. This empowers you to choose a date ideal for your budget and cash flow, putting you in complete control of your finances.

Autopay Discount: – Enrolling in automatic payments can help borrowers qualify for an autopay discount on their personal loan. This discount may lead to a lower interest rate, thereby reducing the total cost of the loan.

Mobile App: – Upgrade’s mobile app simplifies loan payment management and tracking via your smartphone. Borrowers can conveniently access and manage their loans while on the go using the app, which is available for download on both Google Play and the App Store.

Co-Applicants: – With Upgrade, individuals can apply for personal loans with the help of a co-applicant. A co-applicant is a joint borrower who shares equal responsibility for loan repayment.

Apply for a Upgrade Personal Loan

How to Apply for an Upgrade Personal Loan

Fill out the application
Enter your desired loan amount, purpose, email, and personal details. Upgrade will run a soft credit check to offer you a rate quote, which doesn't impact your credit score.
Review loan offers
Compare different rates and term lengths to find a suitable option that fits your budget.
Submit the application
After choosing a loan offer that suits you, submit a formal application. You may need to provide supporting documents such as government-issued ID, banking details, and proof of income, such as pay stubs, W-2 forms, or tax returns.
Await approval
Upgrade will review your application and make a decision. The approval process typically takes a short time.
Receive funds
If approved, you will sign the loan agreement before the funds are disbursed. Typically, the disbursement of funds occurs within one day of approval, but there may be rare instances where it takes a little longer.

Upgrade Personal Loan Rates, Terms, Fees, and Credit Scores

Rates: – Upgrade offers personal loans with an Annual Percentage Rate (APR) ranging from 8.49% to 35.99%. Your specific APR will depend on several factors, such as your income, credit score, credit history, loan repayment term, and other relevant considerations.

Fees: – At Upgrade, there are no prepayment penalties. This means you can pay off your loan ahead of schedule without extra charges. However, when you receive the funds, an origination fee between 1.85% and 9.99% will be deducted from your loan proceeds.

Late Payment Fees: To avoid Upgrade exercising its late fee policy of up to $10, ensure that full payment is made within 15 days of the due date. Any unsuccessful electronic or check payment attempts may incur an additional $10 charge.

Terms: Upgrade provides personal loans with flexible repayment terms that range from 2 to 7 years. You can select the loan duration that best aligns with your financial needs and goals.

Credit Score: To be eligible for a personal loan through Upgrade, a minimum credit score of 600 is required. However, remember that meeting the minimum credit score requirement does not guarantee loan approval, as other factors are also considered during the application process.

Credit Health by Upgrade

Upgrade Credit Health

Upgrade has a different approach to lending compared to traditional banks. Instead of just giving out loans, the company aims to make a positive impact on the people it serves. They focus not only on providing credit but also on helping borrowers improve their creditworthiness and gain a better understanding of their financial well-being.

The main objective of Upgrade is to provide credit options that are affordable and accessible to everyone and, at the same time, help them improve their financial future and make informed decisions about their finances.

To improve your credit health, Upgrade offers a variety of helpful tools and resources available to all users, whether you’re new to the platform or have an existing account. By signing in or creating an account, you can access a range of features that can help you monitor your score, receive personalized recommendations, and get weekly updates and alerts. With Upgrade, you have everything you need to take control of your credit health and achieve your financial goals.

Features of Credit Health

Know Your Number: – Upgrade’s VantageScore® 3.0 provides a detailed analysis of your credit score. It is a collaborative effort with major credit bureaus Experian, Equifax, and TransUnion and offers valuable insights into the factors that influence your credit score.

Credit Score Summary: – Upgrade has partnered with TransUnion to provide a comprehensive summary of your credit report, giving you a better understanding and more precise picture of your credit history more conveniently.

Credit Health Insights: – Gain a deeper understanding of your credit health by accessing informative articles, videos, and other helpful resources. Get valuable insights and guidance to help you maximize your credit potential.

Credit Score Simulator: – Explore various scenarios and actions that could affect your credit score with the help of this tool. By analyzing your credit report, the simulator guides how different actions may impact your credit.

Customized Recommendations: – Get personalized advice and tips specifically tailored to your credit history. These recommendations will help you make informed decisions to improve your credit standing.

Weekly Updates: – Receive weekly updates on changes to your credit score to stay informed. These regular updates will help you keep track of your progress and understand how your actions affect your score.

Trending Charts: – Monitor the trends in your credit score over time and observe the positive impact of your efforts in improving your credit health.

Email Alerts: – Get email notifications identifying the factors affecting your credit score. These alerts can also detect possible identity theft or fraud to keep your credit information secure.


States Serviced by Upgrade

The state’s serviced may change without prior notice; visit the lender’s website for up-to-date information.

Frequently Asked Questions

Most frequent questions and answers about personal loans from Upgrade

No, Upgrade is not a direct lender and does not handle the complete loan process. Instead, it partners with several banks, including Cross River Bank, Blue Ridge Bank, and Sutton Bank, to originate loans through its online lending platform and fund the loans.

If your loan is approved, you will make monthly payments through Upgrade, the loan servicer. Upgrade facilitates lending by connecting borrowers with their partner banks and providing a platform for managing and servicing the loans.

Upgrade aims to disburse loan funds to customers as quickly as possible, typically within one business day after approval and completion of all necessary verifications. However, the exact timing of when the funds will be available in your bank account can depend on factors such as the time of day you accept the offer and the processing times of your specific bank.

You can pay off your Upgrade loan early without any prepayment penalties. Upgrade doesn’t charge fees for early repayment, so you have the option to pay off your loan ahead of schedule, which can help you save on interest and lower the overall cost of your loan.

When applying for a personal loan through Upgrade, a soft credit inquiry will be conducted. This will not have any negative impact on your credit score. This inquiry will help Upgrade to provide you with a rate quote and prequalification decision. If you choose to accept an offer, your lender may conduct a hard pull on your credit, which could have a minor impact on your credit score.