Personal Loan Online Lending Platform
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Established in August 2016, located in San Francisco, CA

Get a loan offer in seconds – without a negative impact on your credit score.

Pay your loan early with no prepayment penalties

Minimum credit score required 600 or above.

upgrade personal loans

Upgrade is an Internet-based lending platform that provides access to affordable personal loans, personal lines of credit, credit monitoring service, and educational tools. Upgrade has taken on the trend of companies that keeps the cost low and offers the best loan products because they don’t have to operate a large number of physical branches. The company opened in 2016 and since has served a decent number of borrowers. Just because the company doesn’t have many offices doesn’t mean they don’t have any.

You can find Upgrade offices in San Francisco, California, Phoenix, Arizona, and Montreal, Canada. All of them being major hubs in North America. None of these offices are like traditional lending offices; they are operation centers, engineering and development centers, and other professional offices. All of the business for Upgrade is handled over the phone or online.

Upgrade operates under a different idea than getting a loan from traditional banks. Instead of just giving out loans, Upgrade wants to do something for those they lend to. They want to give people a way to improve their credit and learn more about their finances. The company’s published goal is summed up as providing a way for people to access credit at a low cost and understand how they can improve their financial future.

What Does Upgrade Offer?

Upgrade offers personal loans and personal credit lines, apart from these loan products, they also provide credit monitoring and educational tools.

The main product they offer is personal loans. But they have recently started offering another loan product personal credit lines.

Upgrade Personal Loans

Upgrade offers unsecured personal loans that range from $1,000 to $50,000. The personal loans from Upgrade are used for a number of purposes; the most common is to consolidate debt. However, they can also be used for other purposes such as purchases, repairs, or to pay off high-interest credit cards.

How to apply for an Upgrade Personal Loan?

The process for getting a personal loan from Upgrade is straightforward; you fill out a form online and find out what loan amount and annual percentage rate you qualify for within minutes. There is no impact on your credit score for this quick inquiry as they do a soft check/pull on your credit. There is no upfront application fee to apply for a personal through Upgrade.

After you are given an introductory rate offer, you are able to choose which loan option is the best fit for you. Before getting the money, you will have to have to go through a few verification steps. Once everything is verified, you will have your money in your account by the next business day.

Upgrade Personal Loan Rates, Term, Fees and Credit Scores

Rates: – The APR for borrowing money through Upgrade is between 7.96%-35.97%. The actual rate you may qualify for is determined on your income, credit score, credit history, the repayment term of the loan, and other factors.

Fees: – There is no prepayment penalty to pay off your loan at any time. However, there is a one-time origination fee between 1.85% to 8.99%, which is deducted from the loan proceeds when you receive your loan.

In case of late payment, you may incur a late fee of up to $10 if the full payment is not received within 15 days of your due date. Also, there is a $10 fee for any dishonored electronic or check payment attempts.

Term: – Personal loans made through Upgrade have a repayment term of 2 years to 7 years, choose the duration that best suits your requirements.

Credit Score: – The minimum credit score required to avail a personal loan through Upgrade is 600.

Upgrade Personal Credit Lines

Upgrade provides access to a personal line of credit between $500 to $25,000 and launched this new consumer lending product in April 2018.

Upgrade personal credit line is slightly different from a personal loan but with some similar features. You have access to funds in an account, and you can access and draw those funds any time you want, depending on your need up to the approved limit. When you request to draw funds from your credit line, the money is directly deposited into your bank account.

A personal line of credit is a good option for those who want to have ongoing access to credit for things such as purchases and other activities.

How to apply for an Upgrade Personal Credit Lines?

The application process is pretty simple for personal credit lines; you need to fill out some basic information on the form and permit Upgrade to obtain your credit report.

Initially, Upgrade will conduct a soft pull on your credit, which will not affect your credit score, and after evaluating the information provided on the application and credit report; you will be shown what offers you qualify for within a few minutes.

How does Upgrade Personal Credit Lines Work?

Upgrade performs a hard pull on your credit once you agree to proceed with the offer you qualify for. Apart from your credit history, Upgrade may also verify your income, employment history, and other necessary information. Once everything is verified, and if your line of credit request is approved, your credit line will be available for use in your upgrade account.

Through the account dashboard, you can request for a specific amount that you would like to draw or view your credit line history. There is no restriction on how many draws request you make from the line of credit up to the maximum approved limit. There is no origination fee and no fee for draws.

Whenever you request a draw, you will be presented with a fixed rate and loan term options each time you use funds from your credit line. You can set up a repayment term, each time the money is drawn from the credit line and only pay interest on the funds that are used from the line.

Another good thing is that you don’t have a changing fee or rate. You have fixed monthly payments and a fixed interest rate to access your money.

Upgrade Personal Credit Lines Rates, Term, Fees and Credit Scores

Rates: – The APR for a Personal Credit Line obtained through Upgrade ranges between 14.99% – 29.99%*. The actual rate that will be offered to you is determined on your income, credit score, credit usage history, requested amount, the term of the loan, and other factors.

Fees: – Upgrade does not charge any fee to open the line of credit, no fixed annual fee, there is no fee to make a draw from your credit line, no one-time origination fee, and no prepayment fee.

In case of missed or late payment, a late fee of up to $10 will be charged if the full payment is not received within fifteen days of the due date.

Term: – Personal Credit Lines made through Upgrade have fixed repayment term. You can select the repayment duration of your choice between 12 to 60 months.

Credit Score: – You will need to have a credit score of at least 620 or above to qualify for a personal credit line through Upgrade.

Upgrade Credit Health Tools

Credit Health tools from Upgrade is available for everyone if you have an ongoing relationship with Upgrade you can sign-in to your account and access the Credit Health section. If you are new to Upgrade and would like to use the free credit health tools, sign up and create an account with Upgrade and get access to the tools.

Credit Health tools can help you understand and monitor your credit score for free, get tips and personalized recommendations, and weekly updates & alerts.

Features of Credit Health

Know Your Number: – Get access to your VantageScore® 3.0, which is developed with the collaboration of three major credit bureaus Experian, Equifax, and TransUnion and understand which key factors are affecting your credit score.

Credit Score Summary: – Upgrade has partnered with Transunion and collect information about your credit report; this data is compiled into a helpful summary of your latest credit report.

Credit Health Insights: – Learn more about your credit health with educational articles, videos, and resources, which can assist you to unlock your full credit potential.

Credit Score Simulator: – This feature pulls out information from your credit report and gives you guidance on different scenarios and actions and how much impact these actions could have on your credit.

Customized Recommendations: – Receive customized advice and tips tailored to your unique credit history.

Weekly Updates: – Get updated credit score every week and know what’s going on with your score.

Trending Charts: – Keep a track on how your efforts are improving and changing your credit score.

Email Alerts: – Helps you understand which factors are impacting your credit score and if there is any potential identity fraud or theft.

Disclaimer: – * Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.96%-35.97%. All personal loans have a 1.85% to 8.99% 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 lending partners.

Service Details


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State Licensed

Personal Loans and Auto Refinance Loans made by Upgrade's bank partners

Loan Amount

Personal Loans ranges between $1000 to $50,000 and Personal Credit Line up to $25,000.


APR range 6.55%-35.97%*
Varies by state

Loan Period

Loan term of 24 to 84 months

BBB Rating

A Rating.

Credit Score Required

620 or above

Funding Time

As soon as next business day*.

States Serviced by Upgrade

The states serviced may change without prior notice, visit the lender’s website for up to date information.

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Loans By State

Find a direct lender or a lending platform in your state.