Upgrade Personal Loans Review: What You Need To Know
Upgrade personal loans are best for those who want to borrow up to $50,000 and need longer repayment terms.
Quick Take
Loan amounts: $1,000 to $50,000
APR: 7.74% to 35.99%
Terms: 24 to 84 months
Fees: 1.85% to 9.99% deducted from loan proceeds
Best for: You want a low APR and flexible repayment term
Not best for: Small loan amounts
Key Takeaways
Upgrade offers flexible loans from $1,000 to $50,000 with repayment terms stretching 24 to 84 months, giving you more breathing room than many competitors. APRs run from 7.74% to 35.99%, and funding can hit your account in as little as one business day.
Watch the fees before you sign. Upgrade charges an origination fee of 1.85% to 9.99% that gets deducted from your loan proceeds, plus a $10 late fee, though there are no prepayment penalties.
Upgrade works best if you have fair-to-good credit around 580 to 675 and want to consolidate debt with direct creditor payments. If you have excellent credit, shop no-fee lenders like SoFi or LightStream first.
Summary generated by AI, verified by MoneyLion editors
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.
Pros and Cons
Here are the advantages and disadvantages of Upgrade personal loans.
Pros
Flexible repayment terms up to 84 months
Loan amounts up to $50,000
Quick funding
Joint applications are accepted
Cons
Origination fees are as high as 9.99%
APRs are high, up to 35.99%
Not available in all states
Not ideal for those with excellent credit who want low APRs
What Is Upgrade and How Does it Work?
Upgrade is a technology financial firm founded in 2016 in San Francisco, CA, that has helped over seven million customers access $40 billion in consumer credit. Upgrade partners with FDIC-insured banks for personal loans and typically lends to those borrowers with fair-to-good credit, between 580 to 600.
Upgrade is unique in that they offer a longer repayment term, if you qualify, for up to 84 months. Also, they provide direct-to-creditor payments, and this could qualify you for a lower interest rate. A line of credit option is also available.
Why it matters: Upgrade is a tool that offers those who are stuck in a debt cycle an option to create a structured plan to pay off creditors at a lower APR.
Key Features of Upgrade Loans
Here are three key features of Upgrade personal loans.
Interest Rates
The annual percentage rate (APR) is the true cost of your loan because it includes interest plus the fees you’ll pay on your loan. Upgrade offers personal loans with APRs ranging from 7.74% to 35.99%. Upgrade provides several ways for qualified borrowers to reduce their rate, including setting up autopay during the application, using part of the loan to pay off existing debt directly or securing the loan with a vehicle or home fixtures.
Repayment Terms
Upgrade offers repayment terms ranging from 24 to 84 months, or two to seven years. This is notably more flexible than competitors like Upstart, which offers only 3-year and 5-year terms.
Costs and Fees
When it comes to fees, Upgrade charges a one-time origination fee of 1.85% to 9.99% on all personal loans. The origination fee is deducted from your loan amount before it’s funded. For example, if you're approved for a $10,000 loan with a 5% origination fee, you'll receive $9,500 but still pay interest on the full $10,000.
There's also a $10 late payment fee if you fail to pay within 15 calendar days of the payment due date. Upgrade also charges a $10 fee for returned ACH or check payments. On the positive side, there are no prepayment penalties. You can pay off your loan early without any additional charges.
Feature | Details |
|---|---|
APR | 7.74% to 35.99% |
Loan amounts | Up to $50,000 |
Terms | 24 to 84 months |
Origination fee | 1.85% to 9.99% |
Late fee | $10 |
How To Apply for an Upgrade Loan
To apply for an Upgrade loan, follow these steps:
Visit Upgrade's site: Go to Upgrade's website and click “Check your rate.” This will initiate a soft credit inquiry that won’t affect your credit score.
Enter basic information: This includes your name, address, date of birth, income, and the loan purpose and amount you’re seeking.
Review your loan offers: If approved, you'll see multiple loan options with different terms, rates, and monthly payments.
Accept and fund: Select your preferred offer and complete the full application. The lender will initiate a hard credit pull at this stage. You may be asked to provide documents such as a government-issued ID, pay stubs, W-2 forms, or tax returns to verify your identity and income.
Upgrade vs. Comparable Options
Before you get started with an Upgrade personal loan, you'll likely want to explore a few other lenders to see how they compare. Here are other comparable lenders to consider.
Feature | Upgrade | Upstart | LendingPoint |
|---|---|---|---|
APR range | 7.74% to 35.99% | 6.20% to 35.99% | 7.99% to 35.99% |
Loan amounts | $1,000 to $50,000 | $1,000 to $75,000 | $1,000 to $36,500 |
Repayment terms | 24 to 84 months | 36 or 60 months | 24 to 72 months |
Origination fee | 1.85% to 9.99% | Up to 12% | Up to 10% |
Funding speed | As soon as 1 business day | As soon as 1 business day | As soon as 1 business day |
Debt consolidation perks | Can pay creditors directly (may lower APR) | No direct creditor payments | No direct creditor payments |
Prepayment penalty | None | None | None |
Best for | Borrowers who want flexible terms and smaller minimum loans | Borrowers with thin credit or non-traditional income | Borrowers needing mid-sized loans with standard terms |
Upstart
Upstart offers personal loans in amounts from $1,000 to $75,000, slightly higher than Upgrade. It offers a 6.5% to 35.99% APR range. However, Upstart only offers terms of three and five years, compared to Upgrade’s 24 to 84 months. Upstart’s origination fee can be as high as 12%, whereas Upgrade's maximum is 9.99%. Upstart’s AI-driven model may be better for borrowers with thin credit files or non-traditional income, while Upgrade is often better for those who want more flexible repayment options.
LendingPoint
LendingPoint offers personal loans in amounts from $1,000 to $36,500, compared to Upgrade’s $1,000 to $50,000. It offers a 7.99% to 35.99% APR, with terms from 24 to 72 months. LendingPoint’s origination fee can be as high as 10%, similar to Upgrade. If you need to borrow less than $1,000 or more than $36,500, Upgrade offers more flexibility.
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Final Take
When considering a personal loan, it usually pays to shop around. Take into consideration the fees, rates, and terms of each lender. Upgrade offers a compelling combination of flexible terms, competitive rates for well-qualified borrowers, and fast funding.
If you have fair credit or are looking to consolidate high-interest debt, Upgrade is worth considering. Keep in mind, however, that Upgrade’s origination fees can be up to 9.99% and are deducted from your loan amount before you receive it. Borrowers with excellent credit may find better rates with no-fee lenders like SoFi or LightStream.
FAQs
Does Upgrade allow co-signers?
No, Upgrade does not allow co-signers on personal loans. However, Upgrade does accept joint applications, where both applicants are equally responsible for repaying the loan and both credit profiles are considered during underwriting.
What credit score do I need for an Upgrade loan?
While Upgrade does not publish an official minimum credit score, most sources indicate you’ll need a score of at least 580 to 600 to qualify. The average Upgrade borrower has a credit score of around 675. Better credit scores typically qualify for better terms, like lower APRs or longer repayment periods.
👉 Can You Get a Personal Loan with Bad Credit
How long does it take to get funds from Upgrade?
After accepting your loan offer, you can typically expect to receive funds within one business day of clearing necessary verifications. However, if additional documentation is required, the process may take several additional days.
Can I use an Upgrade loan for any purpose?
Upgrade personal loans can be used for most purposes, including debt consolidation, home improvement, major purchases and unexpected expenses. However, loans cannot be used for post-secondary education expenses, investments, illegal activities or gambling.
Is Upgrade legit?
Yes, Upgrade is a legitimate financial technology firm that’s been established in business since 2016. Upgrade partners with FDIC-insured banks, which ensures your funds are protected.
Does Upgrade charge fees?
Yes, Upgrade charges an origination fee between 1.85% to 9.99%, late fee of $10 and an NSF fee of $10.
Key Terms
Annual percentage rate (APR): The yearly cost of borrowing, including interest and certain loan fees, shown as a percentage.
Origination fee: A one-time fee a lender charges to make the loan. It may be deducted from your loan funds before you receive them.
Loan term: The amount of time you have to repay a loan. Longer terms can lower monthly payments but raise total interest costs.
Debt consolidation loan: A loan used to pay off multiple debts so you make one monthly payment instead of several.
Prepayment penalty: A fee some lenders charge if you pay off part or all of your loan early. Upgrade does not charge this fee.
Sources:
Consumer Financial Protection Bureau: What are mortgage origination services? What is an origination fee?
Consumer Financial Protection Bureau: Understand the different kinds of loans available
Consumer Financial Protection Bureau: What is the difference between credit counseling and debt settlement/debt consolidation or credit repair?
Consumer Financial Protection Bureau: What is a prepayment penalty?
Summary generated by AI, verified by MoneyLion editors
Ted Stavetski contributed to the reporting for this article.
Rates are current as of April 21, 2026.
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