Personal Loans Review Upgrade for 2022

Key points:

  • The upgrade is best suited for fair credit and bad credit borrowers.
  • Upgrade loans are available nationwide except for West Virginia and Washington DC

on Upgrade’s secure website

What we like:

Check your rate without impacting your credit score

Rates (APR) 7.99%- 35.89%
Loan conditions 3 or 5 years
Loan amounts $1,000$50,000
Costs Creation costs: 1.5% – 6%

Prepayment penalty: Nothing

Founded in 2016, Upgrade is an online lending platform that uses technology to help borrowers access loan products faster. It offers personal loans, lines of credit, free credit monitoring and online training tools.

Upgrade’s goal is to help its customers obtain affordable credit and make responsible financial decisions. In addition to free credit monitoring, customers receive personalized loan recommendations based on their credit history.

If you’re looking for a way to consolidate debt, pay off credit cards, or fund a big personal project, you might consider taking out a personal loan from Upgrade.

In this review:

Upgrading Personal Loans: At a Glance

Personal loan upgrade
Loan amounts $1,000$35,000
Terms of office 36 or 60 months
APR 7.99%- 35.97%
Assembly costs 2.9% – 8%
Prepayment charges $0
Minimum credit score 620
See prices

Improving Personal Loans

Personal upgrade loans can be between $1,000 and $50,000 at low fixed rates. These loans are unsecured, so clients do not have to use their home or car as collateral.

The upgrade offers flexible repayment terms and will even allow customers to change their payment dates to suit their monthly budget. To get the lowest rates, borrowers must sign up for autopay.

Personal loans are right for you if you have a fixed expense and need a lump sum of cash to cover it. Personal loans can be used for a variety of expenses, from debt consolidation to home improvement to covering the cost of a wedding or other events.

Advantages and disadvantages of upgrading

  • The loan application process is simple, and you can check your rates without hurting your credit score, as Upgrade provides a gentle first pull on your credit.
  • Once you have accepted your loan offer, you could receive the loan proceeds as early as the next business day.
  • The lender makes personalized loan recommendations and provides free credit health tools to all of its customers. This includes free credit monitoring, educational articles and resources, and email alerts about potential fraud.

  • Upgrade Personal Loans are not available in West Virginia or Washington DC
  • If you have excellent credit, you may be able to qualify for a lower rate from other lenders. For example, those with a credit score above 660may consider LightStream for lower rates.

Upgrade Eligibility and Application Information

Applying for a personal loan through Upgrade is a fairly simple process. Upgrade outlines the following steps for new customers on its website:

  1. Check your rate online: The first step is to determine what type of annual percentage rate you are entitled to. You can find out in minutes on the Upgrade website. And because Upgrade puts a slight strain on your credit, there won’t be any negative impact on your credit score at this point in the process.
  2. Choose an offer: Once you know the loan amount you qualify for, you can choose the amount you need.
  3. Receive funds quickly: Once you have accepted your loan offer, after which Upgrade makes a firm credit request, Upgrade sends the money directly to your bank account within one day.

How We Rated Upgrade Personal Loans

Upgrade Personal Loans received a rating of 4.8/5. LendEDU rates personal loans based on various data points including rates, terms, fees, duration of funding, availability of soft credit checks, and more. You can learn more about our scoring methodology here.

Where to find upgrade alternatives

The upgrade is best suited for people looking for a fair credit loan or a loan for bad credit, so it may not be the best option for those with good credit. You can see our top personal loan picks for good credit here.

When looking for the right personal loan or line of credit, we recommend getting quotes from multiple lenders to compare rates and find the best deal.

Our guides to the best personal loans and the best personal lines of credit are great places to research top lenders.

To learn more about Upgrade, read our interview with Renaud Laplanche, co-founder of Upgrade.


Ready to apply for an Upgrade personal loan? Check your rate on their website without impacting your credit score.

Rates (APR)

7.99%35.97%

Loan amounts

$1,000$35,000


* Personal loans issued through Upgrade have APRs of 7.99% to 35.97%. All personal loans carry an origination fee of 1.5% to 6%, which is deducted from the loan proceeds. Lower rates require automatic payment and direct repayment of some existing debt. For example, if you receive a $10,000 loan with a term of 36 months and an APR of 17.98% (which includes an annual interest rate of 14.32% and a one-time origination fee of 5%) , you will receive $9,500 in your account and have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. Your loan APR may be higher or lower, and your loan offers may not have multiple terms available. The actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent fees and commissions may increase the cost of your fixed rate loan. There are no fees or penalties for prepaying a loan. Personal loans issued by Upgrade lending partners. Information about Upgrade’s lending partners is available at https://www.upgrade.com/lending-partners/.

** Accept your loan offer and your funds will be sent electronically to your designated or bank account within one (1) business day after completing the necessary verifications. The availability of funds depends on how quickly your bank processes the transaction. From the time of approval, funds must be available within four (4) business days.


About Judith J. George

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