Upgrade Review

Upgrade was founded in 2016 by a team of online lending professionals, with the aim of using technology to reduce the cost of borrowing. The company provides installment loans to people with good credit ratings and healthy cash flow.

Good Credit Best for
4 /5
$ 1000 /
Min. Amount
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    Upgrade loans range from $1,000 to $50,000, depending on the needs and financial circumstances of the borrower. Upgrade is also committed to helping customers to better understand their credit and to make responsible credit decisions.

    Many customers read Upgrade loan reviews before deciding to apply, in order to better understand what’s involved in Upgrade lending. As such, this Upgrade review will look at the pros and cons of borrowing with Upgrade, who the loans are suitable for, and what applicants need to know before applying for an Upgrade installment loan. 

    Unlike installment loans for bad credit customers, Upgrade charges reasonable rates of interest, with APRs ranging from 6.98% to 35.89%, along with origination fees of between 1.5% and 6%. Loan periods range from three to five years. There are no fees for paying an Upgrade loan back early, though late payments do incur fees. 

    You can check your loan rate with Upgrade without it impacting your credit score. 

    Why get an Installment Loan from Upgrade? 

    Those reading Upgrade loan reviews are often looking to consolidate existing debt into one single payment, refinance credit cards, undertake home repairs or improvements, or make a major purchase. Upgrade personal loans provide low, fixed rates. As such, they provide a set repayment schedule with a clear pay-off date: an attractive option for those who have previously been dealing with credit card rates with high rates of interest and rates that can change at any time. 

    An installment loan from Upgrade is well suited to borrowers who are looking to maintain a healthy credit rating while borrowing. Upgrade provides credit health tools to help consumers understand what their credit score is and what influences it. Weekly updates and trending charts support customers to keep track of their progress. The range of tools discovered while undertaking this Upgrade review signals a strong commitment to empowering customers to be fiscally responsible. 

    What does Upgrade offer? 

    Upgrade offers installment loans of between $1,000 and $50,000. Repayment periods range from three to five years. Customers are able to choose from a range of borrowing options in order to decide which will best help them achieve their financial goals. The Upgrade APR ranges from 6.98% to 35.89%. Low fixed rates, affordable monthly repayments, and no prepayment fees are the cornerstones of the Upgrade offering.  

    As Upgrade loan reviews are quick to point out, Upgrade also offers a range of credit health tools. Upgrade invites its customers to use these to glean insights into their credit health and take actions to unlock their full credit potential. Customers can access their VantageScore and see the key factors that influence it, as well as receiving tips tailored to their unique credit history and email alerts designed to help them understand what’s impacting their credit score and identify potential fraud. 

    Eligibility Criteria? 

    If you’ve been consulting Upgrade loan reviews in order to find out if you’re eligible, we have all you need to know right here. 

    To be eligible for an Upgrade loan, you have to be a US citizen or permanent resident, or live in the US on a valid visa. You must be 18 or older (19 in some states) and have a verifiable bank account. You’ll also need a valid email address in order to receive details of the loan from Upgrade. 

    Some customers may be eligible to get another personal loan through Upgrade. As with original applications, Upgrade will consider the applicant’s credit score, credit usage, and history when making lending decisions.

    Cons & Pros 

    The pros that we discovered while researching Upgrade review include the company’s reasonable APRs, its credit health tools, and the way that it pays creditors directly where the borrower’s purpose is debt consolidation. 

    As many Upgrade personal loans reviews point out, the key downside is the company’s origination fees which, at up to 6%, can feel pretty steep when you can borrow as much as $50,000. 

    How to apply for an Upgrade Installment Loan?

    Applicants can apply for an Upgrade installment loan online. The Upgrade loans phone number is provided for those who would prefer to apply by phone. 

    In common with many applications for personal loans, the Upgrade qualification process can take as little as a few minutes. Upgrade asks for personal details, along with the applicant’s permission to obtain their credit report from a consumer reporting agency. They then use that information to show the applicant their loan options. 

    Once the customer decides which offer is for them, Upgrade completes a verification process and then sends the money to the applicant’s bank account.  

    Rates, Terms, and Fees

    Upgrade loan company reviews are a good way to explore the company’s rates, terms, and fees. As we’ve stated in this Upgrade review, APRs range from a very reasonable 6.98% to a much steeper 35.89%. This variation can make a significant difference in how affordable the loan is for the borrower. The rates are fixed, so will not vary over the course of the loan. 

    In addition to the interest, Upgrade charges origination fees of between 1.5% and 6%. We’ve included this as one of the company’s less positive points in this Upgrade review, as the origination fee means a sometimes quite sizeable chunk of the money borrowed is taken from the loan before it lands in the customer’s bank account. 

    Upgrade also charges late payment fees of up to $10 for payments that aren’t received in full within 15 days of the due date. Any failed electronic or check payments also incur a $10 fee. 

    In order to benefit from Upgrade’s lowest rates, customers are required to use Autopay and to pay off a portion of their existing debt directly. The actual rate offered to an Upgrade loan applicant will depend on their credit usage history, credit score, loan term, and other factors. 

    Upgrade does not charge prepayment fees to those who wish to repay their loans early.

    Bottom line 

    Upgrade installment loans can be a reliable source of credit for those who have a decent credit rating and a stable, regular income. The cost of borrowing can vary substantially, depending on the size of the origination fee and the rate of APR. These variables can make the difference between individuals deciding to borrow from Upgrade or looking for an alternative loan elsewhere.