Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.1
(20 Ratings)

Upgrade Review

Advertiser Disclosure

About Lender

Upgrade is a leading American personal loan lender that provides borrowers with access to funds for a wide range of purposes, including debt consolidation, home improvement, and unexpected expenses. The company was founded in 2017 and is headquartered in San Francisco, California.

Upgrade offers loans ranging from $1,000 to $50,000, with 36 to 84 months loan terms. The company's loan application process is entirely online, making it easy and convenient for borrowers to apply for and receive funds quickly. Borrowers can apply for loans on the Upgrade website, and the application typically takes just a few minutes to complete.

Upgrade has received positive reviews from borrowers, with many citing the company's fast application process, competitive rates, and helpful customer service. The company has also earned recognition for its commitment to responsible lending practices and transparency, including being certified by the Responsible Business Lending Coalition.

Upgrade

Key Features

  1. Online application. Upgrade's loan application process is entirely online, making it easy and convenient for borrowers to apply for and receive funds quickly.

  2. Holistic lending approach. Upgrade takes a more comprehensive approach to evaluating borrowers than traditional lenders by considering factors such as income, debt-to-income ratio, and credit utilization, in addition to credit scores.

  3. Personal loans. Upgrade offers loans ranging from $1,000 to $50,000, with 36 to 84 months loan terms.

  4. Fixed interest rates. Upgrade offers fixed interest rates on its personal loans, which can make budgeting easier for borrowers who prefer a predictable payments.

  5. Upgrade Card. The Upgrade Card is a unique credit card that helps customers manage and pay down their balances. The card has no fees and offers cash back rewards of 1.5% on all purchases. The Upgrade Card has a credit limit of up to $20,000, and customers can choose to make fixed monthly payments or pay in full each month. Additionally, the card has a rewards checking account that allows customers to earn up to 2% cash back on their balance if they maintain a scheduled monthly payment.

  6. Fair credit score requirements. The Upgrade Card is designed for customers with fair credit scores (between 600 and 700), making it an attractive option for those who may not qualify for other credit cards.

  7. Balance transfers. The Upgrade Card also allows customers to transfer balances from other credit cards at a 0% interest rate for the first 60 days after opening the account.

  8. Annual fee. Unlike many other credit cards, the Upgrade Card has no fees for annual maintenance, late payments, returned payments, or overlimit charges.

  9. Linked bank account. In order to use the Upgrade Card, customers must link a bank account to the card. This is used for making payments and managing the card account.

  10. Credit monitoring and educational tools. Upgrade provides credit monitoring services and educational resources to help borrowers better manage their finances, including access to credit scores and reports and personalized recommendations for improving credit scores and managing debt.

Pros and Cons

Pros

Convenient online application. Upgrade's loan application process is entirely online, making it quick and easy for borrowers to apply for and receive funds.

Holistic lending approach. Upgrade takes a more comprehensive approach to evaluating borrowers than traditional lenders, which can benefit borrowers with lower credit scores.

Fixed interest rates. Upgrade offers fixed interest rates on its personal loans, which can make budgeting easier for borrowers who prefer a predictable monthly payment.

No prepayment penalties. Upgrade does not charge prepayment penalties, so borrowers can pay off their loans early without incurring additional fees.

Credit monitoring and educational tools. Upgrade provides credit monitoring services and educational resources to help borrowers better manage their finances.

Cons

Limited loan amounts. Upgrade offers personal loans ranging from $1,000 to $50,000, which may not be enough for borrowers with larger financing needs.

Origination fee. Upgrade charges an origination fee of 1.85% to 8.99% of the loan amount, which can add to the total cost of the loan.

Potentially higher interest rates. Borrowers with lower credit scores may be offered higher interest rates, which can make the loan more expensive over time.

No in-person customer service. Upgrade's customer service is primarily conducted online or over the phone, which may be less convenient for borrowers who prefer in-person assistance.

Upgrade Card restrictions. The Upgrade Card has certain restrictions, such as a limit on cash advances and a requirement for automatic payments, which may not be suitable for all borrowers.

Reliability

  1. Transparency. Upgrade is transparent about its loan terms, fees, and the lending process, which can help borrowers make informed decisions about their finances.

  2. Responsible lending practices. Upgrade is committed to responsible lending practices and has been certified by the Responsible Business Lending Coalition. This certification requires lenders to adhere to a set of best practices that promote transparency, fairness, and responsible lending.

  3. Customer support. Upgrade provides high-quality customer support to its customers, which includes online support, phone support, and a comprehensive FAQ section on its website.

  4. Positive customer reviews. Upgrade has received positive reviews from customers who have praised the company's fast application process, competitive rates, and helpful customer service.

  5. Industry recognition. Upgrade has been recognized by industry experts for its innovative products and commitment to responsible lending practices. For example, in 2020, the company was named one of the "Best Personal Loans" by U.S. News & World Report.

How to Apply for an Upgrade?

Apply for a Loan

  1. Visit website. Start by going to the Upgrade website. Choose the financial product you're interested in. Upgrade offers various products including Personal Loans, Upgrade Cards, and OneCard. Each product has its own section on the website.

  2. Check your rate. For personal loans, you can check your rate by clicking on "Check Your Rate" on the personal loans page. This step requires you to provide some personal and financial information but doesn't impact your credit score.

  3. Complete application. Fill out the application form with all required details. This may include personal information, employment details, and financial information. Ensure all information is accurate to avoid any delays.

  4. Submit documents. Depending on the product you're applying for, you may need to submit additional documentation for verification. This could include proof of income, identification, and other relevant documents.

  5. Review and accept offer. Once your application is processed, review your loan or card offer carefully. Pay attention to the APR, fees, and repayment terms. If you're satisfied with the offer, accept it to proceed.

  6. Verification and funding. After accepting the offer, Upgrade may perform additional verifications. For personal loans, once everything is cleared, the funds are usually sent to your bank account within a day of clearing necessary verifications. The exact timing can depend on your bank.

  7. Manage your account. After receiving your loan or card, you can manage your account online or through the Upgrade mobile app. This includes making payments, checking balances, and monitoring your account.

Conditions and Requirements

Conditions

  1. Eligibility. You need to be either a U.S. citizen, a permanent resident, or residing in the U.S. with a valid visa. Additionally, you must be at least 18 years old, or 19 in Alabama and certain other states.

  2. Credit score. The APR and approval may vary based on your credit score, credit usage history, loan term, and other factors.

  3. Interest rates and fees. Personal loans feature APRs of 8.49%-35.99%, with origination fees ranging from 1.85% to 9.99% of the loan amount.

  4. Repayment terms. Loans offer repayment terms of 24 to 84 months, allowing flexibility in loan duration.

  5. Early repayment. There is no fee or penalty for repaying a loan early, offering the freedom to manage your debt without extra charges.

Requirements

  1. Personal information. Provide accurate personal information, including identification and employment details.

  2. Financial information. Submit relevant financial information for credit assessment, including income verification.

  3. Bank account. A valid bank account is required for the disbursement of loan funds or for connecting with your Upgrade Card or OneCard.

  4. Direct deposit. For certain rewards, such as the 2% cash back with Rewards Checking Plus, a monthly direct deposit of $1,000 or more is necessary.

  5. Documentation. Additional documentation may be required for verification, such as proof of income or residence.

Ways to Receive the Money

At Upgrade, receiving the funds from your approved financial product is streamlined and efficient. For personal loans, once your application is approved and all necessary verifications are cleared, the money is sent directly to your bank account typically within one business day. This quick funding process ensures that the funds you need are available to you as soon as possible, allowing you to manage your finances or make purchases without delay. Additionally, if the loan is intended to pay off creditors, Upgrade directly sends the funds to pay off your debts, which may take up to two weeks to clear, depending on the creditor. This system not only simplifies the process of obtaining a loan but also ensures that the funds are used for their intended purpose, whether it's consolidating debt, making a major purchase, or improving your home.

Products

  • Personal loans. Upgrade offers loans ranging from $1,000 to $50,000, with 36 to 84 months loan terms. Borrowers can use personal loans for a variety of purposes, including debt consolidation, home improvement, and unexpected expenses.

  • Upgrade Card. Upgrade Card is not traditional credit card. Instead, they are unique cards are designed to help customers manage and pay down their balances and earn rewards. For example, the Upgrade Cash Rewards Visa card has no fees and offers cash rewards of 1.5% on all purchases. The Upgrade Card has a credit limit of up to $20,000, and customers can choose to make fixed monthly payments or pay in full each month. Additionally, the card has a rewards checking account that allows customers to earn up to 2% cash back on their balance after next scheduled monthly payment.

  • Auto Refinance. Upgrade offers a straightforward and beneficial auto refinancing service designed to lower your monthly car payments and save you money. With their online process, it's fast and easy to refinance your car loan, providing you with affordable monthly payments through great rates and terms. To be eligible for refinancing, your car must be 10 years old or newer, a personal-use automobile, and have under 130,000 miles (or 150,000 for trucks). Your current auto loan must have an outstanding balance greater than $5,000 and at least 3 monthly payments made. This service is currently not available for RVs, motorcycles, commercial vehicles, or salvaged vehicles, focusing on making auto refinancing accessible and straightforward for a wide range of drivers looking to lower their financial burden.

  • Credit monitoring. Upgrade provides free credit monitoring services to its customers, which includes access to credit scores and reports from all three major credit bureaus, as well as alerts for important changes to a customer's credit profile.

  • Credit health education. Upgrade offers a range of educational resources to help customers better understand and improve their credit health. This includes personalized recommendations for improving credit scores and managing debt and educational content on personal finance topics.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

While the specific reasons for loan refusal were not directly provided on the Upgrade website, based on common lending practices and the information available, it can be inferred that Upgrade may refuse loan applications due to various factors such as the applicant's credit score, credit usage history, loan term, and other financial indicators. Upgrade's loans conditions and requirements indicating that the applicant's financial stability and ability to repay the loan are critical considerations. Additionally, loans are subject to approval based on detailed credit and underwriting criteria, which means that insufficient credit history, high debt-to-income ratios, or the applicant's failure to meet specific loan product criteria could lead to loan refusal. Upgrade emphasizes the importance of responsible lending and financial health, suggesting that these principles guide their loan approval process.

How to Repay an Upgrade?

Repay

To repay an Upgrade loan, begin by noting the origination fee, a one-time charge applied to your total loan balance. Locate the loan amount sent to your bank account under "Amount Financed" on the disclosure, available via your personal account by clicking on "View Loan Documents." The initial payment is due one month after receiving the funds, automatically deducted from your bank account. To modify payment methods, access your account and navigate to the "Manage Payments" menu. Payments can also be made by phone by contacting Account Servicing at +1 (844) 899-9931 on working days, or by check, where Upgrade Inc. should be specified in the "Pay to the Order of" field along with your ID number; for multiple loans, send separate checks. In the case of repaying a personal line of credit, monthly statements through the dashboard will consolidate previous draws into fixed payments. Late payment fee up to $10, are incurred if full payment isn't made within 15 calendar days of the due date.

Loans like Upgrade

OppLoans

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OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

Opploans

Rise Credit

Apply for a Loan

RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

Rise Credit

OneMain Financial

Apply for a Loan

OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

OneMain Financial

Universal Credit

Apply for a Loan

Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Universal Credit

Editorial Opinion

Upgrade stands out as a reliable American personal loan lender, offering borrowers access to funds for diverse needs such as debt consolidation, home improvement, and unexpected expenses. Founded in 2017 and headquartered in San Francisco, California, the company's online application process makes obtaining loans quick and convenient, with amounts ranging from $1,000 to $50,000 and terms spanning 36 to 84 months. What sets Upgrade apart is its holistic approach to assessing creditworthiness, considering factors beyond credit scores like income and debt ratios. This inclusive method benefits financially responsible individuals with lower credit scores. Moreover, Upgrade extends its support beyond loans, providing credit monitoring and educational tools to empower borrowers in managing their finances effectively. With positive reviews highlighting its swift processes, competitive rates, and attentive customer service, Upgrade's commitment to responsible lending practices and transparency further solidifies its position as a trusted financial partner.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

Sources

FAQ

How Do you Qualify For an Upgrade Loan?

To qualify for a personal loan from Upgrade, borrowers must meet certain eligibility requirements, including having a minimum credit score of 600, a minimum annual income of $30,000, and a debt-to-income ratio of no more than 75%. Borrowers must also be at least 18 years old and U.S. citizens or permanent residents. In addition to these eligibility requirements, Upgrade may consider other factors such as education, employment, and banking history when evaluating loan applications. Meeting these requirements does not guarantee loan approval, but having a strong credit profile and financial history can improve a borrower's chances of being approved for a loan from Upgrade.

How Much Can You Borrow From Upgrade?

Upgrade offers personal loans ranging from $1,000 to $50,000, depending on the borrower's creditworthiness, income, and other factors. The loan amount offered to a borrower will depend on a variety of factors, including credit score, income, employment status, and other financial obligations. Higher credit scores, incomes, and lower debt-to-income ratios can increase a borrower's chances of being approved for a larger loan amount from Upgrade. However, it's important to note that borrowing more than what is needed can result in higher interest charges and may not be in the borrower's best interest. Therefore, borrowers should carefully evaluate their needs and budget before applying for a loan from Upgrade.

Does Upgrade Approve Everyone?

No, Upgrade does not approve everyone who applies for a personal loan. Like all lenders, Upgrade has eligibility requirements that borrowers must meet in order to be approved for a loan. These requirements include a minimum credit score of 600, a minimum annual income of $30,000, and a debt-to-income ratio of no more than 75%. Upgrade also considers other factors such as employment history, education, and banking history when evaluating loan applications. Meeting these requirements does not guarantee loan approval, but having a strong credit profile and financial history can improve a borrower's chances of being approved for a loan from Upgrade. Ultimately, loan approval depends on a variety of factors, and each application is evaluated on a case-by-case basis.

Is Upgrade a Legitimate Company?

Yes, Upgrade Inc. is a legitimate financial services company that is headquartered in San Francisco, California. The company was founded in 2016 by Renaud Laplanche, the former CEO of LendingClub, and has since grown into a major player in the online lending space. Upgrade is a licensed lender and is regulated by state and federal agencies, including the Consumer Financial Protection Bureau. The company has received positive reviews from customers and industry experts for its innovative products, transparent lending practices, and high-quality customer support. Overall, Upgrade is a reputable and trustworthy financial services company that has earned a solid reputation in the online lending industry.

Is Upgrade a good lender?

Yes, Upgrade is a good lender that offers competitive personal loan options with flexible terms and a range of features to help customers manage their finances. The company's loan products are designed to meet the needs of a variety of borrowers, with loan amounts ranging from $1,000 to $50,000 and loan terms of 36 to 84 months. Upgrade also offers a unique credit card product, the Upgrade Card, which is designed to help customers manage and pay down their balances more effectively. The company's customer support is highly rated, with many customers reporting positive experiences with the company's support staff.

Company documents

Privacy Policy
Terms of use

Our goal is to offer our users more value and a better experience than they receive from their traditional bank. We fulfill that goal with affordable and responsible loans and cards, and no fees and high rewards checking accounts.

© Upgrade, Inc.
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.08
(20 Ratings)
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1000.00 – 50000.00 $
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Interest rate

8.49 – 35.99 %
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Loan term for the financial product

24 months – 84 months
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8.99%-29.99%
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$500-$25,000
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8.99%-29.99%
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Upgrade reviews 2024
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4.2
Pros
Upgrade consistently delivers with speed and simplicity, offering reasonable terms. I currently have multiple loans and a line of credit with them, and I've had the pleasure of securing three previous loans from their services in the past.
Complain
4.4
Pros
Applying for a debt consolidation loan through Upgrade was a breeze. I was able to set up automatic payments each month, which added to the convenience. The interest rate offered was fair too. I highly recommend Upgrade if you're in need of a loan.
Complain
4.6
Pros
I am incredibly satisfied with all my interactions with Upgrade. Their service is exceptional, and the quick approval process, entirely online, is fantastic. I have a deep appreciation for this company. They came to my aid when I needed assistance in achieving my financial goals. I wholeheartedly recommend them with two enthusiastic thumbs up! Every step, from qualifying for a loan to receiving the funds, has been exceptionally smooth. Their communication throughout the process, starting from the application phase to fund disbursement, has been outstanding.
Complain
1.6
Cons
This company is the worst I've ever dealt with. They offered a hardship plan for three months, but despite that, they reported my loan as delinquent on my credit report when it matured, even though I still had a balance due to the hardship. They didn't extend the maturity date of the loan, despite the hardship agreement. The customer service was incredibly rude, and I was never able to speak to a manager. I intend to report this to the attorney general.
Complain
4.4
Pros
They are upfront about everything from fees to interest rates to payments and to some of the terms. It was easy to put an application in, get everything finished and receive the funds. They also make it convenient to choose a due date that works best for you.
Complain
5
Pros
Securing a loan through this company was a remarkably swift and straightforward experience, complete with favorable interest rates. The transfer of funds was executed with impressive speed. I was particularly impressed with the user-friendly loan application process, clear communication throughout, and the accurate and rapid fund transfer. I wholeheartedly recommend this company to anyone considering credit card refinancing.
Complain
2
Cons
Upgrade offers a line of credit with a generous limit, although it comes with high-interest rates. However, my experience took a frustrating turn when I started using this line of credit. Despite having an impeccable payment history and no credit issues, Upgrade began scrutinizing my credit and gradually reduced my credit limit to match my outstanding balance. This resulted in my available credit dwindling to zero, plummeting from an initial $20,000 down to just $4,000. Even though my account currently has a zero balance and will remain that way for a while, Upgrade's actions caused my credit score to drop inexplicably. I've chosen not to close the account, but I've lost trust in their practices and won't be using it.
Complain
4.4
Pros
This is my second experience securing a loan with Upgrade, and the process has been remarkably convenient. Uploading documents and verifying my bank electronically were both straightforward tasks. I also have their credit card, and making payments has been hassle-free, with no penalties for early repayment. By paying off my credit cards, I was able to obtain a more favorable interest rate, which was my initial goal.
Complain
4.4
Pros
Obtaining my Upgrade loan was an exceptionally efficient process, making it incredibly easy to secure the funds I needed. Additionally, I was granted a line of credit through an Upgrade credit card, which I found myself using multiple times.
Complain
4.6
Pros
This company is excellent. They processed my loan application efficiently and swiftly. I would wholeheartedly recommend this company to anyone seeking to borrow money at a reasonable interest rate. Furthermore, they provide regular updates on all account activity, which is highly appreciated. This loan is particularly beneficial for improving your credit score, especially if that's one of your goals.
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Company rating
4.1
/ 5
20 reviews
Application
4.3
Support service
4.0
Mobile App
4.0
Service quality
4.1
Your satisfaction level
4.1
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