Upgrade | Credello

The basics

Estimated APR

8.49% - 35.99%

Min. Credit Score

600+

Max. DTI Debt to Income Ratio

75%

Origination Fees

1.85% - 9.99%

Late Penalties

up to $10

Prepayment Fees

$0

Good for: Low loan amount

Our verdict

If you're only looking to borrow a small amount, Upgrade is a solid choice. Upgrade also offers loans to those with bad credit, and even if you don't qualify on your own, you can use a joint applicant. On the flip side, Upgrade charges lots of fees and offers limited repayment term options.

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Beyond the basics

Fixed rates

Low credit scores eligible

No prepayment penalty

Payment flexibility

Loan Amounts

$1,000 to $50,000

Loan Terms

24-84 months

Time to Funding

1-4 business days

Permitted users	Prohibited users
Large miscellaneous purchases	Investment purposes
Home improvement expenses	School expenses
Debt consolidation	Illegal activity
Refinancing existing debt	Down payments

Permitted users

Prohibited users

Large miscellaneous purchases 

Investment purposes

Home improvement expenses 

School expenses

Debt consolidation

Illegal activity

Refinancing existing debt 

Down payments

Pros	Cons
Low minimum loan amount compared with other lenders	Charges numerous fees, including origination fee, late fees, and returned payment fees
Allows joint applicants	Doesn't offer direct payment to creditors with debt consolidation loans
Low credit score eligibility requirements

Pros

Cons

Low minimum loan amount compared with other lenders

Charges numerous fees, including origination fee, late fees, and returned payment fees

Allows joint applicants

Doesn't offer direct payment to creditors with debt consolidation loans

Low credit score eligibility requirements

Do you qualify This is what Upgrade looks for in qualified borrowers:| Credit score: Minimum of 560 (FICO version 9 from TransUnion)| Credit history: Minimum of two years with one account| Debt-to-income ratio: 75% (including mortgage and the loan you’re applying for.)| Income: No requirement. Lender will accept income from employment, alimony, retirement, child support, and Social Security.

How to apply Apply online in three steps by checking your rate, choosing your offer, and getting your funds.

Footprint Upgrade is available in 49 states and Washington, D.C. Loans aren't available in West Virginia.

Loan 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.

How to contact Upgrade? 

Upgrade offers a customer service team who can be reached by either emailing support@upgrade.com or by calling (844) 319-3909 (toll-free). Their hours of service are Monday through Friday, 5 a.m. to 6 p.m. Pacific time, as well as on Saturday and Sunday from 6 a.m. to 5 p.m. Pacific time.  

How long does it take for Upgrade to review a loan? 

The Upgrade platform is often able to offer an automated decision within a few seconds. As with any lender, such as Upgrade vs. Sofi or Upgrade vs. Upstart, the decision can take up to a few days if there are additional questions with your application.

Is it hard to get a personal loan from Upgrade? 

When looking at Upgrade loan reviews, something that stands out is the ease of approval seen with this platform. Personal loans from Upgrade typically only require a credit score of 600, meaning they are not terribly hard to be approved for. 

FAQs

Is Upgrade personal loans legit?

Given the many Upgrade reviews that exist including against competitors such as Lending Club vs. Upgrade and Upgrade vs. Upstart, it’s clear that Upgrade is a legitimate company. They have been in business since 2016 and have a 4.6 out of 5.0 rating on TrustPilot.

What credit bureau does Upgrade use?

Upgrade uses the FICO score version 9 from TransUnion when looking at a person’s credit score and history.

Can you get preapproved for a loan with Upgrade?

When considering how long does Upgrade take to review a loan, many people wonder if they can simply submit for preapproval instead on the loan to speed up the process. The short answer is that, yes, Upgrade allows you to input your specific information including a prior preapproval code issued to your person.

Does Upgrade loan do a hard pull?

Yes, Upgrade will perform a hard pull on your credit in order to determine whether or not you qualify for a loan with them.

Does Upgrade require collateral?

Per Upgrades’ site, the majority of personal loans through Upgrade are unsecured and do not require any form of collateral whatsoever. However, they may offer you the option of adding collateral in order to be approved for the loan or to receive a better rate.

Upgrade: Personal Loan Review