An Upgrade personal loan works like most unsecured installment loans: you borrow a lump sum, then repay it in fixed monthly installments over a set term, with rates and fees shaped largely by your credit profile. The San Francisco fintech, founded in 2017, targets borrowers with fair to good credit rather than only those with pristine scores.
Who Upgrade Actually Serves
Upgrade sets its recommended minimum credit score at 580, a threshold that puts it within reach of borrowers who would get turned away by lenders demanding good or excellent credit. That accessibility is arguably the company's biggest selling point. Loans are available in all 50 states except Washington, D.C., and minimum loan amounts can shift depending on where you live.
The lender offers both unsecured personal loans and auto secured loans, and it allows joint applications, so a co borrower's income and credit history can strengthen a weaker application. It is less clear whether Upgrade permits co signers in the traditional sense, since the company only confirms co applicant arrangements, where both parties share equal responsibility for repayment.
Rates, Fees and Loan Terms
Borrowers can expect an APR anywhere from 7.74 percent to 35.99 percent, with the exact rate driven by credit score, income and loan term. Loan amounts range from $1,000 to $50,000, and repayment terms stretch from 24 months to as long as 84 months, longer than what many competitors offer. That extended timeline can shrink monthly payments, though it also means paying interest for a longer stretch.
Origination fees are where Upgrade asks borrowers to pay closer attention. The company charges between 1.85 percent and 9.99 percent of the loan amount, deducted before funds are disbursed. There is also a flat $10 late payment fee. Borrowers can trim their rate somewhat by enrolling in autopay, paying creditors directly through the loan, holding an eligible checking account, or choosing the auto secured option, though Upgrade does not publish the exact size of that discount.
| Upgrade | Upstart | LendingPoint | |
|---|---|---|---|
| APR Range | 7.74% to 35.99% | 6.20% to 35.99% | 7.99% to 35.99% |
| Loan Amount | $1,000 to $50,000 | $1,000 to $75,000 | $2,000 to $36,500 |
| Loan Terms | 24 to 84 months | 36 or 60 months | 24 to 72 months |
| Recommended Minimum Credit Score | 580 | No credit history needed | 660 |
| Origination Fee | 1.85% to 9.99% | 0% to 12% | 0% to 10% |
| Time to Receive Loan | 1 business day | 1 business day | Same day |
Compared with Upstart and LendingPoint, Upgrade's fee structure sits in the middle. Upstart can charge origination fees as high as 12 percent but will consider applicants with no credit history at all. LendingPoint caps fees at 10 percent but wants a credit score of at least 660, a much higher bar than Upgrade's 580.
What the Money Can and Cannot Be Used For
Upgrade's unsecured loans do not require collateral, and borrowers commonly use the funds for:
- Debt consolidation
- Home improvements and repairs
- Medical or dental bills
- Weddings
- Pools
- Unexpected expenses
As with most personal loan products, there are limits. Upgrade will not let borrowers use loan proceeds for college tuition, investing or gambling. For anyone consolidating credit card balances, Upgrade offers a direct payment feature that sends funds straight to creditors, sparing borrowers the extra step of paying off each account themselves. Borrowers can also pick their own monthly due date rather than being locked into a date set by the lender.
Applying and Getting Funded
The application starts with a pre qualification step that Upgrade says takes only minutes and does not affect your credit score, since it relies on a soft credit check. Only after you select a specific loan offer does Upgrade run a hard credit pull. From there, applicants typically need to submit basic personal details such as name, address and Social Security number, along with documents verifying income and identity, things like recent pay stubs or a government issued ID.
Once approved, funding can arrive in as little as one business day, matching the turnaround time offered by Upstart and trailing only slightly behind LendingPoint's same day funding. Upgrade does not offer a way to refinance an existing loan with itself directly. Borrowers who want better terms after taking out a loan would need to open a second loan elsewhere and use it to pay off the first.
Beyond personal loans, Upgrade also provides auto loans and auto loan refinancing, credit cards, and both checking and savings accounts, giving it a broader footprint than some single product lenders.
How Borrowers Rate the Experience
Customer feedback on Upgrade leans positive. On Trustpilot, the company holds a 4.3 out of 5 star rating across more than 41,000 reviews, a strong showing for a lender of its size. Reviewers frequently mention clear communication and a straightforward loan process as highlights, though some complain that approval took longer than they expected.
Upgrade carries accreditation from the Better Business Bureau and says it has made more than $24 billion in credit available through its loans and credit products over the past five years. Customer service is reachable by phone at (844) 319 to 3909 on a fairly generous weekly schedule, by email around the clock, and through the company's X account, also staffed 24 hours a day.
Is the Tradeoff Between Access and Cost Worth It
Upgrade's appeal comes down to a simple exchange: it opens the door to borrowers that many other lenders would reject outright, but it charges more for that access through steeper origination fees and a maximum APR of 35.99 percent. Anyone with a credit score comfortably above 580 may find better pricing by comparing offers from lenders like LendingPoint, while those with no established credit history at all might get a fairer shake from Upstart. For borrowers squarely in the fair credit range who value fast funding and a workable application process, Upgrade remains a reasonable option, provided they read the fee schedule closely before signing.