upgrade loan approval

Upgrade provides personal loans to borrowers from every state except Iowa, West Virginia, and Washington, D.C. The loan amounts range from $1,000 to $50,000, and they are available within the hour.

The funds can be used to pay for everything, from home improvements to debt consolidation to large-scale purchases.

However, the lender may charge origination fees at rates between 2.9% to 8%, and borrowers could face a high annual percentage rate (APRs).


  • The minimum loan amount is low
  • Direct payment offered to third-party creditors
  • There are no prepayment penalties
  • Allows joint applications


  • Origination fees
  • Only,000 is allowed for loans
  • Comparable to other competitors, high APRs

Who is Upgrade Best for?

Personal loans for Upgrade are available starting at $1,000 and ending at $50,000. This makes them ideal for those who require smaller loans.

While Upgrade may help borrowers with good credit get approved for a loan, applicants with better credit scores are more likely not to pay the highest APRs.

Although personal loans for upgrades are usually unsecured, the company may offer a secured loan to help applicants qualify or get a lower rate.

Upgrade is not available in Iowa, West Virginia, or Washington, D.C.

Upgrade your Personal Loan Details

Loan Terms & Amounts

  • The loan amounts.

    The amount of an upgrade personal loan is determined by the applicant’s credit score and can range from $1,000 to $50,000. Most loan amounts are restricted to $25,000 and less. In Georgia, borrowers must borrow at least $3,005, while in Massachusetts borrowers must borrow at least $6,400.

  • Lender terms.

    Upgrade provides loan repayment terms of up to 7 years or 24 to 84 months.

The cost of a loan

  • APR.

    Personal loans for upgrades are available at APRs between 5.94% – 35.97%. Rates are fixed and do not change over the term of the loan. The APR of a borrower will depend on her credit score, credit usage, loan term, and other factors. Qualified borrowers should sign up for automatic payments to get the best rates. They also need to pay off any other outstanding debts. All rates are correct as of October 26, 2021.

  • Origination fees.

    Personal loans Upgrade to an origination fee of between 2.9% to 8% of the loan amount. This fee is deducted from the loan proceeds.

  • Late fees.

    Late fees are charged to borrowers who make late payments of more than 15 days.

  • Prepayment penalties.

    Prepayment penalties are not applicable to Upgrade loans. This means that borrowers can repay their loans earlier without incurring additional charges.

  • Transfer fee.

    A one-time fee for title transfer is required for personal loans secured by vehicles. Upgrade does not receive the funds.

  • Insufficient funds fees.

    If a payment does not go through, Upgrade borrowers will be charged a $10 non-refundable fee.

Note: The Better Business Bureau (BBB) has found that Upgrade’s logo and name have been used fraudulently in loan scams. Upgrade does not charge advance fees for obtaining a loan.

Any company that claims to be Upgrade should report it as a fraud. These advanced fees are in direct contrast to Upgrade’s standard origination fee, which is always subtracted from total loan disbursement.

Perks & Features

  • Autopay Discount.

    Upgrade offers borrowers a rate reduction when they sign up for automatic payments. Although the company doesn’t disclose the exact amount, it is believed to be 0.5% off the APR.

  • Flexibility in payment.

    Upgrade allows borrowers to change their payment dates to fit their budgets.

  • Credit monitoring and education tools.

    Upgrade also offers credit monitoring programs called Credit Health. This service is free and allows borrowers to monitor their VantageScore3.0 credit score, simulate it based on different scenarios, and receive recommendations on improving their score.

  • Mobile app.

    Upgrade’s mobile app can be used on both Android devices and iOS. The app’s dashboard allows users to manage their loans by checking the balance, making payments, and updating personal information. The mobile app is user-friendly and will enable users to access the Credit Health tool.

How do you Qualify for an Upgrading Personal Loan?

A variety of factors determine whether or not a personal loan application is approved. Each lender has its underwriting requirements.

These typically include information about the applicant’s credit history and income to prove that the applicant can repay the loan.

While they won’t guarantee approval of your loan, the following requirements can help you determine if a personal loan is right for you.

Credit Score Requirements

A minimum credit score of 580 is required for Upgrade. Upgrade is an excellent option for borrowers with poor or fair credit who need small loans. The most competitive rates are available to creditworthy applicants.

Income Requirements

Upgrade doesn’t publish its ratio credit score requirements. Upgrade does not publish its free cash flow requirements. Approved borrowers have a minimum of $1,000 each month in cash flow and a DTI of around 40%.

Co-signers, Co-applicants

Co-applicants must meet minimum credit scores but no co-signers. Upgrade is available for those who do not meet these requirements. This allows less creditworthy borrowers to be eligible for larger loans or lower APRs.

Upgrade makes it simple to find out what rate you qualify for, whether you are an individual applicant or a joint applicant. When prompted, select “Joint Application” during the online prequalification process.

How to apply for an upgrade personal loan

The process of applying for a personal loan involves prequalifying for the rate, filling out a formal application, and waiting for loan approval. These are the steps you need to follow to apply for an upgrade personal loan.

  1. Rates.

    Upgrade, like many other lenders, offers an online prequalification that doesn’t affect your credit score. You can check the APR that you are likely to be eligible for by entering the amount you wish to borrow, the purpose of your loan, and other personal information. You will also be asked if you intend to submit a joint or individual application.

  2. Send a formal application.

    Submit a formal online application when you are ready to apply for a loan. You will need to provide a form government-issued ID and supporting documentation like recent bank statements and pay stubs. After you have submitted all required documents, you will be able to check the status of your upgrade account online. Email updates will be sent to you regarding the status of your application.

  3. Accept the offer.

    Accept a loan offer that suits your needs. Upgrade will conduct a separate soft credit inquiry, but it will not appear on your credit report.

  4. Await funds.

    Upgrade will conduct a hard credit inquiry once your loan has been approved. This is to verify your creditworthiness. This will be recorded on your credit report and may cause temporary drops in your score. The funds for an upgrade personal loan are usually available within four days of approval. However, the exact time frame depends on how the financial institution receives the funds.

  5. Make payments.

    Within 30 days of funds being disbursed, the first personal loan payment must be made. This payment will be automatically taken from the account that was provided at the time of application. However, you can change this information through the online dashboard. The monthly payments are due the same day. However, Upgrade allows you to choose a payment date that suits your budget.

Time to receive funds

Upgrade claims that customers can get their loan funds within one day of completing the required verifications. Customers can expect funds within four days after loan approval.

However, the availability of funds will vary based on bank processing times. Directly to third-party creditors, loan funds can take up to two weeks to clear. However, this timing varies depending on each creditor.

Customer Reviews

Upgrade generally has good customer reviews due to its easy application process and accessibility, even for those with less credit. Upgrade, for example, has a Trustpilot rating of 4.6 stars.

Many customers also report that Upgrade’s customer service department makes it easy to get a loan and gets funds fast. The company also has positive reviews from the BBB, with an A rating and 4.73 stars out of 5.

Negative upgrade loan reviews often focus on problems related to lengthy loan approval times and customer service wait times. Customers complain about high APRs and excessive origination fees.

How Upgrade Personal Loans stack up

The best personal loan offers competitive rates, flexible loan amounts, and a wide variety of terms. This is how Upgrade personal loans compare to other lenders.

Upgrade Vs. Sofi

Personal loans from SoFi start at $5,000 and can go up to 0,000, depending on the loan purpose. This is much higher than loans offered through Upgrade.

The APRs for autopay start at 6%, comparable to the starting rates offered through Upgrade. However, SoFi’s rates reach around 20% with autopay. SoFi loans are attractive because, unlike Upgrade, there is no origination fee.

Upgrade Vs. LightStream

LightStream personal loans are available from ,000 to $100,000. APRs start at 3%, and autopay is available for certain purposes. LightStream loans are much more flexible and affordable for qualified borrowers who require large loans at competitive rates.

LightStream, unlike Upgrade, offers loan terms starting at two years. However, depending on the loan size, purpose, and creditworthiness, LightStream can offer terms up to 12 years.

LightStream doesn’t charge origination fees which reduces overall loan costs, especially when compared with Upgrade.

Upgrade vs. Marcus

Marcus also offers personal loans ranging from $3,500 up to $40,000. Although rates start at 7%, slightly higher than Upgrade’s minimum APR, they can reach 20%, lower than Upgrade’s highest rates.

Marcus doesn’t charge late fees or origination fees. Marcus charges no origination or late fees, but there is a catch. Marcus requires a minimum credit score of at least 660.


Upgrade was evaluated based on 16 data points: loan details, loan costs and eligibility, accessibility, customer experience, and application process. We evaluated Upgrade based upon the weighting given to each category.

  • Cost of a loan: 35%
  • Loan details: 20%
  • Accessibility and eligibility: 20%
  • Customer experience: 15%
  • Apply for a job: 10%

We also looked at the characteristics of each category. These included available loan amounts, repayment terms, and fees. We also considered credit score requirements and whether or not the lender will accept joint applications.

We also evaluated Upgrade’s support tools and borrower perks. These features can help to simplify the borrowing process, such as prequalification options, mobile apps, and other factors.



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