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Upgrade Review
Reviews 39,148
Upgrade
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Upgrade
Upgrade
Excellent
Reviews 39,148
Michael Dinich
Nov. 01, 2022
2 min read
Michael Dinich
Upgrade Summary
Upgrade offers personal loans of up to $50,000 for a range of purposes such as paying off credit card debt, financing a home improvement, or making a large purchase. It is quick, easy to use and offers free credit monitoring and financial-education resources that can help you better understand and improve your credit score.
Pros
  • Quick online application -- can get pre-approved in just minutes
  • Credit health tracker makes it easy for you to improve credit
Cons
  • Origination fee can reach up to 8.99% of loan amount
  • Applicants required to have free cash flow of at least $1,000

Upgrade  Upgrade Visit Upgrade

Overview

Upgrade is an online marketplace lending platform founded in 2016 by Renaud Laplanche and Soul Htite, who were both previously co-founders of Lending Club. Laplanche’s reputation in Silicon Valley was strong enough to attract $60 million in financing for Upgrade from many of the prominent venture capitalists who had backed him with his previous projects. Personal loans through Upgrade offer up to $50,000 for purposes such as paying off credit card debt, financing a home improvement, or making a large purchase. It differentiates itself from the likes of Lending Club through features such as free credit monitoring and financial-education resources.

Upgrade Review

Suitable For?

Upgrade's loans are aimed at tech-savvy Americans who need personal loans to cover large expenses. Its free educational tools, including a credit-health tracker, aim to make it easy for people who have had a loan application rejected to build up their credit score and achieve success with their next application. Upgrade accepts loan applicants from all states except Connecticut, Colorado, Iowa, Massachusetts, Maryland, Vermont, and West Virginia.

Loan Features

You can get fixed-rate personal loans ranging from $1,000 to $50,000, and with repayment of either 2 or 7 years. In addition, through Upgrade you'll get a credit-health tracker free of charge, and without any commitments. Users can access the tool at any time for a summary of their latest credit report and an explanation of the key factors influencing their credit score. The tool also includes a useful credit score simulator, where users can input hypothetical scenarios such as repayments on their credit card balance or an increase on their credit card limit, and find out what the impact of these scenarios will be on their credit score. And users can access the tool as many times as they wish – without their credit score being affected.

The Application Process

The application process takes place online. To begin, just enter the loan amount you wish to apply for, and the purpose of the loan. You will then be taken to another page and asked to fill out a few personal details, including:

  • Name
  • Address
  • Monthly income
  • Social security number

Shortly after completing the form, you’ll receive an email informing you whether or not you’ve been approved for a loan, along with the interest rate. If you are denied, you’ll receive an explanation of why this was the case. If you accept your loan offer, the funds will be sent to your bank account within 1 business day of all the necessary verifications, and will typically be available within 4 business days, depending on how quickly your bank processes the funds. 

As mentioned above, the key requirements are at least $1,000 free cash flow per month, and that the loan be used for specific purposes such as paying off credit card debt. Free cash flow is based on the applicant’s income, the cost of living in their area, city and state tax rates, and any mortgage or rent payments that are part of the applicant’s monthly expenses. 

How Much Can You Borrow?

Applicants can request loans of as low as $1,000 and as high as $50,000. The final loan amount depends on a number of factors, including credit score and free cash flow. A minimum credit score of 620 is required for approval. Only unsecured loans are offered through Upgrade, which means borrowers aren’t required to put up any collateral.

Repayment Term

Loans have APRs ranging from 7.96% - 35.97%*. For the lowest rates, applicants must agree to automatic monthly repayments. All loans have an origination fee of 1.85-8.99%, which is deducted from the loan amount at the beginning. Applicants can choose from repayment terms of either 2 years (24 months) or 7 years (84 months). Monthly repayments depend on APR, origination fee, and loan duration. Late payments can result in late fees.

Privacy & Security 

All loans are made by WebBank, an accredited member of the Federal Deposit Insurance. Corporation, which is a US government corporation providing deposit insurance to depositors in US banks. Upgrade promises to protect all applicants’ personal information from unauthorized access and use, and its security measures comply with federal law.

Help & Support

Upgrade has an A rating from the Better Business Bureau for its customer support, with BBB rewarding it for positive online reviews. Upgrade’s website stands out for its educational resources, with dozens of informational pages and of course the free credit-tracking tool. Customer support can be reached by email at contact@upgrade.com, or through the Support button which can be found at the bottom-right of each page on the website.

Summary

Upgrade was founded by two of the people behind Lending Club, one of the pioneers in the world of online lending, and it is aiming to fill some of the remaining gaps not covered by most of the existing players in the market, including a lack of support for rejected loan applicants. The main point of difference between Upgrade and many of its competitors is its free tracking tool and simulator, which allows borrowers to understand and improve their credit score in order to secure better terms on their next loan. Upgrade’s service is quick, easy to use, and transparent. The service is most beneficial for borrowers with credit scores hovering around 620 and with a preference for doing things online and without delays.

Physical Address

Upgrade, Inc

275 Battery Street, 23rd Floor

San Francisco, CA 94111

Upgrade  Upgrade Visit Upgrade

Disclaimers

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For 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. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.


Michael Dinich
Written by
Michael Dinich
Michael is the founder and CEO of WealthOfGeeks.com. He has worked in personal finance since 1999. He shares unique insights on how to save money, increase income and prepare for retirement. Michael is a sought-after finance professional in the areas of taxation, personal finance, and health insurance planning. He writes for BestMoney and enjoys helping readers make sense of the options on the market.
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See what some costumers are saying about Upgrade
Upgrade
Excellent
Reviews 39,148
on
Excellent
81%
Great
11%
Average
3%
Poor
1%
Bad
4%
A
angel ortiz
a day ago
Loan
Great customer service and loan approval. Thank you Upgrade you helped me out when I needed it. You gave a loyal customer here.
K
kenneth messer
a day ago
I spoke to several people throughout…
I spoke to several people throughout the process. I was told several times that your company had everything it needed only to get an email stating otherwise. It was frustrating beyond belief, I almost gave up. In the end everything worked out, but you should consider having one rep handle the process for a customer.
M
ma
a day ago
Easy process and quick
Easy process and quick
K
kenneth reed
2 days ago
N/a u
Nothing at all thanks
E
erik
2 days ago
I was approved but the application was…
I was approved but the application was pending for well over a week. So I just withdrew my app. Then I get a debit card for a checking account which I never applied for.
S
sherman robinson
2 days ago
GREAT!!!!!!!
To apply was simple and easy, quick response, money was in my account in less then 2 days!!!!
C
connie
3 days ago
Upgrade is fantastic
Upgrade is fantastic. They came through with a loan for me within a couple days. Highly recommend them. Terms are awesome. Thank you!!!
j
jeanette stein
3 days ago
Extremely easy process
Extremely easy process. Fast service with good rates.
P
peggy r
3 days ago
Upgrade Is There For You
Upgrade helps you get back on track financially, when others refuse. It is a smooth process to apply and get the funds you need!
C
carmen avellanosa
3 days ago
Quick application process
Quick application
$
$moonthedestroyer
3 days ago
Received my first bonus
They have been really easy to work with. I have already received $50 just for spending my money. I believe my future with this bank will be amazing.
M
mike
3 days ago
Friendly
Friendly, Professional and fast service.
R
richard
3 days ago
People helping customers
They were able to help me.They were very helpful in working with my. Friendly, helpful understanding. I would recommend Upgrade to anyone needing financial assistance
E
eliezer colon
3 days ago
Fraud on card
I am victim of fraud with the upgrade credit line. I reported a fraud and did a claim. A week later after filing a claim, whoever committed fraud, did it again on the same account. My question is, why the account wasn't closed and started an investigation to verify who did the fraud and took my credit money... still no answer... very upset/disappointed.
D
dave
4 days ago
Too many changes that adversely affect credit availability
Changes every other week to lower credit lines, increase fees. How close are you to BK?
C
carrie palmer
4 days ago
I can't believe how fast the payments…
I can't believe how fast the payments were posted to my accounts for credit card pay offs. Everything was very easy.
R
rita c
4 days ago
Easy and quick service
Easy and quick service
M
mr e peery
4 days ago
Highly recommended
Everything was easy and fast.
C
charlean thompson
4 days ago
I didn’t think it was legit at first…
I didn’t think it was legit at first but i found out it is. Im going to try to recommend others. It has been a blessing for me. I got my card in a week time put money on and did 3 transactions and with aweek time I had $50 on my card.
A
anonymous
4 days ago
Great customer service
Great customer service
M
michael sacco
4 days ago
Transferred funds take too long to become available.
While transfers are easy it takes too long for the money to become available.
T
tracy harmon
4 days ago
So far very convenient.
So far very convenient.
L
lou cloninger
4 days ago
Is was so easy.
Is was so easy.
L
lisa burns
4 days ago
Easy process from start to finish
Easy process from start to finish. I’ve secured two loans over the last several years and have a line of credit. Great company
M
msbree
4 days ago
This company is the mob
This company is the mob. They won't let you go and want you to pay them back plus all the interest. I requested a balance transfer from them and they refused my pay off checks twice so far. They made up all types of lies about the balance payoff checks all the while they just want to hold you hostage to them. Beware if you decide to go into an agreement with them you are stuck for life.
C
christina marlin
5 days ago
Easiest as Pie!
Easiest experience I’ve ever had!
S
stacey a.
5 days ago
Great service and easy application
The application process was easy. Then when I made a mistake I called and one of your representatives helped me correct it. She was extremely kind and helpful. Then the funds were sent to pay off my credit cards very quickly. It was a very pleasant experience.
K
kmae
5 days ago
Not 2 bad
So far so good I haven't had this account very long
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cyndie heap
6 days ago
I was originally approved for $6000
I was originally approved for $6000. I have always paid at least the minimum if not an additional amount. I have only had the card for 6+ months. I recently paid the $271, and an additional $600. My balance was just over $5300 and yet they declined a payment and have a $0 credit limit. STAY AWAY FROM THIS COMPANY. THEY ARE HORRIBLE.
P
peggy denniston
6 days ago
Every thing went smoothly
Every thing went smoothly
B
brenda e
6 days ago
Easiest fastest company to get a loan…
Easiest fastest company to get a loan from. When they say the next day they mean the next day.
N
nick arend
7 days ago
Trustworthy organization
Wow I signed up for the upgrade card and they actually keep their word on their welcome bonus. Everything has been great and I recommend others to try it.
T
tom drinkwine
7 days ago
Takes too long to process and post funds
Takes too long to process and post funds
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lisa reed
8 days ago
False Advertising - Non Disclosed Issue
This company promises a lower APR if you are paying off credit card debt, but after you go through the entire process you will find out that "your credit card company does not accept payment from us". They will not offer to mail in the payment for you if their payments are not accepted electronically, you will be forced to take a different type of loan that does not directly pay off your cards (you have to take the full amount and pay them off yourself) and lose the lower APR, raising it approx 2%, even though you are truly using it to pay credit card debt. I have done multiple debt consolidation loans and have NEVER come across this issue. Both my cards were from major banks BofA and Barclays, not a small local bank. Seems like an unethical way to lure someone in and then get a higher rate out of them.
P
peter s
8 days ago
Very easy to use.
Very easy to use.
S
stacy mullen
8 days ago
Representative was able to answer the…
Representative was able to answer the question regarding my account. She was friendly and efficient. Great customer service.
D
dakota foldenauer
8 days ago
They called!
They called to verify my account. No other bank has done that before. I thought it was great !!
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jacob kjenstad
8 days ago
Awful process
Awful process. Lower you credit line without notice. Disputes are like pulling teeth. Their support doesn’t know what they are doing. Makes me really nervous that they have my info. Stay away from this company.
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melissa irvin
9 days ago
Poor processes- I pay a large payment…
Poor processes- I pay a large payment early every month through my banking billpay. each and every month, i get late notices where upgrade has not processed my payment. I call, get different explanations, often blaming my very efficient bank I've had many years. I make the payment earlier, and earlier, ea.month. This time, I was told, it takes up to THREE WEEKS to process a check from my bank because Upgrade doesn't do electronic transfer. I find this practice insane for a reputable company here in 2023 because even my local grocery store processes a check while I wait. No, your business practices aren't sound enough for me to give you access to my checking account for automatic transfers. Poor Customer Service.
H
helen hobbs
9 days ago
Easy to apply and quick turn around
Easy to apply and quick turn around. Overall great experience
N
nadirah hamilton
9 days ago
Not sure why I’m not eligible for the…
Not sure why I’m not eligible for the credit card since Fico is 694 and vantage is 708 as of today but that’s a huge determination on my satisfaction with the banking portion
H
hariany lopez
9 days ago
No In-network ATMs and no immediate…
No In-network ATMs and no immediate transfers to other accounts or people.
M
michael love
9 days ago
So far so good!
So far so good!
P
pw
9 days ago
Easy process
Easy process, with great customer support!
C
charles pinson
10 days ago
What I dislike is they don't have…
What I dislike is they don't have mobile deposit so I can't fund my account
A
adrian moctezuma
10 days ago
Bonus fail
I opened this checking account mainly for the bonus said on the website. I opened a checking account but reading the fine print i needed to be referred by another person. Overall untill now it's been good.
K
karen whitaker
10 days ago
Email is always sent when a charge is…
Email is always sent when a charge is made to verify
E
ernesto
10 days ago
Easy peasy and stream line process
Easy peasy and stream line process. User-friendly website. Great incentives.
K
kasey woolard
10 days ago
One of the best card accounts I have…
One of the best card accounts I have had hands down
V
vicki adams
10 days ago
The process was smooth and When I spoke…
The process was smooth and When I spoke with a representative he was helpful
F
finn
10 days ago
My loan went through very smoothly
My loan went through very smoothly. My card was paid off & the rest deposited in my account within a couple of days. Debt free earlier than if I kept paying the CC.
H
hermann avila
11 days ago
Great and good experience
Great and good experience
K
kathryn thomas
11 days ago
I had a text telling me I had a new…
I had a text telling me I had a new card coming. I didn't understand why. Seems that I signed up for a debit card which I didn't want . Everyone I talked to was most helpful to cancel it
K
kasha perry
11 days ago
Good service
They were very nice and helpful. They answered all my questions
c
customer
11 days ago
Efficient process.
Efficient process.
A
ali beydoun
11 days ago
Was fast
Was fast, simple with no hidden fees
K
kevin ratliff
11 days ago
Upgrade has been great so far
Upgrade has been great so far. It is pretty cool to receive cash back for using a debit card. Also, no credit check / hard pull for the debit card product. When can I expect to see the $50 sign up bonus? Thanks!!
M
maurice bennett
11 days ago
UGRADE CARD IS THE WAY
GREAT CARD AND CUSTOMER SERVICE!
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vincent archuleta
11 days ago
My credit has improved and I’ve been…
My credit has improved and I’ve been nothing but loyal and paid payments on time and you’ve lowered what I’m able to borrow twice. Is this what we call Great customer service? I don’t think so.
J
jennifer m
11 days ago
Just because you pay on time every time doesn’t mean they won’t hurt your credit score2…
I have been with upgrade for going on 2 years now. Made my payments on time with automated withdrawals. Never drew another dime from my credit line and lo and behold if they didn’t go in and drop my credit limit down to my balance which killed the credit score I was trying to build back. Totally goes against my decision and reasoning for going with them. I understand risk factors but there are other ways to handle this like freeze an account instead of lowering the limit. I have no interest in utilizing this company ever again as they have truly worked against someone who has paid them religiously on time.
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alfredo de la cruz
11 days ago
Great fast easy and convenient
Great fast easy and convenient. No complaints
A
anita
11 days ago
Great Service and Very fast
Upgrade was very fast and efficient with the entire process. I would suggest a loan through Upgrade.
j
john bater jr
12 days ago
Friendly
It was a friendly experience
J
jason haber
12 days ago
In speaking with customer service…
In speaking with customer service everything went as good as it could. The issue was me not answering phone call from bank which delayed process. Easy fast fix. Though only negative and I don’t now how it can truly be if I do eventually get the 50 bonus, but I thought it would be in account sooner because my wife has done it before and it was fast. Why not me?
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kevin carlson
12 days ago
Bad service
I paid it off early. So they shut my card down.
J
john sengstock
12 days ago
Courteous and quick-responding
Courteous and quick-responding, the representatives made the process very simple.
M
misty smith
12 days ago
Customer service is very helpful
Customer service is very helpful
R
russell robinson
13 days ago
Easy Process and Fast.Thanks
Easy Process and Fast.Thanks
D
denise calhoun
13 days ago
LOVE UPGRADE !
I have used Upgrade 2 separate times and both times were easy to understand the process - easy to manage payments - quick access to the funds and great repayment options. I know for sure I would use upgrade any time I am in need of extra funds for something.
K
kevin ryan
13 days ago
Efficient, quick and very easy.
Quick, efficient and extremely helpful. Made everything very simple to do.
M
miguel rivera
13 days ago
It was an easy process.
It was so easy to apply and finalize the loan process. No stress at all!
D
denismar lugo morales
14 days ago
Great process
Great process, easy and fast.
T
tyler burns
14 days ago
Ok not great…
I like most things about things bank but it takes way too long for transfers to process!!!
B
beth scott
15 days ago
I pay on time and I have never missed a…
I pay on time and I have never missed a payment, yet you like to lower my credit limit on a whim or increase my interest rate on a whim. I liked your company to start with, but the longer I have an account, the more I don't care for how you do business.
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kristi hepner foley
16 days ago
Upgrade was easy and saved us so much…
Upgrade was easy and saved us so much money! Everything was seamless. I would highly recommend. The rewards checking is even better and we are gaining so much ground financially.
R
robin hill
16 days ago
Love the safe usage of card and atm…
Love the safe usage of card and atm fees with the cash back
T
tonya link
16 days ago
Quick approval
Quick approval
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brandon williamson
16 days ago
This company is a joke.
This company is a joke.
R
rebecca petro
17 days ago
Fast results!
Easy. Fast results!
K
keith stafford
17 days ago
Excellent
Quick and easy
G
gregory johnson
17 days ago
All I want to do is change my phone…
All I want to do is change my phone number. This is not hard to do. They have sent me emails constantly demanding more verification documents ranging from rejecting scans of my driver's license as "too blurry", saying my cell phone bill (Boost mobile) isn't enough to verify my new number, and basically being a huge pain in the ass. I highly recommend throwing their mailers in the trash if you dont want your bank driving you completely nuts.
J
joseph bierer
17 days ago
It was easy to set up and got my card…
It was easy to set up and got my card quickly
L
laura strodtbeck
17 days ago
Easy loan application
Easy loan application, quick approval! Process easy
A
adam carter
17 days ago
Fast and Easy
The loan process was very quick and easy. I had instant approval and the funds were available the next day. Great experience. Thank you!
J
john
18 days ago
Happy Customer
Kind, courteous and a fairly simple process
M
maxime gousse
18 days ago
Love the ease
Love the ease
S
sarah
18 days ago
Fast friendly service.
Fast friendly service.
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amanda windisch
18 days ago
customer service is great and i had no…
customer service is great and i had no issues getting my loan or checking account
B
belinda smith ambrose
18 days ago
Customer support/service
First let me say they were easy to get a loan with. Secondly they send emails all month long to remind me of my payment!! I find that annoying. I’m also unable to actually call them as no phone number is listed on the app. They also hit me with TWO hard inquiries on my transunion account in the same month which caused a problem with my credit score. I have attempted to contact them with help about it to no avail. So customer service and support is basically nonexistent but I guess that’s how it is with everything and everyone nowadays.
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william ebbighausen
18 days ago
Everyone I talked to was professional
Everyone I talked to was professional, informative, and very friendly. This is my second loan with your company and am very appreciative of your resources and services .
D
doanld estep
19 days ago
Fast
Fast, efficient and very helpful.
S
shyla applegarth
19 days ago
Customer service
They answered my question no problem asked.
G
gary dennis
19 days ago
I had to call 3 different times to…
I had to call 3 different times to finalize a personal loan and each time they said they needed more documents, they received it and said it was approved. And then when I didn't get the deposit I called again (3 times) and they needed more documents. Finally, after sending in more documents, the last guy got it done.
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judith runge
19 days ago
CONFIDENT IN LENDING
I think Upgrade did a very professional job in helping me. They have all the answers before and after a loan is approved. No prepayment penalty for paying off your loan early. Thank you for your support.
T
teresa pence
19 days ago
It was so quick and painless
It was so quick and painless! This is the second time that Upgrade has helped me. Thank you so much!
T
teresa whitworth
19 days ago
This company is Thoughtful and helphful…
This company is Thoughtful and helphful for those building thier credit
D
debra robinson
19 days ago
Love upgrade
The fast delivery of the card
C
cristina lane
19 days ago
Very Easy Process
The application was very, very easy. Approval came quickly. Distribution of funds was quick and all paperwork was in order. I have no complaints.
M
mc
19 days ago
As advertised
The process was very simple and everything went as advertised.
K
kendal bock
19 days ago
Simple and easy
So easy, great rates couldn't have went better!