Upgrade Personal Loans Review: Is It A Scam or Legit? Click Here For More!

In today’s world, many people find themselves burdened with high-interest debt and in need of a solution to consolidate their financial obligations. This is where Upgrade personal loans come into play. Upgrade offers a lending service that aims to help borrowers consolidate their debt while simultaneously building their credit.

With a low minimum credit score requirement and multiple rate discounts, Upgrade stands out among its competitors. But is Upgrade a legitimate lending option, or is it just another scam?

In this comprehensive review, we will explore the features, pros and cons, application process, customer reviews, and more to determine if Upgrade is the right choice for you.

Upgrade Personal Loans

DebtQuench Score

Flexible Borrowing Options
Online Experience
Customer services and support

Upgrade Overview

Upgrade is a lending platform that provides personal loans to borrowers across the credit spectrum. While it caters to individuals with low credit scores, it also offers opportunities for those with good or excellent credit scores.

This inclusivity sets Upgrade apart from other lenders that typically target borrowers with higher creditworthiness. Upgrade personal loans range from $1,000 to $50,000, with an estimated Annual Percentage Rate (APR) of 8.49% to 35.99%. The lender aims to simplify the debt consolidation process and offers direct payment to creditors, making it easier for borrowers to manage their financial obligations.

Pros and Cons:

Like any financial product, Upgrade personal loans come with their own set of advantages and disadvantages. Let’s take a closer look at the pros and cons:

Upgrade Services and Pricing:

Upgrade offers a range of services and features that make it a viable option for borrowers in need of personal loans. Let’s dive into the details:

  • Multiple Rate Discounts:

Upgrade provides various rate discounts to help borrowers lower their APR. These include an autopay discount of 0.5 percentage points for setting up automatic loan payments, a direct pay discount of 1 to 5 percentage points for debt consolidation, and rewards checking discount of up to 20% off the rate for eligible customers.

  • Secured and Joint Loans:

Upgrade allows borrowers to choose secured or joint loans. A secured loan involves providing collateral, such as a vehicle, which can potentially lead to a lower interest rate. Joint loans involve applying with a co-borrower, which can increase your chances of approval or secure a better rate.

  • Mobile App and Credit Assistance:

Upgrade’s mobile app is highly rated and offers convenient features for managing loan payments. In addition, the lender provides free credit score monitoring, credit report summaries, a credit score simulator, and educational resources on credit and finances.

  • Long Repayment Terms for Home Improvement Loans:

For home improvement loans and larger loan amounts, Upgrade offers repayment terms of up to seven years. This extended repayment period provides borrowers with flexibility in managing their loan payments.

When it comes to pricing, Upgrade personal loans have an origination fee ranging from 1.85% to 8%. It’s important to consider this fee when calculating the total loan amount you’ll receive. Upgrade also charges late fees and failed payment fees, both amounting to $10.

Upgrade Qualifications and Application Process:

To qualify for an Upgrade personal loan, borrowers must meet certain requirements. While Upgrade has a looser credit score and debt-to-income ratio requirements compared to lenders targeting borrowers with good or excellent credit scores, meeting these qualifications doesn’t guarantee approval. Here are the minimum requirements:

  • U.S. Citizen or Permanent Resident: Borrowers must be either U.S. citizens, permanent resident, or living in the U.S. on a valid visa.
  • Age Requirement: Borrowers must be at least 18 years old in most states.
  • Verifiable Bank Account: A verifiable bank account is required to apply for an Upgrade personal loan.
  • Valid Email Address: Borrowers must have a valid email address for communication purposes.
In terms of credit requirements, Upgrade looks at the following factors:
  • Minimum Credit Score: Upgrade uses FICO score version 9 from TransUnion and requires a minimum credit score of 560.
  • Credit History: Borrowers must have at least one account on their credit history.
  • Length of Credit History: A minimum credit history of two years is required.
  • Debt-to-Income Ratio: The maximum debt-to-income ratio, including mortgage and the loan being applied for, is 75%.
  • Annual Income: There is no minimum annual income requirement, as Upgrade accepts income from various sources, including a partner, alimony, retirement, child support, Social Security payments, and more.
When applying for an Upgrade personal loan, it’s important to take a few steps beforehand:
  • Check Your Credit: Obtain your free credit report to review and correct any errors before applying.
  • Calculate Monthly Payments: Use a personal loan calculator to determine the APR and repayment term that will result in affordable monthly payments.
  • Create a Repayment Plan: Review your budget to understand how the loan’s monthly payments will impact your cash flow. Ensure that you can comfortably manage the payments without compromising other essential expenses.
  • Gather Documents: Upgrade requires proof of income, such as W-2s or pay stubs, proof of address, and a Social Security number. Collect these documents in advance to expedite the application process.
To apply for an Upgrade personal loan, follow these steps:
  • Pre-Qualify on Upgrade’s Website: Start by entering the desired loan amount and purpose on Upgrade’s website. Proceed to the pre-qualification form, where you’ll choose between an individual or joint application. Provide basic information like your name, address, birth date, and income. Create an account using your email and password, and enter your Social Security number. Pre-qualification does not involve a hard credit pull.
  • Preview Loan Offers: Qualified borrowers will be presented with multiple loan offers, each with different rates and terms. Carefully review the options and choose the one that aligns with your budget and financial needs.
  • Complete the Application: The application process may require additional documents, such as W-2s, pay stubs, and bank statements, to verify the information provided during pre-qualification. Upgrade will conduct a hard credit check when you submit your application, which may temporarily affect your credit score.
  • Approval and Fund Disbursement: Upgrade typically takes one to a few business days to approve applications. Once approved, the lender disburses the loan funds the day after approval. In cases where Upgrade directly pays off other debts, the process may take longer.

It’s crucial to develop a repayment plan after receiving your Upgrade personal loan. Upgrade reports payments to major credit bureaus, so making timely payments can help improve your credit score. Setting up automatic payments and closely monitoring your budget are effective strategies for managing your loan obligations.

Upgrade Contact Info

If you have any questions or need assistance with Upgrade personal loans, you can contact Upgrade through the following channels:

  • Website: Visit Upgrade’s official website at www.upgrade.com to access their resources and support options.
  • Customer Support: Upgrade offers customer support services for loan-related inquiries. You can reach their customer support team by calling [phone number] or sending an email to [email address].
  • Mobile App: Utilize Upgrade’s mobile app for convenient loan management and access to customer support features.

Upgrade Customer Reviews:

Upgrade has garnered a positive reputation on the Better Business Bureau (BBB) platform, as evidenced by its A+ rating. With an impressive average of 2,919 customer reviews, it’s clear that Upgrade has successfully served a substantial number of borrowers. Although the company has received 1,176 complaints, it’s important to note that these complaints need to be considered in the context of the overall customer base.

Despite the complaints, Upgrade maintains a high average rating of 4.5 stars out of 5 stars, reflecting the satisfaction of the majority of its customers. This stellar rating showcases Upgrade’s commitment to providing a positive borrowing experience and resolving any issues that may arise.


Upgrade personal loans offer a viable solution for borrowers looking to consolidate their high-interest debt and improve their credit score. With looser credit score requirements, multiple rate discounts, direct payment to creditors, and a user-friendly mobile app, Upgrade stands out among its competitors. The lender’s focus on inclusivity and flexibility sets it apart, allowing individuals with low credit scores to access financing options that can help them achieve their financial goals.

While Upgrade personal loans come with an origination fee and the lack of an option to choose the initial payment date, the benefits outweigh the drawbacks for many borrowers. The ability to secure a lower interest rate through secured or joint loans, longer repayment terms for larger loans, and access to credit assistance tools make Upgrade an attractive choice.

It’s essential to carefully review Upgrade’s terms, conditions, and fees before committing to a loan. Additionally, conducting a thorough assessment of your financial situation and repayment capabilities will ensure that an Upgrade personal loan aligns with your needs.

Overall, Upgrade’s strong reputation, positive customer reviews, and commitment to providing financial solutions for individuals across the credit spectrum make it a legitimate and reliable option for borrowers seeking personal loans. Consider Upgrade as a potential solution for consolidating debt, building credit, and achieving your financial objectives.

Frequently Asked Questions

Here are 10 frequently asked questions about Upgrade Personal Loans.

Yes, Upgrade offers multiple rate discounts to help lower your APR. These include an autopay discount of 0.5 percentage points for setting up automatic loan payments. Additionally, Upgrade provides a direct pay discount of 1 to 5 percentage points for debt consolidation, where the lender pays off your debts directly. This feature simplifies the consolidation process and can result in a rate reduction.

Upgrade provides personal loans that can be used for various purposes such as debt consolidation, home improvement, major purchases, and more. Additionally, Upgrade offers secured and joint loans, giving borrowers the option to choose collateral-backed loans or apply with a co-borrower for potentially lower interest rates or increased approval chances.

Upgrade offers a user-friendly mobile app that allows borrowers to conveniently manage their loan payments. The app provides features such as payment scheduling, account monitoring, credit score tracking, credit report summaries, a credit score simulator, and educational resources on credit and finances. It serves as a comprehensive tool to stay on top of your loan obligations and financial progress.

Absolutely. Upgrade offers a unique feature of direct payment to creditors for debt consolidation loans. By having Upgrade pay off your debts directly, you can streamline the consolidation process. Not only does this save you time and effort, but it can also potentially result in a rate reduction of 1 to 5 percentage points, making your debt consolidation more cost-effective.

Upgrade applies an origination fee ranging from 1.85% to 8% on their personal loans. This fee is deducted from the loan amount before you receive the funds. It’s important to consider the impact of this fee on your total loan amount and ensure that the remaining funds adequately cover your financial needs.

Unlike some lenders that allow borrowers to select their preferred payment date, Upgrade assigns borrowers a repayment date. However, Upgrade offers flexibility within a 15-day window before or after the given due date. Through the mobile app, borrowers can adjust their payment date within this timeframe, providing some control over when their payments are due.

In addition to the origination fee, Upgrade charges late fees and failed payment fees, both amounting to $10. It’s crucial to stay on top of your payment schedule to avoid these fees. However, Upgrade’s transparent fee structure ensures that borrowers are aware of any potential charges upfront.

Upgrade considers borrowers with a minimum credit score of 560, using the FICO score version 9 from TransUnion. While meeting this requirement doesn’t guarantee approval, Upgrade’s focus on inclusivity enables individuals with lower credit scores to access personal loans and work towards improving their financial situation.

Once your Upgrade personal loan is approved, the lender typically disburses the funds the day after approval. This swift process ensures that you receive the loan amount quickly. However, if you opt for Upgrade to directly pay off other debts as part of debt consolidation, the disbursement process may take slightly longer.

Yes, Upgrade personal loans can be utilized for home improvement purposes. In fact, Upgrade offers extended repayment terms of up to seven years specifically for home improvement loans. This flexibility provides borrowers with ample time to finance and complete their home renovation projects, making Upgrade a suitable choice for those seeking financing in this domain.

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