Upgrade was started by two of the founding member of Lending Club, a pioneer in marketplace lending. They were part of facilitating $24 billion in loans and made credit available to over 2 million America families over the last decade. Upgrade offers an online marketplace lending platform. Thier goal is to help consumers unlock their credit potential while lowering the cost of credit.

Through Upgrade, consumers can access affordable personal loans from $1,000 to $50,000 with low fixed rates that never change. Personal Loans may be used to pay off high-interest credit cards, make home improvements, make a major purchase and much more!


Apply Now with Upgrade

Upgrade Snapshot

  • Loan Amounts:  $1,000 to $50,000 
  • Credit Score:  620+
  • APR:  6.99% to 35.97%
  • Terms:  36 to 60 months
  • Fees:  1% to 6% Origination Fee and will vary by loan term
  • You will require a verifiable bank account and email address
  • Applicants must not reside in CO, CT, IA, MA, MD, VT, and WV
  • Upgrade Stands Out
    • Debt to income of 50%
    • Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
    • Unsecured Line Of Credit to $50,000 (coming soon)

Loan Example

For example, a $10,000 loan with a 36-month term and a 17.97% APR (which includes a 5% origination fee) have a required monthly payment of $343.28. The APR on your loan may be higher or lower. 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.

Detailed Terms and Conditions

Bottom Line

Upgrade Detailed Review

Quick Snapshot

  • Loan Amounts:  $1,000 to $50,000 
  • Credit Score:  620+
  • APR:  6.99% to 35.97%
  • Terms:  36 to 60 months
  • Fees:  1% to 6% Origination Fee and will vary by loan term
  • The APR offered will depend on credit score, credit usage history, loan term and other factors
  • The state of Georgia requires a minimum loan of $3,005
  • Upgrade Stands Out
    • Debt to income of 50%
    • Funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. From the time of approval, funds available in 4 business days
    • Unsecured Line Of Credit to $50,000 (coming soon)

Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, if you receive a $10,000 loan with a 36 month term and a 17.97% APR (which includes a 14.31% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your bank account and would have a required monthly payment of $343.28. Over the life of the loan, your payments would total $12,358.22. 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. All loans made by WebBank, member FDIC.

Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.

What's good about Upgrade?

When to use upgrade

  • You have good to excellent credit.
  • looking for a personal unsecured loan or line of credit
  • have a strong cashflow
  • What's bad about Upgrade?

    You have less than good credit

    Loan Amounts $1000 to $50000
    Required Credit Score Credit Score starting at 620+
    Doesn't lend in Connecticut,  Colorado,  Iowa,  West Virginia,  Maryland,  Vermont
    Types of Income Salaried, self-employed with documentation, other sources if desired for loan repayment
    Variable Rate Option Fixed Rates only
    APR Range APR 6.99%-35.97%.
    Loan Term 36 months to 60 months
    Repayment Schedule Monthly - ACH automatic deduction from bank account
    Credit Inquiry Soft Inquiry to check rates. Loan Acceptance - Hard Inquiry
    Fees and Closing Costs 1%-6% Origination Fee, late fees
    Secured Loans Unsecured
    Co-Signer No
    Direct Deposit Yes - must have a valid checking account
    Loan Purpose Debt Consolidation
    Qualifications U.S. citizen, 18+ yrs old
    Allows Military Yes: Loans obtained through Upgrade comply with the Service member Civil Relief Act (SCRA).
    Insurance Information not available
    Legal Documents Required U.S. Citizen, permanent resident, or living in the U.S. on a valid visa
    Number of Offers One offer (WebBank)
    Customer Service Phone, email

    How is Upgrade Funded?

    Upgrade received all of its funding from WebBank. WebBank is an FDIC-insured, state-chartered industrial bank that provides customized consumer and commercial financing solutions on a nationwide basis. WebBank is headquartered in Salt Lake City, Utah. Upgrade is not a bank. This partnership with WebBank is the originator of all loans obtained by upgrade.

    How to contact Upgrade?

    Upgrade email is support@upgrade.com. To speak directly with an Upgrade Support representative, call their toll-free line (855) 997-3100 Monday-Friday, 6am-6pm, Pacific Time.

    Recommendation

    Upgrade offers consumers the ability to borrow up to $50,000 with a credit score starting at 620+ over a 5-year term. This is one of the best offers we have found in the online loan industry. The founders are veterans of the online loan business, so no surprise that they have put together a great offering. We look forward to the release of their $50,000 unsecured credit line offer. If you require a longer term or higher loan amount, we have other loan providers that you can review.

    Upgrade Example, terms, fees and Rates

    Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, if you receive a $10,000 loan with a 36 month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your bank account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. 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. Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.

    Anchor
    Loans made through Upgrade feature APRs of 6.99%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your bank account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. 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. Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by WebBank, member FDIC.