Upgrade Personal Loans: 2025 Review

Q: Is Upgrade a legitimate company?

Yes, Upgrade is a legitimate financial technology company that operates an online lending platform. Upgrade is not a bank, but it has several bank partners who originate personal loans to Upgrade platform users.

Q: How long does Upgrade take to approve?

Providing information to see whether you prequalify for an Upgrade personal loan can take several minutes. The time it takes for Upgrade to verify your information could vary, but applicants may receive personal loan proceeds within one business day of clearing necessary verifications.

Q: Is Upgrade a real bank?

No, Upgrade is not a real bank. A regulated bank in the United States is a financial institution with a federal or state-based charter to accept deposits from customers who open banking accounts. Upgrade is a financial technology company, not a member of the Federal Reserve System or Federal Deposit Insurance Corporation. What Upgrade does as a nonbank fintech company is work with chartered banks that can originate loans to customers through Upgrade’s platform, among other services it promotes as a nondepository institution.

Check Your Rate

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Sulaiman Abdur-RahmanUpdated February 25, 2025

Upgrade offers personal loans ranging from $1,000 to $50,000 with terms ranging from 24 to 84 months. The annual percentage rate (APR) on Upgrade personal loans can range from 7.99% to 35.99%. One of the major drawbacks with Upgrade’s lending platform is it may charge origination fees.Keep reading to learn more on Upgrade personal loans, including pros and cons, eligibility requirements, and whether or not Upgrade is the best lender for you.

Pros and Cons of Upgrade

Pros	Cons
• Interest rates may be lower than some credit cards’ rates• No penalty or fee for early loan repayment• Fast funding (typically within one business day)	• Origination fee can be sizable• Late payments could increase cost of fixed-rate loan• Only the most qualified applicants may get the lowest rates

Pros of Upgrade

As highlighted in the Upgrade reviews above, customers generally appreciate the pros of Upgrade personal loans. Upgrade personal loans can have APRs as low as 7.99%, while the average interest rate on a credit card is greater than 20%. Borrowers can receive their Upgrade fixed-rate loan proceeds within one business day, and there’s no prepayment penalty if you pay the loan off early.

Cons of Upgrade

Upgrade may deduct an origination fee from your principal loan amount. A $10,000 Upgrade loan with a 5% origination fee, for example, would leave you with $9,500 of loan proceeds. Upgrade may also charge a $10 late fee if you fail to make a required loan payment within 15 calendar days of your due date. You may need excellent credit to qualify for Upgrade’s lowest APR.

Upgrade Personal Loan Terms, Rates, and Fees

Loan amounts: $1,000 to $50,000APR range: 7.99% to 35.99% Loan terms: 24 to 84 monthsPrepayment penalty: NoApplication fee: Origination fees can range from 1.85% to 9.99% of the loan amountCo-borrowers allowed: YesApproval speed: Personal loan preapproval may take several minutes, and loan proceeds can be received within one business dayInformation accurate as of Feb. 14, 2025.

Who May an Upgrade Personal Loan Be Right For?

An Upgrade personal loan may be right for the following demographics:

Consumers looking for quick $4k loans
Borrowers who prefer fast funding from a legitimate lending platform
Consumers who need to borrow a $2,000 personal loan

Who Upgrade May Not Be Right For

An Upgrade personal loan may not be right for the following demographics:

Consumers who need to borrow large personal loans of up to $100K
Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan
Consumers who prefer open-end credit vs. closed-end credit

What to Watch Out for With Upgrade Personal Loans

Here are aspects to watch out for with Upgrade personal loans:

APRs may be as high as 35.99%
Upgrade personal loans cannot be used for postsecondary education expenses, investments, illegal activities, or gambling of any kind
Failing to pay and defaulting on a personal loan can have a major impact on your credit score

Upgrade Personal Loan Eligibility Requirements

Upgrade personal loans may have the following loan eligibility requirements:

A U.S. citizen, permanent resident, or living in the U.S. on a valid visa
At least 18 years of age (or 19 in some jurisdictions)
Can provide a verifiable bank account
Can provide a valid email address

Repayment Options for Upgrade Personal Loans

Here are some loan repayment options that may be available to Upgrade customers:

Making online payments via Automated Clearing House or ACH
Mailing a personal check
Calling Upgrade’s account servicing team and making a payment by phone

How to Apply for an Upgrade Personal Loan

Apply online. Get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. Checking your rate and loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
Verify information. Upgrade may request that you provide supporting documents for verification purposes, such as proof of income. Bank statements, pay stubs, tax returns, and W-2s may serve as proof of income. Self-employed applicants may have to provide tax returns from the prior two years.
Accept the loan. Approved applicants may sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within one business day. You can check your bank account to confirm receipt of the proceeds.

Alternatives to Upgrade Personal Loans to Consider

Upgrade personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:

Lender	Loan amounts	APR range	Maximum term
Achieve (formerly FreedomPlus)	$15,000 to $50,000	8.99% to 29.99%	36 months
Avant	$2,000 to $35,000	9.95% to 35.99%	60 months
Best Egg	$2,000 to $50,000	6.99% to 35.99%	60 months
LendingClub	$1,000 to $50,000	7.9% to 35.99%	60 months
OneMain Financial	$1,500 to $20,000	18% to 35.99%	60 months
Prosper	$2,000 to $50,000	8.99% to 35.99%	5 years
Universal Credit	$1,000 to $50,000	11.69% to 35.99%	60 months
Upgrade	$1,000 to $50,000	7.99% to 35.99%	84 months

(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:

The Takeaway

Upgrade’s financial technology platform can offer fast personal loans of up to $50,000. Upgrade personal loans may be right for you if you need to borrow money quickly to cover unexpected expenses.With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders, including Upgrade, all in one place. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.

Frequently Asked Questions

Is Upgrade a legitimate company?

How long does Upgrade take to approve?

Is Upgrade a real bank?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

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