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Upgrade Personal Loans: 2023 Review

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Sulaiman Abdur-Rahman
Sulaiman Abdur-RahmanUpdated January 23, 2023

Overview of Upgrade

Upgrade offers personal loans ranging from $1,000 to $50,000 with terms ranging from 24 to 84 months. The annual percentage rate of interest on Upgrade personal loans can range from 7.96% to 35.97%. One of the major drawbacks with Upgrade’s lending platform is it may charge origination fees ranging from 1.85% to 8.99% of the loan amount.The Takeaway: Upgrade’s financial technology platform can offer fast personal loans of up to $50K. Upgrade personal loans may be right for you if you need to borrow money quickly to cover unexpected expenses.

Pros and Cons of Upgrade

• 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 7.96%, while the average interest rate on a credit card is 18.43%. Borrowers can receive their 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 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: 7.96% to 35.97% Loan terms: 24 to 84 monthsPrepayment penalty: NoApplication fee: Origination fees can range from 1.85% to 8.99% of the loan amountCo-borrowers allowed: YesApproval speed: Personal loan preapproval may take several minutes, loan proceeds can be received within one business dayInformation accurate as of Jan. 22, 2023.

Who May an Upgrade Personal Loan Be Right For?

An Upgrade personal loan may be right for the following demographics:
  • Borrowers who prefer fast funding from a legitimate lending platform rather than a loan shark

Who Upgrade May Not Be Right For

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

What to Watch Out for With Upgrade Personal Loans

Here are aspects to watch out for with Upgrade personal loans:
  • Upgrade personal loans cannot be used for postsecondary education expenses, investments, illegal activities, or gambling of any kind

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

  1. Apply online. Applicants can get started by answering basic questions on a digital platform, including your reason for the loan and how much you would like to borrow. Applicants can check to see if they have any prequalified loan options from Upgrade. Seeing your 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.
  2. Verify information. Upgrade may request that you provide supporting documents for verification purposes, such as proof of income. Pay stubs, bank statements, or W-2s may serve as proof of income. Self-employed applicants may have to provide tax returns from the previous year and two years prior.
  3. 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

As highlighted above, personal loans from Upgrade have several pros and cons. When you need to borrow money, it can be wise to compare lenders before submitting any loan applications. Here are some alternatives to Upgrade personal loans that you may consider:
  • Avant: Avant personal loans range from $2,000 to $35,000 and may have terms ranging from 12 to 60 months. APRs can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%.
  • Best Egg: Best Egg offers unsecured and secured personal loans ranging from $2,000 to $50,000. APRs can range from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%.
  • Prosper: Prosper offers unsecured personal loans ranging from $2,000 to $50,000. Borrowers can choose loan terms ranging from two to five years. APRs on these loans can range from 6.99% to 35.99%. One of the major drawbacks with Prosper personal loans is borrowers may have to pay origination fees of up to 5% of the loan amount.
  • Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.

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-Rahman
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 currently serves 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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