Upgrade Personal Loans: 2021 Review

Q: Is Upgrade a good lender?

Upgrade loan reviews are positive, indicating that Upgrade is a legitimate and reliable company. Since its founding in 2017, Upgrade has made over $3 billion in credit available to its borrowers.

Q: Is an Upgrade loan legit?

Yes. Upgrade’s founders were pioneers in the fintech space over a decade ago. They claim that more than 10 million people have applied for a loan or card through Upgrade since 2017.

Q: How long does it take to get money from Upgrade?

Once a loan application is approved, funds are generally deposited within one business day. The document verification process before approval is determined can take a few days, but typically within four business days.

Q: Can you pay off an Upgrade loan early?

Yes, you can pay off your loan early without a prepayment penalty fee.

Q: Does Upgrade do a hard pull?

Checking your loan offers/pre-qualification is a soft credit pull, but once you accept an offer, there will be a hard pull on your credit.

Check Your Rate

Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

Susan Guillory

Updated June 4, 2021

Overview of Upgrade

For some individuals, unpaid balances on multiple credit cards keep them from easily paying off existing debts. For individuals with different interest rates on different cards, it may be challenging to keep track and pay back more than the minimum balances due each month. Upgrade offers debt consolidation loans that could help approved borrowers roll their existing debt into one monthly payment and APR. Upgrade also provides online unsecured personal loans for other purposes—including big purchases or home improvement. Here’s an overview of getting a loan online through Upgrade:

Pros and cons

Pros

Interest rates may be lower than some credit cards’ rates
No penalty or fee for early loan repayment
Fast funding (typically within four business days)

Cons

Origination fee can be sizeable
Late payments could increase cost of fixed rate loan
Only the most qualified applicants may get the lowest rates

Upgrade Personal Loan Terms, Rates, and Fees

Loan amounts: $1,000-$35,000APR range: 5.94%-35.97% (Updated as of 6/21/2021.)Origination fee: 2.9%-8.0%Minimum credit score: No minimum score required Time to funding: Within four business daysCo-borrower needed: No(Updated as of 4/9/2021.)

Researching Other Lenders

As you research Upgrade loans reviews, be sure to explore other lenders to find the best fit and rates for your individual financial needs.

What Types of Loans Does Upgrade Offer?

Much of Upgrade is focused on offering debt consolidation loans or loans to refinance existing high-interest credit card debt. But, the loans can also be used for home improvement, growing your business, or eligible major purchases.Upgrade also offers a line of credit attached to a Visa card. Borrowers can use it like a debit or credit card, paying back the amount of the credit line that they then tap into. Upgrade may be one online lending option for applicants with fair credit, but the personal loan interest rates for those with less than excellent credit could be higher than with other online lenders. For qualifying borrowers who are presently paying high interest rates on multiple credit card balances, an Upgrade online personal loan may be one way to consolidate eligible debts into one payment with a potentially lower rate. Interested borrowers may want to check to see which rate they might pre-qualify for with Upgrade and then compare the loan offer against their existing credit card interest rates.

Important to Keep in Mind

Upgrade may not offer the best rates out there, depending on your qualifications. The high end of its APR range is nearly 36%, which is higher than most credit cards.

Applying for a Upgrade Personal Loan

Upgrade’s loan pre-qualification is fast and easy to complete. For qualifying applicants, turnaround time for full application approval is generally within four business days.

Upgrade Loan Requirements

Upgrade doesn’t disclose all of the factors that go into its loan approval decision-making process, but it does state that applicants:

Be US citizens, permanent residents, or living in the US on a valid visa
Be 18 or older
Have a verifiable bank account
Have a valid email address

While Upgrade lists no minimum credit score to pre-qualify, they do evaluate applicant’s overall cash flow, debt-to-income ratio, credit history and monthly expenses during the final loan application process. An online loan pre-qualification quote does not guarantee that an applicant will also be approved for loan funds from Upgrade.

The Upgrade Loan Application

An interested consumer can start by inputting how much money they want to borrow. You’ll need to choose between an individual or a joint application. You’ll also be asked brief details about your address and your annual income. Upon submitting your email address, you should then be shown your pre-qualifying rate and potential loan terms. Upgrade says checking for a pre-qualifying rate will not impact your credit score.Once you choose an offer, including your interest rate and payback period, you may be asked for additional information to verify income and identity. Once everything is verified, and if you are approved, you should get your funds within one to four business days. When the loan is funded, Upgrade runs a hard credit inquiry, which will show on the applicant's credit report and may be viewed by third parties.

The Bottom Line

If high interest rates on credit cards are forcing you to pay more than you want to on your debt, an Upgrade loan could be one way to roll multiple payments into one payment—potentially with a lower fixed rate. Some applicants may be able to qualify for either more competitive or lower rates with other lenders—without a hefty origination fee.Looking for more personal loan options? With Lantern's help, you can find the right one for you.

Frequently Asked Questions

Is Upgrade a good lender?

Is an Upgrade loan legit?

How long does it take to get money from Upgrade?

Can you pay off an Upgrade loan early?

Does Upgrade do a hard pull?

About the Author

Susan Guillory

Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.

Credit Score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Brand names: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

SOLC20040: