As opposed to some of its bank-backed competitors, Upgrade is happy to work with borrowers from a much broader credit history and takes into account multiple factors when approving loans.

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    The company stands out for its approach, which deemphasizes some of the more common evaluation methods and looks at borrowers’ free cash flow, which helps better gauge how much they can truly pay back. 

    Upgrade Trustpilot score

    Upgrade today has offices across North America, with its headquarters in San Francisco and offices in Chicago, Phoenix, and even in Montreal. More importantly, Upgrade integrates its personal loans with credit monitoring and even offers alternative loan types to help users get the money they need, when they need it. 

    Additionally, an Upgrade personal loan comes with a variety of great value-added features including credit health tools, hardship programs, and even lines of credit—something many competitors don’t offer. With a variety of loan purposes that range from consolidation to home improvement, and a strong dedication to helping its customers become more educated about their finances, Upgrade is a great choice no matter what your credit looks like.  

    Upgrade Pros and Cons


    • Stay on top of your finances with credit health tools 
    • Accessible eligibility requirements make it easier to be approved 
    • Available for a variety of purposes
    • No prepayment fees


    • There are some fees included in every loan
    • No phone number to contact support

    Why Get a Personal Loan from Upgrade? 

    One of the best parts of our Upgrade loan reviews was finding that Upgrade is happy to work with customers from a variety of walks of life. Its formula considers more than just credit scores, and offers greater access to any borrower. Moreover, the company offers a program that may allow some borrowers to reduce their monthly payments temporarily in some cases, or even modify loans to extend repayment terms.

    It’s also worth noting that unlike some personal lenders, Upgrade won’t perform a hard credit check off the bat. Instead, your initial quote will be based on a soft credit pull which won’t affect your credit score. This also pre-approves you for a loan, making it easier to complete your application once you’ve chosen the alternative that works best for you. 

    What Does Upgrade Offer? 

    More than a simple financing solution, Upgrade gives you a suite of tools to take control of your personal finances. The company’s personal loans are available for a variety of uses, and are fixed rate, so you’ll always know exactly how much you’re paying. In addition to a personal loan, Upgrade also provides you with a credit monitoring solution for free which lets you view your credit score and summary, as well as insights on how to improve it. Even better, it includes credit score simulations, email alerts, and even weekly updates on your score. 

    In terms of loan purposes, Upgrade loans cover the following: 

    It’s worth noting that these categories are quite broad in some cases, so you’ll be able to cover a variety of needs with your personal loan. 

    What Are Upgrade’s Eligibility Requirements? 

    Our Upgrade loans company review found that the lender has incredibly friendly eligibility requirement. Unlike some lenders that require excellent credit scores and low debt-to-income ratios, Upgrade looks at a broader cross section of your finances, including your free cash flow to help determine the right rate and terms for you. 

    Usually, borrowers with Upgrade have a minimum of 600 credit score, and though a minimum income isn’t required, it’s recommendable to have at least $30,000. Additionally, the company requires that you have at least $800 in monthly free cash flow and a debt-to-income ratio of 60% or lower. 

    Additionally, you’ll have to present the following during the application process: 

    • Proof of an active and valid bank account 
    • Proof of income such as recent paystubs or a W2 document 
    • A driver’s license or proof of identity 
    • Proof of US citizenship or status as a legal resident
    • Proof that you are 18 years or older

    How to Apply for an Upgrade Personal Loan? 

    Applying for an Upgrade loan only takes a few minutes and is quite easy from start to finish. To begin, you’ll simply have to provide a few personal details along with income information and your desired loan amount. You’ll be able to see which loans you could qualify for and choose the most favorable one. From there, you’ll be asked to provide additional information for a financial background check, including your social security number, employment information, and phone number. If you’re approved, your funds will be delivered electronically in as little as a few business days. 

    Loan Application

    What are Upgrade’s Rates, Terms, and Fees? 

    We were happy to find that Upgrade offers a great variety of loan amounts for its borrowers. The company offers a great starting amount at $1,000, which is on the lower end and is excellent if you don’t want to borrow more than you need. From there, you can apply for up to $50,000 for an Upgrade personal loan. 

    The company’s rates start on the slightly higher side of the spectrum, but they do offer much greater range for borrowers with less favorable finances. APR starts as low as 6.98%, and can reach up to 35.89% (due mostly to the more relaxed qualification standards). Even so, you’ll still have the option of managing your monthly payments with great repayment terms that range from 36 months to 60 months. 

    Upgrade does charge some fees, though we were happy to see that doesn’t include a prepayment fee, so you can close out your debt as soon as possible without stressing. Every Upgrade loan comes with an origination fee that ranges from 1.5% to 6.0%, and also charges a $10 late fee if you miss a payment.  

    Final Thoughts

    With a much friendlier approach to approving borrowers and a great range of loan options available, Upgrade is quickly becoming a popular destination for personal lending. The company’s extensive educational section, along with its credit health monitoring tools, make it a great destination if you’re trying to right your financial ship and need some extra funding to get there. Additionally, you can find great value with a flexible loan that comes with the understanding that sometimes, life can get in the way.