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Upgrade

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in Personal Loans

SuperMoney Net Recommendation Score +68% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Strongly recommended

56 users recommend
2 users are unsure
10 users don't recommend
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Overview

Where does Upgrade do business?

Upgrade is a marketplace lender based in San Francisco, CA. Founded in 2016, Upgrade offers access to personal loans in 44 states (and Washington, DC).

What are the APRs offered via Upgrade?

Upgrade has a fixed APR that ranges from 6.99% up to 35.97%.

Does Upgrade charge an origination fee?

Yes, Upgrade charges a loan origination fee of 1% to 6% of the loan amount. Upgrade deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow. 

Does Upgrade charge a late fee?

Yes, Upgrade may charge borrowers a late payment fee of up to $10

Does Upgrade charge prepayment fees?

No, Upgrade does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow via Upgrade?

Loan amounts start at $1,000 and go up to $50,000.

What is the maximum loan term you can get with Upgrade?

Upgrade offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with Upgrade?

Applicants with a credit score of at least 620 can apply for a loan via Upgrade . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

Upgrade only considers borrowers who are employed.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via Upgrade. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Applicants must have an active and valid checking account
  • Proof of identity
  • Proof of citizenship or residence permit
  • Recent pay stubs
  • Proof of income

What is the estimated funding time for a personal loan via Upgrade?

Upgrade will typically approve (or deny) a loan application within 120 hours and fund personal loans within 7 business days of approval.

Does Upgrade report loan payments to credit bureaus?

Upgrade may report credit data to the following credit reporting agencies:

  • Transunion

UPGRADE Disclosure: 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.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

  • Headquarters
  • 275 Battery Street
    San Francisco, CA 94104 USA
  • Visit Site

Message from Upgrade

Two members of our founding team, Renaud Laplanche and Soul Htite, are the co-founders of Lending Club, a pioneer in marketplace lending that facilitated over $28 billion in loans and made credit more affordable for nearly 2 million American families over the last decade. Soul also founded Dianrong, one of the largest marketplace lending platforms in Asia. Our founders have now designed a new credit platform that attempts to create even more value for our customers and be more helpful to more people. Our goal is to help you understand and unlock your credit potential and lower the cost of your credit so you can build the future you want.

Other Services by Upgrade

Availability

Available in 44 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount
$10
Origination Fee
1% - 6%
Minimum Age
18
Credit Score Range
620 - 850
850 300 620
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Bank Account Required?
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Only Individual Applications
Verification Documents Required
  • Proof of Identity
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount
$1K - $50K
$100 $100K+
Loan Term (Months)
36 - 60
1 180
APR
6.99% - 35.97%
4% 100%+
APR Type
Fixed APR

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