Features

Where does Upgrade do business?

Upgrade is a marketplace lender based in San Francisco, CA. It was founded in 2016 and offers access to personal loans in 43 states (and Washington, DC).

What range of rates does Upgrade offer?

Upgrade offers personal loans with APRs starting at 5.96% and 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 from Upgrade?

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

What is the maximum loan term for a Upgrade personal loan?

Upgrade offers personal loans with a maximum term of 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.

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 as soon as 1 business day of approval.

Does Upgrade report loan payments to credit bureaus?

Upgrade reports credit data to the following credit reporting agencies:

  • Transunion

How does Upgrade describe itself?

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.

  • Max Loan Term (Months)
    60
  • Institution Type
    Marketplace Lending Platform
  • Bank Account Required?
  • Credit Score Range
    620 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
    18
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Proof of Identity
    • Proof of Income
    • Recent Pay Stubs
    • Driver License (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee Amount
    $10
  • No Prepayment Fee
  • Origination Fee
    1% - 6%
  • Approval Speed (Hours)
    120
  • Customizable Payment Dates
  • Funding Time Range (in days)
    1 - 7
  • Loan Term Range (Months)
    36 - 60
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Pre-Approved Soft Credit Inquiry
  • Credit Bureau Reporting
    TransUnion
  • Loan Amount
    $1000 - $50000
  • APR
    5.96% - 35.97%
*Loans made through Upgrade feature APRs of 5.96%-35.97%. All loans have a 1% to 6% origination fee, which is deducted from the loan proceeds. For example, a $10,000 loan with a 36 month term and a 18.61% APR (which includes a 6% origination fee) has a required monthly payment of $342.70. The APR on your loan may be higher or lower. 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. All loans made by WebBank, member FDIC. **Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. **Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade's Terms of Use and Borrower Agreement for all terms, conditions and requirements.
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