Where does Upgrade do business?

Upgrade is a marketplace lender based in San Francisco, CA. The company was founded in 2016 and offers personal loans to borrowers in Washington, DC and 43 states.

What are Upgrade’s rates?

Upgrade offers personal loans with APRs starting at 5.66% and up to 35.97%.

Does Upgrade charge an origination fee?

Yes, Upgrade charges a loan origination fee of 1% to 5% 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 prepayment penalties?

No, Upgrade does not charge prepayment penalties. 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 $1000 and go up to $50000

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

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

What is Upgrade’s eligibility criteria?

Upgrade only considers applicants who have a credit score of at least 620 to apply.

Active duty servicemembers and covered dependents can also apply for a Upgrade loan. High interest loans are not available to members of the armed forces because the The Military Lending Act prohibits lenders from charging them more than a 36% APR.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants must provide the following documentation:

- Driver license

- Proof of citizenship or residence permit

- Recent pay stubs

- Recent bank statements

You must have a job to qualify for a loan. 

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

Upgrade will typically provide a credit approval decision in less than hour and fund the loan by the next business day. 

How do Upgrade describe themselves?

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.

  • Loan Amount
    $1000 - $50000
  • Payment Options
    • Automatic Payments
    • Check by mail
  • APR
    5.66% - 35.97%
  • Max Loan Term (Months)
  • Checking Account Required?
  • Credit Score Range
    620 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Supported Income Types
    • 1099 Misc. Income
    • Cash / Other
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • Late Fee Amount
  • No Prepayment Fee
  • Origination Fee
    1% - 5%
  • Institution Type
    Marketplace Lender
  • Approval Speed (Hours)
  • Customizable Payment Dates
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    Next business day
  • Credit Bureau Reporting
*Loans made through Upgrade feature APRs of 5.66%-35.97%. All loans have a 1% to 5% origination fee, which is deducted from the loan proceeds. For example, a $10,000 loan with a 36 month term and a 18.66% APR (which includes a 5% origination fee) has a required monthly payment of $346.60. 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. **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.
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0 votes

My experience was awesome!! The process went so smooth and it was very fast.

0 votes

I applied for a loan on Monday and received funds in my account on Thursday of the same week. Low rates, choice of term, and excellent service! Thanks Upgrade!!

0 votes


0 votes

From the moment I applied the process was very easy and had the money fast. Highly recommended! The rates were right where we needed them to be. It was an easy and pleasent experience. If I need a loan in the future I will be back!

0 votes

I had an awesome experience with Upgrade. The approval was fast and I got a really low rate!!!

0 votes

Very good experience and great rates too! Highly recommend them.

0 votes

I can only speak for my own experience. It was very fast, no hassle. I got approved right away (same day) and uploaded all the documents online right then. Even when there was a problem with two of the PDF files that were corrupted, they contacted me via a phone call quickly to re-upload, which I did right away. The agent was very courteous and explained the issue clearly. I received the money in 2 days, as expected. Oh and I got the best rate when I compared with ... the competition for my amount and length of loan. More Less

0 votes

My loan went through rather quickly. I think the rate was a bit high as I qualified at 15% and was expecting 12% or lower. But overall, they came through in a timely manner. All requested documents was given as needed; a follow-up call from them came from Upgrade and I had my funds in two day.

0 votes

Don't use them unless you want to wait until you collect social security.I waited three weeks and they still didn't contact me with an answer. I called several times only to be told someone would get back to me;they never did. i finally cancelled my request and went with another lender who approved me in three days.

0 votes

DO NOT use this company, These people are very rude and are just out right liars,They take forever and then they make up excuses. we said good bye to them, went to lending club, deal was done in 3 days.

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