Upgrade Personal Loans Review of April 2024

Last Update: June 5, 2023 Loan Reviews

Upgrade in a nutshell

Upgrade is one of the top loan companies. Upgrades’ loans vary between $1,000 to $50,000. There is a minimum credit score requirement of 560. However, people with a credit score of over 700 have significantly higher chances of getting approved, and their APR will be very low.

This lender is the best choice for you if:

  • You are a U.S. citizen or permanent resident with a valid visa.
  • Have a credit score of 560 or higher.
  • Have a free cash flow of $1,000 and above.
  • Have a debt-to-income ratio of less than 40% (excluding mortgages).

It is important to consider other factors such as your income and credit usage.

Upgrade loans are available in all US states apart from Connecticut, Iowa, Vermont, Maryland, Colorado, or West Virginia.

In this review, we will discuss the pros and cons of this lender and everything else you need to know to make an informed decision.


Loan Amount:$1,000 – $50,000
APR:8.49% – 35.99%
Min. Credit Score:560
Approval:1 Day
Terms:2 – 7 Years
  • Loan origination fee of 1.85% – 9.99%
  • Late payment fee of $10, after a 15-day grace period
  • Insufficient funds fee of $10
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 560
  • Have a DTI ratio that doesn’t exceed 75%
  • Have recurring employment income or government benefits
  • Fill out your information through Upgrade’s online portal
Average Borrower Profile:
  • Has a credit score of 678
  • Has an annual income of $78,000
Best For:High DTI ratios
Check rates

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49% – 35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36 – month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower, and your loan offers may not have multiple term lengths available. The 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.

What You have to Know About Upgrade Loans?