Upgrade Loans Review 2022 – Company That Helps in Bad Financial Situation

Last Update: December 19, 2021 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 600. 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 600 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.

Upgrade Disclaimer: Personal loans made through Upgrade feature APRs of 5.94% – 35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. The lowest rates require Autopay and directly pay off a portion of existing debt. 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 account and would have 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. The actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges may increase the cost of your fixed-rate loan. There is no fee or penalty for repaying a loan early. Upgrade’s lending partners issue personal loans. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

Loan Amount: $1,000 – $50,000
APR: 5.94% – 35.97%
Min. Credit Score: 600
Approval: 1 Day
Terms: 3 – 5 years
Origination Fee: 2.9% – 8%
DTI Ratio: 40%

What You have to Know About Upgrade Loans?


  • Origination fee: 2.9% to 8%
  • Late payment fee: The late fee is up to $10 and is charged if your payment isn’t received within 15 calendar days of your payment due date.
  • Other fees: Returned check payments or failed electronic deposits cost $10 on top of whatever your bank charges for the returned payment.
  • No application fees.
  • No early payment fees.
  • No check processing fees.
  • No returned check fees.
  • No annual fees.


  • Min Credit Score: 600
  • Debt-to-income ratio: 40%
  • Income requirement: Have a free cash flow of $1,000 and above.
  • Credit history: N/A
  • They have great customer support.
  • Free monthly credit report.
  • Upgrade isn’t available in Colorado, Iowa, Vermont, Maryland, or West Virginia.
  • Type of credit check: Soft

Best for

  • Credit card debt consolidation.

Now Let’s Review Upgrade in Details

Founded in 2016, Upgrade is the brainchild of Renaud LaPlanche and Soul Htite.

These two are icons in the personal lending industry, having founded Lending Club, America’s largest lending marketplace. Htite is also the founder of Dianrong, one of China’s largest lending marketplace.

Unlike Lending Club and Dianrong, which connect borrowers with lenders, Upgrade originates loans directly through a partnership with WebBank.

Upgrade loan products include:

  • Personal loans.
  • Personal credit lines.
  • Credit monitoring software.

Eligibility and Lending Terms

Apart from the metrics mentioned above, Upgrade may also consider other parameters when determining loan eligibility. These include the borrower’s income, credit usage, and credit history.

This means borrowers may qualify for the credit even when they have not met all the qualifications listed above.

With Upgrade personal loans, you can borrow up to $50,000 and pay within three to five years. The least you can borrow is $1,000.

Upgrade APRs are fixed and range from 5.94% – 35.97% when it comes to cost.

Compared to other top personal loan providers, Upgrade scores highly in leniency. Perhaps this is because the lender considers many factors when determining loan eligibility.

Upgrade rates are also among the best for borrowers with an average credit score.

  • Amount from $1,000 to $35,000.
  • Fixed APR of between 5.94% – 35.97%.
  • Alternative loan eligibility assessment criteria.

Fees and Penalties

The only downside of Upgrade is its loan origination fee, which ranges between 2.9% and 8%. While most industry players charge these fees, they are usually a put-off to most borrowers.

Upgrade also charges a late payment fee of $10 for each missed payment. The same fee may apply if payments are not received in full within 15 calendar days of the due date.

However, unlike most lenders of its category, Upgrade does not charge prepayment fees.

  • A loan origination fee of between 2.9% and 8%.
  • The late fee is up to $10 and charged if your payment isn’t received within 15 calendar days of your payment due date.
  • No prepayment fees.

Loan Application and Approval Process

Upgrade applies cutting-edge technology to ensure fast and secure approval of loans.

The process from loan application to approval is online. With funds disbursed within four business days, most applicants report receiving the loan within a clearance day.

Once you have applied, you have to keep checking the status since you may need more details or clarifications during the approval process.

In a nutshell, the loan application follows the steps below.

  • Open Upgrade homepage and specify the amount you want to borrow and its purpose.
  • Provide necessary information about yourself.
  • Create an account, confirm details, and agree to the terms.
  • Check your rates.

Avoid The Debt Cycle

The Upgrade, a free cash flow requirement, helps borrowers avoid the temptation of borrowing beyond their means.

Simply put, free cash flow is the amount left from your monthly income after deducting all expenses.

According to Renaud LaPlanche, Upgrade CEO and co-founder, people are more likely to find themselves trapped in a debt cycle without a free cash flow.

Improve Your Credit Score

Another great thing about Upgrade is that they help unsuccessful applicants manage and improve their credit to qualify in the future. This happens through multiple tools, including a credit score simulator.

With the simulator, users can visualize different scenarios and impact their credit score. Users also receive email alerts informing them of what’s affecting their score and warning them in case of potential fraud. Also available are trending charts to help track progress and weekly updates to help users keep track of their credit scores.

Upgrade also provides highly customized and up-to-date educative materials to help users unlock their full credit potential.

Other Customer Reviews

Upgrade has an A rating. The lender has a rating of 4.6/5 out of 396 reviews. For the last three years, only 11 complaints have been lodged against the company.

The lender is also rated highly on Trustpilot with a score of 9.5/10 out of 3,276 reviews. At least 85% of Trustpilot raters have given the lender an excellent score, with only 1% rating it as “bad.”


Upgrade Loans are an excellent choice for borrowers with an average credit rating and free cash flow. Their loan terms are considerable compared to the industry average and favorable to those with average credit ratings.

This lender is rated highly by other consumers on BBB and Trustpilot platforms. Their only downside is the loan origination fee, which ranges between one and six percent.

We highly recommend them to borrowers looking for lending options with a fast and flexible loan approval process.



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