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Upgrade Loan Review: A Choice for Smaller Loans

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Upgrade offers personal loans in every state except West Virginia, Iowa, and Washington, D.C. The company’s loans can be from $1,000 to $50,000, giving people the ability to get small loans when needed. However, borrowers may need to pay high annual percentage rates (APRs), and Upgrade origination fees as well. There are no prepayment fees or penalties, and they accept joint applications. Direct payments to third-party creditors are available as well. Reading Upgrade Loan Reviews can help you determine whether this lender suits your requirements. Here’s some more information about who Upgrade is best for, loan terms, loan features, loan requirements, and how to get an Upgrade personal loan.

Who Is Upgrade Best For?

Upgrade personal loans are best for borrowers who need smaller loan amounts. Applicants with high credit scores can get the best rates, but many people with fair credit can qualify as well. Upgrade personal loans are usually unsecured, but some secured loans are available as well. Choosing a secured loan can make qualifying or getting a lower rate easier.

Upgrade Personal Loan Requirements

Upgrade personal loans are approved or denied based on many factors. These can include the applicant’s credit profile, their income, and other factors. Meeting these requirements won’t guarantee approval, but they can help you decide if a personal loan from Upgrade is the right choice for you.

Credit Score

With Upgrade, you need a minimum credit score of 560. This means many people with fair or poor credit can get access to small loans. However, the borrowers with the best credit scores get the most competitive rates.


Upgrade gives extensive weight to free cash flow, and approved borrowers must have at least $1,000 in free cash flow each month and a debt-to-income (DTI) ratio of about 40%. The maximum debt-to-income ratio that Upgrade will accept is 75%.

Cosigners and Co-Applicants

Upgrade allows co-applicants who meet their minimum credit score requirements, but they don’t allow cosigners. With a co-applicant who has a high credit score, a less creditworthy borrower can get a bigger loan or a more competitive interest rate. To see what rate you can qualify for as a joint applicant, select “Joint Application” during Upgrade’s online pre-qualification process.

Applying for an Upgrade Personal Loan

Applying for an Upgrade personal loan usually involves pre-qualifying for an interest rate or APR, submitting an application, and then waiting for loan approval. Here are the steps for applying for an Upgrade personal loan:

1. Check the Interest Rate You Qualify For

Like competitors, Upgrade has an online prequalification process that won’t change your credit score. To find out which APR you can qualify for, enter how much you want to borrow, personal information such as your name and address, the purpose of the loan, and whether you want to submit a joint or individual application.

2. Submit a Formal Application

When you’re ready to get a loan from Upgrade, you can submit a formal application online. Applicants need government-issued identification and other documents, like a driver’s license, recent pay stubs, and recent bank statements. After you submit all the documents needed, you can check your loan application status by logging into your Upgrade account online. You can also get application status updates through email.

3. Accept a Loan Offer

If you receive an offer for a loan from Upgrade that meets your needs, you can accept it and submit your bank’s account number and routing number to Upgrade. That way, the company can transfer the money directly to your bank account. They also complete a soft credit inquiry that won’t change your credit report or credit score. Origination fees for Upgrade loans can range from 2.9% to 8%.

4. Wait for Funds

Upgrade will conduct a hard credit inquiry to confirm that you qualify for the loan you want before sending the money. This type of credit inquiry shows up on your credit report, and it can cause a temporary drop in your credit score. You can usually get the funds from an Upgrade personal loan within four business days. Loan funds sent directly to third-party creditors could take up to two weeks to arrive. However, the exact amount of time you’ll need to wait depends on the bank, creditor, or other financial institution that receives your funds.

5. Begin Making Payments

Your first personal loan payment will be due about 30 days after you receive the funds. Unless you say that you would rather pay with a check or bank transfer, the funds will be taken from your bank account automatically on the same day every month. You can choose a payment date that works for your budget, and payments are due at the same time each month. You can change your bank account information and your payment date through the Upgrade online dashboard if needed.

By keeping automatic payments, you can save 0.5% on your loan’s interest rate. You can also get a discount by choosing direct payment to creditors or also having a checking account with Upgrade. Upgrade loan repayment terms can last from two to seven years.

The company has a hardship program for people who experience a job loss or another hardship. If you qualify, you can get a temporary reduction of your monthly payment or a permanent loan modification that makes your payments lower and extends the term of your loan. However, you may end up paying more in interest if the term of your loan is longer.

Upgrade Loan Reviews

Upgrade has mostly positive customer reviews. Its application process is straightforward and easy to navigate, and even people who don’t have good credit scores can qualify. Here are some reviews of Upgrade from reputable sources.

Upgrade is an excellent option for people who need a smaller personal loan and don’t have great credit scores. You can even use an Upgrade loan to buy a new car. However, people with high scores may be able to get better rates from other loan providers. It’s a good idea to review the terms of your loan carefully and compare rates with other providers.

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.


About the Author

FIXD Research Team

FIXD Research Team

At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.

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