Review
Updated
Fact Checked
Nathan Alderman
With low minimum and relatively high maximum loan amounts, Upgrade offers fixed-rate personal loans to a wide range of borrowers, including those with less-than-perfect credit. It also provides the option to lower your interest rate by using your vehicle as collateral. Read our Upgrade personal loans review to learn more about its loan terms, fees, and qualification requirements to decide if this is the right lender for you.
2024 Award Winner
Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Minimum Credit Score
580
Loan Amounts
$1,000 - $50,000
APR Range
8.49%- 35.99% APR
Term Length
24 - 84 months
Upgrade offers loans from $1,000 to $50,000, with terms as long as 84 months. All borrowers pay an origination fee. Loans fund in as little as a day. The best rates go to borrowers using at least some of the funds to pay off other debt.
- Allows borrowers with poor credit to get approved
- No fees
- Multiple discounts
- Low minimum loan amount
- Wide variation in origination fees
- High interest rates
Disclaimers
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. 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. 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. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
Full Upgrade personal loans review
Top perks
Low minimum loan amount: Upgrade enables you to borrow as little as $1,000 or as much as $50,000. There are only a few other personal loan providers with such a low minimum, so it's a good fit if you don't need large amounts of cash. Its maximum personal loan amount is also higher than many of its competitors.
Check your rates without impacting your credit: You must provide your Social Security number to get a quote from Upgrade, but it does a soft inquiry on your credit report, which won't lower your credit score at all. This is ideal if you're not ready to commit to any single personal loan provider quite yet and want to shop around for the best deal.
Get your funds within one business day: Once your application is approved and your information verified, Upgrade will send the funds to the bank account you provided within one to four business days.
No prepayment fees: Upgrade does not charge you any additional fees if you choose to pay your loan back ahead of the three- or five-year repayment period you initially signed up for.
Discounts for autopay: Upgrade personal loan customers who enroll in autopay will receive a discount on their loan's interest rate, which can save you money over the lifetime of the loan.
Auto-secured loans available: While collateral is not required on Upgrade personal loans, the lender gives some customers the opportunity to lower their interest rate or improve their odds of loan approval by offering their vehicle as collateral. If you choose to do this, Upgrade will consider the current value of your car when evaluating your application and it will require you to mail the company your car's title to finalize the loan. It's not an option everyone will be interested in, but it may appeal to those who are struggling to get a personal loan elsewhere without collateral.
What could be improved
APRs can be high: Individuals with poor credit could get saddled with a higher-than-average APR. You may be able to reduce your interest rate by enrolling in autopay or offering your vehicle as collateral, as discussed above.
Origination fees: In addition to interest, you could pay as much as 9.99% of your loan's balance in origination fees. This amount is deducted from the loan proceeds. While Upgrade's origination fees aren't unusual, they do make borrowing more expensive.
Personal loan calculator
Estimate your monthly payment on a loan with Upgrade using the calculator below.
Directions:
- Enter the amount you plan to borrow in the "Loan Balance" box.
- Enter the rate you expect to get from Upgrade in the "Interest Rate" box.
- Either:
- Enter the number of months you'd like to take to pay off the loan in the "Desired Payoff Timeframe" box.
OR - Enter your desired monthly payment in the "Expected Monthly Payment" box.
- Enter the number of months you'd like to take to pay off the loan in the "Desired Payoff Timeframe" box.
Calculator
Total Amount To Be Paid
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Payoff Time
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Principal
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How to qualify for an Upgrade personal loan
In order to get approved for an Upgrade personal loan, you must meet the following criteria:
- Be a U.S. citizen or a permanent resident
- Be at least 18 years old (19 in some states)
- Have a bank account where Upgrade can transfer the funds
- Have a valid email address
- Have some form of income
Beyond that, Upgrade doesn't have any stated rules. Like any personal loan company, it will look at your income, credit score, debt-to-income ratio, and whether you have any delinquencies on your credit report. The company typically sends its mailers to individuals with credit scores of 580 or above, according to a company representative, but it has accepted borrowers with lower credit scores. If you're unsure whether you qualify, you can use its online quote tool to check.
Application process
Upgrade's online quote form allows you to see how much you can borrow and what your rates would be without impacting your credit. It may give you several loan options to choose from. Once you've decided on an offer and accepted it, Upgrade will verify your application information and send your funds within one business day after the verification is complete.
This personal loan is right for you if:
Upgrade is worth considering if any of the following apply to you:
- You need to borrow small amounts of money.
- Your credit isn't great.
- You're interested in using your vehicle as collateral to lower your interest rate.
- You don't want to be penalized for paying your personal loan off early.
If you're interested, you can get a quote on Upgrade's website. Compare that quote to a few other personal loan providers to decide which one gives you the best deal based on its rates, fees, and loan terms.
FAQs
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Upgrade will never penalize you for paying your loan off earlier than scheduled.
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The higher your credit score, the less likely you are to be hit with a high origination fee. In fact, you may even swing a loan with no origination fee. However, if your credit score is high enough to receive a loan offer with no origination fee, you may be better off borrowing from a lender with lower interest rates.
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The great thing about taking out a loan is the way it will improve your credit score -- as long as you make all payments on time and in full. A personal loan is just one tool you can use to raise your score.
Our Loans Experts
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Target and Upstart. The Motley Fool has a disclosure policy.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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. 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. 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. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.