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Upgrade Personal Loans Review: Options for a Wide Range of Borrowers

Review Updated
Dana George
By: Dana George

Our Loans Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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.

Award Icon 2024 Award Winner


Logo for Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. 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
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

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

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
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
5.20% - 35.99%
$1,000 - $50,000
10.49% to 19.49%
$2,000 - $30,000

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.


  • 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.
    • Enter your desired monthly payment in the "Expected Monthly Payment" box.
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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.


  • Upgrade will never penalize you for paying your loan off earlier than scheduled.

  • 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.

  • 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