Business Insider compared Upgrade personal loans to the best personal loan companies and found it to be a standard option. While Upgrade offers lower credit requirements, such as a credit score minimum of 580, you may be able to find better rates with a different lender.
An Upgrade personal loan is an excellent option if you only need to borrow a small amount, as loans start at just $1,000 in most states. However, you'll need to factor in the extra cost of an origination fee between 1.85% and 9.99% and a late fee of up to $10.
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9.99% to 35.99%
$1,000 to $50,000
580
- Small minimum loan amount
- Quick access to funds
- Low minimum credit score
- Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
Compare Upgrade Personal Loans
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
8.99% - 29.99% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
6.99% to 35.99%
$2,000 to $50,000
600
- Fast access to funds
- High customer satisfaction
- No prepayment penalty
- Origination fees
- High maximum APR
- Unavailable in a few states and DC
- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 3 to 5 years
- You may get your money by the next business day after your loan is reviewed and approved
- Loans made by Best Egg's lending partners
- Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
Upgrade Personal Loan Overview
Upgrade personal loans are unsecured loans that range from $1,000 to $50,000, with repayment terms from two to seven years. They are available to anyone with at least a 580 credit score.
Upgrade is a financial technology firm that provides various financial services, including personal loans, credit monitoring, and banking. The company says it has delivered more than $35 billion in credit to consumers through cards and loans since its inception in 2017.
You can use an Upgrade personal loan to consolidate debt, refinance high-interest credit card debt, take out a home improvement loan or a wedding loan, to pay for car repairs, and more.
Upgrade Personal Loan Features and Benefits
With Upgrade, you can take advantage of benefits such as no prepayment penalties and access to your funds within one business day once your loan has been approved.
An Upgrade personal loan is an online loan that is good for borrowers with lower credit scores. It's one of Business Insider's picks for the best personal loans for bad credit.
Additionally, Upgrade is a great choice for borrowers looking for small loan amounts. You can borrow as little as $1,000 (in most states). It's also one of our top picks for the best debt consolidation loans.
How to Apply for Upgrade Personal Loans
Eligibility Requirements for an Upgrade Personal Loan
Eligibility for an Upgrade personal loan is based on factors including your credit score, credit usage, and payment history. There are also basic requirements needed to qualify for an Upgrade loan. You must be a U.S. citizen, permanent resident, or living in the U.S. on a valid visa; be at least 18 years old or 19 in Alabama and other select states; and be able to provide verifiable bank account information and a valid email address.
Upgrade Personal Loan Application Process: Step by Step
1. Fill out Upgrade's application to prequalify. You'll fill out your loan amount and purpose and then enter your email and basic personal information. To get you a rate quote, Upgrade will run a soft credit check, which won't affect your credit score.
2. Review various loan offers and pick one. Upgrade will offer you different rates and term lengths. Find a combination you can fit into your monthly budget.
3. Submit an application and await approval. When submitting a formal application, you'll need to submit proof of income, like a W-2, tax returns, or other financial documents. At this point, there will be a hard pull of your credit, which is likely to result in a small drop in your credit score temporarily.
4. Receive your funds after signing your agreement. Most customers will get their money within one day after getting a loan.
5. Fit loan payments into your budget. Take stock of your financial obligations and make sure you have enough money to cover all of them.
Upgrade Personal Loan Interest Rates and Fees
Upgrade is known for lending to borrowers with less-than-good credit, which makes it an option worth considering if you are struggling to qualify for a loan elsewhere. However, Upgrade personal loans have a higher maximum rate than most of its competitors, and this lender charges costly origination fees, whereas many competitors don't charge origination fees at all.
Regular annual percentage rate (APR): 9.99% to 35.99%
Minimum credit score: 580
Fees: Origination fees between 1.85% and 9.99%
Loan amount range: $1,000 to $50,000
Repayment terms: Two to seven years
Upgrade Personal Loans Pros & Cons
Upgrade Personal Loan Pros
- Small minimum loan amounts. You can get a loan as small as $1,000, which is lower than many competitors. For instance, Best Egg's minimum is $2,000, and Happy Money's is $5,000.
- Quick access to funds. You can get your money within one business day after your loan is reviewed and approved.
- Easier to qualify with poor credit. You'll need a minimum credit score of 580 to be eligible for an Upgrade personal loan, which is toward the lower end of the fair range of credit scores.
- No prepayment penalties. Upgrade won't charge you extra for making loan payments ahead of time.
Upgrade Personal Loan Cons
- Origination and late fees. Your origination fee will be between 1.85% and 9.99%.
- High APRS. The maximum Upgrade personal loan interest rate is much higher than some of its competitors.
- Late fees. You'll pay a late fee of up to $10 if you don't make a full payment within 15 days of your due date.
Upgrade Personal Loan Alternatives
Upgrade Personal Loan vs. Best Egg Personal Loan
With Upgrade, you'll pay an origination fee between 1.85% and 9.99% of your total loan amount, and this fee will be baked into your overall loan APR. You may pay a slightly lower origination fee with Best Egg Personal Loan, as its range is between 0.99% and 9.99%.
You're likely to get your money within one business day of approval for a loan from both Upgrade and Best Egg. Upgrade has a maximum loan term of seven years, while Best Egg has a maximum loan term of five years. If you're looking to spread out your payments over an extended period, Upgrade might be the better choice for you.
Upgrade Personal Loan vs. Payoff Loan™
Upgrade and Payoff Loan™ have relatively similar minimum credit score requirements, but a significant difference in maximum APRs. Upgrade's interest rates range from 9.99% to 35.99%, compared to 11.72% - 17.99% fixed for Happy Money.
Payoff Loans are aimed to help borrowers pay down high-interest credit card debt. This means you are limited in what you can use your loan for. You may want to go with Upgrade if you aren't trying to consolidate credit card debt.
Upgrade will likely send you your money faster than Payoff. Upgrade generally sends out funds within a day after approval, while it will take at least three business days with Payoff.
Happy Money Payoff Personal Loan review
Upgrade Personal Loans vs. SoFi Personal Loans
Upgrade and SoFi personal loans differ in several areas. Upgrade charges origination fees ranging from 1.85% and 9.99%, whereas SoFi offers some of the best no origination fee personal loans.
SoFi caters more to borrowers with good to excellent credit, so Upgrade may be the better choice if you can't meet SoFi's high credit requirements. SoFi also offers higher loan amounts, from $5,000 to $100,000, which is double that of Upgrade's maximum loan amount.
Both Upgrade and SoFi offer the same flexible repayment terms, which range from two to seven years.
Upgrade Personal Loan Customer Experience
Most customers appear to be satisfied with their experiences with Upgrade lending.
About 81% of more than 42,000 people who reviewed Upgrade at TrustPilot.com rated it a 5 out of 5, with many citing an easy application process and fast funding times.
Negative Upgrade loan reviews tend to focus on issues related to long customer service wait times and lengthy loan approval periods. Customers also complain about high APRs and origination fees.
Is Upgrade Trustworthy?
Customer reviews on the Better Business Bureau's website are also generally positive, with an average rating of 4.15 out of 5. The BBB, which does not take customer reviews into account when assessing companies, gives Upgrade an A+ rating, which is the top of its scale.
Complaints among those leaving negative reviews focused on issues including customer service, slow approval times, and high origination fees.
Why You Should Trust Us: How We Rated Upgrade Personal Loans
We rate all personal loan products in our reviews and guides on a 1 to 5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are very important to the borrowing experience but are not directly tied to a personal loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate personal loans »
FAQs
How long does Upgrade take to approve loans?
Upgrade will tell you whether or not you've been approved for a personal loan once you reach the end of your application. You can also check online to see what rates you'll qualify for within minutes without impacting your credit score.
What credit score is needed for an Upgrade personal loan?
While Upgrade caters to a range of credit scores, typically, a fair to good score (approximately 600 or higher) improves your chances of approval and better rates.
Can I use an Upgrade personal loan for debt consolidation?
Yes, you can use Upgrade personal loans to consolidate debt.
Are there penalties for paying off an Upgrade personal loan early?
Upgrade does not charge prepayment penalties, allowing borrowers to pay off their loans early without extra fees.
How fast can I receive loan funds from Upgrade?
Borrowers can receive funds as soon as one business day after being approved for a loan, depending on the speed of verification and banking processes.
How do Upgrade's interest rates compare to other personal loan providers?
Upgrade's personal loan interest rates are competitive within the industry, especially for borrowers with good credit scores, but rates can vary widely based on credit history and loan terms.
SoFi Personal Loan Disclosures: Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 09/18/24 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. 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 above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and 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 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
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 receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
