Upgrade Personal Loans Review: 2026 Pros, Cons, Rates, and Alternatives

Upgrade Rates and Fees

Upgrade’s personal loan APRs range from 7.74% to 35.99%. For context, the industry average APR for personal loans is 12.27% according to Bankrate data as of February 2026. Upgrade’s floor rate of 7.74% is achievable only by borrowers with strong credit who also enroll in autopay and elect to have a portion of their loan sent directly to creditors. Without those discounts, borrowers should expect rates starting closer to the low double digits.

Every Upgrade personal loan carries an origination fee between 1.85% and 9.99%, deducted from the loan proceeds before disbursement. On a $10,000 loan with a 5% origination fee, for example, the borrower would receive $9,500 but owe payments on the full $10,000. This fee structure increases the effective cost of borrowing and means borrowers may need to request a larger loan amount to receive the funds they actually need. For comparison, SoFi, LightStream, Discover, and Wells Fargo charge no origination fee.

Late payment fees are $10 per occurrence, charged if payment is not received within 15 calendar days of the due date. A returned payment fee of $10 also applies. There is no prepayment penalty, so borrowers who pay ahead of schedule will not face additional charges. The table below illustrates the total cost of a $15,000 loan at two representative APRs and two common term lengths.

Note: Figures are approximate and do not include the origination fee, which would reduce proceeds and increase effective cost.

Upgrade Loan Terms and Options

Upgrade offers personal loans from $1,000 to $50,000 with repayment terms of 24, 36, 48, 60, 72, or 84 months. The 84-month maximum is notably longer than the 60-month cap common among competitors like LendingClub, Upstart, and Best Egg, giving borrowers who need lower monthly payments more room to stretch their repayment timeline (though at a higher total interest cost).

Joint applications are accepted, allowing two borrowers to combine their credit profiles. This can improve approval odds, increase the loan amount offered, or lower the rate. The co-borrower is jointly responsible for repayment. Upgrade also offers secured loan options: borrowers can pledge a vehicle or certain built-in home fixtures (such as cabinets, ceiling fans, or light fixtures) as collateral. Secured loans may come with a rate reduction of 1 to 10 percentage points and potentially longer terms for home fixture-secured loans.

Upgrade allows a wide range of loan purposes, including debt consolidation, home improvement, major purchases, and, unusually, business use. It does not allow funds to be used for post-secondary education expenses, investments, illegal activities, or gambling. For debt consolidation, Upgrade offers a direct-pay feature where loan proceeds are sent straight to existing creditors, which qualifies the borrower for an additional rate discount. Borrowers should note that direct creditor payments can take up to two weeks to process.

Upgrade Eligibility and Application

Upgrade’s stated minimum credit score is approximately 580, though the company notes that options become limited below 600. This is lower than the 640 to 660 minimums required by most bank lenders in this review. Upgrade does not publicly disclose a minimum income requirement or maximum debt-to-income ratio; instead, it evaluates the borrower’s overall financial profile, weighing income against spending. To qualify, applicants must be a U.S. citizen, permanent resident, or hold a valid visa; be at least 18 years old (or the age of majority in their state); and have a verifiable bank account and credit history.

Prequalification is available with a soft credit pull, meaning borrowers can check their rate and view potential offers without affecting their credit score. The hard inquiry occurs only when the borrower accepts an offer and moves forward with funding. Required documentation may include government-issued photo ID, proof of address (utility bill or lease), and proof of income (W-2s, pay stubs, bank statements, or tax returns). Self-employed borrowers typically need to provide two years of tax returns.

Upgrade operates in most U.S. states, with some restrictions. The company also operates under the business name Universal Credit. It is fully online with no physical branch locations, and the entire application process can be completed digitally.

Upgrade Funding Speed

Upgrade’s funding timeline is one of its competitive strengths. After a borrower accepts a loan offer, funds are typically sent to the designated bank account within one business day of clearing verifications. Availability of funds then depends on the borrower’s bank’s processing speed. Based on Credible’s closed loan data, Upgrade’s average funding time was approximately two days from application to deposit.

There are two conditions that can extend this timeline. First, if Upgrade requests additional documentation for income or identity verification, the borrower must upload those documents before funding proceeds, and Upgrade states it may take up to seven business days to review documents. Second, if the borrower elects direct payment to creditors for debt consolidation, those payments can take up to two weeks to reach the creditors, though the borrower’s own share of funds arrives on the standard one-day timeline.

Upgrade Customer Experience

Upgrade earned a below-average score in the J.D. Power 2025 U.S. Consumer Lending Satisfaction Study. By comparison, American Express ranked first, and Wells Fargo placed in the top tier in the same study. On third-party review platforms, however, Upgrade’s marks are strong: Trustpilot shows a 4.6 out of 5 rating based on over 53,000 reviews, and the BBB profile shows an average customer review rating of 4.15 out of 5.

Upgrade’s mobile app is well-received, with a 4.9-star rating on the Apple App Store (based on approximately 77,000 ratings) and a 4.5-star rating on Google Play (based on approximately 29,000 reviews). Customer service is available via phone, email, and chat. Common praise from borrowers centers on the speed and simplicity of the application process. Common complaints, particularly those filed with the BBB, relate to credit reporting disputes, payment processing issues, and confusion around debt consolidation disbursements, specifically the lag between loan approval and creditor payment delivery.

The BBB profile shows 1,224 complaints filed in the past three years, with 412 closed in the trailing 12 months. For a lender that has issued over $35 billion in credit to 6 million customers, this complaint volume is moderate relative to its transaction scale but still worth monitoring.

Upgrade Financial Strength and Reputation

Upgrade is a privately held fintech company that has raised $750 million in venture capital across seven rounds, most recently a $165 million Series G in October 2025 at a $7.3 billion valuation. CEO Renaud Laplanche has indicated this may be the company’s last private raise before a potential IPO in 2026 or 2027. Upgrade is not itself a bank; its loans are originated through FDIC-insured banking partners Blue Ridge Bank and Cross River Bank. The company also works with more than 100 credit unions to fund loans.

Upgrade holds an A+ rating from the Better Business Bureau and has been BBB-accredited since 2017. Its Trustpilot score is 4.6 out of 5 based on over 53,000 reviews. There are no significant regulatory actions or enforcement history on record. The company’s financial position appears stable, given its recent fundraise and growing loan volumes ($8 billion originated in the past year alone).

Who Is Upgrade Best For?

Upgrade is a good fit for:

• Fair-credit borrowers (580 to 669): Upgrade’s lower credit floor means borrowers who get declined by SoFi, LightStream, or Discover may find approval here.
• Debt consolidation borrowers: The direct-pay-to-creditors feature simplifies consolidation and qualifies the borrower for a rate discount.
• Borrowers who want longer terms: The 84-month option provides lower monthly payments for those who need budget flexibility.
• Applicants who benefit from a co-borrower: Joint applications can improve approval odds and rate, helpful for borrowers with thin credit or lower income.
• Borrowers willing to secure the loan: Pledging a vehicle or home fixtures can lower the rate by up to 10 percentage points.

Upgrade may not be the best fit for:

• Prime borrowers (700+) seeking the lowest cost: SoFi and LightStream offer lower APR floors with no origination fee, making them cheaper for well-qualified borrowers.
• Borrowers who want to avoid fees entirely: Upgrade charges an origination fee on every loan. SoFi, LightStream, Discover, and Wells Fargo do not.
• Borrowers who need to choose their payment date upfront: Upgrade assigns the repayment date at origination.
• Borrowers who need more than $50,000: SoFi, LightStream, and Wells Fargo all offer loans up to $100,000.

How to Apply

1. Check your rate: Visit Upgrade’s website and enter the desired loan amount and purpose. Provide your name, date of birth, address, and income. Upgrade performs a soft credit pull at this stage, so there is no impact to your credit score.
2. Review your offers: If prequalified, you will see one or more loan offers with different term lengths, rates, and monthly payments. Compare the options and select the one that fits your budget.
3. Complete the full application: Accept your preferred offer and provide any requested documentation, such as a government-issued ID, proof of address, and proof of income. A hard credit inquiry will occur at this stage.
4. Verification and approval: Upgrade reviews your documents. This can take up to seven business days if additional verification is needed. Check your Upgrade dashboard or email for status updates.
5. Receive your funds: Once approved and verified, funds are sent to your bank account within one business day. If you elected direct payment to creditors, those payments may take up to two weeks to process.

How Upgrade Compares

The table below shows how Upgrade stacks up against three close competitors in the fintech personal loan space.

Final Verdict

Upgrade earns a 3.5 out of 5.0 in our scoring methodology. Its core strength is accessibility: a 580 credit floor, joint application support, secured loan options, and one of the widest repayment term ranges in the market (24 to 84 months). For borrowers with fair credit who struggle to qualify elsewhere, Upgrade provides a legitimate, well-reviewed path to personal loan funding with next-day speed.

The trade-off is cost. The mandatory origination fee of 1.85% to 9.99% is the single biggest drawback, especially compared to no-fee competitors like SoFi, LightStream, and Discover. The APR floor of 7.74% is competitive only with stacked discounts (autopay, direct creditor pay, and secured collateral). Without those, the effective rate will be higher than what prime borrowers can find elsewhere. The below-average J.D. Power ranking and moderate complaint volume also suggest room for improvement on the servicing side.

If you have fair credit, need flexible terms, or benefit from a co-borrower or secured loan option, Upgrade is worth checking. Start by prequalifying with a soft pull to see your rate, then compare it side-by-side with offers from LendingClub, Upstart, and Best Egg before committing.

Methodology

This review is part of a 15-lender personal loan review series. Each lender is scored across six weighted categories: Rates & Fees (25%), Loan Terms & Flexibility (20%), Eligibility & Accessibility (20%), Speed & Application Process (15%), Customer Experience (10%), and Transparency & Reputation (10%). The weighted score formula produces a single rating out of 5.0, rounded to the nearest 0.5. Data sources include lender websites, the CFPB Consumer Complaint Database, J.D. Power’s 2025 U.S. Consumer Lending Satisfaction Study, BBB and Trustpilot profiles, app store ratings, and TransUnion Credit Industry Insights.