Upgrade Personal Loans Review 2026: Rates, Fees and Requirements
Upgrade is an online lender that offers personal loans from $1,000 to $50,000 to borrowers with fair to good credit, with annual percentage rates (APRs) ranging from 7.74% to 35.99%. Founded in San Francisco, Upgrade is not a bank, but a fintech company that partners with financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). Find out more about Upgrade's rates and fee structure, costs and how the lender compares to other lenders offering personal loans.
Quick Take:
Loan amounts: $1,000 to $50,000
APR: 7.74% to 35.99%
Terms: 24 to 84 months
Fees: 1.85% to 9.99% deducted from loan proceeds
Best for: Low APRs and flexible repayment terms
Not best for: Small loan amounts
MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.
Key Takeaways
Upgrade offers flexible loans from $1,000 to $50,000 with repayment terms stretching 24 to 84 months, giving you more breathing room than many competitors. APRs run from 7.74% to 35.99%, and funding can hit your account in as little as one business day.
Watch the fees before you sign. Upgrade charges an origination fee of 1.85% to 9.99% that gets deducted from your loan proceeds, plus a $10 late fee, though there are no prepayment penalties.
Upgrade works best for borrowers with fair to good credit who want to consolidate debt with direct creditor payments. If you have excellent credit, shop no-fee lenders like SoFi or LightStream first.
Upgrade Company Overview
Upgrade is a fintech company founded by Renaud Laplanche, who previously founded and served as CEO of LendingClub. Upgrade isn't a bank, but it's a lending platform that partners with FDIC-insured banks like Cross River Bank, Blue Ridge Bank and others. Upgrade is responsible for the application, underwriting and the servicing of the loan.
Upgrade also offers products beyond personal loans, including personal credit lines and Upgrade Visa® Cards.
Cross River Bank, Member FDIC, originates Upgrade's personal loans, along with other financial products such as home improvement loans, auto refinance loans and BoostCash™ advances when provided under Boost Money™. The bank also offers checking and savings accounts, as well as the Boost Money™ Spend and Save accounts and Visa® Debit Cards.
Upgrade Personal Loans Pros and Cons
Here are the advantages and disadvantages of Upgrade personal loans.
Pros
Flexible repayment terms up to 84 months
Loan amounts up to $50,000
Quick funding
Co-applicants are accepted
Cons
Origination fees are as high as 9.99%
APRs are high, up to 35.99%
Not available in all states
Not ideal for those with excellent credit who want low APRs
What Is Upgrade and How Does it Work?
Upgrade is a financial technology firm founded in 2016 in San Francisco, California, that has helped millions of customers access more than $40 billion in consumer credit. Upgrade partners with FDIC-insured banks for personal loans and typically works with borrowers with fair credit, ranging from 580 to 600. If you qualify, Upgrade offers a longer repayment term of up to 84 months. It provides direct-to-creditor payments, which could qualify you for a lower interest rate, along with a line of credit option.
Why does it matter? Upgrade is a tool that offers those who are stuck in a debt cycle an option to create a structured plan to pay off creditors at a lower APR.
Key Features of Upgrade Personal Loans
Here are key features of Upgrade personal loans.
Interest Rates
The APR is the true cost of your loan because it includes interest plus the fees you’ll pay on your loan. Upgrade offers personal loans with APRs ranging from 7.74% to 35.99%.
How To Get the Lowest Possible Rate
Upgrade provides several ways for qualified borrowers to reduce their rate, including setting up autopay during the application, using part of the loan to pay off existing debt directly or securing the loan with a vehicle or home fixtures.
Discount | How it works | Potential savings |
|---|---|---|
Autopay | Enroll in automatic payments at signing | May qualify for a 0.5% discount to your APR, if eligible |
Direct pay to creditors | Loan payments sent directly to creditors | May qualify for a reduced APR |
Secured application | Put up collateral to secure your loan | APR reduction |
Repayment Terms
Upgrade offers repayment terms ranging from 24 to 84 months, or two to seven years. This is notably more flexible than competitors like Upstart, which offers only three-year and five-year terms.
Costs and Fees
When it comes to fees, Upgrade charges a one-time origination fee of 1.85% to 9.99% on all personal loans. The origination fee is deducted from your loan amount before it’s funded. For example, if you're approved for a $10,000 loan with a 5% origination fee, you'll receive $9,500 but still pay interest on the full $10,000.
There's also a $10 late payment fee if you fail to pay within 15 calendar days of the payment due date. Upgrade also charges a $10 fee for returned ACH or check payments. On the positive side, there are no prepayment penalties. You can pay off your loan early without any additional charges.
Feature | Details |
|---|---|
APR | 7.74% to 35.99% |
Loan amounts | Up to $50,000 |
Terms | 24 to 84 months |
Origination fee | 1.85% to 9.99% |
Late fee | $10 |
Non-sufficient funds fee — in the event an electronic or check payment fails | $10 |
Funding Speed
Upgrade can deliver your loan funds in as little as one business day after you're approved and all items have cleared verification.
Eligibility
While Upgrade does not publish an official minimum credit score, most sources indicate you’ll need a score ranging from 580 to 600 to qualify. The average Upgrade borrower has a credit score of around 675. Borrowers with better credit scores typically qualify for better terms, like lower APRs or longer repayment periods.
Requirement | Details |
|---|---|
Minimum credit score | No official minimum published; most sources indicate 580 to 600 |
Average borrower credit score | About 675 |
Income and debt-to-income | Varies by lender, but a lower DTI can help improve your odds of approval and loan terms |
State availability | Available in 43 states and the District of Columbia Not available in Connecticut, Colorado, Iowa, Maryland, Massachusetts, Vermont and West Virginia |
Age | Must be 18 or older |
Residency | U.S. citizen or permanent resident |
How To Apply for an Upgrade Loan
To apply for an Upgrade loan, follow these steps:
Visit Upgrade's site: Go to Upgrade's website and click “Check your rate.” This will initiate a soft credit inquiry that won’t affect your credit score.
Enter basic information: This includes your name, address, date of birth, income and the loan purpose and amount you're seeking.
Review your loan offers: If approved, you'll see multiple loan options with different terms, rates and monthly payments.
Accept and fund: Select your preferred offer and complete the full application. The lender will initiate a hard credit pull at this stage. You may be asked to provide documents such as a government-issued ID, pay stubs, W-2 forms or tax returns to verify your identity and income.
Is Upgrade Trustworthy?
Upgrade is a legitimate lender that has been in business since 2016 and holds an A+ accreditation from the Better Business Bureau (BBB). The latest reviews on BBB are positive. On Trustpilot, Upgrade is rated 4.7 out of 5 stars with more than 57,000 reviews.
According to J.D. Power's 2026 U.S. Consumer Lending Satisfaction Study, Upgrade scored 679 out of 1,000 points in overall customer satisfaction — below the average for the other lenders ranked.
How To Avoid Upgrade Loan Scams
Scammers sometimes pose as Upgrade representatives to target those who may be considering loans. It's good to know the warning signs. A legitimate Upgrade representative won't ask for upfront fees before funding a loan or ask for payment with gift cards, prepaid debit cards or wire transfers. They also won't ask for your card number and sensitive data via email.
If you receive a call from someone claiming to be from Upgrade, hang up immediately. Don't comply with requests to send money or personal information. Alert your bank if you've already shared account information and notify Upgrade's support team. If you notice account issues, such as a locked account, speak with Upgrade's support team directly, not via any links in emails or text messages. Taking these steps is a major part of protecting your cash and your identity.
Who Upgrade Is Best for
It may be easier to understand which borrower is ideal for Upgrade by taking a look at your credit tier.
Credit tier | Credit Score | Verdict | Alternative |
|---|---|---|---|
Fair credit | 580 to 669 | Strong fit — especially for debt consolidation | Not applicable |
Good credit | 670 to 739 | Fair fit — workable, but shop around | Consider Discover or LendingClub |
Excellent credit | 740 or higher | Poor fit — you may qualify for other lending options that have low APRs and low or no origination fees | Credit union Shop around for other personal loans with lower APRs |
Upgrade vs. Comparable Options
Before you get started with an Upgrade personal loan, you'll likely want to explore a few other lenders to see how they compare. Here are other comparable lenders to consider.
Feature | Upgrade | Upstart | LendingPoint | SoFi |
|---|---|---|---|---|
APR range | 7.74% to 35.99% | 6.30% to 35.99% | 7.99% to 35.99% | 6.99% to 35.49% |
Loan amounts | $1,000 to $50,000 | $1,000 to $75,000 | $1,000 to $36,500 | $5,000 to $100,000 |
Repayment terms | 24 to 84 months | 36 or 60 months | 24 to 72 months | 24 to 72 months |
Origination fee | 1.85% to 9.99% | Up to 12% | Up to 10% | None |
Funding speed | As soon as 1 business day | As soon as 1 business day | As soon as 1 business day | Same-day funding |
Debt consolidation perks | Can pay creditors directly — may lower APR | No direct creditor payments | No direct creditor payments | Can pay creditors directly |
Prepayment penalty | None | None | None | None |
Best for | Borrowers who want flexible terms and smaller minimum loans | Borrowers with thin credit or non-traditional income | Borrowers needing mid-sized loans with standard terms | Borrowers needing larger loans who want to avoid origination fees |
Upgrade vs. Upstart
Upstart offers personal loans in amounts from $1,000 to $75,000, slightly higher than Upgrade. It offers an APR range of 6.30% to 35.99%. However, Upstart only offers terms of three and five years, compared to Upgrade's 24 to 84 months. Upstart’s origination fee can be as high as 12%, whereas Upgrade's maximum is 9.99%. Upstart’s AI-driven model may be better for borrowers with thin credit files or non-traditional income, while Upgrade is often better for those who want more flexible repayment options.
Upgrade vs. LendingPoint
LendingPoint offers personal loans in amounts from $1,000 to $36,500, compared to Upgrade’s $1,000 to $50,000. It offers an APR range of 7.99% to 35.99%, with terms from 24 to 72 months. LendingPoint’s origination fee can be as high as 10%, similar to Upgrade. If you need to borrow less than $1,000 or more than $36,500, Upgrade offers more flexibility.
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Upgrade vs. SoFi
SoFi offers personal loans in amounts from $5,000 to $100,000, compared to Upgrade's $1,000 to $50,000. Unlike Upgrade, SoFi doesn’t charge an origination fee. However, to qualify for SoFi personal loans you'll need a credit score above 680. If your score falls below 680, you may want to consider Upgrade.
Final Take
When considering a personal loan, it usually pays to shop around. Take into consideration the fees, rates and terms of each lender. Upgrade offers a compelling combination of flexible terms, competitive rates for well-qualified borrowers and fast funding.
Choose Upgrade if you want flexible terms, are looking to consolidate high-interest debt and can adequately absorb fees. Look at other lenders if you have excellent credit or need under $1,000.
Borrowers with excellent credit may find better rates with no-fee lenders like SoFi or LightStream.
FAQ
Does Upgrade allow co-signers?
No, Upgrade does not allow co-signers on personal loans. However, Upgrade does accept joint applications, where both applicants are equally responsible for repaying the loan and both credit profiles are considered during underwriting.
What credit score do I need for an Upgrade loan?
There is no published minimum credit score on the website. However, according to third-party reports, a 580 score may allow you to qualify, though approval depends on other factors, such as your income, how much debt you currently have and overall credit profile.
Is Upgrade a bank?
Upgrade isn't a bank but a fintech company that partners with FDIC-insured financial institutions. FDIC insurance protects deposit accounts, not personal loans.
Can I use an Upgrade loan for any purpose?
Upgrade loans can be used for most purposes, including debt consolidation, home improvement, major purchases and unexpected expenses. However, loans cannot be used for post-secondary education expenses, investments, illegal activities or gambling.
Is Upgrade legit?
Yes, Upgrade is a legitimate financial technology firm that's been in business since 2016. It partners with FDIC-insured banks to originate loans, though FDIC insurance covers deposit accounts and doesn't apply to personal loans.
Does Upgrade charge fees?
Yes, Upgrade charges an origination fee of 1.85% to 9.99%, a $10 late fee and a $10 NSF fee.
Key Terms
Annual percentage rate (APR): The yearly cost of borrowing, including interest and certain loan fees, shown as a percentage.
Origination fee: A one-time fee a lender charges to make the loan. It may be deducted from your loan funds before you receive them.
Loan term: The amount of time you have to repay a loan. Longer terms can lower monthly payments but raise total interest costs.
Debt consolidation loan: A loan used to pay off multiple debts so you make one monthly payment instead of several.
Prepayment penalty: A fee some lenders charge if you pay off part or all of your loan early. Upgrade does not charge this fee.
Sources:
Consumer Financial Protection Bureau (CFPB): What are mortgage origination services? What is an origination fee?
Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.
Information is accurate as of Oct. 13, 2026, and is subject to change.
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