Upgrade Personal Loan Review [2025]: Pre-Approval in Minutes, Funding in a Day

Types of Upgrade loans and other products

Upgrade offers personal loans, a credit monitoring program, and a unique take on a personal line of credit with Upgrade Cards, which combine features of credit cards and personal loans. 

Upgrade personal loans

Loan amount	$1,000 to $50,000
Loan term	24 or 84 months
APR (annual percentage rate)	7.99%-35.99% (as of 2/18/25)
Origination fees	Up to 9.99%

Upgrade offers unsecured personal loans from $1,000 to $50,000, with the exception of a few states. For instance, in Georgia, the minimum loan amount is $3,005, and in Massachusetts, it's $6,400. Loan rates are fixed and range from 7.99%-35.99% (as of 2/18/25) APR with terms of 36 or 60 months.

Each loan will have a 1.85% to 9.99% origination fee as well, which is deducted from the total amount you'll receive. So if you receive a $10,000 loan with a 5% origination fee, you would receive $9,500 in your account. Origination fees don't generally exceed 10%, so the fact that Upgrade's maximum fee is at the top of this limit is worth noting. It's also possible to find low-rate personal loans without origination fees, although you typically need at least good credit to qualify for the best loans and lowest fees.

While there is no fee for repaying your loan early, late payments and failed electronic or check payment attempts will incur a late payment fee of $10 each.

How to use an Upgrade personal loan 

There are a wide variety of things you can use an Upgrade personal loan for, whether it's paying off credit card debt, making major purchases, debt consolidation, credit card refinancing, or making home improvements. There are also a few things you cannot use an Upgrade personal loan for, such as post-secondary education (tuition, room and board, supplies, etc.), investments, gambling, and, of course, illegal activities. These types of purchases and spending are often excluded from permitted uses for personal loans.

How to get an Upgrade personal loan

Upgrade touts a straightforward and seamless loan application process that consists of checking your interest rate, choosing your loan offer, and receiving your funds within a few business days. The three-step online application takes less than 10 minutes to complete, and you get loan options right away. To receive the lowest rates available, Upgrade requires you to set up autopay and pay off a portion of your existing debt directly. In other words, if you apply for a loan with the idea of paying off your credit card debt, a portion of the money you receive must be used directly toward your credit card debt for you to receive the best rates.

To apply for a loan through Upgrade, you must be a U.S. citizen, permanent resident, or hold a valid visa; be at least 18 years old (unless otherwise specified by your state); and be able to provide a verifiable bank account and valid email address.

According to Upgrade, customers can receive their loan funds as soon as one business day after the necessary verifications. That said, how quickly your loan proceeds are available can vary depending on how quickly your bank processes the transaction.

Upgrade Cards

Credit limit	$500 to $50,000
Loan term	Varies
APR	14.99%-29.99% (as of 05/04/25)

Upgrade Cards, which are mash-ups of a credit card and personal loan, function similar to typical credit cards in that you can use them anywhere Visa is accepted. While there is no ATM access with the Upgrade Card, you can transfer cash from your personal line of credit to your bank account free of fees.

The rate and terms that come with the Upgrade Card are fixed, so you can budget for predictable monthly payments. Your APR can range from 14.99%-29.99% (as of 05/04/25) depending on your credit score and other factors. The terms of this credit line will vary depending on your score and other factors as well.

How to use an Upgrade Card

You can use the Upgrade Card just like you would a traditional credit card. However, with the Upgrade Card, you'll know exactly how much it will cost each month and when the borrowed amount will be paid off. This is because you'll lock in a fixed rate and payoff date with the ability to make equal monthly payments until your balance is paid in full. This can help cut down on the cost of interest. Costs can be further reduced as there are no fees either. No origination fees, no annual fees, no fees when you make a purchase, no late fees, and no prepayment fees for paying your balance off early.

How to get an Upgrade Card

After you submit your pre-qualification, you'll see a breakdown of your loan details, including the credit line you qualified for, the APR, and how long you have to pay off each charge you put on the card (this is known as a draw length). So, for instance, you may qualify for a $1,000 limit at a 15% APR with a draw length of 24 months. That means you'll have $1,000 worth of purchasing power, your APR for each transaction is locked in at 15%, and you have 24 months to pay off each charge you make to your Upgrade Card.

While the terms on your existing balances will be fixed, Upgrade notes that the availability of your remaining credit, your interest rate, and how long you have to pay off each future charge (draw) may be adjusted if there are changes to your credit score or changes in the general market conditions.

What Upgrade customers are saying

Upgrade has an A+ rating with the Better Business Bureau (BBB), with an average of 4.1 stars based on over 500 reviews. If you dig into some of these reviews, you'll find adjectives like "simple," "fast," and "pain-free," with many people raving about Upgrade's staff, which one person described as being "of the highest caliber."

But you can't rely on just one source of reviews to determine where to get the best personal loan. Head over to Trustpilot, and you'll find an average 4.4-star rating. With more than 43,000 reviews, again, a majority of people focus on how simple the entire process was and how professional the staff is.

FAQs

Bottom line

A streamlined loan process, a strong reputation for customer service, and the ability to get you your money quickly are some of the most important characteristics you should look for when researching and comparing personal loans. 

We recommend Upgrade personal loans and cards to borrowers with imperfect, but not poor, credit who don't need to borrow more than $50,000. While this lender's maximum APRs are definitely on the high side, you should consider this company when shopping around to see what rates you might qualify for, especially if you need a longer loan term or are interested in other Upgrade products. But if you have good or excellent credit, consider another lender that might offer you a better APR without the high origination fees charged by Upgrade.