Upgrade personal loans offer flexibility for many purposes, from home improvements and medical expenses to consolidating debt. The company’s website provides a quick, easy way to get pre-approved loan offers without affecting your credit score. While there are many financial technology companies offering similar services, Upgrade stands out as one of the most reputable, backed by strong credentials.
Many borrowers choose Upgrade for debt consolidation because it allows them to combine multiple high-interest balances into one fixed-rate payment and replace several due dates with a single predictable monthly bill, often at a lower interest rate (per CFPB guidance).
Pros
No fee to apply
Low minimum credit score requirement of around 580
Direct payment to creditors available
Money is sent to your bank account within a day of clearing any verifications. *
Flexible Repayment Terms: 24, 36, 48, 60, 72, 84 months
Borrow $1,000 to $50,000 with a low fixed rate (APR: 7.99% – 35.99%)
Cons
Origination fees apply and reduce the amount you receive
Potentially high interest rates of up to 35.99% for lower credit profiles
Late payment fees of $10 to $38 apply if payment is more than 15 days past due
About Upgrade, Inc.
- Founded: 2017, headquartered in San Francisco, CA
- CEO: Renaud Laplanche (co-founder & former CEO of LendingClub)
- Products: Unsecured personal loans, debt consolidation loans, credit cards, and banking services
- BBB Accreditation: Since April 28, 2017; A+ rating
- Credit Delivered: Over $35 billion to U.S. consumers
- Loan Amounts: $1,000 – $50,000
- Terms: 24 – 84 months
- APR Range: Varies by credit profile; competitive with other online lenders
- Funding Speed: Often within 1 business day after approval
- Perks: Free credit monitoring, autopay rate discounts, no prepayment penalties
- Availability: Most U.S. states (some restrictions apply)
While the company also offers credit cards and banking services, its personal loan and debt consolidation offerings are its primary focus.
Not a Bank…
- Upgrade partners with banks to fund loans, while delivering the application, approval, and servicing through its fully online platform
- Soft credit pull to check rates; hard pull only at final approval
- Option to have Upgrade pay creditors directly (may result in lower APR)
- Highly rated mobile app for loan management, credit tracking, and debt payoff monitoring
Features and Benefits
Upgrade’s debt consolidation loans offer competitive features that make the company stand out from the crowd, particularly if you’re looking for flexibility and speed. The company’s online and mobile app tools can help make your debt more manageable, whether your primary intent is to reduce your monthly spending, lock in a fixed rate, or simplify multiple payments into one.
- Loan Amounts: $1,000-$50,000
- APR: 7.99% – 35.99%
- Fixed rates and payments with a clear pay off date
- Flexible loan options: explore multiple options and pick the loan amount and term that best fits your budget and
timeline. - Fast Funding. Money is sent to your bank account within a day of clearing any verifications. *
- Automatic payments and ability to customize the due date: manage your account online or via the mobile app.
- No prepayment penalties
- Access to free credit score monitoring, educational tools, and personalized recommendations to help you understand
and make the most of your credit. - Direct payment to creditors is available and features a lower APR.
- Soft credit pull to check your rate without impacting your credit score.
- Joint applications and co-borrowers accepted.
- Full-function mobile app for loan management and convenience.
Upgrade Loan Reviews: Editorial Rating
Trusted Company Reviews Rating Score for Upgrade Debt Consolidation: 7.8/7.6
Our expert rating reflects Upgrade’s balance of accessibility, speed, and borrower-friendly features against its potential costs.
Upgrade will work with borrowers who have credit scores as low as 580, and provide the same borrowing and payment options as those with higher scores. However, those with higher scores will receive better interest rates and lower origination fees.
That said, the ability to qualify with a lower credit score, combined with direct creditor payments and fast funding, makes Upgrade a strong choice for a large demographic of debt consolidation customers.
| Average review rating | 4.4 |
| Average minimum credit score required | 580 |
| Loan terms | 12–84 months |
| Min/max loan amounts | $1,000–$50,000 |
Why We Like It
Upgrade is one of the few lenders that combines fair-credit accessibility with flexible repayment terms. It offers fast funding that’s often available as soon as the next business day, which means you can start paying off existing debt almost immediately. The direct payment feature helps avoid the temptation to spend the loan elsewhere, and can qualify you for a lower interest rate.
What We Don’t Like
For our experts, Upgrade’s biggest potential drawback is cost. Upgrade’s origination fee can be higher than that of some competitors, and borrowers with lower credit scores may receive interest rates close to those on credit cards. This means the savings from consolidating debt may be smaller unless your current rates are very high.
Upgrade Customers Reviews
Customer reviews consistently praise Upgrade’s simple online process, quick funding, and responsive service record. On Trustpilot, Upgrade earns a 4.4 out of 5-star rating, and the Better Business Bureau’s reviews average over four stars. ConsumerAffairs reviews echo the positive sentiment, with many borrowers highlighting the ease of consolidating debt using Upgrade.
Expert reviews are similarly favorable, often citing Upgrade’s accessibility for borrowers with less-than-perfect credit and its fast turnaround. However, they frequently note the high maximum APR and origination fees as trade-offs.
How to Apply for An Upgrade Loan
Applying for an Upgrade debt consolidation loan is quick, easy, and takes place all online on the company’s website here.
- Pre-qualify on Upgrade’s website. This initial step uses a soft credit check, so it won’t affect your credit score or appear as an inquiry on your credit report. Fill out the form and answer questions about your income and credit history. Keep in mind that accuracy is crucial in this step to avoid being turned down for financing later in the process.
- Review your loan offers. After submitting your personal financial information, you can compare the available loan offers, amounts, interest rates, and repayment terms to find the option that best fits your needs.
- Submit your full application. Choose your debt consolidation loan product, upload any required documents for verification, then sign your agreement electronically to finalize the process.
What to Expect
Once you’ve submitted your formal application, here’s what you can expect.
- Approval decision. Many borrowers receive conditional approval within minutes. Final approval usually takes one to two business days, depending on how quickly you provide any requested documentation. As a note, final approval requires a hard credit inquiry.
- Funding. After final approval, Upgrade disburses funds by the next business day. If you choose the direct deposit method, you’ll typically receive funds by the next business day, depending on your bank. If you choose direct creditor payments, allow a few extra days for those payments to post to your accounts.
- Receiving your money. Funds are sent via ACH deposit to your bank account or directly to your creditors, depending on your chosen disbursement method.
- First payment. Your first monthly payment will typically be due about 30 days after funding. You can set up autopay for convenience and to help ensure on-time payments. Upgrade also offers you the opportunity to choose your preferred due date in most cases.
Upgrade Loan Minimum Requirements
To qualify for Upgrade’s debt consolidation loan, you’ll need to meet a few basic requirements.
- Minimum credit score of about 580.
- Proof of sufficient income
- A valid U.S. bank account.
- Legal U.S. residency
- Age of majority in your state.
Upgrade vs LendingClub
Both Upgrade and LendingClub offer unsecured loan products ideal for consolidating debt. They share similar APR ranges and both provide direct payments to creditors. Upgrade tends to be faster with funding, while LendingClub may offer slightly lower origination fees for some borrowers, depending on your credit score and history. Both providers appear in our overview of the best debt consolidation companies.
| Upgrade Debt Consolidation | LendingClub Debt Consolidation | |
| Average Review Score | 4.4 | 4.6 |
| Origination Fees | 1.85%–9.99% | 3%–6% |
| Terms Available | 24–84 months | 24–72 months |
| Minimum Loan Amount | $1,000 | $1,000 |
Who Is Upgrade Debt Consolidation Best For?
Upgrade is best for borrowers with fair-to-good credit who need an unsecured loan to pay off existing debt quickly. However, the company is also a solid choice for those with lower credit scores who may not find approval elsewhere.
Its accessibility, fast funding, and direct payments to creditors make it a good choice for many borrowers. It occupies a high-ranking spot in our review of the best debt consolidation companies available.
Additionally, if you’re looking for other consolidation options, Upgrade also provides other unsecured loan products and credit cards. The company ranks among the top contenders in our best personal loan companies overview and takes the top spot in our review of the best balance transfer credit cards for fair credit.
Frequently Asked Questions
How long does Upgrade take to approve a loan?
How many Upgrade loans can you have?
How fast does Upgrade fund loans?
Source
Logo Image Source: upgrade.com
Disclosure
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-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 https://www.upgrade.com/bank-partners/.
Upgrade’s Fast Funding Disclosure:
*Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
Deane Biermeier
