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About Upgrade

Upgrade is an online and mobile banking solution that offers personal loans and credit cards. With Upgrade, customers can combine online and mobile banking with affordable loans and cards, free credit monitoring, alerts and credit education tools for ultimate support. The fully online service offers fast transactions, simple approval and easy banking.


  • Fast approvals
  • $50,000 maximum
  • No prepayment penalty
  • Multiple options


  • $10 late fee
  • High origination fee

Bottom Line

Upgrade has high maximum amounts and multiple personal loan options to fit most borrowers' needs. Although its fees are higher than some competitors, there are no prepayment penalties.

How does Upgrade Loans work?

Upgrade caters to customers who need support with building credit and offers different options for personal loans. Its loans can be used for purposes such as home improvement, major purchases and debt consolidation.

You can apply online, choose your loan type and amount (up to $50,000) and receive funds within days of being approved. There are no prepayment penalties, and low rates are available for qualifying customers.

Upgrade Loan interest rates

Upgrade’s personal loans typically have annual percentage rates (APRs) between 7.99% and 35.97%. The lowest rates require autopay and direct payment. Rates vary based on your credit score, your credit usage history, the loan term and other factors.

For example, a $10,000 loan with a 36-month term and a 17.98% APR (14.32% yearly interest rate plus a 5% origination fee) provides $9,500 after fees and requires a monthly payment of $343.33. In addition to the APR, Upgrade also charges an origination fee between 2.9% to 8%. Late fees start at $10.

Upgrade FAQ

How long does it take for Upgrade to approve a loan?
It usually takes between two to five business days for Upgrade to approve and fund a loan. After approval and verification, the lender sends funds within one business day.
Does Upgrade do a hard credit pull?
If you decide to move forward with a loan, Upgrade does a hard credit check. You can check your rates through Upgrade without a hard credit pull.
What credit bureau does Upgrade use?
Upgrade checks applicants’ FICO 9 credit scores. The lender also looks at credit usage and history to determine qualification.
Where can I use Upgrade’s card?
You can use the Upgrade card everywhere that Visa credit cards are accepted, except ATMs.

Is Upgrade loans legit?

Upgrade is a good loan company for those who prefer simplicity and flexibility. Upgrade offers loans up to $50,000, which is more than some competitors. The company also has APRs starting at 7.99%. While origination fees are fairly high, costs may balance out for some customers due to the lack of prepayment penalties and lower rates.

Upgrade Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
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Verified Reviewer
Original review: June 11, 2021

I have "autopay" OFF in my account, I have screenshots. And I had called this credit card company 2 months prior to turn it off, they confirmed it, I confirmed it. I made a 10 day prior to 'monthly due date', and they took their monthly payment 4 days after. A debit/payment they were not authorized to take, as autopay was off! They actually stole the un-designated-autopay, from me. If any of other vendors with my bank account access did this, well. They did. DO NOT TRUST THIS COMPANY, THEY WILL STEAL FROM YOU.

3 people found this review helpful

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    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 5, 2020

    Easy application process. They will even do a soft credit pull to tell you what your likelihood is of being preapproved and at what rate. Once your process is approved they deposit the funds directly into your bank account. Customer service is helpful, knowledgeable and professional. I have had multiple loans. Am happy and would continue doing business with them. I highly recommend them.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 1, 2020

    Upgrade made my personal process simple and easy. They found the best loan for me and my needs. I was very comfortable and extremely satisfied working with them. I have two loans with them and they will always have my business.

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