Stefanie L.
Verified BorrowerWould you recommend this product? Yes
Yeah. It was very straightforward, very to the point. It was easy and it was fast.
Upgrade 2026 Personal Loan Review
Upgrade is our highest-rated lender for borrowers with imperfect credit, thanks to a lower credit score requirement, potential rate discounts and the ability to pre-qualify.
Est. APR
7.74 - 35.99%
Min. credit score
600
Time to fund
1 day
Loan amount
$1K - $75K
Loan term
2 to 7 years
Origination fee
1.85% to 9.99%
Best if you
- Have bad credit or want to apply with a co-signer.
- Want to consolidate high-interest debt.
- Want to secure your loan with collateral.
Not Ideal if you
- Want to avoid origination fees.
- Prefer maximum repayment date flexibility.
What to know about Upgrade personal loans
Upgrade’s low minimum credit score (600) and suite of consumer-friendly perks makes this one of our standout lenders if you have fair credit.
Its range of loan amounts — $1,000 to $75,000 — is wider than that of most lenders we reviewed, meaning these loans are a good fit for almost any expense. You also have access to particularly flexible repayment terms, including standard two-, three-, four- and five-year terms. For loans over $15,000, you could potentially qualify for six- or seven-year terms. Longer term options help lower the monthly payments by spreading them out over a longer period.
Upgrade also comes through with a couple ways to boost your chances of qualifying or getting a lower rate. For example, you can add a co-signer with better credit to your application or secure the loan with a vehicle as collateral.
You also can see whether you're eligible for Upgrade with a soft credit check, so there’s no risk to your credit score. As with all loans, keep an eye on that annual percentage rate, which shows the overall cost. If you have fair or bad credit, it’s worth pre-qualifying with a few lenders, since it can be harder to find a low rate.
COMPARE: Best personal loan lenders
What the nerds think
"Upgrade has all the perks of a top lender, including multiple rate discounts, direct payment to creditors on debt consolidation loans and longer repayment terms on larger loans. Best yet, its lower credit score requirement means you may qualify even if you don’t have perfect credit."
Jackie VelingSenior Writer & Content Strategist
What we like most about Upgrade
- Fast funding: Upgrade says it approves most personal loan applications instantly, and it can typically send the funds to your account the next day. So if you need quick cash, you may be able to get the money within 24 hours. That’s hard to beat, even among online lenders that specialize in fast funding.
- Multiple rate discounts: Upgrade offers two opportunities to lower your annual percentage rate, which is more than some competitors. Autopay discount: The lender offers a 0.5-percentage-point discount for setting up automatic loan payments. This is a simple way to lower your APR. Direct pay discount: For debt consolidation loans, Upgrade offers a rate reduction of 1 to 4 percentage points when you have the lender pay off your debts directly. Not all lenders offer direct payment to creditors, which simplifies the consolidation process, and those that do may not offer a rate discount.
- Secured and co-signed loans: You can potentially get a secured or co-signed loan through Upgrade. These loan types may be easier to qualify for or come with a lower rate than unsecured personal loans. Upgrade accepts a vehicle as collateral and says your secured loan rate could be 1 to 10 percentage points lower than an unsecured loan.
Why Upgrade may not be right for you
- Origination fee: Upgrade charges an origination fee from 1.85% to 9.99%. The lender takes this fee from the loan proceeds, reducing the loan amount you receive. Be sure the amount is still enough to cover your expense once the fee is applied.
- No option to choose initial payment date: When you get an Upgrade personal loan, the lender assigns a repayment date. Many lenders let borrowers choose a repayment date that works best with their pay schedule. Instead, Upgrade says borrowers can move their payment date multiple times throughout the year.
How much does an Upgrade loan cost?
The total cost of your Upgrade loan depends on the amount borrowed, APR and loan term. Here is an example of how different rates affect the costs of a $15,000 loan with a four-year term. The lender told NerdWallet its average borrower typically gets an APR from 20% to 24.99%.
APR | 20%. | 25%. |
Monthly payment | $456. | $497. |
Total interest cost | $6,910. | $8,873. |
Total loan cost | $21,910. | $23,873. |
Do you qualify for an Upgrade personal loan?
Upgrade says it looks for borrowers with excellent to fair credit (usually a 630 credit score or higher). But its minimum credit score requirement is 600, so if you have bad credit, you may still qualify.
Upgrade personal loans are available in all 50 states but not in Washington, D.C.
Upgrade’s borrowing requirements
- Minimum credit score: 600.
- Minimum annual income: None.
- Maximum debt-to-income ratio: 75%, including housing.
- Minimum credit history: Three years and one account.
- Must be a U.S. citizen and provide a valid Social Security number, email address, proof of residency and U.S. bank account.
Profile of an average Upgrade borrower
Upgrade’s borrower requirements may be softer than similar lenders, but the average borrower still has a higher score and relatively strong income. Here’s what the lender told us.
- Average loan amount: $10,000 to $20,000.
- Average APR: 20% to 24.99%.
- Most common loan term: 4 years.
- Most common loan purposes: Debt consolidation.
- Average borrower’s credit score: 690 to 719.
- Average annual income: $100,000 or higher.
- Average borrower’s debt-to-income ratio: 31% to 50%.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can you use an Upgrade loan for?
A: Upgrade’s loans can be used for almost any expense, including debt consolidation, home improvement projects, emergency expenses, vacations, moving costs, weddings and other large purchases. You can’t use an Upgrade loan to pay for college tuition, investing, gambling or illegal activities.
Q: What happens if you can’t repay an Upgrade loan?
A: Upgrade offers hardship options, including deferring your monthly loan payment or granting a temporary payment reduction. It’s important to contact Upgrade as soon as possible to discuss your situation.
Q: What home fixtures can I use to secure my Upgrade loan?
A: Upgrade may offer homeowners the option to secure their loan with built-in fixtures, like ceiling fans, bookshelves and light fixtures. This doesn’t require a home inspection.
How does Upgrade compare?
 |  |  |  |
|---|---|---|---|
Est. APRFrom 7.74% to 35.99% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% |
Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 |
Min. credit score600 | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.6/5
Affordability25% of rating
4.1/5
Upgrade offers multiple opportunities for a rate discount, which can help lower the interest you pay on your loan. But it also charges an origination fee.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
4.7/5
Upgrade reports your payment history to the three main credit bureaus. And while you can’t choose your initial payment date, you can change it multiple times over the course of the loan.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
5.0/5
This lender offers small, medium and large personal loans, with options to add a co-signer or secure the loan with collateral.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.8/5
Upgrade lets you pre-qualify with a soft credit check before conducting a hard pull on your application. Upgrade’s loans are available in all 50 states.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
4.7/5
Upgrade shows you a detailed pre-qualification offer. You can also learn more about Upgrade loans on the lender’s website.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Upgrade borrower reviews
4.4out of 5
(14 reviews)
85%
Would recommend
this product
Rating Breakdown
5
(11)4
(1)3
(1)2
(0)1
(0)Sort by:
Robert B.
Verified BorrowerWould you recommend this product? Yes
It was very quick, very easy, and I'm very satisfied.
Lorisha L.
Verified BorrowerWould you recommend this product? Yes
I was very satisfied.
Chad P.
Verified BorrowerWould you recommend this product? No
I already have a loan. I've never missed the payment and I tried to increase the amount. I have nothing wrong with my credit, but they turned me down. So, you know, I wouldn't recommend them.
Monica S.
Verified BorrowerWould you recommend this product? Yes
It was very easy, very satisfied.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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