Upgrade 2025 Personal Loan Review

Upgrade personal loans are a good fit for borrowers looking to consolidate debt or fund a large expense, like a home improvement project.

Upgrade may have looser credit requirements than similar highly-rated lenders. Borrowers with fair to excellent credit can see if they qualify for an Upgrade personal loan with a soft credit check.

» MORE: Compare the best personal loans

Upgrade personal loans at a glance

• Disclosure from UpgradeDisclosure from Upgrade

  Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99% and a 1.85%-9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For certain discounts, collateral may be required. Repayment terms from 24 to 84 months. For example, if you receive a $10,000 unsecured 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 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 and other terms of your loan may vary and you may not be presented with multiple offers. If offered, your loan terms, including your rate, will depend on credit score, credit usage history, loan amount, and other factors. Late payments or other fees, as noted in your Borrower Agreement, may increase the cost of your fixed rate loan. Certain loan offers may not be available in all states. Upgrade is a financial technology company, not a bank. Personal loans issued by Upgrade's bank partners: https://www.upgrade.com/bank-partners/ .

Where Upgrade personal loans stand out

Multiple rate discounts: Upgrade offers more opportunities to lower your annual percentage rate than most of its competitors.

• Autopay discount: The lender offers a 0.5 percentage point discount for setting up automatic loan payments. Some lenders offer an autopay discount between 0.25 and 0.5 percentage points. This is a low-effort way to lower your APR slightly.

• 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. At least half the loan funds must be sent to other creditors to get the discount. Not all lenders offer direct payment to creditors, which simplifies the consolidation process, and those that do may still not offer a rate discount. 

• Rewards checking discount: Upgrade says customers with multiple Upgrade products (such as a checking account) may get up to 20% off of their personal loan rate. So if you qualify for a 30% APR, your rate could be as low as 24%.

Secured and co-signed loans: Borrowers can 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. Upgrade may also offer longer terms for loans secured with a home fixture.

Fast funding: Upgrade says it approves most personal loan applications within five minutes, and it can send the funds to your account in one business day. So if you need quick cash, you may be able to get the money within 24 hours, which is hard to beat even among online lenders that specialize in fast funding.

Wide variety of repayment terms: Upgrade offers multiple repayment terms to choose from, including two-, three-, four- and five-year terms. For loans over $15,000 that are secured by a home fixture, borrowers may qualify for six- or seven-year terms, which can help lower the monthly payments by spreading them out over a longer period.

Where Upgrade personal loans fall short

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. Origination fees can impact the loan’s affordability because they increase your APR and may lower your loan amount or raise your monthly payments.

» MORE: Best loans with no origination fee

No option to choose 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 to use Upgrade personal loans

Do you qualify for an Upgrade personal loan?

Upgrade’s borrower requirements may be softer than similar lenders, but the average borrower still has a higher score and relatively strong income. You can pre-qualify with Upgrade before you formally apply, so you won’t risk hurting your credit score. Upgrade personal loans are available in all 50 states and Washington, D.C.

Upgrade's borrowing requirements

• Minimum credit score: 600.

• Minimum annual income: None.

• Maximum debt-to-income ratio: 75%, including mortgage payments.

• Minimum credit history: 3 years and 1 account. 

• Must be a U.S. citizen and provide a valid Social Security number, email address, proof of residency and U.S. bank account. 

Upgrade’s average borrower snapshot

• Average borrower’s credit score: 677.

• Average gross annual income: $105,000.

• Average loan amount: $12,500.

• Most common loan term: 5 years.

• Most common loan purposes: Debt consolidation.

» MORE: How to get a personal loan

How we rate Upgrade

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored Upgrade this year: