Upgrade - Reviewed & Compared


Upgrade is a direct lender that specializes in providing consumers with personal loans with competitive rates. Let’s see how they stack up in the online personal loan industry:

Company Overview

Upgrade is a relatively new online personal loan service, which started in 2016. In that short time, they’ve become an excellent source for personal loans. Backed by FDIC member Cross River Bank (who underwrites the loans), Upgrade represents a solid “upgrade” to the personal loan process.

MORE: Is Getting a Personal Loan Right for You?

What Upgrade Does Best

They handle all manner of personal loans in, and do it for all manner of borrowers. What we mean by that is their loan amounts range from as low as $1,000 up to $50,000, so almost any amount can be borrowed (this is one of bigger amount spreads we’ve seen.) APR’s are solid, starting at 7.99%, and loan terms can go from 36 to 60 months (3 to 5 years).

MORE: Is Getting a Personal Loan Right for You?

Any Negatives?

Time in business is the only negative I can find. But they are backed by Cross River Bank, which should alleviate any fears.

What Others Are Saying

An “A+” rating from the BBB is always nice, as are the 700+ positive reviews there as well.

Our Final Verdict: 7.0/10

With one of the widest ranges of loan amounts and solid APR, Upgrade is definitely worth your consideration.

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days. All loans made by Cross River Bank, member FDIC.

  • Excellent APR – from 7.99%
  • Loan Amounts Range from $1,000 to $50k
  • Great website, with “won’t affect your credit score” rate checking.