Upgrade Personal Loans Review 2024: Fast Loan Disbursement

Racheal Vazquez

Upgrade Personal Loans is best for borrowers looking for a fast and simple process to obtain a competitive fixed-rate loan. There are no prepayment fees for borrowers looking to pay off their loan faster, and you can prequalify with a soft credit check that does not impact your credit score. 

Overall rating


Summary: Upgrade offers personal loans that can be attractive to borrowers with fair or bad credit. There is a low minimum loan amount, and borrowers looking for a fast payout can receive loan disbursement within one business day. 

Upgrade Personal Loans

upgrade logo

7.46% - 35.97%

Est. APR


Min. Credit Score

$1,000 - $50,000

Loan Amount



Application Process


Loan Requirements


Loan Terms, Fees & Rates


Repayment Options


Loan Purpose


Credit Building


Customer Service


Safe & Secure


  • Low minimum loan amount 
  • Prequalify with a soft credit check 
  • Fast loan disbursement


  • Low maximum loan amount  
  • Origination fee

Best For

  • Competitive fixed rates 
  • No early repayment fees
  • Fast and simple process


HQ275 Battery Street, 23rd Floor, San Francisco, CA 94111, USA
Loan Amount$1,000 – $50,000
Loan Terms24 – 84 months
Interest Rate TypeFixed
Loan SecuritySecured and Unsecured available
Min. Credit Score620
Min. Annual IncomeNot disclosed
State RestrictionsNot available in Washington D.C

In depth review on Upgrade Personal Loans 

Upgrade’s goal is to provide responsible personal loans and deliver a better experience relative to a traditional bank. Offering free credit monitoring and credit educational tools, Upgrade delivers on value and affordability.  

It stands out as a lender by offering personal loans with low fixed interest rates and the ability to prequalify without a hard credit check. Furthermore, borrowers can apply for a secured personal loan to increase their chances of approval and receive a disbursement of loan proceeds within one business day of clearing the necessary verifications.  

Upgrade Personal Loans is best for 

  • Competitive fixed rates: With Upgrade, you could qualify for a low fixed-rate loan with affordable monthly payments. As Interest rates are fixed, you can be confident that your rate will not increase over the loan’s lifetime. 
  • No early repayment fees: If you pay down your loan faster, there are no prepayment fees.  
  • Fast and simple process: The process is quick and easy. You can prequalify for a loan with a soft credit check and obtain an estimate for your rate. Once you decide which loan offer is best for you, you could receive the loan proceeds within one business day of clearing the necessary verifications.  

Upgrade Personal Loans benefits  

  • Low minimum loan amount: You can take out a loan for as little as $1,000. Many competitors have a higher minimum starting from $5,000 – $10,000. 
  • Prequalify with a soft credit check: You can prequalify and receive an estimate of your rate before submitting a final application. A soft credit inquiry does not impact your credit score. 
  • Fast loan disbursement: Once your loan application is approved, you can expect to receive the funds into your account within one business day of clearing the necessary verifications.

Upgrade Personal Loans drawbacks  

  • Low maximum loan amount: Borrowers can take out a loan for up to $50,000. This can be low if you’re looking to invest in a large project such as home improvement. 
  • Origination fee: All personal loans have an origination fee. You can expect to pay between 1.85% to 8% APR. This is deducted from your loan proceeds.  

Application process 


To apply for a personal loan, you can prequalify online before you fill out a formal application and sign the loan agreement.  

Prequalification allows you to check your rate without a hard credit check and only takes a few minutes. You can choose your loan rate and repayment term according to the offers available.  

During the application process, you may be required to verify your identity and provide supporting documents for your financial situation. These can include: 

  • Government-issued ID 
  • Paystubs 
  • Bank statements 
  • Social security number 

Once you accept and sign your loan agreement, you’ll receive your funds within one business day of clearing the necessary verifications.

There is a minimum loan amount of $1,000. However, residents of GA must borrow a minimum amount of $3,005, and residents of MA must borrow at least $6,400. 

Loan requirements


There are many factors taken into consideration during a personal loan application. Some of these include: 

  • Credit score 
  • Credit history 
  • Debt-to-income ratio 
  • Term of loan 
  • Loan amount 

Typically, the lowest rates are reserved for loan applicants with high creditworthiness and low debt-to-income ratio.  

In addition to the above requirements, you must be a US citizen or permanent resident, at least 18 years old, provide a valid email address, and have a verifiable bank account.  

Loan terms, fees, and rates  


Upgrade offers a range of loan terms between 24 – 84 months. There are no prepayment fees, but borrowers should be mindful of origination fees and late payment penalties.  

Origination fees start at 1.85% and can go up to 8% for all personal loans. The fee is deducted from your loan proceeds.  

If your payment is not received within 15 calendar days of your scheduled payment date, you could incur a $10 charge, plus an additional $10 for any failed electronic or check payments.  

APRs depend on your creditworthiness, loan purpose, term, and loan amount.  

Repayment options 


You can opt to pay by AutoPay, phone, or check. Choose your payment method by logging into your account dashboard and selecting your preferred option.  

There are no fees for paying off your loan early and you can make additional payments through your account dashboard at any time.  

Loan purpose


Personal loans can be used to finance a range of projects, including (but not limited to): 

  • Debt consolidation 
  • Paying off credit cards 
  • Home improvements 
  • Dental bills 
  • Special occasions 
  • Dream vacations 
  • Medical expenses 
  • Starting a business 
  • Pool installation 

You cannot use an Upgrade Personal loan for gambling, paying college tuition fees, investing, or participating in illegal activities.  

Credit building 


With Upgrade, you can monitor your credit score for free using Upgrade’s Credit Health tools.  

These tools will help you: 

  • Understand key factors influencing your credit score 
  • Review a summary of your latest credit report 
  • Access resources and articles to learn more about your credit potential 
  • Receive personalized recommendations tailored to your credit history 
  • Track progress and improvements in your credit score 
  • Get insights into your credit health 

Plus, you’ll receive weekly updates on your credit score and email alerts that can help you identify potential fraud impacting your credit score. 

Customer service 


To get in touch with Upgrade, you can email or call (844) 319-3909 Monday – Friday, 5 am – 7 pm, Saturday and Sunday 6 am – 5 pm PST.  

There is also an extensive FAQ section on their website which can answer any questions you have about applying for a loan and making repayments. 

According to Trustpilot, Upgrade has an excellent rating with over 29,000 reviews. Many of the positive reviews report that the customer service is fast and friendly, and the application process is simple and easy.  

Safe and secure 


Upgrade maintains security measures that adhere to federal law to ensure the safety and security of the information you provide. They also advise that they do not sell your information to third parties.  

Is Upgrade Personal Loans right for you? 

Upgrade is best for borrowers looking for a smaller personal loan at a fixed interest rate and fast turnaround. The process is quick and straightforward, and there are no early repayment fees for borrowers looking to pay off their loans faster.  

In addition, borrowers can receive a disbursement of loan funds within one business day of approval, and use the loan for a range of purposes, including home improvement, debt consolidation, and dream vacations. There are many repayment terms, and secured loans are also available to increase your chances of approval.  

However, origination fees are high, and it’s a good idea to consider these when selecting your loan amount, as this will be deducted from your loan principal.  

Plus, borrowers requiring considerable sums of money for projects such as extensive home improvements may want to consider alternative lenders that offer more than the $50,000 maximum at Upgrade.  

*Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% 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