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October 2023 Upgrade Personal Loans Review

Upgrade personal loans offer borrowers a quick, easy application process and approvals for people with all credit types.

Upgrade personal loan rates for October 2023 make it a good choice for borrowers with less than perfect credit with a minimum 580 credit score required.

Upgrade Personal Loan Details

Upgrade Loan

Loan amount $1,000-$50,000
Est. APR
Min. credit score

Who is Upgrade?

Upgrade is a financial technology company founded in in San Francisco that offers online personal loans, free checking and high-yield savings accounts, and a variety of credit card products.

Review of Upgrade Personal Loans

What we like

In reviewing Upgrade personal loans, we found several standout areas that include lower loan amounts starting at $1000 compared SoFi personal loans that start at $5,000, multiple rate discounts and loan options, and repayment terms up to seven years. And there's so much more.

$200 Bonus. Borrowers get a $200 bonus if they open a Rewards Checking Plus account and direct deposit at least $1,000**.

Joint borrower. Borrowers can add a co-applicant to their application. That may increase chances of qualifying if the co-borrower has better credit or higher income.

Funding timeline. Same-day funding is available once loan documents are signed.

Secured loan option. Borrowers can get a secured loan through Upgrade that can make it easier to qualify and lower your rate. Upgrade accepts a vehicle as collateral and says your secured loan rate could be up to 10 percentage points lower than an unsecured loan.

Competitive rates. Borrowers enjoy rate ranging from 8.49% – 35.99% (includes autopay discount), depending on credit history.

Repayment terms. Borrowers can repay SoFi personal loans in 2 to 7 years.

Credit score needed. Minimum 580 score suggested. If you apply with a co-applicant who has stronger credit, your chances of approval may increase.

Discounts to lower rate. Borrowers can lower their interest rate in several ways:

  • 0.25 percentage points for setting up autopay.
  • 1 to 3 percentage points when you have the lender pay off your debts directly.
  • Borrowers can get up to 20% off of their personal loan rate if they have other Upgrade products like the Rewards checking account. That means if you qualify for a 24% APR, your rate could be as low as 19.2%.

Check rates without affecting your credit score. Upgrade pulls a soft credit check that does not hurt your credit score to show you what rates you prequalify for. Once you decide to accept Upgrade's loan offer a hard credit check will be pulled to verify your information.

What we like don't like

Overall Upgrade is a good choice for personal loans designed for average to poor credit but there are a few areas that could improve, for example:

Origination fee. Most personal loans come with a mandatory loan origination fee and Upgrade is no different. Upgrade's origination fee ranges from 1.85% to 9.99%. The lender takes this fee from the loan amount before you receive the funds. SoFi personal loans don't have an origination fee unless you choose one in exchange for a lower interest rate.

Minimum borrower requirements

Employment status. Borrowers either must be employed or have an employment offer to start within 90 days.

Other income can be considered. If you’re not employed, you must have income from other sources, such as retirement, alimony or Social Security benefits.

Self-employment. Self-employed applicants must provide tax documents and bank statements.

Citizenship. Must be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa.

Bank account. Must have a verifiable bank account.

Email. Must have a valid email address.

Prequalify for a Upgrade Personal Loan

Pre-qualify on Upgrade’s website by providing the following information:

  • Personal information like your name, birthdate, email address and state of residence.
  • How much you want to borrow and the purpose of the loan.
  • Citizenship status.
  • Sources of income.

At this stage of the loan process, you can preview loan offers with no hard credit pull.

** To qualify for the welcome bonus, you must add a Rewards Checking Plus account through Upgrade to your loan application, receive the loan, open the Rewards Checking Plus account, and direct deposit at least $1,000 to your Rewards Checking Plus account within 45 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Rewards Checking Plus account must be open and in good standing and you must be current on all loan(s) through Upgrade (including, for avoidance of doubt, any auto refinance loan(s)) to receive a bonus. Joint loan applications do not qualify for the welcome bonus. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout within 60 days of meeting the conditions. Approval of your loan is not guaranteed and is subject to our verification and review process.
Upgrade is a financial technology company, not a bank. Checking accounts provided by Cross River Bank, Member FDIC. Upgrade VISA® Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

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