Upgrade Review

Upgrade Personal Loans Ratings at a Glance

Upgrade Product Offering

Upgrade provides a range of financial products tailored to meet the diverse needs of its customers.

Personal Loans

Upgrade offers unsecured fixed-rate personal loans up to $50,000, making it an excellent option. However, there are exceptions for Hawaii, Georgia and Massachusetts residents. The minimum loan amount in Hawaii is $1,505; in Georgia, it's $3,005; and in Massachusetts, it's min. $6,600. Upgrade's range of loan amounts can help you finance diverse needs, including credit card refinancing, debt consolidation, home improvement (repairs and remodeling) or financing major purchases.

Although Upgrade's fixed rate ranges from 8.49% to 35.99%, it provides stability and predictability because your rate is locked in once you accept the offer, ensuring you know the exact monthly payments and loan repayment timeline. In contrast, variable interest rates can fluctuate based on market conditions, potentially resulting in unexpected interest costs, especially during economic turbulence when rates change frequently. You may qualify for a lower fixed rate by setting up autopay during the application process, using all or part of your loan to pay off existing debt or using your car as collateral. 

The latter case reflects a secured loan since you're providing collateral. Unlike unsecured loans, secured loans require collateral and have significantly lower rates. Upgrade offers you a choice between the two options. The specific rate you may qualify for will also depend on a combination of factors, including your credit scores, credit usage, payment history and loan terms. The loan term varies from 24 to 84 months. Once your loan application is approved, you can choose the loan term that suits you best, and you can pay off your loan early without incurring charges.

Additionally, you can adjust your monthly pay date by up to 15 days; however, there could be implications based on interest rates because finance charges accrue daily. Upgrade's loan application and approval process is highly streamlined; you can access your funds within just one business day of clearing verifications. While the pre-qualification checks involve a soft credit pull, which doesn't impact your credit history, Upgrade will perform a hard credit pull once you accept the offer and your loan is funded. Its low minimum credit requirements mean you can still get a good deal if your credit isn't in shape, making the perks more appealing. 

Upgrade Cards

Upgrade offers multiple cards to cater to users' shopping or purchasing needs, enhancing its appeal and user experience. The cards blend the flexibility of a credit card with the predictability of a personal loan, allowing you to shop online and in retail stores or transfer funds to your bank account. All Upgrade cards provide credit lines ranging from $500 to $25,000 with no annual fees. Upgrade also offers a $200 welcome bonus when you use a new Rewards Checking Plus account and make three purchases. Additionally, you can earn up to 10% extra cashback with Upgrade Shopping powered by Dosh®. The available cards include:

Upgrade Cash Rewards Card: When you apply for this card, you'll receive a credit line ranging from $500 to $25,000. This card allows you to shop online or at any retail location that accepts Visa, offering an unlimited 1.5% cash back reward on all purchases; cash back is earned when you make payments. Additionally, it provides the flexibility to pay down balances each month at a fixed rate and term. You can also set up payoffs to reduce your balance faster, saving you interest costs. 

Upgrade Life Rewards Card: Like the Upgrade Cash Rewards Card, this card provides more reward perks. These include a 1% unlimited cash back on all purchases and a 3% on select purchase categories, including gas, grocery, health, streaming and utility purchases for specific merchants. Some of the eligible merchants include Shell, Exxon/Mobil and Chevron for gas; Kroger, Publix, Meijer and Safeway for groceries; Walgreens, CVS and Academy Sports for health; Comcast, Spectrum and Netflix for streaming; and AT&T, T-Mobile and Verizon for utilities. You can either pay down balances from each month at a fixed rate and term or pay in full early each month to avoid interest using the EarlyPay4 feature.

Upgrade OneCard: The OneCard is Upgrade's primary card for effectively managing long- and short-term expenses, providing customers an option to pay for purchases immediately with no interest (Pay Now) or later in monthly installments at a fixed rate (Pay Later). The card rewards 3% cash back on everyday purchases made online and at retail outlets. You can enjoy another 2% on all other purchases by activating Pay Now and linking it to your Rewards Checking Plus account. 

Upgrade Triple Cash Card: The Triple Cash Card from Upgrade offers credit lines from $500 to $25,000, unlimited 3% cash back on home, auto and health spending categories and unlimited 1% cashback on all other purchases. Remember, cashback is awarded when you make payments. There’s also a $200 bonus when you open a Rewards Checking Plus account and make 3 debit card transactions. There’s no annual fee, and you get the safety, security and contactless purchasing power of a Visa.

Premier Savings Account

Although traditional savings accounts allow you to earn a modest interest rate on your deposits, a high-yield savings account lets you earn significantly higher interest while enjoying the safety and liquidity of savings accounts. Upgrade's Premier savings account is a high-interest (or high-yield) savings account designed to help you realize your financial goals faster. Such goals might include building emergency funds, making down payments on a house or car, building a college fund, traveling and major life events like weddings or starting a family. 

The Premier savings account allows you to realize such goals thanks to its impressive annual percentage yield (APY) of 5.07% on a balance of at least $1,000. The current interest rate is 4.95%. The $1,000 represents the minimum you must have in your account to earn interest; however, there's no minimum deposit or maximum amount. There are no applicable monthly or annual fees for the Premier savings account. Thanks to Upgrade's mobile app, you can access your account, check balances, transfer funds, receive alerts and take complete control of your savings on the go. 

Rewards Checking Plus

Rewards Checking Plus provides a seamless upgrade to your checking account experience, offering an online checking account with no monthly fees. Those who set up direct deposits that total at least $1,000 per month are eligible for cashback options. When you use your Upgrade VISA® Debit Card for purchases, you'll earn 2% cash back on common everyday purchases (up to $500 per calendar year) from select categories, including convenience and drug stores, gas stations, streaming subscriptions, restaurants, utilities and phone purchases for specific merchants. You also earn an unlimited 1% cash back on everything else using the debit card. 

You can access up to 20% discounts on Upgrade's loans and cards if you maintain an active Rewards Checking Plus account. You can use your Rewards Checking Plus card at any merchant that accepts Visa®, and it's simple to add your debit card to Apple Pay or Google Pay for contactless payments at participating stores. You can even add a savings account. Upgrading to the Rewards Checking Plus account and adding Performance Savings enables you to earn up to 5.07% APY when you maintain an active account and have a monthly direct deposit of $1,000 or more. 

There's no minimum deposit, monthly fees or overdraft fees, and you get ATM reimbursement for your active account. By setting up a recurring electronic direct deposit from your employer, payroll or benefits provider, you can get paid your salary at least two days earlier, depending on when Upgrade receives notice of impending direct deposit. This feature is limited to direct deposits under $5,000. For clarity, the Performance Savings account is not a standalone account but a component of the Rewards Checking Plus account, meaning you can only qualify for Performance Savings when you have the Rewards Checking Plus account. All Upgrade's deposit accounts are FDIC insured. 

Auto Refinancing 

Auto refinancing means replacing your current auto loan with a new loan, typically from a different lender, to get better loan terms such as a lower interest rate, reduced monthly payments or different loan duration. It is beneficial if your credit history significantly improves after purchasing your car—or if interest rates have decreased. Upgrade's auto refinancing can help you boost your available cash for everyday expenses and save considerably with its competitively low interest rates. Upgrade claims that you can save, on average, $115 monthly ($1,380 annually), which is significant. 

To be eligible, your vehicle should be between 10 years old and brand new, intended for personal use (not RVs, motorcycles, commercial vehicles, or salvaged cars) and have fewer than 130,000 miles (150,000 for trucks). Your current auto loan must have over $5,000 in outstanding balance, and you must have made at least three monthly payments. Upgrade doesn't charge prepayment penalties, which makes it an excellent choice. The refinance process is straightforward, and car owners are provided adequate support during refinancing. Once Upgrade approves the refinancing, it will pay off your existing auto loan and obtain the title from the current finance company.

Credit Health Tools and Educational  Resources 

Upgrade offers borrowers a range of valuable credit and educational tools as part of its comprehensive service package. For instance, you can check your VantageScore® 3.0 anytime, gain insights into the primary factors affecting your credit score and view a concise summary of your most recent credit report. Using the Credit Score Simulator, you can visualize how various scenarios and actions might affect your credit. This data-driven tool uses information from your credit report. Additionally, you'll receive personalized tips based on your unique credit history.

Upgrade also provides weekly credit score updates, allowing you to monitor your score regularly. You can track your progress and how your efforts are changing your credit score through a trending chart, receive email alerts to identify factors affecting your score and detect potential fraud. Upgrade's Credit Health Insight helps you unlock your full credit potential with comprehensive educational articles and resources. Available articles cut across personal loans, credit cards, credit scores, debt management and smart money. A lot of how-to video tutorials are also available. Benzinga highly rates Upgrade for the extensive depth of its available articles and content, which surpasses what's typically found on most lending platforms.

Upgrade's Help Center primarily serves as a customer support tool. Still, it offers a valuable learning resource with curated questions and answers that help address potential borrowers' queries. Possible questions or complaints are categorized into topics covering each product, including Upgrade cards, personal loans, various deposit accounts, payments, promotions and account management, with comprehensive articles explaining each topic within its respective category. You can check Upgrade's Press Room for company-wide updates on new products, news and media assets.  

Upgrade offers customer services across multi-channels including phone, email and live chat. If you're a current borrower, you can log into your dashboard or the Upgrade mobile app to chat with a support representative or directly contact customer support by phone at 844-319-3909. Both the phone and live chat options offer a quick way to get immediate assistance from the customer support team, with the phone option being potentially faster.

For less urgent inquiries, you can send the support team at support@upgrade.com. Customer service is available from 5 a.m. to 6 p.m. on weekdays and from 6 a.m. to 5 p.m. on weekends, all in Pacific Time. However, Upgrade's comprehensive Help Center already answers most potential questions about its products and services, including personal loans and deposit accounts, enabling borrowers to get answers to their queries without contacting customer support. Moreover, each product page ends with a FAQ question providing additional insight into the product.

Upgrade also maintains an active presence on major social media platforms, including Facebook, Instagram, LinkedIn and Twitter, where it posts company updates. These channels offer an alternative means of contacting and engaging the company. Upgrade has an excellent Trustpilot rating of 4.5/5 from over 39,000 reviewers. Comments were overwhelmingly positive, reflecting efficient customer service and impressive product and service offerings. Furthermore, the company has a positive A+ review on BBB with a 4.49/5 rating.

Upgrade prioritizes the protection of user's funds and data and takes adequate measures to prevent fraud. Upgrade's personal loan and auto refinancing services are offered through trusted partners, including Cross River Bank and Blue Ridge Bank, both reputable chartered commercial banks and members of the FDIC. Most other products, including personal credit lines and the Upgrade card associated with them, Checking Plus and Savings accounts and the associated Debit cards, are provided and issued by the Cross River Bank. 

When you open a deposit account with Upgrade, you enter into a custodial agreement with Cross River Bank. Since Cross River Bank is an FDIC member, your funds are insured up to the FDIC limit, and the bank is well-known for its strong security measures. On its own, Upgrade implements adequate verification measures (including 2FA and ReCAPTCHA) to prevent unauthorized access and robust encryption protocol to protect data in transit and at rest. The company does not sell or share customer data with third parties unless explicit consent is given or when required by law. You can review the Privacy Policy to understand better how the company protects your information. 

Upgrade is transparent about its rates and pricing. The applicable annual percentage rates (APRs) for the personal loan is 8.49%-35.99%, with an origination fee between 1.85% to 9.99% deductible directly from the loan proceeds. So, if you take out $10,000, you'll pay a $999 (9.99%) origination fee and receive $9,001. There is a $10 charge for unsuccessful electronic or check payment attempts on issued loans. An additional fee of up to $10 is applied if your full payment is not received within 15 calendar days of your due date. The late fee is imposed once per late payment. 

Upgrade offers a lot of rate discounts. For instance, by opting into autopay, you can receive a rate discount of up to 0.50% (which may vary among borrowers) of the APR. Additionally, you can receive a reduction in your interest rate by 1% to 3% (100 to 300 basis points) when you allow Upgrade to pay off your existing debt directly and another 1% to 10% by using your automobile as collateral (secure loan). Qualifying customers with multiple products, such as those with a Rewards Checking Plus account, may be eligible for an additional discount of up to 20% on personal loans, subject to terms and conditions. Remember, rate discounts may vary among borrowers. 

There are no fees associated with the Rewards Checking Plus and Premier Savings accounts. However, for Upgrade cards, optional ACH transfers to your bank account and balance transfers may incur a fee of up to 5% of the transaction amount. Foreign transactions may be subject to a fee of up to 3% of the transaction amount, with any applicable limits under the law. Upgrade provides various bonuses. For instance, when you're approved for an Upgrade Personal Loan, you can receive $200 by opening a Rewards Checking Plus account and setting up a direct deposit of at least $1,000. 

Additionally, suppose you're approved for an Upgrade Card. In that case, you can get a $200 bonus by opening a Rewards Checking Plus account and making three debit card transactions. Referral bonuses are also available via Upgrade's referral program for Checking Plus and Savings accounts. When you refer someone to open a Rewards Checking Plus account, you can earn $50 for yourself, and they can earn $150. Premier Savings accounts have bonuses of up to $200 available through this program (terms and conditions apply). You can deposit checks via domestic wire and mobile on the Rewards Checking Plus Account, which can then be applied to your personal loan and Upgrade loan. 

Upgrade has a well-rated, user-friendly, intuitive mobile app for borrowers to manage loan payments. Upgrade's mobile app is available on both Google Play for Android users and App Store for iOS devices. The app offers borrowers a comprehensive suite of capabilities, allowing them not only to check their loan balance, make payments and update personal details but also to set up autopay for hassle-free repayments, access credit health tools and even interact with customer support when needed, all within the same user-friendly dashboard. The app has an impressive rating of 4.6/5 on the Google Store, reflecting its seamless functionality and ease of usage. 

Upgrade provides borrowers with a versatile and user-friendly platform for managing personal loans, credit cards and checking accounts. The company's fixed-rate loans offer stability and predictability. Its various credit cards, each with unique features and cashback rewards, allow users to choose the card that best suits their needs, enhancing the user experience. You can apply for and access a personal loan in five simple steps:

Check your rate or prequalify: You'll fill out your loan amount and purpose and enter your email and basic personal information. Upgrade will also ask if you plan to submit an individual or joint application. This first step requires a soft credit pull, which doesn't impact your credit history.

Review the loan options and select one: Upgrade will present you with various rate and term options; choose the one that aligns with your monthly budget.

Submit a formal application and await approval: Submit all requisite government and financial documents, including your social security information and proof of income (W-2, recent pay stubs, bank statement or tax returns).

Sign the agreement and receive your funds: You'll most likely receive the funds within one business day of clearing verification or loan approval, depending on your financial institution. Remember, once your loan is funded, Upgrade will carry out a hard credit pull to verify your creditworthiness.

Start paying your loan: The first payment is due within 30 days of receiving the funds and is automatically deducted from your designated bank account. You can adjust or change your specified banking information on your dashboard. Upgrade allows you to select a payment date that suits your budget.

Upgrade's credit card follows a one-minute pre-qualification check as the personal loans. Once approved, it typically takes 7 to 10 business days for your card to be delivered by mail. For the Checking Plus and Savings account, you can apply and open an account on the same day, pending verifications. Upgrade's mission is to provide affordable, accessible and responsible credit through its personal loans and credit card products, offering impressive rewards, cashback and bonuses to fulfill this commitment. 

Upgrade provides valuable credit and financial education tools, including credit scores, simulations and insights. Customer support is readily available through phone, email and live chat, ensuring borrowers have the needed assistance. In October 2022, Upgrade was named the fastest-growing U.S. credit card by outstanding balance among the top 50 U.S. credit card issuers, according to the Nilson Report. This award more than sums up its exemplary service and product offering.  

Upgrade vs. Competitors

Upgrade has a few competitors, including Sofi and LightStream, providing personal loans and related financial products or services. SoFi and LightStream offer larger loan amounts ranging from $5,000 to $100,000, whereas Upgrade provides loans from $1,000 to $50,000. SoFi requires a fair to excellent FICO score, LightStream accepts good to excellent credit scores, and Upgrade can accommodate borrowers with a variety of credit histories.

Sofi and LightStream offer starting rates of 8.99% and 7.99%, respectively, with autopay, which can go up to around 25%. In contrast, Upgrade's starting rate without autopay is 8.49%. Applying the 0.5% autopay discount can bring it lower than these competitors' starting rates. LightStream offers loan terms ranging from 2 to 12 years, whereas both Sofi and Upgrade provide loan terms from 2 to 7 years. 

Upgrade offers a range of financial products, including personal loans, credit cards and deposit accounts. The company focuses on affordability and accessibility, with flexible credit requirements. Despite its flexible credit score requirements, Upgrade does charge origination fees that can go as high as 9.99%. Nevertheless, borrowers can enjoy lower APR via various bonuses, and cardholders are rewarded with impressive cashback rewards. The company offers remarkable credit health tools, educational resources and excellent customer service, as reflected in feedback from independent review platforms. If you're thinking of getting a small personal loan for significant expenses, Upgrade is an excellent choice.

Frequently Asked Questions