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Upgrade Personal Loan Review

Loan Amount:
$1,000 - $50,000
Minimum Credit Score:
620
APRs From:
6.98% - 35.89%
Funding Speed:
As soon as one day

Personal loan lender, Upgrade offers personal loans up to $50,000 and is available to borrowers with fair credit or better. Upgrade offers fast approval and funding with competitive APRs.

Check your pre-qualified personal loan rates online now.

Upgrade Personal Loan Overview

Upgrades' main underwriting criteria is free cash flow. While they also look at borrowers' debt-to-income ratio and credit score, a spokesperson says, they don’t account for rent payments and other monthly expenses that can factor into your ability to repay a loan.

The idea is to keep people from borrowing more than they can afford by “having a pretty high bar in terms of how much free cash you really have at the end of the month,” says Renaud Laplanche, Upgrade co-founder and CEO.

Pros

  • Offers secured, co-signed, and joint loans.
  • Rate discount when you get a debt consolidation loan and allow Upgrade to directly pay creditors
  • Rate discount with autopay

Cons

  • High origination fee
  • A late fee charged if applicable
Get Pre-Qualified for a Personal Loan Today
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No Upgrade Branch Locations in Illinois