Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Upgrade Personal Loans Review 2024| US News
- Those who prefer an online lender.
- People seeking a personal loan of $1,000 to $50,000.
- Consumers with good credit.
Upgrade does not disclose a debt-to-income ratio needed for approval but discloses a minimum credit score of 600. It reviews your credit profile and focuses on what you make vs. what you spend.
Upgrade does not accept co-signers. Aside from credit score, eligibility for a personal loan from Upgrade also depends on credit usage and history, and you must be a U.S. citizen or have a U.S. visa, and be at least 18 or 19 years old, depending on state law. Upgrade will verify that you have a bank account and you must have a valid email address.
What Credit Score Do You Need?
Upgrade discloses a minimum credit score of 600 needed for loan approval. It reviews your entire credit profile to ensure you can afford to pay for the loan. You can get prequalified and check loan offers without a hard credit check.
Upgrade is 100% online and does not have physical branches. It operates everywhere in the U.S. except West Virginia.
Upgrade offers access to personal loans, Upgrade cards with personal lines of credit, rewards checking and credit monitoring and educational tools. Founded in 2017 in San Francisco, the firm also has offices in Atlanta, Phoenix and Montreal.
To apply for an Upgrade loan, fill in the requested loan amount and the purpose of the loan. Once you provide some personal information, such as name, date of birth and earnings, Upgrade will do a soft credit check and provide the loan offers for which you qualify.
Once you’re approved, Upgrade sends funds to your bank or designated account within one business day, and availability of funds depends on how quickly your bank processes the transaction. The time from when your Upgrade personal loan is approved to when you can access the money should be no more than four business days.
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Your trust is important to us. To earn it, we conduct a rigorous, unbiased analysis with a transparent methodology, and our raters maintain strict editorial standards and independence.
Upgrade has been accredited by the Better Business Bureau since 2017 and has a A+ rating. On Trustpilot, Upgrade has an excellent rating of 4.6 out of 5 stars based on an average of more than 20,000 reviews.
The Consumer Financial Protection Bureau received 24 complaints in 2020 about Upgrade, mostly about unexpected charges, incorrect information and problems making payments. Each complaint received a timely response and was closed with an explanation.
In U.S. News’ ratings of personal loan lenders, Upgrade received 4.1 out of 5 stars overall, 2.9 for affordability, 4.7 for eligibility and 4.9 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.
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