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Upgrade Review

Saturday, October 16th

2021 Personal Loan Reviews

Upgrade Review 4 Star Rating

Upgrade

4 Star Rating
  • Fixed-rate loans from $1,000 to $50,000
  • Competitive interest rates
  • Repayment terms from 24-84 months
  • "A+" rated and accredited by the BBB
  • Two lending partners

Upgrade got its start in 2017, designed to offer exceptional value through combining rewards checking, affordable personal loans, credit cards and financial education. In its first four years, Upgrade saw more than 15 million people apply for a credit card or loan. The company is headquartered in San Francisco, with additional offices in Phoenix and Montreal.

No surprises in the application process

The quote process for getting a personal loan with Upgrade is simple. Start by entering your desired loan amount, from $1,000 to $50,000, as well as the loan purpose (consolidate debt, make a large purchase, and so on). From there, you'll need to indicate if your application is individual or joint, and provide the corresponding name, address and birthdate of anyone who will be included on the loan documents.

Read the details if you're self-employed

On the next page, you're asked to specify how much you make in a year and any additional annual income. Be sure to click on the FAQ in the text that pops up if you are self-employed: your documentation requirements will be a little different from those who get W2 income.

Verify identity to get loan offers

Finally, to get your personalized rate quotes, you'll need to create an Upgrade account with your email address and desired password, and then enter your full Social Security Number to verify your identity. If Upgrade can't locate your credit profile through TransUnion or another bureau, you'll get a message saying that they can't offer you a loan at this time, and a PDF with the notification of your loan request denial.

Origination fees taken out of loan proceeds

So, let's say you bite the bullet and provide all of the necessary verification info to get a personal loan quote through Upgrade. What can you expect? Generally speaking, all loans through this provider have fixed-rate APRs with repayment terms anywhere from 24-84 months. Those APRs include a one-time origination fee of 2.9-8%, which is deducted from the proceeds of your loan. In other words, if you request a $10,000 personal loan and you're charged an origination fee of 5%, you'll get $9,500 deposited to your bank account.

Best Personal Loans

One-day turnaround for funds

Once your loan is approved, you should see the funds in your bank account within one business day, though it may take your financial institution a few more days to finalize the transaction. How does Upgrade get it done so quickly? Unlike many of the personal loan platforms in our review that operate as a referral service with lots of lenders in the network, Upgrade uses just two financial partners for all their funding: Cross River Bank and Blue Ridge Bank. Having a two-lender-only system means that you won't have to jump through any extra hoops of (re)applying after being matched with a financial institution (which is one of the downsides of using a referral platform for your personal loan).

A+ from the Better Business Bureau

At the time of this evaluation, Cross River bank had a "C" rating from the Better Business Bureau, while Blue Ridge had a more favorable "A" rating. Upgrade itself enjoys both accreditation and an "A+" from the BBB, making us confident that they're overseeing the personal loans made by their two lending partners, regardless of each bank's standing.

Clients love this service

And, Upgrade customers seem to agree: with more than 13,000 independently verified reviews, 94% of them give this lender a 4- or 5-star rating. While a handful of clients reported longer-than-average wait times (both for loan processing and for getting in touch with the customer service team to request help), the vast majority describe the personal loan process at Upgrade as quick, easy, and trustworthy.

New service building a good reputation

Upgrade is an all-around solid option for getting a personal loan. Although they're a little bit newer than some of their competitors who've been in the industry for a decade or two, that's no reason to worry that your personal loan isn't in good hands if you choose Upgrade. Thousands of clients have already used this lender to get the money they need, and we're sure you can too.

Where Can You Find the Best Personal Loans?

With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.

Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.

The Best Personal Loans Compare Personal Loans Compare Personal Loan Reviews What are the best Personal Loans Best Personal Loan Reviews

Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.

How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:

  • Loan amount. How much can you borrow? Some lenders offer a maximum loan of $4,000 or less, while others can fund loans of $25,000 or more. Make sure the provider you choose can actually give you the money you need.
  • Loan terms. How much will you pay in interest? How long will you have to repay the personal loan? Are there any origination fees, prepayment penalties, or other costs associated with the loan?
  • Eligibility. What is required to qualify for a loan? Some lenders have minimum credit score requirements, residency requirements, or other criteria you need to meet to be approved for a loan.
  • Referral service or direct lender. Some personal loan platforms work as a one-stop shop to compare offers from multiple institutions, while others fund your loan directly. A referral service is a great way to make sure you're getting the lowest possible interest rates, but you may still have to go through the application process with the lender itself.
  • Reputation. What do other borrowers say about their experience with the lender? Has the company gotten a positive evaluation from the Better Business Bureau?

TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!

Compare Personal Loans

Select any 2 Personal Loans to compare them head to head

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  • Upstart
  • LendingTree
  • SoFi
  • Credible
  • Upgrade
  • SuperMoney
  • Prosper
  • LendingClub
  • OppLoans
  • Personal Loans
  • LifeLoans
  • Leap Credit
Upstart vs LendingTree Upstart vs SoFi Upstart vs Credible Upstart vs Upgrade Upstart vs SuperMoney Upstart vs Prosper Upstart vs LendingClub Upstart vs OppLoans Upstart vs Personal Loans Upstart vs LifeLoans Upstart vs Leap Credit LendingTree vs SoFi LendingTree vs Credible LendingTree vs Upgrade LendingTree vs SuperMoney LendingTree vs Prosper LendingTree vs LendingClub LendingTree vs OppLoans LendingTree vs Personal Loans LendingTree vs LifeLoans LendingTree vs Leap Credit SoFi vs Credible SoFi vs Upgrade SoFi vs SuperMoney SoFi vs Prosper SoFi vs LendingClub SoFi vs OppLoans SoFi vs Personal Loans SoFi vs LifeLoans SoFi vs Leap Credit Credible vs Upgrade Credible vs SuperMoney Credible vs Prosper Credible vs LendingClub Credible vs OppLoans Credible vs Personal Loans Credible vs LifeLoans Credible vs Leap Credit Upgrade vs SuperMoney Upgrade vs Prosper Upgrade vs LendingClub Upgrade vs OppLoans Upgrade vs Personal Loans Upgrade vs LifeLoans Upgrade vs Leap Credit SuperMoney vs Prosper SuperMoney vs LendingClub SuperMoney vs OppLoans SuperMoney vs Personal Loans SuperMoney vs LifeLoans SuperMoney vs Leap Credit Prosper vs LendingClub Prosper vs OppLoans Prosper vs Personal Loans Prosper vs LifeLoans Prosper vs Leap Credit LendingClub vs OppLoans LendingClub vs Personal Loans LendingClub vs LifeLoans LendingClub vs Leap Credit OppLoans vs Personal Loans OppLoans vs LifeLoans OppLoans vs Leap Credit Personal Loans vs LifeLoans Personal Loans vs Leap Credit LifeLoans vs Leap Credit
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