Upgrade Review

When we think of loans and finance, we often think of a traditional bank. We might even consider one of those times when you needed extra cash in your account until you realize that there are more financing options nowadays. Our Upgrade review will show you just how viable this solution can be.

Upgrade is an independent platform that caters to your credit needs and offers you loans at up to 35.97%. The company will look into your online application and provide a loan within a day, and as you can see, the conditions are very accommodating.

The review of Upgrade is particular that this is a solution that will work very well for you in the long run. Start with the fact that there are no fees for customer service and other expenses, such as those for the credit check. Get into our Upgrade app review to see that this service is convenient.

Upgrade Review

Pros and Cons of Upgrade

You will see how Upgrade works and the advantages of using this service. The review of Upgrade will show you the various positive aspects and benefits of using this solution.


  • Upgrade has a distinctive way of operating, which benefits anybody considering getting a loan online
  • There are no hidden fees or charges for customer services, which means you can contact them as much as you want without being charged
  • The other benefit is that your credit rating does not matter if you apply for a loan with Upgrade.


  • The only disadvantage is that it might take a day to process your application and receive money, which is understandable because they operate 24 hours daily.

What is Upgrade?

Upgrade is part of a relatively new industry known as peer-to-peer lending, which caters to all people who need quick financing while providing the best customer service. This review will be beneficial if you are looking for a fast loan with the best industry conditions.

In other words, you will be able to apply for a loan and have it processed within 24 hours and know that you have chosen the solution that offers you better rates than any bank in town. Upgrade loans are also very flexible and can be used as soon as they arrive in your bank account. You can use them for business or personal expenses without problems and set up automatic payments.

How does Upgrade Work?

The loans offered by the Upgrade service provider are in the form of a line of credit that can be made available immediately. You can also have it scheduled, and your payment automatically deducted from your checking account or created as a direct deposit into your bank account. You do not need to have an existing bank account. Even if you already have one, you will still qualify for a loan with Upgrade.

The main difference between debit cards and checking accounts is that you do not need to have existing bank accounts to use this service. Using your debit card works the same way, making getting a loan very convenient. As for checking accounts, all direct deposits (such as a salary payment) will be processed right away.   Regarding the fees and interest charges, Upgrade is one of the most affordable options in the industry.

You will get a line of credit and loan at rates from 5.94% to 35.97% APR, which is very competitive. You will be charged no costly overdraft fees, and your credit rating will be considered to determine the interest rate. All you need to do is have a linked bank account with a minimum deposit and make a few simple inquiries to get a loan in the amount you need.

Features & Services of Upgrade

The advanced feature is one of the essential services offered by Upgrade. Instead of a traditional mortgage, for example, you will be able to receive funds immediately, which will be deposited into your bank account within 24 hours. You can also use these funds to cover household costs, such as utility bills, or even pay your rent. Other financial solutions can help you purchase electronics or make home improvements.

In general, the products and services of Upgrade include:

  1. Small personal loans: This is one of the most lucrative services offered by Upgrade since you can get a loan of up to $50,000 that will be serviced monthly. The APR rate for these loans ranges from 5.94% to 35.97% (as of July 2022). The loan amount will depend on how long you decide to take to repay it.
  2. Business loans: Another good option for people who need quick investment funds. These loans are also available for up to $50,000 and come at even better rates than for private individuals.
  3. Upgrade Card: This is one of the most significant technological innovations in personal finance, as it allows you to bank online and uses the same card to make purchases and pay your bills.      The regular APR ranges from 8.99% – 29.99% fixed. You can get unlimited 2% cash back on payments as a rewards system.
  4. Credit health and budgeting: The traditional budgeting solution and credit health are included in Upgrade Credit checks. You will be able to track and save money in addition to getting a loan for your emergency fund and your credit card balance.
  5. Bitcoin Rewards: Credit lines from $500 to $25,000 are available. You will get a $200 bonus when opening a checking account and making three debit card transactions.

The loan terms offered by Upgrade are relatively simple, with fixed interest rates and no hidden fees. You can utilize the money for business or personal expenses without any problems, and set up automatic payments on your loan and track your spending in real-time. All financial products of Upgrade have their terms and conditions, which you can read on the provider’s website.

Upgrade Fees & Rates

With Upgrade, you can get cash advances with annual percentage interest rates lower than what you would get with any bank. The lowest APR rate available is 5.9 percent, while the highest is 35.97 percent (as of July 2022). The company issues no overdraft fees, and you do not need to pay any membership fee either. Some reports claim that the lender might charge additional fees, but this has not been confirmed.

The interest rates might change at any time without prior notice. You can find out these rates on the Upgrade website. The monthly expenses also include an origination fee of 2.9% to 8.00%.

The cost of a loan is also determined by the amount you choose to borrow and the number of months you want to pay it back. You will be charged the annual percentage rate and monthly fee depending on your loan amount, the term you choose to repay it, and the type of loan used.

The loans are secured by your assets and are generally unsecured, meaning they do not have any collateral backing them. They are issued in your name and can be used for any purpose. The transactions can be made directly from your bank account, so they will not require any cash to be withdrawn from it.

Safety and Security of Upgrade

Upgrade is an accredited and licensed company that provides a wide range of financial services. They are FDIC insured, meaning your money is protected against loss.

The funds you get will come directly from the bank, and you can use them to make transactions just like you would with your checking account. The service also offers secure email communication and 24/7 live chat support should any questions arise during your experience with Upgrade.

Upgrade has always been a leader in innovation, and it is one of the most popular lenders in the US. The company is a member of the Consumer Finance Protection Bureau, which means it abides by the security standards set by this agency. All personal information and financial data will be protected at all times, even if it gets lost or stolen by hackers.

Is Upgrade Legit?

Upgrade is a reputable online lender with a solid history. They have been around for nearly six years, which shows that they are a legitimate service provider. They are government-licensed and fully insured, so you can be sure those loans will work as promised.

The company has always been well-liked by its clients, which is the only way you can truly judge the reliability of a company. It has been a BBB accredited business since 4/27/2017 with a rating of A+. BBB further states that Upgrade provides its customers with an array of financial products and services that include:

  •     Business Loans (including lines of credit and term loans)
  •     Personal Loans
  •     Credit Checks, Reports, Reviews & Credit Applications
  •     Credit Health & Budgeting Services
  •     Loans for Auto Leasing and Finance (including used car financing)

The business has a history of providing high-interest rate loans. The BBB also says that this company has advocacy for responsible use of money and financial planning.

Upgrade Platform Supported

Upgrade is an online lender with a mobile app, which means you can use the service from the comfort of your car or on the go. You do not have to use the web application to get money.

When signing up online, you can choose which platform you prefer: tablet, desktop, iPhone/iPad, or Android-based app, as there is one for each device. You can also go with a hybrid approach and use both the online application and the mobile app to apply for a loan.

This service does not support direct withdrawals from your bank account, so you must deposit into your bank account first. You can also withdraw funds from the smartphone app if you decide to pay off your loan early, but only in cash or checks. Pick upgrades that are available with no fees.

Customer Service at Upgrade

Upgrade gives its customers fantastic service. The company offers a wide range of helpful services, including support called Help Center and the FAQs section on the website.

Someone from their customer service will be happy to answer any questions you might have about the loans or other financial products offered by the company. The representatives are available via email ([email protected]) and regular mail.

Regardless of the platform, you choose when applying for a loan, you can reach the support team anytime and night from Monday to Sunday. You can contact them on social pages on Facebook, Instagram, Linkedin, and Twitter. They will be able to help you apply for your first loan quickly and easily.

For which Needs Upgrade Fits the Best?

Upgrade is one of the leading online lenders on the market, which means that it fits all goals and requirements of its clients. Whether you want to pay off your bills for rent and utility or refinance, their specialists will be happy to help you. You can also use this service if you need a little extra to cover your costs, like if you are moving in or want to use some extra cash. The process is simple, fast, and without any hidden fees.

Short-term loans are the quickest and easiest way to pay your bills on time. Track your credit score and get the best credit terms with their service.

Paycheck loans will help you to cover your financial needs so that you can have more cash in your pocket by refinancing your debt. Your income and credit score are the main criteria when applying for a loan from Upgrade. They will always be able to help you with what you want because the app is simple and easy to use.

What are Apps Like Upgrade?

There are a large number of alternatives that are similar to Upgrade. These can provide you with excellent service for your exact needs. However, there are also differences between companies, so make sure you pick the one that suits your needs.

Upgrade SoFi Upstart Lending Club
APR 5.94% to 35.97% (as of July 2022) 6.99% to 21.28% (includes autopay discount, as of July 2022) 5.40% to 35.99% 7.04% to 35.89%
Loan Amounts        $1,000 to $50,000 $5,000 to $100,000 $1,000 to $50,000 $1,000 to $40,000
Loan Terms    2 to 7 years 2 to 7 years 3 or 5 years 36 or 60 months
Origination Fee         2.9% to 8.00% $0 0% to 8% 5%
Late Fee     $10 $0 5% of the late payment amount or $15, whichever is greater 5% of the late payment amount

Having the same features, Upgrade is one of the best financial service providers on the market. The company offers excellent customer service, personal information protection, and a high degree of customization to fit all needs and requirements.

The Review Process

The main criterion here is customer ratings, which can be used as a reference point when considering a brand-new company in your area or with different features. There are many types of loans available with Upgrade’s financial experts. They offer customized options for all budgets and goals.  Make sure to look for the one that will help you meet your financial goals and remaining budget.

We test each lender based on the function of its platform. After evaluating all the services, we provide a rating to each of them, including their contact information and website links.

We also look at the average rate each lender offers so that you can easily compare interest rates before reaching features and fees. When you compare different providers with different parts, it is crucial to remember that there are many differences between them.

The most important is the application and website platform you use to apply for your loan. They must be safe, easy to use, and functional. In some cases, it is even possible that these platforms display different rates or fees depending on which site you enter or what type of loan you choose.

Is Upgrade Worth it?

Upgrade has a strong reputation as one of the leading financial institutions that provide its services through an online platform. It is well worth every penny. There are many reasons why you should get a loan from Upgrade, and they are:

  •     Low interest rates
  •     Fast application process
  •     6+ years of experience in the market

Upgrade can make your life easier, especially when it comes to money. They can help you save money and secure your financial goals in the future.

We recommend keeping this company in mind if you need to apply for a loan or use other services available with Upgrade’s professional financial providers.

In conclusion, Upgrade is a great company that provides the best loans to its customers. Their services are safe, fast, and easy to use. If you compare their rates with other providers on the market, it is clear that they are one of the leaders in this industry.

To ensure the highest level of transparency and to help you understand the basis of our evaluations, we invite you to explore our detailed review methodology


Yes, it does. Upgrade is compatible with Chime, so you can easily add all your loans in one place. This is especially useful if you have several loans that need to be added to one payment.

Yes, Upgrade will add a new entry to your credit report, which can be seen when you apply for another loan or when you apply to rent an apartment. If you have bad credit and want to build your credit score, this is not the best option.

You can have as many loans as you want with this lender. However, your needs and financial situation will determine what you will use them for. If you have no limits, you can always apply for more loans at a time if necessary.

Yes, Upgrade will run your credit, so you must be careful when applying. If you do, do not apply for another loan within 72 hours. Otherwise, you could decline due to too many requests on your credit report within a short period.

Yes, it does. Upgrades affect your credit, especially if you have too many loans. The lenders that use this service also report your activity to the credit bureaus.

Upgrade was founded in 2017 by a team of fintech executives. Renaud Laplanche is the founder of Upgrade and is also its CEO. He is a serial entrepreneur with more than ten years of experience in the financial sector. Before founding this company, Renaud was a co-founder of Lending Club.

Cross River Bank and Prime Federal Credit Union are the only financial institutions that Upgrade works with. Cross River Bank is one of the three most prominent financial institutions in the US, which provides credit and loans to more than 5 million customers daily. Prime Federal Credit Union is a trade union that offers auto and home loans to its members.

If you have paid off your loan on time, you can use the money still available in your account to apply for another loan. However, you should know that there are other fees that you will have to pay when applying for another loan with Upgrade.

You can expect an immediate deposit of your funds into your account. However, if you have completed the application process and it is approved, you will receive a confirmation and an email notification that your funds are available for use.

The verification process with Upgrade will vary depending on the type of document that you submit. It can take up to a week for your application to be approved, so you must ensure that everything is completed in time and your application goes through before the deadline.

No, this is not the case. Upgrades app will confirm that your application is complete, and you have access to your account within 24 hours. However, this does not mean that you will receive money immediately. The funds are available for use after your application has been approved.

Upgrade offers a maximum of $50,000 for every loan. However, you should check with the lender before applying to find out what you can borrow and how long it would take to repay the loan. The average repayment period for most types of loans is between 2 and 7 years.

If you don’t pay your loan, they will file a claim against you. If this happens, there are actions that the law requires them to take against you. This means that there is a possibility that you could end up with a bad credit report, which can negatively affect your ability to get loans or get an apartment in the future.

The official working hours for Upgrade are as follows:

  • Monday to Friday – 9 am- 7 pm
  • Saturday and Sunday – 9 am- 6 pm

The actual working hours can vary depending on how busy they are. However, they always abide by the same hours.