Upgrade
MoneyAtlas
Rating
Upgrade Personal Loans at a Glance
How Upgrade Works
1. Quick pre-qualification
Complete a two-minute form; Upgrade runs a soft inquiry and displays rate quotes from its lending platform.
2. Choose your offer & discounts
Select your amount, term and any rate breaks (autopay, direct creditor payments, or car-secured option).
3. Fast funding
Upload ID and income docs; once verified, funds can hit your account—or your creditors—within one business day.
4. Fixed repayment
Make equal monthly payments; there are no prepayment penalties, so you can retire the balance early to save interest.
Customer Experience Snapshot
- Trustpilot: 4.4 ★, praise for speed and polite reps.
- BBB: A+, but 1,800+ complaints in 36 months—mostly reporting disputes. bbb.org
Who Upgrade Suits Best
- Fair-credit borrowers (≈ 600–680) seeking rapid debt-consolidation cash.
- DIY refinancers wanting direct creditor payments for score protection.
- Side-gig or self-employed applicants who need looser DTI thresholds.
Pro Tips to Max Out Savings
- Stack discounts: turn on autopay and allocate ≥ 50 % of proceeds to pay creditors for the biggest APR break.
- Compare at least three term options—longer terms cut payments but raise total interest.
- Upload docs promptly to hit the 1-day funding window.
- Budget for the origination fee so your net payout meets your need.
- Consider secured lending (vehicle title) if your credit is sub-600; it can shave interest by up to 4 pts.
Pros
Credit Building Features: Offers free credit monitoring, score simulator, and educational resources
Flexible Approval: Considers applicants with credit scores as low as 580
Direct Creditor Payment: Will pay creditors directly for debt consolidation, ensuring proper fund use
Cons
Origination Fees: Charges 1.85% to 9.99% origination fee deducted from loan proceeds
Income Requirements: Requires minimum annual income of $45,000 for approval
Funding Delays: Can take up to 4 business days for funds to be available