Upgrade: Personal Loan Review

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Personal Loan Review

The basics

Estimated APR

8% – 36%

Min. credit Score


Max. DTI Debt to Income Ratio


Origination Fees

2.90% – 8%

Late Penalties

upto $10

Prepayment Fees


Good for: Low loan amount

Our verdict

If you’re only looking to borrow a small amount, Upgrade is a solid choice with loans as low as $1,000. Upgrade also offers loans to those with bad credit, and even if you don’t qualify on your own, you can use a cosigner or coborrower. On the flip side, Upgrade charges lots of fees and only has two repayment term options.

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Beyond the basics

Fixed rates

Low credit scores eligible

No prepayment penalty

Payment flexibility

Loan Amounts

$1,000 to $35,000

Loan Terms

36,60 months

Time to funding

4 business days

BBB Rating



J.D Power 2019 U.S. Personal Loan Satisfaction Study, Customer Satisfaction Index

Full review

Lender description Upgrade is an online and mobile banking service that offers affordable loans and credit cards to help consumers make wise financial decisions.

Best used for

  • Credit card refinancing
  • Debt consolidation
  • Home improvement
  • Large purchases

Pros & cons

  • Low minimum loan amount (starting from $1,000) compared with other lenders
  • Allows cosigners or coborrowers
  • Offers hardship program
  • Low credit score eligibility requirements
  • Charges numerous fees, including origination fee (up to 8%), late fees, and returned payment fees
  • Only offers two loan repayment terms (36 or 60 months)
  • Doesn’t offer direct payment to creditors with debt consolidation loans

Most suitable for

  • Consumers looking to borrow a small amount
  • Consumers with bad credit
  • Consumers who need a cosigner or coborrower

How to qualify You’ll need a FICO score of at least 620 and a debt-to-income ratio of 60% or lower.

How to apply Apply online in three steps by checking your rate, choosing your offer, and getting your funds. You’ll need to be at least 18 years old and a resident of the United States.

Footprint Upgrade is available nationwide.

Loan example If you’re approved for a $10,000 loan with a 17.98% APR and 36-month term you’ll have a one-time origination fee of 5% ($500). You would have $9,500 deposited directly into your account after the origination fee and your monthly payment would be $343.33 over the loan term.