Upgrade Personal Loan Review

Upgrade offers a large loan amount range for their personal loans ranging from $1,000 to $50,000 while also being available to borrowers with fair to excellent credit scores.
Upgrade Loan Review
Mateo Beltroy
Author: Mateo Beltroy

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About Upgrade

Upgrade, Inc. is an American neobank founded in 2016 with headquarters in San Francisco, CA. 

Upgrade functions as a financial technology company offering deposit accounts, credit card products, personal loans, and auto loans. Although Upgrade offers deposit accounts, it is not considered a bank. Instead, Upgrade partners with other banks to offer FDIC insurance on their deposit accounts. This is a common practice among newer financial technology companies.

Upgrade’s personal loans are available in all 50 states, except for Washington, D.C.



Upgrade Loan Details
Minimum credit score/credit range
8.49% - 35.99%
Loan amounts
$1,000 - $50,000
24 - 48 months
Approval turnaround
1-4 business days
All States (Except Washington, D.C.)
Late fee - $10
Other fees
Origination fee - Up to 6%

Who Is Upgrade Best For

Upgrade personal loans are best for borrowers with fair to excellent credit scores. Their credit score acceptance range is quite fair and gives borrowers the opportunity to improve their credit score if they have experienced financial hardships in the past.

Upgrade’s loan amount range is great for all types of borrowers. Whether you are looking for a smaller loan or a large loan, you can get exactly what you need from Upgrade as their loan amounts range from $1,000 to $50,000. This means you can use the loan for smaller vacations and other similar expenses without having to take on a larger loan than needed. 

Upgrade Personal Loan Uses

Upgrade allows borrowers to use their loans to consolidate debt, refinance credit cards, home improvements, and large qualifying expenses.

Avant does not allow their borrowers to use the loan funds for post-secondary educational expenses, investments, illegal activities, and gambling.

How to Contact Upgrade

You can contact Upgrade’s customer service team by phone and email. Their customer service team is available Monday through Friday 5 AM to 6 PM PT, and Saturday through Sunday from 6 AM to 5 PM PT by calling 855-997-3100. To email support, email [email protected].

Our Verdict

Upgrade has a lot to offer to its borrowers.

We think that the credit score acceptance range is fair considering the large loan amount range they offer. Offering loans as small as $1,000 while also offering loans as large as $50,000 is very uncommon among lenders of this size. We do recognize, however, that a $50,000 loan amount limit may not be enough for some borrowers who need more funds for more expensive situations.

Although Upgrade does come with high-interest rates and origination fees, we believe that the overall cost of their loans is not bad compared to their competitors. Not to mention that Upgrade is incredibly accessible as it is available in all 50 states (except Washington, D.C.).

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