Upgrade

NMLS #1610752
NMLS #1717824
Upgrade offers personal loans and credit cards, focusing on affordable and responsible credit solutions with a mobile-first experience.
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Disclosure
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99% and a 1.85%-9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For certain discounts, collateral may be required. Repayment terms from 24 to 84 months. For example, if you receive a $10,000 unsecured loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR and other terms of your loan may vary and you may not be presented with multiple offers. If offered, your loan terms, including your rate, will depend on credit score, credit usage history, loan amount, and other factors. Late payments or other fees, as noted in your Borrower Agreement, may increase the cost of your fixed rate loan. Certain loan offers may not be available in all states.
Pros
Personal loans and credit cards
Fast funding
Credit health tools
Cons
Origination fees
High APRs for some products
Mixed customer service
SnapshotOverviewCustomer ViewsSimilar Lenders

Snapshot

Year Founded
2017
Address
275 Battery St, 23rd Floor, San Francisco, CA 94111
Estimated # of Employees
1,500-2,000
Composite Score
8.79
Trustpilot Reviews
4.4
(
43,232
Reviews)
BBB Reviews
A+
(
799
Reviews)
Website Link
https://www.upgrade.com/

Overview

Upgrade, Inc., founded in 2017 by Renaud Laplanche, a co-founder of LendingClub, is a dynamic fintech company with an ambitious vision: to seamlessly combine the most advantageous features of traditional personal loans and credit cards into a single, highly responsible credit product. Its overarching mission is to empower consumers to better manage their credit and achieve their diverse financial goals. Upgrade achieves this by offering a comprehensive suite of financial products, including personal loans, innovative credit cards, and checking accounts, all integrated with advanced credit health tools. The company strategically leverages technology to provide a streamlined digital experience and deliver innovative financial solutions tailored to modern consumer needs.

Customer Views

What They Like

Customers consistently praise Upgrade for its remarkably fast funding process for personal loans, with funds often delivered within one business day, which is highly beneficial for urgent financial needs. Its unique credit card, which ingeniously offers personal loan features, is a significant differentiator. The integrated credit health tools, which proactively help users monitor and improve their credit scores, are also highly valued by customers seeking to enhance their financial wellness. Upgrade is distinguished by its innovative product design, aiming to provide more responsible and transparent credit options than conventional financial products.

What They Dislike

However, online reviews frequently mention the presence of origination fees on personal loans, which are deducted from the disbursed amount, and potentially high Annual Percentage Rates (APRs) for some of its products, especially for borrowers with lower credit scores. Customer service experiences can be mixed, with some users reporting challenges in effectively resolving issues or experiencing inconsistencies in support quality when problems arise during their financial journey with Upgrade.

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FAQs

Are loan offers ranked or biased in any way?

Score Credit is a free service for consumers. We partner with a network of vetted lenders and may receive compensation when a user checks their rate or takes out a loan through one of our partners. This helps us keep the platform free to use and maintain a high-quality experience. Our compensation has no impact on how your loan options are presented — you’ll always see real, personalized offers based on your credit profile and financial needs.

Does Score Credit receive compensation from lenders?

Score Credit is a free service for consumers. We partner with a network of vetted lenders and may receive compensation when a user checks their rate or takes out a loan through one of our partners. This helps us keep the platform free to use and maintain a high-quality experience. Our compensation has no impact on how your loan options are presented — you’ll always see real, personalized offers based on your credit profile and financial needs.

Upgrade

's customers are saying...

Point was great!!!! They gave me money from my home equity when no one else would. I did not qualify for refi or reverse mortgage. They were fast and the customer service was great. I recommend them, highly.
Terri C.
I think is a better alternative to refinance similar in my opinion to a reverse mortgage. your immediate cash flow is not impacted if what you are trying to do is control your cashflow by eliminating smaller loans that do impact your current cashflow.
Jose Castillo
This HEI was a perfect fit for me. Retired and on a fixed income, I found I was paying interest on home equity loans each month. I never seemed to be able to reduce those loans, which meant I was cash-poor each and every month. I was able to pay off all those loans, leaving me with some cash each month. The payoff will happen when I sell my home in the future.
Bruce M.
The Point process was a lifesaver for me. It allowed me to get completely out of a lot of debt and to make the changes I wanted to make in my house to enjoy my old age. The application process was very easy - just get in what they ask you for as timely as possible. Crystal and John were two of the nicest people you could ever hope to meet. They both got things done as fast as possible - we closed in a month. I see this, especially for elderly people who don't have a lot of equity in their home and can't do a reverse mortgage, as another good option.
Bonnie C.