Upgrade Debt Consolidation Loans Review

Dominique Broadway
Dominique Broadway
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Check Rate

Terms, Rates and Fees March 2020

$1000 to %50,000
36 or 60 Months

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    Upgrade is an online lender that offers personal loans, credit lines, and credit monitoring tools to a wide range of borrowers. They offer the chance for you to consolidate all your monthly payments into one at the same rate, which can make managing your finances easier and stress-free. 

    How can you know if Upgrade is the right company to fit your financial needs?

    We have taken an in-depth look at what they offer, the pros and cons, and what their requirements are for approval.

    Read on to find out everything you need to know about Upgrade consolidation loans. 

    Pros and Cons of Upgrade


    • Soft credit inquiry available to check rates
    • Hardship plans available
    • Wide range of loan amounts
    • Credit health tools and additional resources
    • Upgrade supports a wide range of credit scores and income
    • Easy application for self-employed borrowers


    • Origination and late fees
    • Only two loan terms

    Why Should You Consolidate Your Loans With Upgrade?

    The former head of LendingClub, Renaud Laplace, designed Upgrade to be a lender for the masses. With support for a wide range of credit scores and incomes, debt consolidation with Upgrade can help anyone sort out their financial troubles. Upgrade considered the applicant’s free cash flow. This platform makes sure that you’re not borrowing more than you can afford. 

    The company offers lines of credit and personal loans as well as tools for credit monitoring and financial education. These resources can help consumers understand their credit and keep track of their payments. Here a few of the key benefits when getting a loan from Upgrade.

    • Upgrade offers financial tools to help you stay on track
    • Hardship programs for consumers experiencing financial trouble
    • Debt consolidation will help you save time and money

    Upgrade is also one of the few online lenders to offer a hardship program. If a borrower is having trouble making their monthly payments due to job loss or another sudden unexpected expense, they may qualify for a temporary reduction of their monthly plan. 

    A debt consolidation loan can simplify anyone’s financial life. These loans pay down the balances on high-interest accounts and make it easier to organize payments. This can help you to pay off your debt faster. 

    Debt consolidation is a serious decision, and you want to know that the loan you’re receiving will help you save money in the long-run. There are many benefits to putting all debts in one place. You’ll get rid of high-interest debt, improve your credit score through on-time payments, and know precisely when you’ll be debt-free.

    What Are the Eligibility Requirements?

    Before you decide to apply for a personal loan through Upgrade, it’s best to have an understanding of the eligibility requirements. Anyone looking to borrow from them must be a U.S. Citizen or Permanent Resident.

    Applicants must also be at least 18 years old and have a verifiable bank account and email address. Here are some more of those requirements for you to review:

    • Unavailable to borrowers from Colorado, Maryland, Iowa, Vermont, and West Virginia
    • A minimum credit score of 600
    • Self-employed borrowers may qualify
    • Applicants must meet the monthly free cash flow minimum of $800
    • Maximum debt-to-income ratio accepted is 60%
    • Co-signer option is available if you don’t meet the criteria alone

    There is no annual income minimum, but most applicants have a salary of more than $30,000 and a cash flow of at least $800 monthly. The maximum debt-to-income ratio is 60%. 

    Upgrade personal loans are especially useful for those who are self-employed. Applicants who are freelance or run their own business will likely have to submit more documentation, but the application is clear.

    Self-employed applicants must submit two recent tax returns and the most recent bank statements that verify income.

    How to Apply for an Upgrade Consolidation Loan

    If you’re interested in applying for a personal loan from Upgrade, you can check your rates on the website. The site will only conduct an initial soft credit pull, which will have no impact on your score. The steps to application and acceptance are as follows:

    Step 1 - Provide your address, date of birth, income, and other personal and financial details 
    Step 2 - Check your rates and choose the length of loan needed
    Step 3 - Fill out the detailed application - employment, bank account information, and loan purpose 
    Step 4 - Upgrade typically also requests bank statements, government-issued IDs, and tax returns
    Step 5 - Upgrade will conduct a hard credit pull before financing your loan.

    While your credit score may drop a few points temporarily after this step, it will go once you start making on-time payments.

    When your application is approved, Upgrade will deposit the loan funds into your bank account as soon as within one business day.

    Depending on your bank, this can take as long as four business days.

    How does it work?

    Customer Service

    If borrowers have any trouble, Upgrade encourages emails to support@upgrade for any questions. There is also a toll-free line where you can speak to a representative at 855-997-3100. Someone will be able to assist you between 6 am and 6 pm on weekdays and 6 am to 5 pm on weekends.

    What Types of Debt Can Be Consolidated With an Upgrade Personal Loan?

    Upgrade personal loans can be used for debt consolidation, funding home improvements, or other significant expenses such as a wedding or dream vacation. Typically, borrowers turn to personal loans for debt consolidation to save money by getting rid of high-interest debts. A personal loan can also help you simplify your financial life by organizing pay-back terms. 

    If you’re planning to use an Upgrade loan for consolidating credit card debt, keep in mind that you’ll have to pay the creditors off with the funds that are deposited into your bank account. Upgrade does not directly pay off your debts, unlike some other lenders.

    When your goal is to pay off your debt, a personal loan can help you tame the pressure by channeling payments into one monthly bill. When searching for the best loan for you, it’s essential to make sure that you’ll save money in the long run. While Upgrade supports a wide range of credit histories and incomes, they also charge higher-than-average rates.

    The Bottom Line

    Upgrade could be the right company for you to get a loan and consolidate your existing debts. They have many positive features to their loan offer and can help you on the path to a better credit rating. If you think you could be eligible for a loan with Upgrade, check out their website and start the application process today.;

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    All personal loans secured via Upgrade feature APRs of between 6.98% and 35.89%. Personal loans involve a 1.5% to 6% origination fee, which is then taken from the loan proceeds. The lowest rates require Autopay and the paying off of a portion of the existing debt directly.

    As an example, if you take a $10,000 loan with a 36-month term at a 17.98% APR (made up of a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9500 in your account and have a monthly payment of $343.33. 

    Over the span of the loan, your payments would total $12,359.97. The APR on your loan could be higher or lower and your loan parameters could include a number of multiple-term lengths. The actual rate is dependent on credit score, credit usage, loan term and a number of residual factors.

    Late payments and subsequent charges and fees could increase the overall cost of your fixed-rate loan. There is no fee or penalty if you wish to pay your loan early. The personal loans are issued by Upgrade’s lending partners can you find information on these at