Upgrade Personal Loans
Flexible loans from $1K to $50K for borrowers with fair credit
⭐ Best for Fair Credit (580+)
Upgrade Personal Loan Overview
Upgrade is a fintech lender that has quickly become one of the most popular options for borrowers with fair credit (580+). With loan amounts up to $50,000, terms up to 84 months, and a unique Rewards Checking Account, Upgrade offers a modern approach to personal lending.
Why Choose Upgrade?
Key Features
- Low minimum credit score (580) — one of the most accessible mainstream lenders
- Up to 84-month terms — longest repayment period among top online lenders
- Direct creditor payment for debt consolidation
- Co-borrower option to improve approval chances and rates
- Rewards Checking Account — earn cash back on debit purchases
✅ Pros
- Accepts credit scores as low as 580
- Wide loan range ($1K–$50K)
- Flexible terms up to 84 months
- Direct creditor payment available
- No prepayment penalties
- Co-borrower applications accepted
❌ Cons
- Origination fee (1.85%–9.99%)
- Maximum APR of 35.99%
- Funding may take up to 4 days
- Fee deducted from loan proceeds
Upgrade vs. Competitors
| Feature | Upgrade | Avant | LendingClub | Best Egg |
|---|---|---|---|---|
| APR | 9.99%–35.99% | 9.95%–35.99% | 9.57%–35.99% | 8.99%–35.99% |
| Loan Range | $1K–$50K | $2K–$35K | $1K–$40K | $2K–$50K |
| Min. Score | 580 | 580 | 600 | 640 |
| Max Term | 84 months | 60 months | 60 months | 60 months |
| Co-Borrower | Yes | No | Yes | No |
Frequently Asked Questions
What credit score do I need for Upgrade?
Upgrade accepts borrowers with credit scores as low as 580, making it accessible to those with fair or bad credit.
Does Upgrade charge origination fees?
Yes. Upgrade charges an origination fee of 1.85%–9.99%, which is deducted from your loan proceeds before disbursement.
Can I add a co-borrower to my Upgrade loan?
Yes. Adding a co-borrower with strong credit can improve your approval odds and potentially lower your interest rate.
How fast will I receive funds?
Most approved borrowers receive funds within 1-4 business days via direct deposit.