Upgrade Personal Loan & Rewards Checking 2024 Review

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Key takeaways

Upgrade is a fintech company that offers a range of financial products, including personal loans and a rewards checking account.
Their personal loans cater to individuals looking for debt consolidation, home improvements, or other major expenses with competitive interest rates.
The Upgrade Rewards Checking account stands out for its lack of fees and cash-back rewards on everyday purchases.

Upgrade is a digital-only fintech company that just might be the answer if you want a no-fee rewards checking account or need to get a personal loan but have a poor credit score. The company is best known for offering loans with competitive interest rates and low credit requirements. Today, they offer a full range of banking products including a Rewards Checking account where you can earn cash-back to the tune of 2% on debit card purchases, pay no monthly fee, and no overdraft fee. True, you’ll have to meet certain requirements to get the best rewards, but that’s the story with any bank.

Want to see if Upgrade is right for you? Check out our review below and find out if Upgrade’s products suit your needs.

What is Upgrade?

Upgrade is a relatively new digital-only financial technology company, having been founded in 2017 by Adelina Grozdanova and Renaud Laplanche. It started off with personal loans aimed at consumers looking to consolidate debt, make home improvements, refinance credit cards, or pay for a major purchase. The company now offers lines of credit, rewards checking accounts, high-yield savings accounts, and credit monitoring tools. If you’re comfortable with online and mobile banking – Upgrade is fully digital with no branch locations – then its products can be a good low-cost choice.

Upgrade personal loans at a glance

Upgrade is best known for its personal loans, and for good reason. Here’s a quick overview:

Loan amounts: $1,000 to $50,000
APR (Annual Percentage Rate): 8.49% to 35.99%, depending on your creditworthiness.
Loan terms: 24 to 84 months. Can go up to 7 years on home improvement loans of at least $30,000.
Fees: Origination fee: 1.85% to 9.99% (It is deducted from the loan proceeds.) Late Payment or Failed Payment Fee: $10. There are no prepayment penalties.
Time to funding: As fast as one business day after all verifications are completed.
Loan availability: Loans are available in all 50 states and Washington D.C.

Upgrade offers joint, secured, and unsecured loans. Secured personal loans require you to put up your car as collateral but offer lower interest rates. If you have poor credit, a secured loan or joint loan can increase your chances of being approved, getting a larger amount, and/or a lower interest rate.

Fast Loans and Easy Banking

“I’ve opened up my first loan account about two years ago and love the loan process because it was quick and easy. After, two years I finally trusted this Fintech and also opened a checking and savings account through them because I also trust the bank they utilize. It’s easy to see and manage my accounts through their dashboard.”

SOKHEANG SIV

Upgrade loan advantages

Multiple rate discounts

Upgrade offers various discounts on interest rates, which can make a considerable difference over the life of a loan. You can qualify for a discount if you:

Set up automatic payments

Use all or the majority of your loan to pay off an existing debt

Use your car as collateral for a secured loan

Open a Rewards Checking Account with Upgrade

Fixed interest rates

Upgrade personal loans come with fixed interest rates meaning your interest rate will remain the same throughout the life of your loan. Unlike variable interest rates that change with market conditions, fixed interest rates remain the same making it easier to budget, pay off your loan, and avoid surprise rate hikes.

Secured and joint loans

You can get a secured or joint loan with Upgrade. Adding collateral or applying with someone who has good to excellent credit can help you qualify for a bigger loan and/or a better rate. Both credit profiles are taken into account when you apply for a joint loan and both applicants are responsible for repaying the loan. In the case of a secured loan, remember, that if you default the lender can seize your collateral, ie your car.

Adjust the monthly payment date

It’s not always feasible to pay on the assigned due date. That’s why Upgrade lets you adjust when your payment is due within 15 days before or after your given date. Thanks to this feature you can pay your loans when their due and avoid late fees.

Direct payment to creditors with debt consolidation loans

For individuals looking to consolidate debt, Upgrade is the way to go. The company streamlines the process by offering direct payment to creditors. This not only simplifies the borrower’s finances but can also expedite the debt payoff process.

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I Got a Loan with a Low Credit Score

“What a relief!!! With my credit score in the 600’s I was able to get a loan to consolidate all my debt into one payment. Received the funds within a couple of days directly into my checking account.”

Loretta Rodriguez

Check if you’re eligible & apply for a loan

What factors does Upgrade consider?

Eligibility for an Upgrade loan is based on several factors, including:

Credit score: The minimum credit score is 560, lower than for most lenders. A higher credit score generally means a lower interest rate.

Income: While your income is considered to ensure you can afford the monthly payments, there is no minimum annual income. Upgrade will consider alternative forms of income including from a partner, alimony, retirement, child support, and Social Security payments.

Credit history: You must have at least one credit account and a minimum of two years of credit history to qualify.

Debt-to-income ratio: The maximum debt-to-income ratio is 75% and that includes your mortgage and the loan you’re applying for.

To check your eligibility, you can visit Upgrade’s website and apply. The process only takes a few minutes. You’ll be able to see if you’re approved and check your rate, all without impacting your credit score.

What are Upgrade’s loan qualifications?

Upgrade has standard loan requirements. To qualify you must:

Be a U.S. citizen, permanent resident, or living in the U.S. on a valid visa
Be at least 18 years old (19 in Alabama)
Have a verifiable bank account
Have a valid email address

How to apply for an Upgrade personal loan

Applying for a loan with Upgrade is straightforward:

1. Prequalify to check your rate: Fill out the form on Upgrade’s website to see the loan amount and rate you’re eligible for at no cost to you. The process does not impact your credit score since Upgrade only does a soft credit check at this point and you are under no obligation to take a loan if you don’t like the ones offered.

2. Choose your loan: Review your personal loan offers and choose the one that best suits your needs.

3. Complete the application: Provide additional details and documents like W-2s and pay stubs to verify your information as required. Upgrade now does a hard credit check so your credit score may dip temporarily.

4. Await approval: Upgrade will review your application and may request additional documents. It typically takes one to three days to approve applications.

5. Receive funds: Once approved, the funds will be in your bank account within one business day.

OMG

“Never in a million years could I have imagined a loan process that would be this easy, or this quick! My application was submitted on a Wednesday afternoon. I had an approval within an hour or so. Two days later, the funds were already in my bank account. Wow!”

Freddy M

Take Advantage of Upgrade’s Promotional Offer!

Upgrade is currently running a promotional offer: Get $200 when you apply for a personal loan AND open a Rewards Checking Plus account. All you have to do is direct deposit at least $1,000 in the first 45 days.

Open an Account Today!

Get a rewards checking account

Upgrade partnered with FDIC-insured Cross River Bank to offer a Rewards Checking account. The Rewards Checking account lets you earn cash-back with your debit card, has no monthly fees, and no minimum balance requirement. It is an excellent complement to Upgrade’s personal loan services, allowing you to manage your finances on one site and easily earn cash-back rewards with a debit card – use anywhere Visa is accepted.

To access its top-tier benefits, you must have an active account, meaning you add at least $1,000 in monthly direct deposits. If you qualify, you can get up to 2% cash-back on purchases, add a Performance Savings account with a 5.07% APY, receive ATM rebates, and get up to 20% lower rate on your Upgrade personal loan.

Cash-back rewards

Earn up to 2% cash-back on everyday expenses from convenience and drug stores, gas stations, select monthly subscriptions, restaurants, and your phone bill. You must have an active account to earn 2% cash-back and the maximum you can get is $500 per calendar year. If you have direct deposit, you can earn an unlimited 1% cash-back on everything else (even if you’re account isn’t considered active.)

No fees

Online banks generally offer checking accounts with lower fees and Upgrade is no exception. Upgrade’s Rewards Checking account comes with no monthly fees, no overdraft fees, no transfer fees, and no minimum balance, which can add up to significant savings.

ATM fee reimbursement

Upgrade doesn’t have its own ATMs nor is it part of an ATM network but it does offer ATM fee rebates – up to 5 per calendar month, making it more convenient to access cash when you need it. To qualify, your account must have been active the prior month.

Rate discounts

You can get a rate discount of up to 20% on a personal loan with Upgrade when you have a Rewards Checking account.

Early direct deposits

No matter how much money you deposit into your account monthly, you can get your direct deposit up to two days early with Upgrade. It’s easy to set up your direct deposit, simply contact your payroll department to get started.

Pair with Performance Savings

Besides a Rewards Checking account, Upgrade offers a high-yield savings account called Performance Savings. If you have an active account and a monthly direct deposit of $1,000 you can get a 5.07% APY. For comparison, the national average for savings accounts is 0.46% APY.

The Best Rewards Checking

“Upgrade was easy and saved us so much money! Everything was seamless. I would highly recommend.
The rewards checking is even better and we are gaining so much ground financially.”

Kristi Hepner Foley

Bottom line

Upgrade is a good choice if you want a personal loan with competitive interest rates, fast funding, and pre-approval. Or if you’re looking for a fee-free checking account that also offers cash-back rewards and early direct deposit. Take a look at what it has to offer, compare products, and choose the best option for you.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Upgrade Personal Loan & Rewards Checking 2024 Review

Key takeaways

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What is Upgrade?