We investigated Upgrade's licensing, security practices, BBB rating, and real customer complaints to give you a definitive answer.
✅ Yes, LegitimateWiseIQ Verdict
7.74%Starting APR
600Min Credit Score
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✅ WiseIQ Verdict
Upgrade is a legitimate, licensed lender. They are registered with state financial regulators, use 256-bit SSL encryption, and are accredited with the Better Business Bureau. While they have some customer complaints (as most lenders do), there are no major fraud patterns or regulatory actions that would indicate a scam.
WiseIQ Expert Tip
Financial decisions made with complete information consistently outperform those made under pressure or with incomplete data. Take time to compare at least 3 options before committing.
Trust Signals We Verified
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Issued by Cross River Bank and Blue Ridge Bank (FDIC insured)
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BBB Accredited Business
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256-bit SSL encryption
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Founded 2017, over $30 billion originated
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Licensed in all states where it operates
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Full financial platform (checking, credit card, loans)
Things to Know Before Applying
Origination fee of 1.85% to 9.99% on all loans
APRs can reach 35.99%
No co-signer option
Some customer complaints about origination fee disclosure
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Upstart is worth comparing to Upgrade, especially if your credit score is below 600. Upstart has no minimum credit score, offers loans up to $75,000 (vs Upgrade's $50,000), and uses AI-based underwriting. Check your rate with no credit impact.
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Reviewed by Certified Financial Planners & Industry Experts
Our editorial team consists of financial writers, CFPs, and former banking professionals dedicated to providing accurate, unbiased financial guidance. All content is fact-checked and updated regularly. Learn about our editorial standards →
Frequently Asked Questions
Is Upgrade a legitimate lender? +
Yes. Upgrade is a legitimate fintech company founded in 2017 that has originated over $30 billion in loans. Their loans are issued by Cross River Bank and Blue Ridge Bank, both FDIC-insured.
Does Upgrade charge an origination fee? +
Yes. Upgrade charges an origination fee of 1.85% to 9.99% on all personal loans. This fee is deducted from your loan before disbursement.
What credit score do you need for Upgrade? +
Upgrade requires a minimum credit score of 600. Borrowers with higher scores qualify for better rates.
Does Upgrade offer a secured loan? +
Yes. Upgrade offers secured personal loans backed by your vehicle, which can result in lower APRs.
Is Upgrade safe to use? +
Yes. Upgrade uses bank-grade 256-bit SSL encryption and is regulated by state financial authorities. Their loans are issued by FDIC-insured banks.
WiseIQ may earn a referral fee from some lenders on this page. This does not influence our editorial ratings or recommendations. Our reviews are independently researched and editorially independent. Updated April 08, 2026.
WISEIQ TOP PICK
Upstart
Personal loans for all credit types · No min. score required
✅ No minimum credit score
✅ AI-powered approval (uses education + work history)
✅ Funds in as little as 1 business day
✅ $1,000 – $75,000 loan amounts
✅ 3 or 5 year terms
✅ No prepayment penalty
⚠️ Origination fee: 0% – 12%
People Also Ask
Upgrade is a legitimate financial services company. Always verify a lender is registered in your state, check their BBB rating, read recent customer reviews on Trustpilot and Google, and confirm they are FDIC-insured or work with FDIC-insured banks before applying.
Credit score requirements vary by product and lender. Many lenders now use alternative data alongside credit scores to evaluate applicants. Pre-qualifying takes just minutes and uses a soft credit pull that won't affect your score — it's the best way to see if you'll be approved.
Most online lenders can provide a decision within minutes of submitting your application. Funding typically takes 1–3 business days after approval. Some lenders offer same-day or next-day funding for urgent needs.
Common fees to check: origination fees (0–8% of loan amount), late payment fees, prepayment penalties, and annual fees. The best lenders are transparent about all fees upfront. Always calculate the total cost of the loan, not just the monthly payment.
Upstart