✅ 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.

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

Upgrade Loan Details

APR Range7.74% – 35.99%
Loan Amounts$1,000 – $50,000
Loan Terms2 – 7 years
Min. Credit Score600
Origination Fee1.85% – 9.99%
Time to Fund1 business day

Looking for a Strong Alternative?

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.

Check Upstart Rate — No Credit Impact →

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.

Related Guides

Upstart Review 2026 → Upstart vs Upgrade → Best Personal Loans 2026 → Personal Loans for Bad Credit →

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.