Upgrade

Review by eFreeware

Upgrade is one of the few finance apps that tries to hold a whole borrowing relationship in a single place. Instead of splitting a personal loan, a credit card, a savings account and a credit score tracker across four different logins, the developer bundles them into one app, and that is the most distinctive thing about it. The company behind it is a financial technology firm rather than a bank, with the actual accounts and cards issued through partner banks.

That bundling shapes who it fits. If you already have an Upgrade loan or card, the app is the natural place to make payments and watch your balance. If you are weighing a personal loan and want to compare terms before committing, the app is also a way in. If you simply want a standalone budgeting tool or a checking account with no borrowing attached, the scope here is wider than you need.

The borrowing side, from loans to auto refinance

One account covers a long list of borrowing options: personal loans, a credit card, Flex Pay buy now pay later, the Upgrade Card, vehicle purchase and refinance loans, and financing for home improvements. Payments and balance checks for all of them happen in the same place, which is the practical argument for keeping the app installed once you have an account.

The loan terms are worth reading closely before you apply, because the range is wide. Personal loan APRs span 7.74% to 35.99%, and an origination fee of 1.85% to 9.99% comes out of the amount you get. Repayment runs from 24 to 84 months, and the lowest advertised rates require Autopay and paying down part of an existing debt directly. Collateral may be required for certain discounts.

The developer's own example shows the math: borrow $10,000 unsecured for 36 months at a 17.59% APR, and after a 5% one-time fee you receive $9,500, pay $341.48 a month and hand over $12,293.46 in total. What you are offered hinges on your borrowing history, how much you ask for and other factors, and the developer notes that you may not see multiple offers. Late payments or other fees can raise the cost, and some offers are not available in every state.

Rewards, savings and everyday money tasks

A high-yield savings account is available too, with balances visible in the app. Bill paying and available credit sit alongside those balances, so the routine chores of managing money do not require a separate visit to a website.

Cash back is the other draw. Credit card purchases accrue rewards when you pay them back, and the app tracks that total for you. The developer attaches conditions to this: certain limitations apply, and the full terms of the cash back program live on the company's site.

Credit score monitoring and the simulator

The app monitors your credit score and notifies you when it changes, which is a common feature in this category and a useful one if you are repairing or building credit. The credit score simulator stands out, since it is meant to show how different actions might affect your score before you take them.

I would treat the simulator as a rough guide rather than a forecast. It is built to illustrate direction and rough magnitude, not to promise an exact number, and credit scoring models weigh many factors at once. Still, for someone deciding whether to pay down a balance or open a new line, having a sense of the likely direction is more useful than guessing.

What the app costs to download and use

The app itself is free to download, carries no ads and offers no in-app purchases. Installing the app and using the account-management features appears to cost nothing.

That does not make the underlying products free, and it is important not to confuse the two. Loans carry the APRs and origination fees described above, and those costs are set by the terms you agree to rather than by the app. The app is the window onto those products, not a paid product in itself.

How it compares with the alternatives

The closest alternatives fall into two groups. One is a traditional bank's own app, which will show your accounts and take payments. The other is a standalone credit monitoring service, which will watch your score.

Upgrade's advantage is consolidation, and its limitation is the same thing in reverse. If your borrowing and saving already live elsewhere, adding Upgrade means another login rather than fewer. The app makes most sense as the hub for products you hold with this company.

A strong fit for existing Upgrade borrowers

The score simulator adds something a plain account app does not offer, even if its output should be read as guidance rather than certainty.

For someone shopping for a personal loan, the app is a reasonable starting point, but the terms deserve attention before you commit. Rates span a wide band, the origination fee comes out of your proceeds, and the best pricing depends on Autopay and paying down existing debt. Read the example figures, check what applies in your state, and go in knowing your own credit profile drives the offer you actually see.

What's new in version 1.35.0

We're constantly improving our app and working on the next exciting features!