Upgrade

Upgrade: Personal Loans, Cards, and Digital Banking

Upgrade is a financial technology company that offers personal loans, credit cards, rewards checking accounts, and savings accounts. The company presents itself as an alternative to traditional banking and states that, over the past nine years, it has made over $50 billion in credit available to its customers. Its products are offered by partner banks, not by Upgrade itself, which operates as a fintech and not as a bank.

Personal Loans

The main product is personal loans of up to $50,000, with fixed rates and the ability to check your rate without affecting your credit score. Funds are sent directly to the customer's bank account within the next business day after verification. The loan can be paid off early with no prepayment penalty. Loans are offered with annual percentage rates (APR) between 7.74% and 35.99%, an origination fee between 1.85% and 9.99% deducted from the loan amount, and repayment terms of 24 to 84 months. The lowest rates require automatic payments and direct amortization of some existing debt; in certain cases, collateral may be required. Loans are intended for refinancing credit cards, consolidating debt, financing home improvements, major purchases, or unexpected expenses, among other purposes.

Credit Cards

Upgrade offers the OneCard Essentials, with no annual fee, which gives 3% cash back on gas, groceries, streaming services, and utilities, and 1% on all other purchases, with no maximum limit. It also offers the Upgrade Card, aimed at those seeking a rewards credit card.

Savings and Checking Accounts

The Rewards Checking Preferred account is a rewards checking account with no monthly maintenance fees and allows you to earn up to 2% cash back on purchases in selected categories, such as convenience stores, drugstores, restaurants and bars, gas stations, utilities, and monthly subscriptions. To access that 2%, you must set up eligible direct deposits of at least $1,000 per month within sixty days after account opening; accounts that do not meet that amount do not earn cash back. The 2% cash back is limited to $500 per calendar year. The account also allows you to receive your paycheck up to two days early via direct deposit. The company also offers the Premier Savings account, which offers an annual yield of 3.30%.

Flex Pay: Installment Payments

Flex Pay is Upgrade's buy now, pay later solution, which allows you to split the cost of a purchase into monthly payments. It is available through hundreds of travel and retail partners. For example, a $1,500 purchase could be paid with a $70 down payment and 24 monthly installments of $70 at a 15% APR. Flex Pay rates range from 0% to 36%, may require a down payment, and not all applicants are eligible.

Partners and Presence

Upgrade has partnerships with auto dealers, home improvement contractors, and travel and retail merchants to offer financing and installment payments. The company has more than 8 million customers and over 50,000 reviews. Its offices include headquarters in San Francisco, a service center in Phoenix, an engineering center in Montreal, and regional offices in Wilmington, Atlanta, and Orange County.

Awards and Team

The company has been included in lists such as America's Best Startup Employers 2026 and Best Places to Work 2026, and in 2022 received the Best Places to Work in Fintech award. Upgrade, Inc. operates under NMLS #1548935 and holds state licenses and registered trade names.

Location and Contact

275 Battery Street, 23rd Floor, San Francisco, CA 94111, USA