Review of Universal Credit Personal Loans Find the best loan for you



Universal Credit is an online lending platform powered by financial technology company Upgrade, which has been in operation since 2017. Universal Credit is not a bank per se, but facilitates loans through its lending partners. . She specializes in personal loans, especially for debt consolidation.


  • Debt Consolidation: If the purpose of your loan is to consolidate existing debt, your funds will go directly to your creditors, leaving you with just one fixed rate payment to manage each month.
  • Discounts: Borrowers who sign up for automatic payment or have their funds sent directly to creditors as part of a debt consolidation loan benefit from interest rate reductions.
  • Credit creation tools: Borrowers can access a number of credit building tools offered through Upgrade, including access to their credit scores, weekly updates, personalized recommendations and more.

The inconvenients

  • Original costs: Universal Credit charges a loan origination fee of up to 8%, which is subtracted from the loan proceeds.
  • Potentially high rates: Non-privileged borrowers could end up paying rates of up to 35.93%, which rivals credit cards and other high interest loans.

What can universal credit personal loans be used for?

Universal Credit offers both personal loans and debt consolidation loans. Both types of loans offer fixed rates and predictable payments. With debt consolidation loans, your funds are distributed directly to your creditors so that you only have one payment to worry about each month.

There are several ways to use the funds from a Universal Credit personal loan. Some of the more common uses include:

  • Refund of credit cards.
  • Consolidation of other debts.
  • Finance a business.
  • Pay for home improvement projects.
  • Make a big purchase.

How do universal credit personal loans work?

Universal Credit is not an actual lender, but an online lending platform that partners with banks to provide personal loans. Its lending partners include Cross River Bank and Blue Ridge Bank.

Universal Credit loan application and management is done entirely online. Once you have accepted your loan offer, the funds will be sent to your bank within one business day of clearing. The actual time it takes to receive your funds will depend on how long your bank takes to process the transaction. If you borrow a debt consolidation loan that involves sending money to creditors, the repayment can take up to two weeks.

What are the terms, fees and conditions of Universal Credit personal loans?

Personal loans have an annual percentage rate of 8.93% to 35.93%; lower rates require signing up for automatic payment and getting a discount to pay creditors directly. Repayment terms vary from 36 to 60 months.

Universal Credit also charges an origination fee of 4.25% to 8%, which is deducted from the loan proceeds. There are no fees or penalties for prepaying your loan.

How to benefit from a personal loan with universal credit?

To apply for a Universal Credit personal loan, you must meet a few basic conditions:

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

If you want to know if you are eligible for a Universal Credit personal loan, you can provide some personal information to get a quote. This results in a flexible credit check, which does not affect your credit score. Once you have requested a quote, there are several offers to choose from.

If you want to go ahead with a loan offer, you will still need to submit a formal request and you may be asked to provide additional documents or details about your financial situation. Keep in mind that your final loan terms may differ from your original quote depending on factors like your credit rating, credit history, loan term, etc.

Universal Credit allows you to borrow a minimum of $ 1,000 and a maximum of $ 50,000. Late payments and fees could increase the cost of your loan.

What credit score do you need?

Universal Credit does not have a minimum credit score requirement to qualify for a personal loan. Higher scores will result in lower interest rates and better loan terms. However, your credit score is only one factor that Universal Credit assesses in determining loan eligibility. Credit usage, payment history, and other details will affect your loan application.

Where does universal credit work?

Universal Credit is headquartered in San Francisco. Because he is an online lender, he works with clients in most states. However, Universal Credit does not provide loans to residents of Iowa, West Virginia, or Washington, DC.

Is universal credit reputable?

Universal Credit has been accredited by the Better Business Bureau since February 2021 and has an A + rating. The company has a 4.6 out of 5 star rating on Trustpilot. The Consumer Financial Protection Bureau received 17 complaints about personal loans from parent company Upgrade in 2020. All complaints were responded to promptly.

How is Universal Credit’s customer service?

If you need to contact Universal Credit with a question or issue, you can email [email protected] If you prefer to contact the lender by phone, you can call (877) 418-9765; Representatives are available Monday through Friday from 6 a.m. to 6 p.m. PT, and Saturday and Sunday from 6 a.m. to 5 p.m. PT.

What are some of the online features of Universal Credit?

Universal Credit works only online, which means customers apply for and manage their personal loans through the web. Upgrade offers a mobile app that customers can use to manage their loans on the go.

Universal credit personal loans are best for:

  • People who prefer to do their banking entirely online.
  • People who are looking for a quick and easy online loan application.
  • People who have poor or fair credit.



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