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Universal Credit Personal Loans Review | Find the Best Loan for You

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


  • Monotheism If the purpose of your loan is to consolidate existing debt, your money will be sent directly to your creditors, leaving you with only one fixed-rate payment to manage each month.
  • Discounts: Borrowers who enroll in an automatic payment system or send their money directly to creditors as part of a debt consolidation loan qualify for interest rate discounts.
  • Credit building tools: Borrowers can access a number of credit building tools offered through the upgrade, including access to credit scores, weekly updates, personalized recommendations, and more.


  • Incorporation fee: Universal Credit charges a loan origination fee of up to 8%, which is deducted from the loan proceeds.
  • Possibly high rates: Non-premium borrowers may end up paying rates as high as 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 money is distributed directly to your creditors so you only have one payment to worry about each month.

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

  • Credit card payments.
  • Consolidation of other debts.
  • Business finance.
  • Pay for home improvement projects.
  • Make a great purchase.

How do Universal Credit Personal Loans work?

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

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

What are the terms, fees, and conditions for Universal Credit Personal Loans?

Personal loans come in an annual percentage rate of 8.93% to 35.93%; The lowest rates require you to sign up for automatic payment and get a discount for paying directly to your creditors. Repayment terms range 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 paying off your loan early.

How do you qualify for a Universal Credit Personal Loan?

To apply for a Personal Loan from Universal Credit, you need to meet some basic qualifications:

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

If you want to know if you qualify for a Universal Credit personal loan, you can provide some personal details to get a quote. This results in a concessional credit check, which does not affect your credit score. Once you request a quote, you will be provided with some offers to choose from.

If you wish to proceed with the loan offer, you will still need to submit a formal application, 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 initial quote based on factors such as your credit score, credit history, loan term, and more.

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

What credit score do you need?

Universal Credit does not require a minimum credit score to qualify for a personal loan. Higher scores will result in lower interest rates and better loan terms. However, your credit score is just one factor that Universal Credit evaluates when 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. Since it is an online lender, it works with clients in most states. However, Universal Credit does not offer 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 for parent company Upgrade in 2020. All complaints were responded to in a timely manner.

How is Universal Credit customer service?

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

What are some features of comprehensive online balance?

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

Comprehensive 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 with poor or fair credit.


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