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

Universal Credit is an online credit platform operated by the fintech company Upgrade and has been in operation since 2017. Universal Credit is not itself a bank, but arranges loans through its credit partners. She specializes in personal loans, particularly debt consolidation.


  • Debt Consolidation: If your loan is to consolidate existing debt, your money will be sent direct to your creditors so you only have to manage one fixed installment each month.
  • Discounts: Borrowers who sign up for Autopay or have their money sent directly to creditors as part of a debt consolidation loan are eligible for interest discounts.
  • Loan Building Tools: Borrowers can access a number of credit building tools offered through Upgrade, including access to their credit history, weekly updates, custom recommendations, and more.


  • Issuing fee: Universal Credit charges a lending fee of up to 8% that is deducted from loan proceeds.
  • Potentially high rates: Non-prime borrowers could end up paying interest rates of up to 35.93% that rival credit cards and other high-interest loans.

What can universal credit personal loans be used for?

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

There are several ways that you can use the money from a universal credit personal loan. Some of the most common uses are:

  • Withdraw credit cards.
  • Consolidation of Other Debts.
  • Financing a business.
  • Pay for home improvement projects.
  • Make a big purchase.

How do universal loans for individuals work?

Not a true lender, Universal Credit is an online lending platform that works with banks to provide personal loans. Loan partners include Cross River Bank and Blue Ridge Bank.

Applying for and managing loans through Universal Credit is entirely online. As soon as you have accepted your loan offer, the money will be transferred to your bank within one working day of approval. The actual time it takes to receive your funds will depend on how long it takes your bank to process the transaction. If you take out a debt consolidation loan that sends funds to creditors, it can take up to two weeks to settle.

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

Personal loans have an APR of 8.93% to 35.93%; the lowest tariffs require signing up for autopay and receiving a discount for direct payment from creditors. The repayment periods range from 36 to 60 months.

Universal Credit also charges a commitment fee of 4.25% to 8% that is deducted from loan proceeds. There are no fees or penalties for repaying your loan early.

How can you qualify for a universal credit personal loan?

To apply for a universal credit personal loan, you need to meet some basic requirements:

  • Be a US citizen, permanent resident, or live in the US on a valid visa.
  • Be at least 18 years old (or 19 years old in Alabama).
  • Please enter a valid email address.
  • Have a verifiable bank account.

If you want to see if you qualify for a universal personal loan, you can provide some personal information to receive a quote. This results in a gentle credit check that doesn’t affect your credit score. Once you request a quote, you will be presented with a few offers to choose from.

If you want to proceed with a loan offer, you still have to submit an official application and you may be asked for additional documents or information about your financial situation. Be aware that your final credit terms may differ from your original offer due to factors such as creditworthiness, credit history, repayment period, and more.

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

What creditworthiness do you need?

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

Where does Universal Credit operate?

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

Is Universal Credit Reliable?

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

What is Universal Credit’s customer service like?

If you need to contact Universal Credit with a question or problem, you can send an email to support@universal-credit.com. If you prefer to contact the lender by phone, you can call (877) 418-9765; Representatives are available Monday through Friday 6:00 a.m. to 6:00 p.m. Pacific Time and Saturday and Sunday 6:00 a.m. to 5:00 p.m. PT.

What are some of Universal Credit’s online features?

Universal Credit works exclusively online, meaning customers apply for and manage their personal loans over the Internet. 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 with poor or fair credit.


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