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Universal Credit Personal Loans Overview

Universal Credit is an online lending platform powered by fintech company Upgrade, which offers personal loans with fixed interest rates and fast funding. Enjoy financial stability with predictable monthly payments. Accessible through an easy online process and mobile convenience, it also provides free credit monitoring, so you can always keep track of your credit score. With Universal Credit, you can consolidate debts or cover unexpected expenses with confidence and efficiently take control of high-interest credit card debt.

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Universal Credit Personal Loans Disclaimer 


Personal loans made through Universal Credit feature Annual Percentage Rates (APRs) of 11.69%-35.99%. All personal loans have a 5.25% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 36 to 60 months. For example, if you receive a $10,000 loan with a 36-month term and a 28.47% APR (which includes a 22.99% yearly interest rate and a 7% one-time origination fee), you would receive $9,300 in your account and would have a required monthly payment of $387.05. Over the life of the loan, your payments would total $13,933.62. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Universal Credit's bank partners. Information on Universal Credit's bank partners can be found at

Universal Credit Personal Loans

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Universal Credit Personal Loans: Comprehensive Overview

Universal Credit is an online lending platform powered by fintech firm Upgrade. While Universal Credit itself is not a bank, it partners with lending institutions, such as Cross River Bank and Blue Ridge Bank, to offer personal loans to eligible borrowers. These partnerships ensure that the lending operations are compliant with banking regulations and industry standards, providing borrowers with a secure and reliable borrowing experience.

Universal Credit leverages the technological infrastructure and expertise of Upgrade, a fintech company established in 2017. This enables Universal Credit to streamline its lending processes, making it a convenient and accessible platform for individuals seeking personal loans.

Key Highlights:

Loan Range: Universal Credit Personal Loans offers loan amounts that range from $1,000 to $50,000, providing borrowers with flexibility to address a wide range of financial needs, from small expenses to major expenses.

Online Platform: The lending process for personal loans with Universal Credit is entirely online. Borrowers can apply, submit required documents, and monitor their application status through a user-friendly digital interface. This online convenience simplifies the borrowing experience.

Powered by Upgrade: Universal Credit is powered by Upgrade, a fintech firm with expertise in online lending. This enhances the efficiency and accessibility of the lending platform, ensuring a seamless experience for borrowers.

Nationwide Availability: Universal Credit Personal Loans is available to residents in all 50 U.S. states and Washington, D.C. This broad coverage allows eligible individuals from across the country to access its loan offerings.

Customer satisfaction Rate
0 /5
A+ Rating

Better Business Bureau

Upsides and Downsides of Universal Credit Personal Loans


Upsides (Positives):

• No Prepayment Penalty: Borrowers can pay off loans early without extra charges.

• Swift access to funds: Fast funding, often within one business day after approval.

• Direct Funding to Current Creditors: Simplifies debt consolidation by paying existing creditors directly.

• Autopay Discount: Setting up automatic payments may qualify borrowers for reduced interest rates, enhancing affordability.

• No Credit Impact for Prequalification: Checking loan options won’t affect your credit score.


Downsides (Negatives):

• High Annual Percentage Rates: Personal loans through Universal Credit may have higher APRs than other lenders, potentially leading to more expensive borrowing.

• Origination Fee: An upfront origination fee is charged, increasing the overall loan cost and affecting the affordability of the loan.

• Additional Fees: Fees for late payments and returned payments can add to the cost of the loan.

Universal Credit Personal Loan Details

256 Bit SSL security issued by DigiCert Inc
Lender Type
Online Lending Platform
BBB Rating
11.69% - 35.99%*
Credit Score
Loan Amount
$1,000 to $50,000
Loan Term
36 - 60 months
Origination Fees
5.25% to 9.99%*
Time to Receive Funds
1 to 2 business days*

Universal Credit Requirements

Qualifying for a Universal Credit Personal Loan typically involves meeting certain eligibility criteria and providing necessary documentation. While specific requirements may vary, here are some common factors that are considered when evaluating loan applicants:


Credit Score: Your credit score is a crucial factor in determining eligibility. While Universal Credit may accept fair credit scores, having a higher credit score can improve your chances of approval and may lead to more favorable loan terms.

Income and Employment: Demonstrating a stable income source is typically required, which may involve providing pay stubs, bank statements, or tax returns to establish your ability to repay the loan.

Debt-to-Income Ratio (DTI): Lenders evaluate your eligibility based on your debt-to-income ratio (DTI), which compares your monthly debt obligations to your monthly income. A lower DTI ratio indicates that you have sufficient income to cover your debts and may increase your eligibility for a loan.

Citizenship and Residency: You typically need to be a U.S. citizen, a permanent resident, or residing in the U.S. with a valid visa to qualify for a Universal Credit personal loan.

Age: You must be at least 18 years old (19 years old in Alabama) to apply for a Universal Credit loan.

Bank Account: You should have a verifiable and active bank account. This account is used for depositing loan funds and facilitating payments, including setting up automatic payments.

Valid ID: Identity verification may necessitate a valid government-issued ID, like a driver’s license or passport.

Loan Purpose: You may need to specify the purpose of the loan, such as debt consolidation, home improvement, or other personal expenses.

Credit History: While Universal Credit may accept applicants with fair credit, having a history of responsible borrowing and on-time payments can bolster your approval prospects.


Depending on your individual needs and situation, Universal Credit may require you to provide additional documentation.

What Can Universal Credit Personal Loans Be Used for?

Universal Credit Personal Loans can be used for a variety of purposes, providing borrowers with flexibility in how they utilize the loan funds. Here are some common uses for Universal Credit Personal Loans:


Paying Off Credit Cards: Borrowers often use these loans to pay off high-interest credit card balances. Consolidating credit card debt into a single personal loan can potentially lead to lower interest costs and simplified debt management.

Debt Consolidation: Universal Credit offers specific debt consolidation loans designed to combine multiple debts, such as credit card debt, medical bills, personal loans, or high-interest payday loans, into a single loan with a fixed interest rate and predictable payments.

Home Improvements: Borrowers often use Universal Credit Personal Loans to finance home renovations and repairs, improving their homes’ value and comfort.

Large Purchases: These loans can be used to make substantial purchases, such as buying appliances, electronics, or furniture, spreading the cost over time with fixed monthly payments.

Covering Medical Expenses: Personal loans can help individuals cover unexpected medical bills, elective procedures, or dental work that may not be fully covered by insurance.

Weddings and Special Events: Borrowers planning weddings, family gatherings, or other special events may use personal loans to cover expenses such as venue rentals, catering, and travel costs.

Travel and Vacations: Financing a dream vacation or travel adventure is another common use of personal loans, allowing borrowers to enjoy experiences they might not otherwise afford upfront.

Emergency Expenses: Personal loans can be a source of financial support during unexpected emergencies, including urgent medical bills, home repairs, and car repairs.

Apply for a Universal Credit Personal Loan

How to Apply for an Universal Credit Personal Loan

To apply for a Universal Credit Personal Loan, follow these steps:

Check Eligibility
Before applying, make sure you meet the eligibility criteria mentioned by Universal Credit. Ensure you have the necessary documents, such as proof of income and identification, ready for the application.
Universal Credit offers a pre-qualification process that allows you to check your potential loan offers without affecting your credit score. Visit the Universal Credit website and provide the required information, including your name, contact details, income, and the purpose of the loan.
Review Loan Offers
After prequalifying, you will receive loan offers with details on loan amounts, interest rates, and terms. Review these offers to determine which one best suits your needs and budget.
Complete the Application
Once you've chosen a loan offer, you can proceed to the formal loan application. This application requires detailed personal and financial information such as your social security number, employment information, and banking details.
Be prepared to upload or submit the necessary documentation, such as pay stubs, bank statements, and identification, to verify your identity and income.
Credit Check
Universal Credit will perform a credit check as part of the application process to assess your creditworthiness.
Loan Approval
After submitting your application and documentation, Universal Credit will review your information and credit history. If approved, you will receive a loan agreement with the final terms and conditions.
Accept the Loan
Carefully review the loan agreement to ensure you understand the terms, including the interest rate, repayment schedule, and any fees. If you agree to the terms, electronically sign the agreement.
Upon acceptance of the loan agreement, Universal Credit will initiate the funding process. Funds are typically deposited into your designated bank account, often within one business day.
Loan Repayment
Make sure to set up a repayment plan as outlined in the loan agreement. You may opt for automatic payments or choose another method that suits you. Timely payments are crucial to maintaining a positive credit history.

Rates, Terms & Fees for Universal Credit Personal Loans

Interest Rates (APR): With Universal Credit, you can enjoy fixed interest rates that won’t change throughout the life of your loan. However, the Annual Percentage Rate (APR) you are eligible for may vary and usually falls between 11.69% to 35.99%. Your credit score and financial profile are some of the factors that determine your APR.

Loan Amounts: Universal Credit offers personal loans ranging from $1,000 to $50,000. The specific loan amount you qualify for is based on factors such as your creditworthiness and income.

Loan Terms: Universal Credit Personal Loans typically have repayment terms ranging from 36 to 60 months (3 to 5 years). The length of your loan term can have an impact on your monthly payment amount.

Origination Fee: Universal Credit charges an origination fee, which is an upfront cost associated with the loan. The origination fee can range from 5.25% to 9.99% of the loan amount and is deducted from the loan amount before the funds are disbursed.

Late or Returned Payment Fee: Universal Credit may charge fees for late or returned payments due to insufficient funds.

Universal Credit Customer Service and Reputation

Customer Support:

Universal Credit offers customer support via both email and phone. You can reach them during the following hours: Monday to Friday from 5 a.m. to 6 p.m. PT and on Saturday and Sunday from 6 a.m. to 5 p.m. PT.


Universal Credit enjoys an overwhelmingly positive reputation among its customers. As of September 14, 2023, the loan service boasts an impressive Trustpilot rating of 4.8 out of 5 stars, derived from 2,918 reviews. Numerous customers have commended the loan process for its speed, simplicity, and ease of use.

The Better Business Bureau (BBB) has awarded Universal Credit an A+ rating. On the BBB website, Universal Credit holds a rating of 4.82 out of 5 stars as of September 14, 2023. Reviews frequently highlight the swift and straightforward nature of the loan application process.

Universal Credit has resolved 14 customer complaints raised with the BBB in the past three years, including six in the last year, demonstrating a commitment to addressing customer concerns.

States Serviced by Universal Credit

The state’s serviced may change without prior notice; visit the lender’s website for up-to-date information.

Frequently Asked Questions

Most frequent questions and answers about Universal Credit Personal Loans

Universal Credit is not a direct lender. Instead, it operates as an online lending platform that facilitates personal loans through its lending partners, Cross River Bank, and Blue Ridge Bank, which then originate and fund the loans.

So, while you apply for a personal loan through Universal Credit, the actual lending and funding of the loan are carried out by Cross River Bank or Blue Ridge Bank.

To qualify for a Universal Credit personal loan, you typically need a minimum credit score of 600. However, a 600 credit score may meet the minimum requirement for eligibility; your specific credit score will also influence the interest rate you are offered. Generally, having a higher credit score will result in more favorable loan terms and a lower interest rate.

Once your loan is approved and you accept the terms, the funds will be disbursed within one business day and deposited directly into your designated bank account.

To apply for a Universal Credit Personal Loan, you need to visit the Universal Credit website and complete the application process online. The application may involve providing personal and financial information and submitting documentation for verification.

Personal loans through Universal Credit range from $1,000 to $50,000. The amount you can borrow depends on your creditworthiness, income, and state of residence.

Yes, Personal loans through Universal Credit have certain fees associated with them, including an origination fee, late payment fees, and returned payment fees. The origination fee typically ranges from 5.25% to 9.99% of the loan amount. Review loan terms and conditions to see a full breakdown of all fees that come with your loan.

Universal Credit does not typically impose a prepayment penalty, allowing borrowers to pay off their loans early without incurring additional fees.