Universal Credit offers personal loans up to $50,000 with fast funding, accessible to borrowers with fair credit and diverse needs.
APR
11.69% - 35.99%
Loan Amount
$1,000 - $50,000
Term
36 - 60 months
Min score
580
Universal Credit offers personal loans up to $50,000 with fast funding, accessible to borrowers with fair credit and diverse needs.
APR
11.69% - 35.99%
Loan Amount
$1,000 - $50,000
Term
36 - 60 months
Min score
580
Our Verdict
Universal Credit, an online lending platform powered by the fintech company Upgrade, offers personal loans between $1,000 and $50,000 with repayment terms from three to five years. In partnership with Cross River Bank and Blue Ridge Bank, Universal Credit makes financing accessible across most U.S. states, excluding Iowa and Washington, D.C.
While Universal Credit's interest rates may be higher than some other lenders, its acceptance of fair credit scores and quick funding make it a solid choice for those in need of fast financial assistance. Plus, the flexibility to borrow as little as $1,000 makes it suitable for a wide range of financial needs.
However, borrowers should be mindful of additional fees, including origination fees, late fees, and returned payment fees, which can increase the overall cost of borrowing.
What Do You Need To Apply?
To apply for an Universal Credit loan, applicants must meet specific requirements:
- Credit Score Requirements: Minimum credit score of 580 is needed to qualify for a loan.
- Income Requirements: Applicants must have a steady income, although specific income thresholds are not disclosed.
- Co-signers and Co-applicants: Universal Credit does not allow co-signers, but joint applicants are accepted, sharing the responsibility for repaying the loan.
- Documentation: Applicants may need to provide documentation such as pay stubs or tax returns to verify income during the application process.
- Contact Information: Applicants should provide accurate contact information, including phone numbers and addresses, for loan processing and communication purposes.
Universal Credit Repayment Options
Universal Credit offers several repayment options to accommodate borrowers' needs. Borrowers can typically make payments via automatic bank transfers, online payments, or check.
If a payment is missed, borrowers may incur late fees. However, Universal Credit may offer the option to reschedule payments or change payment dates in certain circumstances. This can be arranged by contacting their customer support team and discussing available options.
Universal Credit Personal Loan Pros & Cons
Pros | Cons |
|---|---|
Accepts Fair Credit Scores | Higher Interest Rates |
Fast Funding | Origination Fees |
Joint Applicant Option | No Co-signer Option |
Flexible Loan Amounts | Potential Difficulty in Contacting Support |
Direct Payment to Creditors | Limited Information on Rate Discounts |
Positive Customer Reviews |
- Accepts Fair Credit Scores
Universal Credit considers borrowers with credit scores as low as 580, providing opportunities for those with less-than-perfect credit to secure a loan.
- Fast Funding
Borrowers can receive their funds as quickly as the next business day after approval, offering timely financial assistance.
- Joint Applicant Option
The ability to apply with a joint applicant can increase approval chances and potentially qualify borrowers for better loan terms.
- Flexible Loan Amounts
Borrowers can access loan amounts ranging from $1,000 to $50,000, allowing for customization based on individual needs.
- Direct Payment to Creditors
For debt consolidation loans, Universal Credit can send funds directly to creditors, streamlining the repayment process.
- Positive Customer Reviews
Universal Credit has earned high ratings on platforms like Trustpilot and the BBB, indicating satisfied customers and reliable service.
- Higher Interest Rates
Universal Credit's APRs can be relatively high compared to other lenders, potentially resulting in higher overall borrowing costs.
- Origination Fees
The lender charges origination fees ranging from 5.25% to 9.99% of the loan amount, which may increase the upfront cost of borrowing.
- No Co-signer Option
Unlike some lenders, Universal Credit does not allow co-signers, limiting options for applicants who may need additional support.
- Potential Difficulty in Contacting Support
While Universal Credit offers email and phone support, reaching a representative during limited hours may be challenging for some borrowers.
- Limited Information on Rate Discounts
The lender does not disclose specific information about rate discounts for autopay or debt consolidation unless applicants have a registered account, potentially affecting borrowers' ability to make informed decisions.
Customer Experience
Customer reviews for Universal Credit are generally positive, with high ratings on platforms like Trustpilot and the Better Business Bureau (BBB).
As of the latest data available, Universal Credit has earned a 4.8-star rating out of 5 on Trustpilot and a 4.81 out of 5 stars from BBB customers. Customers often praise the quick and straightforward loan application process, fast funding, and helpful customer service.
However, some reviews mention challenges in reaching customer support during limited hours and potential delays in loan approval or disbursement
Universal Credit | |
|---|---|
iOS App Score | N/A |
Android App Score | N/A |
BBB Rating | A+ 4.8/5 |
Contact Options | Phone/email |
Availability | 24/7
|
To reach Universal Credit's customer service, individuals can contact them via phone or email. The customer support team can be reached at (877) 418-9765 during the following hours: Monday through Friday from 5 a.m. to 7 p.m. PT, and Saturday and Sunday from 6 a.m. to 5 p.m. PT.
Additionally, customers can send an email to support-universal@upgrade.com for assistance.
What Else You Should Know?
Before applying for a personal loan with Universal Credit, it's important to understand additional factors that could impact your borrowing experience:
-
Can I get a Universal Credit loan with a 600 credit score?
Yes, you may still be eligible for a Universal Credit loan with a credit score of 600. Universal Credit has a minimum credit score requirement of 580, but meeting this requirement does not guarantee approval.
Other factors such as income, debt-to-income ratio, and credit history will also be considered in the loan approval process.
-
Can I pay off the Universal Credit loan early?
-
What is the funding time?
Universal Credit typically disburses funds within one business day of final loan approval and verification.
However, the actual time it takes for the funds to become available in your bank account may vary depending on your bank's processing times for ACH transfers. While Universal Credit aims for speedy funding, it's important to consider potential delays in accessing your loan proceeds.
What Can a Universal Credit Personal Loan Be Used For?
A personal loan from Universal Credit can be used for various purposes, providing flexibility for borrowers.
Common uses include debt consolidation, covering unexpected expenses, financing home improvements, funding a wedding or vacation, or even starting a small business.
Who Should Consider Applying?
Personal loans from Universal Credit may be suitable for various individuals seeking financial assistance for different purposes. Those who should consider applying include:
- Individuals with fair or poor credit: Universal Credit accepts credit scores as low as 580, making it accessible to borrowers who may not qualify for loans from traditional lenders.
- Individuals seeking debt consolidation: Universal Credit's personal loans can be used to consolidate high-interest debts, helping borrowers simplify their finances and potentially save money on interest payments.
- Consumers looking for small loan amounts: With a borrowing minimum of $1,000, Universal Credit caters to those who require smaller loan amounts to cover specific expenses.
Universal Credit Personal Loan FAQs
No, Universal Credit only allows one loan application at a time.
Yes, Universal Credit reports loan activity to major credit bureaus, which can impact your credit score.
Universal Credit offers loans in most states, but it is not available in Iowa, West Virginia, or Washington, D.C.
Universal Credit does not disclose information about grace periods for missed payments.
Yes, you can use a Universal Credit loan for various purposes, including financing a vehicle purchase.
