Personal Loans » Personal Loan Lender Reviews » Universal Credit Personal Loan Review
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Universal Credit Personal Loan Review

Universal Credit offers personal loans up to $50,000 with fast funding, accessible to borrowers with fair credit and diverse needs.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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.

Universal Credit logo

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 operated by fintech company Upgrade, offers personal loans ranging from $1,000 to $50,000 with repayment terms spanning from three to five years. Partnering with Cross River Bank and Blue Ridge Bank, Universal Credit provides accessible financing options across most states in the U.S., excluding Iowa and Washington, D.C.

While Universal Credit's interest rates may be higher compared to some lenders, its acceptance of fair credit scores and provision of fast funding make it an attractive option for those facing urgent financial needs. Additionally, borrowers can benefit from the flexibility of borrowing as little as $1,000, catering to various financial requirements.

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

Universal Credit, like other lenders, has its own pros and cons that borrowers should think about before applying.

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

Universal Credit considers borrowers with credit scores as low as 580, providing opportunities for those with less-than-perfect credit to secure a loan.

Borrowers can receive their funds as quickly as the next business day after approval, offering timely financial assistance.

The ability to apply with a joint applicant can increase approval chances and potentially qualify borrowers for better loan terms.

Borrowers can access loan amounts ranging from $1,000 to $50,000, allowing for customization based on individual needs.

For debt consolidation loans, Universal Credit can send funds directly to creditors, streamlining the repayment process.

Universal Credit has earned high ratings on platforms like Trustpilot and the BBB, indicating satisfied customers and reliable service.

Universal Credit's APRs can be relatively high compared to other lenders, potentially resulting in higher overall borrowing costs.

The lender charges origination fees ranging from 5.25% to 9.99% of the loan amount, which may increase the upfront cost of borrowing.

Unlike some lenders, Universal Credit does not allow co-signers, limiting options for applicants who may need additional support.

While Universal Credit offers email and phone support, reaching a representative during limited hours may be challenging for some borrowers.

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 [email protected] 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:

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.

Yes, you can pay off a Universal Credit loan early without incurring any prepayment penalties.

Universal Credit does not charge borrowers for paying off their loans ahead of schedule. If you choose to do so, you can save on interest payments and potentially reduce the overall cost of the loan.

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.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.