(Edited)
UpsidesUniversal Credit has been a true blessing during challenging periods. Their support has provided financial stability when I needed it the most. I highly recommend this company and their services.
Downsides5/5 super
Universal Credit Review (2025)
Universal Credit is an online lending platform that provides personal loans to borrowers, with a focus on those looking to consolidate debt or who may have less-than-perfect credit.
Do We Recommend Universal Credit?
Yes, we recommend Universal Credit as a trustworthy lender. Skip to our full review below and see in details the Explore Credit review.
How We Rate Universal Credit
| Category | Rating |
|---|---|
| Affordability | ⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐ |
| Transparency | ⭐⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐ |
What Is Universal Credit
Universal Credit is a financial company that operates in 47 states across the U.S. (not available in Alabama, Iowa, South Carolina, West Virginia, and Washington D.C.). The company is owned and operated by Upgrade, Inc., a financial technology firm founded in 2017.
Universal Credit has helped over 1 million customers pursue their financial goals since its inception. To give you a clear overview of Universal Credit, here are the key characteristics of their personal loan offerings:
| Characteristic | Details |
|---|---|
| Loan amounts | $1,000 to $50,000 |
| APR range | 11.69% to 35.99% |
| Loan terms | 36 to 60 months |
| Application process | Fast and easy |
| Customers rating | 4.8 out of 5 |
| Origination fee | 5.25% to 9.99% |
| Minimum credit score | 580 |
| Time to funding | As soon as 1 business day after approval |
| Best for | Debt consolidation, fair to poor credit borrowers |
Universal Credit receives generally positive reviews from borrowers, with a 4.8 out of 5 star rating on Trustpilot based on over 3,000 reviews. Many users praise the company’s easy application process, fast funding, and helpful customer service.
Universal Credit Loans
Universal Credit offers personal loans designed to help folks tackle their financial goals, whether it’s consolidating debt, funding a home improvement project, or covering unexpected expenses. Let’s check them out.
Personal Loans
Universal Credit’s bread and butter is their personal loan offering. These loans range from $1,000 to $50,000, with repayment terms of 36 or 60 months. The Annual Percentage Rate (APR) spans from 11.69% to 35.99%, including both the interest rate and the origination fee.
Speaking of which, Universal Credit charges an origination fee, from 5.25% to 9.99% of the loan amount. This fee is deducted from your loan proceeds, so keep that in mind when deciding how much to borrow.
Accessible to borrowers with fair credit (minimum score of 580)
Fast funding, often within one business day after approval
No penalties for prepayment
Free credit monitoring tools
Personal Loans Pros
High origination fee
Potentially high APRs for borrowers with lower credit scores
Limited repayment term options (only 3 or 5 years)
Personal Loans Cons
Debt Consolidation Loans
While technically part of their personal loan offering, Universal Credit puts a special emphasis on debt consolidation loans. These loans are designed to help you pay off high-interest debt, potentially saving you money and simplifying your finances.
Universal Credit offers a feature where they can directly pay off your creditors, ensuring the funds go where they’re supposed to. Plus, they offer a rate discount of 1 to 3 percentage points if you use at least half of your loan for direct debt payoff.
Direct payment to creditors
Potential interest rate discount
Can simplify multiple debts into one payment
Debt Consolidation Pros
Still subject to the origination fee
May extend the time it takes to pay off debt
Requires discipline to avoid racking up new debt
Debt Consolidation Cons
Home Improvement Loans
Need to fix a leaky roof or upgrade your kitchen? Universal Credit’s personal loans can be used for home improvements too. These loans work the same way as their standard personal loans, but the funds are designed for home-related expenses.
Can fund projects that increase your home’s value
Fixed interest rate, unlike a HELOC
No need to use your home as collateral
Home Improvement Pros
May have higher interest rates than home equity loans
Loan amount may be limited compared to home equity options
Still subject to the origination fee
Home Improvement Cons
Remember, while Universal Credit can be a solid option for many borrowers, it’s always wise to shop around and compare offers before committing to a loan. Your financial situation is unique, and what works for one person might not be the best fit for another.
How to Apply for a Universal Credit Loan
Feeling ready to move forward? Here’s a step-by-step guide to applying for a Universal Credit loan. Don’t worry, it’s an easy and fast process.
Applying with Universal Credit
Steps
Step 1
Fill Out Your Information
Head to Universal Credit’s website and fill your personal information, such as you name, adress and income.
Be honest with your information. Fudging the numbers might get you a better initial offer, but it’ll catch up with you during the verification process.
Step 2
Review Your Offers
If you’re prequalified, Universal Credit will show you several loan offers with different amounts, rates, and terms. Take your time and choose wisely!
Consider not just the monthly payment, but the total cost of the loan over its lifetime. Remember, a longer term might mean lower monthly payments, but you’ll pay more in interest overall.
Step 3
Complete the Application
Found an offer that fits your needs? Great! Now it’s time to complete the full application. You’ll need to provide more detailed information and possibly some documentation. It’s important to note that this step may temporarily lower your credit score by a few points.
Having all your financial documents ready before starting this step will make the process smoother and faster.
Step 4
Verify Your Information
Universal Credit will review your application and may ask for additional information or documentation. They’re not being nosy – this is standard procedure to verify your identity and income.
Be prompt in responding to any requests. The faster you provide the information, the quicker your application can be processed. So, keep an eye on your email, including your spam folder.
Step 5
Accept Your Loan Terms
If you’re approved, Universal Credit will present you with the final loan terms. Read these carefully – they may be different from your initial offer based on the information in your full application.
If everything looks good, accept the terms and sign your loan agreement electronically.
Conclusion
Receive Your Funds
Once you’ve accepted the loan terms, Universal Credit will send the money to your bank account. This typically happens within one business day.
Unless you’re using the loan for debt consolidation. In this case, Universal Credit may send the money directly to your creditors, what can take up to two weeks, so be patient and keep making payments on your existing debts until you’re sure they’ve been paid off.
Main Universal Credit Features
You already know the available loans in Universal Credit and how to apply for it. But did you know the company offers several key features that set it apart from other online lenders? Let’s check Universal Credit services out.
- Debt Consolidation Focus: Universal Credit specializes in debt consolidation loans. They offer a direct payment feature where they can pay off your existing creditors directly, potentially saving you time and ensuring the funds are used as intended.
- Credit Building Tools: Through their connection with Upgrade, Universal Credit provides free access to credit monitoring tools. This includes your VantageScore, a credit score simulator, and personalized recommendations to help improve your credit.
- Fast Funding: Once approved, Universal Credit can deposit funds into your account as quickly as one business day. This is particularly helpful for those facing urgent financial needs.
- Rate Discounts: Universal Credit offers two potential rate discounts:
- An autopay discount of 0.50 percentage points for setting up automatic payments
- A direct pay discount of 1 to 3 percentage points for using at least half of your loan to directly pay off existing debts
- Flexible Eligibility: With a minimum credit score requirement of 580, Universal Credit is accessible to borrowers with fair or poor credit. They also consider factors beyond just credit score in their approval process.
- No Prepayment Penalties: Borrowers can pay off their loans early without incurring any extra fees.
- Fixed Rates and Payments: All Universal Credit loans come with fixed interest rates and predictable monthly payments, making it easier for borrowers to budget.
- Online Application and Management: The entire loan process, from application to management, can be completed online through Universal Credit’s user-friendly platform.
- Wide Range of Loan Uses: While specializing in debt consolidation, Universal Credit loans can be used for various purposes including home improvements, major purchases, and unexpected expenses.
- Customer Support: Universal Credit offers customer support via phone, email, and through their online platform to assist borrowers throughout the loan process.
Remember, while Universal Credit can be a good option for many borrowers, especially those looking to consolidate debt or improve their credit, it’s always wise to compare offers from multiple lenders before making a decision. This will help ensure you get the best possible terms for your financial situation.
Universal Credit Reviews
When it comes to personal loans, hearing from real customers can be a game-changer. So, let’s see what real borrowers are saying.
Universal Credit reviews are very positive. On Trustpilot, a platform known for its authentic user reviews, Universal Credit boasts an impressive 4.8 out of 5 stars based on over 3,000 reviews.
A Great Impression
The company boasts a 4.8 out of 5 stars, based on over 3,000 reviews, on Trustpilot. This makes them one of the most reliable companies on the market!
But what exactly are people raving about? Here’s the breakdown:
- Easy Application Process: Many reviewers praised how simple and straightforward it was to apply for a loan.
- Quick Funding: Speed is the name of the game when you need money, and Universal Credit seems to deliver. Numerous reviews mentioned receiving funds within one business day after approval.
- Helpful Customer Service: Good support can make all the difference, and Universal Credit’s team seems to be always ready to assist with any questions.
- Credit Building Features: The free credit monitoring tools are a hit among borrowers. Many appreciated the ability to track their credit score and get personalized tips for improvement.
- Transparent Terms: Borrowers appreciated the clear communication about loan terms, fees, and repayment schedules. No nasty surprises here!
Of course, no company is perfect, and there were a few gripes:
- Some customers found the origination fee a bit steep.
- A few borrowers with lower credit scores mentioned high interest rates.
It’s worth noting that Universal Credit has an A+ rating from the Better Business Bureau. They’ve been accredited since February 2021, showing a commitment to resolving customer issues and maintaining high standards.
Gold Star of Business Reliability
Universal Credit has an A+ rating from the Better Business Bureau, which is like being the gold star of business reliability.
Is Universal Credit Legit?
After learning about Universal Credit’s offerings, reviews, and reputation, it’s time to address the million-dollar question: Is Universal Credit legit? Spoiler alert: the answer is a resounding yes!
Universal Credit is a legitimate online lending platform operated by Upgrade, Inc., a well-established fintech company founded in 2017. They’ve helped over a million customers since their inception and have built a solid reputation in the personal loan space.
Let’s recap what makes Universal Credit stand out:
- Transparent Terms: They’re upfront about their fees, interest rates, and loan terms.
- Fast Funding: Many borrowers receive funds within one business day after approval.
- Credit Building Tools: Free credit monitoring and personalized tips to help improve your score.
- Positive Customer Reviews: An impressive 4.8/5 star rating on Trustpilot.
- Accredited Business: A+ rating from the Better Business Bureau since 2021.
Who is Universal Credit Right For?
Universal Credit can be a great option for:
- Debt Consolidators: Their direct payment to creditors and rate discounts make this an attractive option for those looking to simplify their debt.
- Credit Builders: With a minimum credit score requirement of 580 and free credit monitoring tools, it’s good for those looking to improve their credit.
- Fast Cash Seekers: If you need money quickly and have fair to good credit, Universal Credit’s speedy funding could be a lifesaver.
- Home Improvers: Their personal loans, up to $50,000, can be used for home improvements, offering an alternative to home equity loans.
- Fair Credit Borrowers: With a minimum credit score of 580, they’re more accessible than some other lenders.
Alternatives to Universal Credit
Not sure if Universal Credit is the right fit for your financial needs? Don’t worry, there are other similar options. Check out some alternatives.
Upgrade
Upgrade is the main company at Universal Credit’s group. Their personal loan also range from $1,000 to $50,000 with APR between 9.99% and 35.99%.
Chosen 2,552 times- High Trustpilot Rating
- No prepayment fees
- Fast Funding
- Helpful Support Team
Min Loan Amount1000
Max Loan Amount50000
Lowest APR9.99
Highest APR35.99
Min Loan Term2 Years
Max Loan Term7 Years
Accepts bad credit:Yes.
Minimum Age18
5k Funds
If you don’t have a perfect credit, 5k Funds can be the best option. They’re know for loans without a credit check.
Chosen 81,086 times- Check Rates without Credit Impact
- No Minimum Credit Score
- Large Network of Lenders
Min Loan Amount500
Max Loan Amount35000
Lowest APR5.99
Highest APR35.99
Min Loan Term2 Months
Max Loan Term6 Years
Accepts bad credit:Yes.
Minimum Age18
OppLoans
OppLoans is not the lowest APR you’ll find, but they probably have the faster funding and also without a credit check.
Chosen 12,826 times- Fast funding
- No credit checks
- Loans from $500 to $5,000
- Bad credit loans available
Min Loan Amount500
Max Loan Amount4000
Lowest APR160.00
Highest APR179.00
Min Loan Term1 Year
Max Loan Term1 Year , 6 Months
Accepts bad credit:Yes.
Minimum Age18
Remember, no matter what type of credit or company you’re considering, Financer.com’s Loan Finder is a free tool that helps you compare multiple offers in one place with just a few clicks. It’s an easy way to shop around and potentially find better rates and terms.
Universal Credit FAQs
What Is Universal Credit and How Does It Work?
Universal Credit is an online lending platform operated by Upgrade, Inc. that offers personal loans ranging from $1,000 to $50,000 with APRs between 11.69% and 35.99%. It works by allowing borrowers to apply online, receive a decision quickly, and if approved, get funds deposited into their account within one business day. Universal Credit specializes in debt consolidation loans and offers free credit monitoring tools to help borrowers improve their financial health.
How Long Does Universal Credit Take To Process?
Universal Credit’s loan process is designed for speed. Most applicants receive a decision within minutes of submitting their online application. If approved, funds can be deposited into the borrower’s account as soon as one business day after all necessary verifications are completed. However, the total time from application to funding can vary depending on the completeness of the application and the speed of the borrower’s bank in processing the transfer.
What Documents Do I Need to Apply for Universal Credit?
To apply for a Universal Credit loan, you’ll need to provide basic personal information, proof of income, and bank account details. Specifically, you may need to submit recent pay stubs, W-2 forms, bank statements, and a government-issued ID. Universal Credit may also require additional documentation to verify your identity and income. The exact requirements can vary based on your individual application and loan amount requested.
What Are Universal Credit Services?
Universal Credit offers personal loans for various purposes, with a focus on debt consolidation. Their services include loans from $1,000 to $50,000, free credit score monitoring, and personalized recommendations for improving credit. They also provide a direct payment feature for debt consolidation loans, where they can pay off creditors directly. Universal Credit offers rate discounts for setting up autopay and for using the loan to pay off existing debts directly.
