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.

Although conditions might differ from person to person, usually you can find loans ranging between $1,000 – $50,000 with an interest rate that starts at 11.69% and can go up to 35.99%.

In this Universal Credit review you will learn everything there is to know about this company, how it works and how our team rates it.

How We Rate Universal Credit

Affordability – Universal Credit offers a high APR, ranging from 11.69% to 35.99%. While the maximum is typical in the US, the minimum rate could be lower.

Application process – The whole process is quick, easy, and can be made online.

Loan terms – The loan terms start at 36 months (3 years). Keep in mind that since the APR is paid monthly, the overall cost can be quite high.

Transparency – Universal Credit provides full disclosure of all terms and conditions before you apply for a loan.

Customer support – Universal Credit’s customer support can be find via phone, email, and their online platform. They work on Monday-Friday, 5am-7pm and on Saturday-Sunday 6am-5pm, Pacific Time.

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:

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.

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.

Their conditions are very similar to personal loans. With the discounts, these would be their characteristics: loan amount from $1,000 to $50,000, repayment terms between 36 and 60 months, and APR ranging from 8.69% to 35.99%.

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.

The conditions are the same as for personal loans: loan amount from $1,000 to $50,000, repayment terms between 36 and 60 months, and APR ranging from 11.69% to 35.99%.

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.

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.

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.

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%.

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.

Upstart

Upstart has a similar APR range and offer loans up to $50,000. Applying with them you can enjoy fast funding and no repayment penalty fees.

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.