Universal Credit Personal Loans

Looking for personal loans that are easily accessible and come with flexible repayment terms? Universal Credit Personal Loans have got you covered! With lending amounts ranging from $1,000 to $50,000 and repayment periods spanning three to five years, they offer a convenient online lending platform that can help you meet your financial needs. The best part is that even if you have a fair credit score between 580 and 669, you may still qualify for their services, as they accept scores as low as 620.

Universal Credit Personal Loans

However, these loans have a low APR, an origination fee, and charges for tardy or bounced payments. Moreover, those with good to excellent credit might discover more favorable options elsewhere. Despite its comparatively elevated rates, Universal Credit garners favorable reviews on platforms like the Better Business Bureau (BBB) and Trustpilot. Also, positive feedback highlights the efficacy of Universal Credit’s customer support and easy loan application process.

Universal Credit Personal Loans Requirement

Universal Credit doesn’t offer many details regarding the requirements for qualifying for a personal loan, aside from requiring fair credit or better. However, here are the minimum requirements individuals must fulfill:

  1. The applicant must be 18 years of age or older, or 19 years of age or older in Alabama.
  2. Must be a U.S. citizen, permanent resident, or non-permanent resident holding a valid visa.
  3. A credit score of 620 or higher must be available.
  4. The applicant must hold a valid bank account.
  5. Must possess a valid email address.

Universal Credit evaluates applicants’ income and debt-to-income (DTI) ratio as part of the loan evaluation process, similar to other lenders. Moreover, individuals facing challenges in securing approval independently can apply with a joint applicant to enhance their chances of approval.

However, a joint applicant shares equal responsibility for the repayment throughout the loan term, unlike a co-signer, who assumes liability for the loan if the primary borrower defaults on payments.

Advantages and Disadvantages of Universal Credit Personal Loans

Before securing a Universal Credit personal loan, consumers should thoroughly consider the range of advantages and disadvantages associated with these financial products.


Next-Day Funding

Universal Credit begins the transfer process on the business day following acceptance of the loan offer. However, it may take several days before the funds are reflected in your account.

FICO Score

Universal Credit provides customers with complimentary access to the Credit Health credit reviewing service provided by its parent company, Upgrade. While this service offers a VantageScore credit score, which may not be as great as a FICO score, it still provides valuable insight into one’s credit score status.

Direct Payment to Creditors

If you’re utilizing your loan funds for debt consolidation purposes, this service helps with the process of settling your previous debts on your behalf. However, it’s important to note that this procedure may take up to two weeks to complete.

Apply with a Joint Applicant or Collateral

While co-signers aren’t accepted, joint applicants share equal obligations and rights for loan repayment. Additionally, individuals may explore the option of using a vehicle as collateral to support their application.


No Mobile App

While Upgrade provides the convenience of a mobile app for easier account management, this feature is not available with Universal Credit. Instead, users must access their account details through a web browser.

High-interest Rates

Borrowers who are eligible for the minimum interest rate will spend more at Universal Credit compared to Upgrade, which offers lower initial interest rates. However, both lenders have the same maximum interest rate.

Origination Fees

High-qualified borrowers may pay higher origination fees with Universal Credit compared to Upgrade. However, it’s important to know that both lenders have the same maximum origination fee.

Restricted Customer Service Hours

Universal Credit maintains a customer service phone line accessible seven days a week. However, it’s important to note that the operating hours are restricted, concluding at 6 p.m. PT on weekdays. This schedule may pose challenges for borrowers with late shifts who require assistance over the phone.

Universal Credit Loan Funding

Universal Credit offers fund disbursement, typically within one business day after ending your loan agreement. Additionally, enrolling in auto-pay for your monthly installments may qualify you for an APR reduction.

Furthermore, when individuals consolidate debt, Universal Credit can directly transfer loan funds to existing lenders. Generally, individuals with poor credit may face a high APR of up to 35.99% with Universal Credit.

Moreover, an origination fee ranging from 5.25% to 9.99% is reduced from the loan amount. Late payment fees are applied for payments exceeding 15 days past the due date.

How to Apply for a Universal Credit Personal Loan

Universal Credit provides an easy loan application process accessible through its website. If you’re prepared to apply, follow these steps:

Compare Lenders

Before proceeding with an application, it’s essential to dedicate time to researching and comparing various personal loan lenders. By comparing and researching, you can discover the best loan for your requirements.

Moreover, it also offers prequalification, which enables you to view personalized rates via a soft credit check that doesn’t affect your credit score. Additionally, it’s crucial to ensure factors such as repayment terms, associated fees, and eligibility criteria.

Choose a Loan Offer

Once you are done comparing lenders, choose the loan offer that suits your needs and financial circumstances. For instance, you may choose a shorter loan term to minimize interest expenses, despite the likelihood of higher monthly payments.

Additionally, choosing a longer loan term could result in cheaper monthly payments if you don’t intend to pay a higher amount in interest over the loan’s duration.

Submit a full Application

If you proceed with a loan offer, you will be required to fill out a full application and submit relevant documentation, such as tax returns or pay stubs.

Furthermore, the lender will conduct a hard credit check to finalize approval, which might result in a minor decrease in your credit score, typically five points or less.

Finish Your Loan and Get Your Funds

Upon approval, Universal Credit will request your signature for the loan agreement. In addition, you may receive your funds within one day of completing any required verifications.

If you utilize the loan for debt consolidation, you can authorize Universal Credit to transmit the funds directly to your creditors for settling your accounts. However, this process might take up to two weeks to complete.


Universal Credit is a fintech company that collaborates with financial institutions to provide loans. It is designed by Upgrade, Inc. If you’re interested in applying for a personal loan, you can simply their official website online and apply today.