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Universal Credit personal loans review: Borrow up to $50,000, but you’ll pay an origination fee.

It’s backed by Upgrade, but if you have good credit, you may be able to find more competitive rates and fees elsewhere.

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Universal Credit personal loan

Learn more and apply on Universal Credit's secure site

Our verdict

Universal Credit offers personal loans between $1,000 and $50,000. It gets high marks from past customers, but you'll pay an origination fee between 5.25% to 8.99% on your loan. Not all lenders charge this fee, so if you have good credit – it may pay to shop around.

Best for: Good credit borrowers.

Pros
  • Accepts credit scores of 620 and up
  • Loan prequalification available
  • Funding as soon as one business day
Cons
  • Origination fee between 5.25% to 8.99%
  • APRs start at a relatively high 11.69%
  • Limited information available online
3.9

★★★★★

Finder rating

Max. Loan Amount

$50,000

APR

11.69% to 35.93%

Minimum credit score

620

What makes Universal Credit shine

Even though it charges an origination fee on its loans, Universal Credit gets high marks from past customers. Many praise the company for its easy application process and quick funding. Some customers mention that they were able to get a loan here after being turned down elsewhere.

Unlike competitors like Marcus and LightStream, Universal Credit accepts borrowers with credit scores as low as 620. It also has US-based phone support, so you can call the company directly to ask questions and get help with your application. When we called, we were connected with an agent in less than a minute.

Where Universal Credit falls short

Like other lenders that cater to lower credit borrowers, Universal Credit charges an origination fee. This fee is deducted from your total loan amount at the time of funding, but you still need to pay interest on the total amount of the loan.

Also, its APR for the best credit borrowers starts at over 11% APR, which is higher than some other lenders. For example, LightStream offers personal loans with APRs starting at 5.99% with no origination fee– but you’ll need good to excellent credit to qualify.

Universal Credit loan details

Minimum credit score/credit range620
APR11.69% to 35.93%
Loan amounts$1,000 to $50,000
Terms24 to 84 months
Approval turnaround1 to 4 business days after all documents are received
AvailabilityAll 50 states (not available in DC)
Fees
  • Late fee of $10
  • Return charge fees apply
  • No prepayment penalty
Other feesN/A

How to qualify for a Universal Credit personal loan

Universal Credit discloses only basic eligibility requirements on its website, which include:

  • A U.S. citizen or permanent resident or living in the U.S. with a valid visa
  • At least 18 years old (19 years old in Alabama)
  • Have a valid email address
  • Have a verifiable bank account

We called the company to get additional eligibility information, and were told that borrowers must have a minimum credit score of 620 to be considered for a loan.

How to apply

Here are four steps to apply for a Universal Credit personal loan.

  1. Go to the Universal Credit website.
  2. Fill out the form to prequalify for a loan.
  3. Review the loan offer, then formally apply with a hard credit check.
  4. If you’re approved, accept the loan terms.
  5. Follow your agreed-upon repayment plan.

How Universal Credit compares to other lenders

Universal Credit personal loan logo

Universal Credit personal loan

★★★★★

Finder rating 3.9 / 5

Go to site


APR

11.69% to 35.93%


Loan term

3 to 5 years


Loan amount

$1,000 to $50,000


Minimum credit score

620

Best Egg personal loans logo

Best Egg personal loans

★★★★★

Finder rating 3.8 / 5

Go to site


APR

8.99% to 35.99%


Loan term

3 to 5 years


Loan amount

$2,000 to $50,000


Minimum credit score

600

Upstart personal loans logo

Upstart personal loans

★★★★★

Finder rating 4.15 / 5

Go to site


APR

6.5% to 35.99%


Loan term

3 or 5 years


Loan amount

$1,000 to $50,000


Minimum credit score

300

Universal Credit reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.85 out of 5 stars, based on 240 customer reviews
Trustpilot Score 4.8 out of 5 stars, based on 2,706 customer reviews
Customer reviews verified as of 08 December 2022

Universal Credit gets overwhelmingly positive reviews on sites like Trustpilot and the Better Business Bureau (BBB) website. On Trustpilot, the vast majority of reviews give the company a 5-star rating. And it gets a 4.85 out 5 rating on the BBB, which is unusual for a financial services company – with only a handful of complaints registered over the past three years.

Satisfied customers mention a fast approval process and quick funding times, as well as helpful and knowledgeable customer service representatives. Customers that left negative reviews mention being unhappy with higher than expected origination fees and fraudulent applications being lodged in their names.

Is Universal Credit legit?

Yes, Universal Credit is a legitimate lender. It’s backed by Upgrade and two banks: Cross River Bank and Blue Ridge Bank. Its privacy policy and other documentation are hosted on its website and contain details on the type of information collected and how it’s used.

Universal Credit also has a page dedicated to its state licenses so you can be sure you’re working with a legitimate service.

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