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Universal Credit personal loan review

It may be owned by a top lender, but that doesn't mean it's upfront about its offerings.

Bottom line: Universal Credit isn’t the most upfront lender out there. But it’s backed by Upgrade, a big name in the online lending sphere. Read the full review.


Min. Loan Amount$1,000
Max. Loan Amount$40,000
APR10.97% to 35.93%
Interest Rate TypeFixed
Min. Credit Score600
Origination Fee4.25% to 8%
Loan Term3 to 5 years
Turnaround TimeAs soon as one business day
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  • Autopay discount
  • Backed by Upgrade
  • Free credit monitoring


  • Limited information available
  • High maximum interest rate of 35.93%
  • Origination fee between 4.25% to 8%

Universal Credit rates, fees and terms

The annual percentage rate (APR) range for Universal Credit personal loans ranges from 10.97% to 35.93%. The lowest rate reflects an autopay discount, and what you receive depends on your credit score and income. It also charges an origination fee of 4.25% to 8%, which is deducted from the loan amount.

Universal Credit isn't up front about its terms or other fees, but we were able to get some details when we called customer service. The representative we spoke with stated that you can expect terms between 36 to 60 months.

You can borrow between $1,000 and $40,000g — slightly less than what its parent company, Upgrade, offers but still a relatively big range.

How Universal Credit compares to other lenders

Select your credit score and state to see more loan options, including Upgrade.

Name Product Filter Values APR Min. Credit Score Loan Amount
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
4.99% to 17.99%
$600 to $25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
5.74 to 20.28%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Monevo personal loans
1.99% to 35.99%
$500 to $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.

Compare up to 4 providers

Universal Credit reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews No reviews
Trustpilot Score 4.1 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of 15 April 2021

Universal Credit doesn't have a Better Business Bureau (BBB) page or Trustpilot page of its own. But its parent company, Upgrade, receives plenty of positive reviews. Customers were pleased with the customer service and relatively quick funding — and you can likely expect similar when it comes to Universal Credit.

How to qualify

There are no set eligibility requirements. You will need to meet a minimum credit score of around 600 to qualify, and your income will need to be sufficient to cover your monthly payments.

How the application works

The application only requires a few pieces of basic information, including your income and Social Security number. Universal Credit also requires you to make an online account.

Once you submit your application, Universal Credit may contact you for additional documents like proof of income or proof of residence. If approved, you should receive your loan funds within one business day.

What sets it apart

There isn't much that sets Universal Credit apart from the competition. It's part of Upgrade, one of the top online lenders, and it's backed by two banks. But other than that, its interest rates, loan terms and requirements match most other lenders.

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.

While its privacy policy — and other documentation — are hosted on Upgrade's website, they do contain details on the type of information collected and how it's used. Most importantly, Universal Credit also has a page dedicated to its state licenses so you can be sure you're working with a legit service.

Looking for a better interest rate? Read our guide to personal loans to find a lender that can match your financial needs.


Review by

Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Expert review

Universal Credit offers a standard range of personal loans from $1,000 to $40,000. You won’t find much more information than that and its interest rate range on its website, but we were able to call and get more details. It accepts borrowers with fair credit — typically around 580 or higher — but expect a higher interest rate and origination fee.

It also doesn’t have its own customer reviews. But Universal Credit’s parent company, Upgrade, receives plenty of praise. You can compare more loan options to browse similar lenders.

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