Personal Loans

Universal Credit Personal Loan Review 2023

Read our review for an analysis of Universal Credit Personal Loans, including rates, fees, borrowing amounts, and repayment terms.
A woman speaks on her phone as she sits at a table using a computer
Written by:
Erin Gobler
Edited by:
Kristin Marino verified
Editor's Rating

A personal loan can be an excellent financial tool to help you consolidate debt, make a major purchase, or help you through a difficult financial situation. But if your credit isn’t the best, you may struggle to qualify for a loan.

Universal Credit offers personal loans with large amounts and funding in just a couple of days, even to borrowers with bad credit.

In this review, we’ll cover the top features of Universal Credit, the pros and cons, and how it compares to other lenders.

Ultimately, you should be able to decide if Universal Credit is the right lender for your situation.

Compare Your Personal Loan Rates
Check Your Personal
Loan Rates
Choose a purpose for your loan
Always free and will not impact your credit score.

Universal Credit At-a-Glance

  • Universal Credit is an online lender owned by the financial services company Upgrade
  • It specializes in personal loans for debt consolidation, home repairs, and other expenses to borrowers of any credit profile
  • The company offers fixed-rate loans with predictable payments
  • Universal Credit offers loan amounts ranging from $1,000 to $50,000 with funding as quickly as within one day of having your loan approved
  • Loan terms range from 36 to 60 months

Compare to Other Personal Loans

Universal Credit offers personal loans to borrowers with bad credit, but it’s not the only company that does.

Below we’ll quickly share a few other companies that offer loans similar to Universal Credit’s.


Upgrade is actually the company that owns Universal Credit, but it also offers personal loans of its own.

As with Universal Credit, Upgrade allows you to borrow up to $50,000 with a credit score as low as 560.

However, Upgrade offers lower origination fees, lower starting interest rates, and longer loan terms than Universal Credit. (up to 84 months).


Avant is an online personal loan lender that offers loans ranging from $2,000 to $35,000 for borrowers with credit scores as low as 580. Like Universal Credit, Avant allows you to get your money as soon as the next business day.

The company offers a lower starting interest rate and an administration fee of 4.75%, which is similar to the origination fee you’ll pay on your Universal Credit loan. Like Universal Credit, Avant offers loan terms of up to 60 months.

OneMain Financial

OneMain Financial offers personal loans ranging from $1,500 to $20,000.

While the company doesn’t disclose its minimum credit score, it does offer loans for borrowers with fair and poor credit. The company does charge origination fees, but they start at a much lower percentage than Universal Credit’s.

However, the company’s interest rates start considerably higher.

Who Is a Universal Credit Personal Loan For?

Universal Credit may be a good option for borrowers with less than good credit. The lender offers loans to borrowers with credit scores as low as 560. Because of that, you might be able to get a loan through Universal Credit even after you’ve been denied one elsewhere.

Universal Credit is also a great option for someone who needs a large amount of money quickly. The company offers loans as high as $50,000, which is higher than many other lenders. And you can get your money as soon as the next business day after your loan is approved.

Top Features of the Universal Credit Personal Loan

If you’re shopping around for a personal loan, it’s important to look at the most important features to make sure they fit your needs. Here are some of the top features of Universal Credit that may help you decide whether it’s the right lender for you.

User Experience

Universal Credit has an easy-to-navigate website, partially because the company only offers one service. From the homepage, you can either sign into your account or check or rate for a personal loan. Once you’ve checked your rate, you can easily complete your application.

If you do borrow a personal loan, you can access your account through the Upgrade mobile app, which has excellent reviews and user experience.


When you borrow a personal loan from Universal Credit, you’ll be subject to an origination fee ranging from 5.25% to 8.99% of the loan amount. The origination fee is deducted from your loan proceeds, meaning you’ll actually receive less money than you borrowed. Universal Credit also charges late fees when you don’t pay on time.

The good news is Universal Credit doesn’t charge a prepayment penalty, meaning you can pay off your loan early and save money on interest without worrying about being hit with additional fees.


The interest rate you’ll qualify for on your personal loan depends on your specific credit situation, the amount of money you borrow, your payment term, and other factors. Universal Credit’s interest rates tend to be a bit higher than other companies in the personal loan space.

This news doesn’t exactly come as a surprise since the company serves customers with bad and fair credit. However, because of these higher rates, it may not be the right choice for someone with good credit who could qualify for better rates elsewhere.


Universal Credit offers just one product: personal loans. A Universal Credit personal loan can be used for any purpose, from debt consolidation to medical bills to financial emergencies. However, the company doesn’t offer secured loans like home loans or auto loans. It also doesn’t offer other unsecured lending products like student loans or credit cards.

Customer Support

Universal Credit offers several different ways for customers and prospective customers to get a hold of the company. First, you can reach the company via email at You can also call the company at 877-418-9765 from 5 am to 7 pm PT on Monday through Friday and from 6 am to 5 pm PT on Saturday and Sunday.

It’s worth noting that Universal Credit is owned by the financial services company Upgrade, which has a below-average customer satisfaction ranking from J.D. Power. The customer attention (or lack thereof) that Upgrade offers could also affect your service at Universal Credit.


Universal Credit is licensed in 26 states, meaning not everyone can get a personal loan through the company. However, because it’s an online lender, there are no physical branches, no matter where you live.

Universal Loan does everything online. You can apply for your loan on the company’s website. And once you’ve been approved, you can access your account either through the Universal Credit website or the Upgrade app.

How to Get Started

You can apply for a personal loan directly through Universal Credit’s website. You’ll start by entering the amount you want to borrow (up to $50,000) and the loan purpose. You can use a Universal Credit personal loan for any purpose, and while you can choose from several options for your loan purpose, you don’t have to disclose.

Universal Credit allows you to check your interest rate with just a soft inquiry on your credit, meaning it won’t affect your credit score. And if you decide to move forward with the loan, it’s easy to complete and submit your application.

Keep in mind that once you officially apply for the loan, you will have to go through a hard inquiry. This inquiry will appear on your credit report and could temporarily lower your credit score.

Depending on your credit, your Universal Credit loan application could be approved right away. And once your loan is approved, you can expect to receive your funds as soon as the next business day.

Pros and Cons of the Universal Credit Personal Loan

Frequently Asked Questions (FAQs)

Is Universal Credit legit?

Yes, Universal Credit is a legitimate lending company owned by the financial services company Upgrade.

How long does it take to get a Universal Credit loan?

Universal Credit loans have fast funding — you may get your money as quickly as one business day after you’re approved. However, depending on your financial situation, it may take a while for Universal Credit to approve your loan.

What credit score do you need for a personal loan from Universal Credit?

To qualify for a personal loan from Universal Credit, you’ll need a credit score of at least 560. Of course, even if you have a credit score higher than that, your loan may still be denied based on other factors on your application or credit report.

Bottom Line

Universal Credit is one of many personal loan options available. This company has the advantage of offering loans to borrowers with fair and poor credit who may struggle to get a personal loan elsewhere.

However, that perk might come at a cost since the company charges origination fees on its loans and higher interest rates than many competitors.

If you decide Universal Credit is right for you, you can check your interest rate without it affecting your credit score. And if you apply and your loan is approved, you could have your money as soon as tomorrow.