Personal LoansLender Reviews
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Universal Credit Personal Loan Review

Published on:
Content was accurate at the time of publication.

4.3
LendingTree Rating
Accessibility
Rates & terms
Repayment experience
Jump to: Our Methodology

Our Methodology

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories: accessibility, rates & terms and repayment experience. The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

Universal Credit
11.69%-35.99%
36 or 60 months
$1000-$50K
560
Our Verdict
Universal Credit may be a good fit if your credit is less than perfect and you need to consolidate debt. But if you have excellent credit, you may find better starting rates elsewhere.
Get Your Rate
Terms & Conditions apply
NMLS#1136

  Read more about how we rated Universal Credit.

Universal Credit is an online lending platform managed by Upgrade, a financial technology company. This lender offers flexible loan amounts and affordable interest rates.

  • Money sent directly to old creditors: If you get a Universal Credit debt consolidation loan, this lender can pay off your former creditors directly.
  • Quick funding: After you’re approved and close on your loan, you can receive your loan funds from Universal Credit within one business day.
  • Charges origination fees: Every Universal Credit loan comes with a 5.25% - 9.99% origination fee. These are one-time administrative fees that come out of your loan balance.
  • Autopay discount: If you sign up for autopay, you may qualify for a 0.5% annual percentage rate (APR) discount.
  • Free credit monitoring: When you take out a personal loan, you can access Universal Credit’s free credit monitoring services to track changes to your credit report and score.
  • Best for consolidating debt: Universal Credit’s ability to send funds directly to your current creditors makes it a good fit for consumers who want to manage their debts through consolidation.

Universal Credit personal loans come with a variety of benefits and downsides that consumers will need to weigh carefully before signing on the dotted line.

ProsCons

  Funding within one business day

  Direct funding to current creditors

  Offers autopay discount

  Charges late payment fees

  Charges an origination fee

  High maximum APRs

If you need a quick loan, Universal Credit can send your funds within one business day after you’ve closed on your loan. You may also qualify for an APR discount if you sign up for autopay for your monthly payments. And if you’re consolidating your debt, Universal Credit can send your loan funds directly to your current lenders.

On the other hand, if you have bad credit, you may get stuck with an APR as high as 35.99%. Plus, Universal Credit charges an origination fee from 5.25% - 9.99%, which will be taken out of your loan proceeds. If you’re more than 15 days late on making a payment, you can expect to be charged a late payment fee.

To get a Universal Credit loan, you’ll need to be at least 18 years old (19 in Alabama) and meet the following requirements:

Minimum credit score560
Minimum annual incomeNone
Debt-to-income ratioLess than 75%
Credit history requirementsMust have at least two other credit accounts
ResidencyMust be a U.S. citizen, permanent resident or living in the U.S. with a valid visa

If Universal Credit’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

To apply for a Universal Credit loan, you’ll need to take the following steps. Before beginning the application process, gather any necessary documents you may need and use a personal loan calculator to estimate how much you can afford to borrow.
 
Prequalify for a loan
Universal Credit lets you check whether you prequalify for a personal loan without impacting your credit score. During this part of the process, be sure to compare your rates, terms and borrowing limits by prequalifying with other lenders, too.

To prequalify, you’ll need to share your personal information, income, employment, how much you want to borrow and how you plan to use the funds.
 
Verify your information
Next, Universal Credit will need to verify the information you provided in your personal loan application. You may be asked to submit recent pay stubs, W-2s, bank statements, an ID and your rental or mortgage agreement.

Universal Credit will also run a hard credit pull to check your credit background. This will cause your credit score to dip by a few points, though the effect should be temporary.
 
Sign your loan agreement
If Universal Credit officially approves your application, you’ll need to sign a personal loan agreement, confirming that you understand the terms and conditions of your loan and agree to repay it. When the paperwork is complete, Universal Credit can deposit your funds into your account within one business day.

If you don’t get a thumbs up from Universal Credit, you may need to work on your credit to boost your odds of getting approved for a personal loan by checking your credit report for errors and paying down any current debt you have.

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Even if you believe Universal Credit aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Universal Credit stacks up against similar personal loan lenders.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUniversal CreditUpgradeUpstart
LendingTree’s rating4.3/54.6/5 (Read review)4.2/5 (Read review)
Minimum credit score560580300
APRs11.69% to 35.99%8.49% to 35.99%7.80% to 35.99%
Loan amount$1,000 to $50,000$1,000 to $50,000$1,000 to $50,000
Repayment term36 or 60 months24 to 84 months36 and 60 months
Origination fee5.25% - 9.99%1.85% - 9.99%0.00% - 12.00%
Funding timelineReceive funds within one business dayReceive funds within one business dayReceive funds within one business day
Bottom lineUniversal Credit holds a lot of similarities to Upgrade and Upstart, though it does have the highest starting APR.Of the three, Upgrade offers the most flexibility when it comes to repayment terms. It also has a lower minimum origination fee than Universal Credit.Upstart has the lowest starting APR at just 4.60%. Like Universal Credit, it only offers two repayment terms; however, Upstart comes with the highest possible origination fee of the three.

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

  • Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
  • Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
  • Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.

Yes, Universal Credit loans are available in all 50 states, as well as Washington D.C. This lender is accessible to anyone living in the U.S. as long as you’re a U.S. citizen, permanent resident or living in the U.S. with a valid visa.

After you’re approved for a loan and sign your loan agreement, Universal Credit can deposit your funds within one business day, depending on how quickly your bank processes the transaction. Typically, the funding timeline for a personal loan can range from one to five business days.

Whether Universal Credit is the right fit for you depends on factors like your credit score and what you’re looking for in a loan. For instance, if you have a good credit score, you may be able to find lower rates with other lenders and avoid paying an origination fee. But if your credit needs a little work and you want to consolidate your debt, Universal Credit may be a good option.

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