Universal Credit Review

BySally HerigstadApr. 02, 2021

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In a Nutshell

Universal Credit offers access to credit when you need it, no matter what you need it for. You get a fixed rate and clear pay off date. Universal Credit is powered by Upgrade, Inc., a neobank in business since 2017. It partners with banks and other financial institutions and organizations to originate loans.


  • Fixed rates and payments with a set pay off date
  • No prepayment penalties
  • Fast cash sent to your bank within a day of verifications


  • 4.25% to 8% origination fee, deducted from loan proceeds
  • Loans not available to residents of DC, IA, OK, SC, WV

Universal Credit at a Glance

Direct lender or marketplace?Direct lender in partnership with banks and other financial institutions
Loan typesPersonal loans
Loan amount$1,000 to $40,000
Repayment terms36 or 60 months
APR10.97% - 35.93%
Suitable forBorrowers who need cash and don’t qualify for lower interest options

Universal Credit Universal Credit Visit Universal Credit

Suitable For?

You may want to apply for a personal loan from Universal Credit to get a lower interest rate than you’re paying on your credit cards, to consolidate your debts, or to borrow cash for any purpose. Universal Credit is suitable for borrowers with fair and better credit scores.

Range of Loans on Offer

Universal Credit offers fixed rate, unsecured loans with repayment terms of 36 or 60 months, for a wide rate of purposes:

  • Debt consolidation
  • Credit card payoff
  • Home improvements
  • Unexpected expenses, such as auto or home repairs, medical bills
  • Major purchases, such as weddings, moving, or vacations

Application Process & Requirements

You can apply with Universal Credit completely online. The online application guides you through these steps:

  1. Enter basic information, including how much you want to borrow and what you’ll use it for. You’ll also be asked for basic personal information, and authorization for a soft credit pull.
  2. Review loan offers and choose your loan amount, length of loan, and option for automatic payments.
  3. Enter more complete information, including phone number, SSN, employment information, and bank account information.
  4. Agree to the Truth In Lending and borrowing agreement.
  5. Receive a To-do list of anything else needed, such as verification of your email or employment.
  6. Once approved, money is sent to your bank account within one day.

To apply for a loan from Universal Credit, you must:

  • Be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa
  • Be age 18 or older (19 or older in some states)
  • Have a verifiable bank account
  • Have a valid email address
  • Have a minimum credit score of 580
  • Not be a resident of Iowa, Oklahoma, South Carolina, West Virginia, or the District of Columbia

APRs, Loan Amounts & Repayment Terms

Universal Credit offers loans from $1,000 to $40,000 at fixed rates, with set pay off dates. Your rate may be between 10.97% and 35.93%. You can choose to pay your loan off in 36 months or 60 months. There is no penalty for paying your loan off sooner.

All personal loans from Universal Credit require a 4.25% to 8% origination fee, which is deducted from your loan proceeds. For example, if you borrow $10,000, and you pay a 6% fee, the amount deposited in your bank account is $9,400.

Privacy & Security

Universal Credit collects information it receives from you, the credit bureaus, public information, and other sources including card verification checks. 

Your data is kept secure by the use of technical and organizational measures, including:

  • Secure data center with an industry leading infrastructure service provider
  • Security certificates to facilitate secure data transmission
  • Session time-outs
  • Passwords
  • Regular staff training in security awareness

Help & Support

You can reach Universal Credit customer support by email or phone:

  • Email: Support@universal-credit.com
  • Phone: (877) 418-9765 Monday - Friday, 6 a.m. to 6 p.m. and Saturday - Sunday 6 a.m.to 5 p.m.Pacific Time

How Universal Credit Compares

Universal Credit
10.97 - 35.93%
5.99% - 18.85%
18% - 35.99%
Minimum credit score
Poor +
Loan amounts
$1,000 - $40,000
Up to $100,000
$1,500 - $20,000
Loan term
36 or 60 months
24 - 48 months
24 - 60 months
Suitable for
Borrowers with fair or good credit scores
Borrowers who want to borrow a higher amount
Borrowing from a trusted lender with over 1,500 branches

Universal Credit’s lowest interest rate is higher than competitor SoFi, but lower than OneMain Financial. Universal Credit offers loans to borrowers with a wider range of credit scores than does SoFi. Universal Credit allows repayment in 60 months, vs. a maximum term of 48 months with SoFi. OneMain Financial is a lender in business over 100 years, servicing borrowers with all types of credit histories.


Q. Is Universal Credit a bank?

A. No, Universal Credit is a lending platform that partners with banks and other financial institutions.

Q. How does a personal loan differ from using a credit card?

A. Unlike credit card accounts, your interest rate on a Universal Credit loan never changes and you know when your loan will be paid in full. 

Q. Am I assured of getting a loan if my credit score is above 580?

A. Universal Credit also looks at income, income stability, and other factors before approving loans.

Q. How can I get an interest rate discount?

A. You may qualify for a rate discount if Universal Credit pays off your credit cards directly. You also save on interest if you set up automatic payments through your bank.


Universal Credit is an online lending platform that partners with lenders to offer unsecured, personal loans to meet your cash needs. With a Universal Credit loan, you have the same interest rate and payment for the life of the loan, and you know ahead when your loan will be paid off.


275 Battery Street, 23rd Floor

San Francisco, CA 94111, USA

Universal Credit Universal Credit Visit Universal Credit


Elaborate on how you gathered information to create this review:

  • Company website 
  • Reviews on topten site
  • Fact sheet provided

This review was prepared with information from the company website and from the fact sheet provided. The information about competitors is from topten reviews.

Universal Credit customer testimonials

ExcellentReviews 73
TrustPilot is the world’s most powerful review platform, free and open to all.
  • author
    Xavires Peterson
    2 hours ago
    Process was fast and I got my funds in…

    Process was fast and I got my funds in 2 days.They help when I needed it and the loan is very affordable.Would recommend for anyone looking for an affordable personal loan.


  • author
    4 hours ago
    I had some trouble filling out the…

    I had some trouble filling out the application, I am not good with computers and do not have a smart phone. Your customer service was able to over come my problems. They were very helpful and patient. I will recommend my friends to you any time.


  • author
    Elena Rodriguez
    9 hours ago
    No hassel loan

    No hassel . convenient, fast and good customer service


  • author
    14 hours ago
    5 stars for ease of use.

    5 stars for ease of use.


  • author
    Kathy G.
    a day ago
    This is a great and fair company to get…

    This is a great and fair company to get your loan through. When I wanted to consolidate my debt and pay it off this was one of the only companies who would lend it to me. It’s quick and easy and you get your funds the next day. Thank you


Universal Credit