Universal Credit personal loans review 2022 | finder.com

Universal Credit rates, fees and terms

The annual percentage rate (APR) range for Universal Credit personal loans ranges from 11.69% 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 $50,000— slightly less than what its parent company, Upgrade, offers but still a relatively big range.

How Universal Credit compares to other lenders

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Universal Credit reviews and complaints

BBB accredited Yes BBB rating A+BBB customer reviews 4.75 out of 5 stars, based on 1071 customer reviews Trustpilot Score 4.7 out of 5 stars, based on 10,700 customer reviewsCustomer 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 trương mục.

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.