Universal Credit offers both personal loans and debt consolidation loans. Both types of loans offer fixed rates and predictable payments. With debt consolidation loans, your funds are distributed directly to your creditors so that you only have one payment to worry about each month.

There are several ways you can use the funds from a Universal Credit personal loan. Some of the most common uses include:

  • Paying off credit cards.
  • Consolidating other debt.
  • Funding a business.
  • Paying for home improvement projects.
  • Making a large purchase.

Universal Credit isn’t an actual lender, but an online lending platform that partners with banks to provide personal loans. Its lending partners include Cross River Bank and Blue Ridge Bank.

Applying for and managing loans through Universal Credit are done completely online. Once you accept your loan offer, funds will be sent to your bank within one business day of being cleared. The actual length of time it takes to receive your funds will depend on how long your bank takes to process the transaction. If you borrow a debt consolidation loan that involves sending funds to creditors, it may take up to two weeks to clear.

Personal loans come with an annual percentage rate of 11.69% to 35.93%; the lowest rates require signing up for autopay and getting a discount for paying creditors directly. Repayment terms range from 36 to 60 months.

Universal Credit also charges an origination fee of 4.25% to 8%, which is deducted from the loan proceeds. There is no fee or penalty for paying off your loan early.

To apply for a Universal Credit personal loan, you need to meet a few basic qualifications:

  • Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa.
  • Be at least 18 years old (or 19 years old in Alabama).
  • Provide a valid email address.
  • Have a verifiable bank account.

If you want to see if you qualify for a Universal Credit personal loan, you can provide a few personal details to get a quote. This results in a soft credit check, which doesn’t impact your credit score. Once you request a quote, you’ll be provided with a few offers to choose from.

If you want to move forward with a loan offer, you will still need to submit an official application, and you might be asked to provide additional documentation or details about your financial situation. Keep in mind that your final loan terms could vary from your initial quote based on factors such as your credit score, credit history, loan term and more.

Universal Credit allows you to borrow a minimum of $1,000 and a maximum of $50,000. Late payments and fees could increase the cost of your loan.

Universal Credit has a minimum credit score requirement of 560 in order to qualify for a personal loan. Higher scores will result in lower interest rates and better loan terms. However, your credit score is just one factor that Universal Credit evaluates when determining loan eligibility. Credit usage, payment history and other details will impact your loan application.

Universal Credit is headquartered in San Francisco. Because it is an online lender, it works with customers in most states. However, Universal Credit does not make loans to residents of Iowa, West Virginia or Washington, D.C.

Universal Credit has been accredited by the Better Business Bureau since February 2021 and has an A+ rating. The company has a star rating of 4.6 out of 5 on Trustpilot. The Consumer Financial Protection Bureau received 17 complaints about parent company Upgrade’s personal loans in 2020. All complaints received a timely response.

If you need to contact Universal Credit about a question or a problem, you can send an email to support@universal-credit.com. If you prefer to contact the lender by phone, you can call (877) 418-9765; representatives are available Monday through Friday from 6 a.m. to 6 p.m. Pacific Time, and Saturday and Sunday from 6 a.m. to 5 p.m. PT.

Universal Credit operates solely online, meaning customers apply for and manage their personal loans via the web. Upgrade offers a mobile app, which customers can use to manage their loans on the go.

  • People who prefer to do their banking completely online.
  • People who are looking for a quick and easy online loan application.
  • People who have poor or fair credit.

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