reviews

Universal Credit Personal Loans: 2024 Review

Written by
Denny Ceizyk
Edited by
Rhys Subitch
Updated on April 30, 2024

At a glance

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with Bankrate
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4.6
Bankrate Score
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Availability
5.0
Affordability
4.4
Customer Experience
5.0
Transparency
4.2

About Bankrate Score

Full methodology

Bankrate’s take: Universal Credit is a good match for bad credit borrowers that need loan amounts as small as $1,000. The lender also offers customer support seven days a week. 

Lender Details

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Loan amount

$1,000-$50,000

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APR from

11.69%-35.99%

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Term lengths

36-60 months

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Min Credit Score

550

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Funds available in

as soon as one day after clearing necessary verifications.

Universal Credit is best for small bad credit loans

Borrowers with bad credit scores who need to borrow as little as $1,000 may benefit from a Universal Credit personal loan. The San Francisco-based fintech company also offers debt consolidation loans that pay your creditors directly, saving you the hassle of paying off existing cards or loans. 

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Bankrate Insight: Credit score breakdown

Here is the credit score breakdown of borrowers who took out loans through Universal Credit.

  • Fair Credit
  • Good Credit
  • Excellent Credit
Data from 10/17/24 - 12/16/24
How do we get this data?
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Universal Credit personal loan purposes

The lender’s website does not reference any limitations on how personal loan funds can be used. The debt consolidation loan comes with the extra perk of directly paying credit accounts you are consolidating. This can save time and effort on your part. And since there is no prepayment penalty, you can also apply the savings from consolidating to your loan balance to pay off faster.

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Bankrate insight: Loan purpose

Here is what borrowers who took out loans with Universal Credit used their funds for.

  • Credit card refinancing
  • Debt consolidation
  • Emergency
  • Home improvement
  • Major purchase
  • Other
Data from 10/17/24 - 12/16/24
How do we get this data?
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Where Universal Credit stands out

  • Low credit score minimum: Universal Credit’s 550 minimum credit score gives more bad credit borrowers a shot at personal loan financing they don’t qualify for elsewhere.
  • Seven days a week customer service: Phone support is available seven days a week, and you can manage your loan 24/7 on the Upgrade app tied to your Universal Credit loan. 
  • Low loan amount minimum: If you need funds for a small financial emergency, you can borrow as little as $1,000, which is less than the minimum offered at many other personal loan lenders. 
  • Quick funding timeline: Access to funds within one business day comes in handy if you need money fast. 
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Bankrate insight: Speed to funding

Here is how fast borrowers who took out loans through Universal Credit received their money compared to other lenders on Bankrate.

  • Universal Credit
  • Average of other lenders on Bankrate
Data from 10/17/24 - 12/16/24
How do we get this data?
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Where Universal Credit falls short

  • High APRs: Universal Credit’s minimum and maximum APRs are on the high side compared to many other personal loan lenders we reviewed. 
  • Limited repayment terms: You’ll need to choose a term between 36 months and 60 months, which is less flexible than the terms other lenders offer. 
  • Pricey origination fees: Origination fees range between 5.25 percent and 9.99 percent, and are deducted from your loan funds. 
  • No qualifying requirements on the website: Bankrate had to contact a Universal Credit representative for qualifying information because it’s not featured on its website. 

Universal Credit customer experience

Customer support

You can reach a Universal Credit support representative by phone Monday through Friday from 5 a.m. to 7 p.m. or Saturday and Sundays from 6 a.m. to 5 p.m. PT. The website also lists a customer service support email address. 

Digital experience

Universal Credit personal loans can be managed through Upgrade’s mobile app, which has a 4.8 star rating on the App Store. Most of the positive reviews refer to good experiences with debt consolidation loans. Negative reviews seem to relate to complications with changing payment accounts. 

What people are saying about Universal Credit

Out of over 2,900 Trustpilot reviews as of June 2024, 85 percent gave Universal Credit a 5-star rating. Most reviewers mentioned the simple process and fast funding time as reasons for their positive reviews.

One customer mentioned using Universal Credit to secure more than just one personal loan:

"I’ve had a few personal loans with universal credit. The process to apply, verify income and paying loan is extremely easy. I like that I can make extra payments when it’s doable in my financial circumstance. I also like the fact that the loan is updated on my credit report quickly. I look forward to doing business with them."

— Trustpilot User

Here’s another review that touted the speed of funding:

"This process was extremely fast. Money was deposited in my bank account the next day. The balance transfers were done in a timely manner also."

— Trustpilot User

Low-star ratings were mostly from distressed borrowers who didn’t understand the loan terms or the qualification requirements.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

logo
4.6
Bankrate Score
APR from
11.69%-35.99%
Loan Amount
$1,000-$50,000
Term Length
36-60 months
Min Credit Score
550
Compare ratesArrow Right Icon
on Bankrate
logo
4.6
Bankrate Score
APR from
6.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
Read our reviewArrow Right Icon
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
300
Read our reviewArrow Right Icon
on Bankrate

Universal Credit vs. Best Egg

Universal Credit’s low credit score minimum gives bad credit borrowers access to credit they won’t qualify for at Best Egg, which requires a credit score of at least 600. Best Egg’s $2,000 minimum loan amount is also higher than Universal Credit’s $1,000 starting loan amount. 

On the other hand, Best Egg offers a starting APR of 8.99 percent, which is much lower than Universal Credit’s 11.69 percent minimum. Best Egg is also known for a wide array of creative secured loan options, which Universal Credit doesn’t offer.

Read a full review about Upstart

Universal Credit vs. SoFi

You’ll need to borrow at least $5,000 to qualify for a SoFi personal loan, which is five times the minimum $1,000 amount set by Universal Credit. SoFi’s credit score minimum of 680 is 130 points higher than Universal Credit’s 550 minimum, making it a poor choice for fair and bad credit borrowers. 

SoFi gives you access to much higher loan amounts of up to $100,000, twice as much as the $50,000 cap at Universal Credit. You can choose terms as short as 24 months or as long as 84 months at SoFi, which gives you more payment flexibility than Universal Credit’s 36 to 60 month repayment terms. 

Read a full review about Best Egg

Do you qualify for a Universal Credit personal loan? 

Standard qualifying requirements include proof of U.S. citizenship, permanent residency or a valid U.S. work visa, proof of age, a valid email address and a verifiable bank account. According to a Universal Credit representative, joint applications are allowed.

How to apply for a personal loan with Universal Credit

  1. Get a quote: You can get a quote by entering basic information including your address and date of birth. Your credit won’t be affected during this step. 
  2. Add information and finalize your application: You may need to provide additional documents to verify income, and must have a valid bank account verified by Universal Credit. A hard credit inquiry will be done at this point, which could affect your credit score. 
  3. Review the loan details: You may get one or several offers with different repayment terms and rates. Once you select it, additional information may be needed to finalize your loan before you receive funds. 

How Bankrate rates Universal Credit

Overall Score 4.6 Explanation
Availability 5.0 Small loan amount options for borrowers with very low credit scores
Affordability 4.4 APRs are on the high side for personal loans
Customer Experience 5.0 Customer support is available by phone, app or email seven days a week
Transparency 4.2 Qualifying requirements aren’t available online

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

48

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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