Universal Credit Personal Loans: 2025 Review

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. 

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.

Where Universal Credit stands out

• Low credit score minimum: Universal Credit’s 580 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. 

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 of 36 months or 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.

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How this lender compares

How Bankrate rates Universal Credit