Universal Credit offers fast personal loans from $1,000 to $50,000 and provides options to borrowers with poor or fair credit.
Getting a loan with numerous benefits and low interest rates is not a very easy mission, right? Well, Universal Credit is leading the way in approving loans for all audiences and promises to overtake big banks like Bank of America, Sofi Loans, HSBC, and Citi.
Universal Credit is a lending platform powered by Upgrade, a San Francisco-based loan broker that’s been around since 2017. Upgrade, in turn, provides and services personal loans funded through partner banks.
If you’re considering Universal Credit for a personal loan, here’s what you should know first.
Loans are available from $1,000 to $50,000 and are originated by partners Cross River Bank and Blue Ridge Bank.
Maximum interest rates are high, but the company caters to borrowers with low credit scores and high debt-to-income (DTI) ratios. Customer reviews are largely positive, and the company may be a good option for consumers who want to consolidate higher-interest debt.
Universal Credit interest rates and loan details
Universal Credit offers fixed-rate personal loans from $1,000 to $50,000 with repayment terms of three to five years. If you’re approved, you could get your loan funds within one business day after clearing any necessary verifications.
Also keep in mind that Universal Credit offers personal loans for bad credit and fair credit — which means you might have an easier time qualifying even if your credit is less than perfect.
Who Universal Credit Is Best For
Universal Credit isn’t the best personal loan option for many borrowers, but there are some circumstances where it may make sense. Borrowers should consider Universal Credit if they:
- Need to consolidate higher-interest loans;
- Have a low credit score and/or a high DTI ratio;
- Don’t mind paying higher interest rates;
- Only need to borrow a small amount.
Best Features
Debt consolidation: If the purpose of your loan is to consolidate existing debt, your funds will be sent directly to your creditors, leaving you with just one fixed-rate payment to manage each month.
Discounts: Borrowers who sign up for autopay or have their funds sent directly to creditors as part of a debt consolidation loan qualify for interest rate discounts.
Credit-building tools: Borrowers can access a number of credit-building tools offered through Upgrade, including access to their credit scores, weekly updates, custom recommendations and more.
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.
After your loan application is approved and you accept its terms, you should receive your money within one business day. If you choose to have your funds sent directly to your creditors to pay them off, it may take up to two weeks for the transaction to clear.
Loan Amounts and Terms
- Loan amounts. Consumers can borrow between $1,000 and $50,000.
- Loan terms. Repayment terms range from 36 to 60 months.
Personal Loan Costs
APR. Universal Credit personal loan rates range from 8.93% to 35.93%. However, the actual rate a borrower qualifies for depends on credit score, credit usage history, loan term and other factors.
Origination fees. Universal Credit charges a 4.25% to 8% origination fee that comes out of the loan proceeds.
Late fees. Consumers also may be charged late payment fees or other fees that increase the overall cost of borrowing.
Prepayment penalty. Universal Credit borrowers are not charged any prepayment fees if they choose to pay off their loan early.
Perks and Features
Prospective Universal Credit borrowers can prequalify for a personal loan without impacting their credit score. Borrowers also benefit from one-day funding and 24/7 mobile access that simplifies account management. In addition to disbursing loan proceeds to client accounts, Universal Credit offers direct creditor pay-off.
To apply for your loan, click on the button below.
